Results for Second Quarter ended November 30, 2024
Q2 FY25 results show net income of $1.87m including discontinued operations; Anza Project now 100% owned.
- Net income for period (continuing and discontinued) $1,870k (prior $(870k) for six months ended November 30, 2023)
- Cash balance $945k (prior $1,328k as at May 31, 2024)
- Total assets $7,622k (prior $5,390k as at May 31, 2024)
- Exploration and evaluation assets $5,632k (prior $3,343k as at May 31, 2024)
- Net loss from continuing operations $(1,066k) (prior $(756k) for six months ended November 30, 2023)
- Cash raised £835,000
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London, January 30th, 2025. Orosur Mining Inc. ("Orosur" or "the Company") (TSX-V: OMI) (AIM: OMI) the minerals developer and explorer with operations in Colombia, Argentina and Nigeria, announces its unaudited results for the quarter ended November 30, 2024. All dollar figures are stated in US$ unless otherwise noted.
The unaudited condensed interim financial statements of the Company for the quarter ended November 30, 2024 and the related management's discussion and analysis ("MD&A") have been filed and are available for review on the SEDAR+ website at www.sedarplus.ca. The financial statements and the MD&A are also available on the Company's website at www.orosur.ca.
A link to the PDF version of the financial statements is available here:
A link to the PDF version of the MD&A is available here:
HIGHLIGHTS
Operational and financial highlights for the six months ended November 30, 2024 are set out below:
Operational
· In Colombia, on November 27, 2024, the Company completed the acquisition of Minera Monte Aguila S.A.S. ("Monte Aguila") as a result of which the Company now has 100% ownership of the Company's flagship Anzá Gold Project. Under the terms of the acquisition, Orosur's wholly owned Canadian subsidiary, Waymar Resources Ltd., purchased all of the issued shares of Monte Aguila from wholly owned subsidiaries of Newmont and Agnico resulting in Orosur regaining 100% ownership of the Project. No cash is payable up front, with all consideration deferred and wholly contingent upon commercial production from the Anza Project. The agreed consideration is a net smelter royalty of 1.5% on all future mineral production, plus a capped fixed royalty of an aggregate amount of US$75 per ounce of gold or gold equivalent ounce on the first 200,000 gold equivalent ounces of mineral production. Completion of the acquisition was subject to customary conditions including the approval of the TSXV, which conditions have all been met. The Company also re-took operatorship of the Anza Gold Project, commencing a drilling program at the Pepas prospect in late November 2024 which has extended post quarter end with very good results.
- In Argentina, the Company has completed and submitted all the necessary environmental studies that are required as part of the Santa Cruz Province drilling permit process. Consideration of these reports and drilling approval was expected to take several months. The Company has now received the approval necessary for drilling. A further geo-physical campaign is planned to refine targets after which the Company will consider drilling, likely to take place later in 2025 subject to funding.
- In Nigeria, the Company will look to make some advances on its lithium project, but at a slower pace whilst lithium prices continue to recover.
Financial
- On September 30th, 2024, the Company announced that it had raised the sum of £835,000 (before expenses) through a placing of 30,035,971 new common shares of no par value at a price of 2.78 pence per Placing Share, together with a grant of one unlisted warrant to purchase one additional common share exercisable at US$0.0494 (approximately 3.697p) for every two Placing Shares subscribed for.
