Colombia update

London, July 1, 2024. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI), provides an update on the progress of the previously announced transaction that would see Orosur return to 100% ownership interest in its flagship Anzá gold 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, 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.

The parties continue to work in good faith to finalise the details of the share purchase agreement and the negotiation of ancillary agreements that form the basis of the proposed transaction. There are no material changes to the terms of the transaction as set out in the LOI. However, finalisation of details and determination of the need for approvals will continue in July.

In the meantime, the Company has largely completed most preparations for its resumption of ownership and operational control of the Project and stands ready to commence exploration as soon as the transaction is completed.