Colombia update

• Final negotiations will extend into June
• Company well advanced in preparations to reassume control of Project

London, June 3, 2024. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI), announces an update on the status of the Company's flagship Anzá Project ("Project") in Colombia.

The Project is the subject of an Exploration Agreement with Venture Option ("Exploration Agreement") with Colombian company Minera Monte Águila SAS ("MMA"). MMA is itself a 50/50 joint venture between Newmont Corporation ("Newmont") and Agnico Eagle Mines Limited ("Agnico") and is the Colombian vehicle by which these two companies jointly exercise their rights and obligations under the Exploration Agreement in respect of the Project. MMA is the current operator of the Project.

As announced on March 25th, 2024, Orosur entered into a non-binding letter of intent ("LOI") with MMA and affiliates of Newmont and Agnico, that provided for the acquisition of MMA, resulting in Orosur acquiring, directly or indirectly, a 100% legal and beneficial ownership of the Project ("Acquisition"). The proposed consideration for the Acquisition is a 1.5% net smelter royalty and deferred cash payments which are all wholly contingent on future production.

Discussions are progressing and negotiations and the finalisation of definitive documentation will extend into June. The Acquisition is subject to approval by the TSXV and compliance with certain Canadian securities laws, including Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), given that one of the parties is Newmont which is a 14% shareholder in Orosur (and therefore a related party under the rules for both the TSXV, AIM and MI 61-101).

Logistics and Planning

While final negotiations continue, the Company's technical and commercial teams have, over the last month, been undertaking the necessary planning and community consultation to allow it to reassume operatorship of the Project as quickly as possible after completion of the Acquisition.