- On November 30, 2024, the Company had a cash balance of $945,000 (May 31, 2024 $2,104,000). As at the date of this announcement the Company has a cash balance of $2,200,000.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
Unaudited
| As at November 30, 2024 $ | As at May 31, 2024 $ | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash | 945 | 1,328 |
| Restricted cash | 12 | 12 |
| Accounts receivable and other assets | 391 | 279 |
| Assets held for sale in Uruguay | 192 | 226 |
| Total current assets | 1,540 | 1,845 |
| Non-current assets | ||
| Property and equipment | 319 | 202 |
| Exploration and evaluation assets | 5,632 | 3,343 |
| Right-of-use asset | 131 | - |
| Total assets | 7,622 | 5,390 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 667 | 445 |
| Liability of Chile discontinued operation | - | 2,376 |
| Liabilities held for sale in Uruguay | 10,618 | 11,208 |
| Right-of use asset | 27 | - |
| Total current liabilities | 11,312 | 14,029 |
| Non-current liabilities | ||
| Contingency royalties | 2,556 | - |
| Right-of use asset | 147 | - |
| Total liabilities | 14,015 | 14,029 |
| Equity | ||
| Share capital | 70,086 | 69,529 |
| Share-based payments reserve | 10,645 | 10,538 |
| Warrants | 697 | 302 |
| Currency translation reserve | (2,488) | (1,808) |
| Accumulated deficit | (85,324) | (87,194) |
| Total equity attributable to owners of the parent | (6,384) | (8,633) |
| Non-controlling interest | (9) | (6) |
| Total equity | (6,393) | (8,639) |
| Total liabilities and equity | 7,622 | 5,390 |
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in thousands of United States dollars)
(Except common shares and per share amounts)
Unaudited
| Three Months Ended November 30, 2024 $ | Three Months Ended November 30, 2023 $ | Six Months Ended November 30, 2024 $ | Six Months Ended November 30, 2023 $ | |
|---|---|---|---|---|
| Corporate and administrative expenses | (478) | (468) | (913) | (866) |
| Exploration expenses | (33) | (26) | (109) | (53) |
| Share-based compensation | (107) | - | (107) | - |
| Other income | 13 | 10 | 51 | 16 |
| Net finance cost | (3) | (5) | (6) | (9) |
| Foreign exchange gain net | (10) | 97 | 18 | 156 |
| Net (loss) for the period for continuing operations | (618) | (392) | (1,066) | (756) |
| (Loss) income from discontinued operations | 2,767 | 136 | 2,936 | (114) |
| Net income (loss) for the period | 2,149 | (256) | 1,870 | (870) |
Item which may be subsequently reclassified to profit or loss:
| Three Months Ended November 30, 2024 $ | Three Months Ended November 30, 2023 $ | Six Months Ended November 30, 2024 $ | Six Months Ended November 30, 2023 $ | |
|---|---|---|---|---|
| Cumulative translation adjustment | (292) | 356 | (680) | 683 |
| Total comprehensive income (loss) for the period | 1,857 | 100 | 1,190 | (187) |
| Basic and diluted net income (loss per share for | ||||
| - continuing operations | (0.00) | (0.00) | (0.00) | (0.00) |
| - discontinued operations | 0.01 | 0.00 | 0.01 | (0.00) |
| Weighted average number of common shares outstanding | 225,718,428 | 188,560,300 | 215,596,429 | 188,560,300 |
| Condensed Interim Consolidated Statements of Cash Flows | ||||
| (Expressed in thousands of United States dollars) | ||||
| Unaudited | Six Months Ended November 30, 2024 $ | Six Months Ended November, 2023 $ | ||
| Operating activities | ||||
| Net income (loss) for the period for continued and discontinued operations | 1,870 | (870) | ||
| Adjustments for | ||||
| Depreciation / Write downs | 10 | 6 | ||
| Share-based payments | 107 | - | ||
| Reversed liability and interest accrued | (2,376) | - | ||
| Foreign exchange and other | (11) | 366 | ||
| Changes in non-cash working capital items: | ||||
| Accounts receivable and other assets | (69) | (271) | ||
| Accounts payable and accrued liabilities | (628) | (138) | ||
| Net cash used in operating activities | (1,097) | (907) | ||
| Investing activities | ||||
| Purchase of property and equipment | - | (85) | ||
| Exploration and evaluation expenditures | (268) | (727) | ||
| Net cash used in investing activities | (268) | (808) | ||
| Financing activities | ||||
| Proceeds from issue of common shares, net of shares issuance cost | 952 | - | ||
| Net cash provided by financing activities | 952 | - | ||
| Net change in cash | (413) | (1,715) | ||
| Net change in cash classified within assets held for sale | 30 | 71 | ||
| Cash, beginning of period | 1,328 | 3,748 | ||
| Cash end of period | 945 | 2,104 | ||
| Operating activities | ||||
| - continuing operations | 1,309) | (836) | ||
| - discontinued operations | (2,406) | (71) | ||
| Investing activities | ||||
| - continuing operations | (268) | (808) | ||
| - discontinued operations | - | - | ||
| Financing activities | ||||
| - continuing operations | 952 | - | ||
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