Results for Second Quarter ended November 30, 2025
Orosur Mining Inc. reported its second quarter results for the period ended November 30th, 2025, highlighting continued exploration in Colombia with infill drilling at the Pepas gold prospect and soil geochemical surveys at El Cedro, which identified substantial gold-bearing systems. In Argentina, the company earned a 51% interest in the El Pantano Project and commenced a 3,000-meter drill program. Orosur also decided to withdraw from its lithium project in Nigeria, with the investment fully impaired. Financially, the company's cash balance significantly increased to $16,280,000 as of November 30, 2025, bolstered by a CAD$20 million private placement completed in October 2025.
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London, January 26th, 2026. Orosur Mining Inc. ("Orosur" or "the Company") (TSX-V/AIM: OMI) the minerals developer and explorer with operations in Colombia and Argentina, announces its unaudited results for the quarter ended November 30th, 2025. All dollar figures are stated in US$ unless otherwise noted.
The unaudited condensed interim financial statements of the Company for the quarter ended November 30th, 2025 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.
To view the PDF version of the financial statements please click here: http://www.rns-pdf.londonstockexchange.com/rns/2400Q_2-2026-1-23.pdf
To view the PDF version of the MD&A, please click here http://www.rns-pdf.londonstockexchange.com/rns/2400Q_1-2026-1-23.pdf
Both PDF version's of the MD&A and financial statements is available here: www.orosur.ca
Highlights
Highlights for the three months ended November 30th, 2025 include:
Operational
- In Colombia, during the whole quarter, infill drilling has continued at its Pepas gold prospect in Anzá, with the objective of moving Pepas to a NI43-101 compliant Mineral Resource Estimate ("MRE".) As anticipated, drilling results have firmed up the Pepas deposit and provided better definition of the nature of the thick, high-grade mineralisation. Recent results are largely as expected in terms of the grade distribution across Pepas. The MRE at Pepas is anticipated to be delivered by the end of January 2026.
At El Cedro, some 10kms to the south of Pepas but on the same licence, the Company completed a large-scale soil geochemical survey covering most of what is thought to be a large scale porphyry system. Soil samples were taken at roughly 25m intervals, along ridges and spurs for ease of access and to ensure soils were residual. The survey showed gold assay results identifying a substantial, gold bearing system, with highly anomalous geochemical responses over a large, well preserved zoned porphyry system, with soil samples assays at times exceeding 1g/t Au.
In addition, analysis of new geochemical data, in conjunction with historical mapping information and airborne geophysical data collected in 2012 has identified a second porphyry system to the south of El Cedro within the same structural regional corridor.
- In Argentina, the Company has earned a direct 51% interest in the Argentine company, Deseado Dorado S.A.S ("Deseado"), that owns the exploration licences that make up the El Pantano Project in Santa Cruz province. The Company has now moved into the Phase 2 of the JV, that will see it move to 100% ownership of Deseado upon investment of an additional US$2m, a large part of which will be spent on a 3,000 metre drill program which commenced at El Pantano in November and is expected to conclude in early 2026.
First holes from the El Pantano drilling program confirm a low sulphidation epithermal mineral system. Whilst assays are still awaited, the Company is confident that it has achieved its general objective of proving the existence of a substantial mineral system.
- In Nigeria, in view of the Company's need to prioritise the use of its capital and human resources, a decision was taken to withdraw from the lithium project which will be formalized over the next few weeks. The investment in Nigeria was fully impaired in the Company's financial statements as at May 31, 2025 and it remains fully impaired.
Financial and Corporate
- On November 30, 2025, the Company had a cash balance of US$16,280,000 (May 31, 2025 US$4,877,000). As at the date of this MD&A and including the funds raised in the private placement (detailed below), the Company had a cash balance of US$14,920,000.
- On September 18, 2025 the Company announced an upsized brokered private placement (the "Placing") to raise gross proceeds of up to CAD$20 million through the issue of up to 58,823,530 common shares at a price of CAD$0.34 per common share. The Placing, which was over- subscribed, was completed on October 2 2025 and raised CAD$20 million. No warrants were issued in connection with the Placing.
- Post the period end, at the Company's AGM held on December 17, 2025 all resolutions put to shareholders were duly passed.
- The unaudited condensed interim consolidated financial statements have been prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are accounted for as Assets and Liabilities held for sale (at the lower of book value or fair value) and Profit and Loss from discontinuing operations. This accounting treatment has been applied to the activities in Uruguay and Chile.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
Unaudited
| As at November 30, 2025 $ | As at May 31, 2025 $ | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash | 16,280 | 4,877 |
| Restricted cash | 12 | 12 |
| Accounts receivable and other assets | 656 | 434 |
| Assets held for sale in Uruguay | 10 | 20 |
| Total current assets | 16,958 | 5,343 |
| Non-current assets | ||
| Property and equipment | 300 | 288 |
| Exploration and evaluation assets | 6,335 | 3,858 |
| Total assets | 23,593 | 9,489 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 820 | 623 |
| Warrant liability | 3,578 | 1,706 |
| Liability of Uruguay discontinued operation | 486 | 529 |
| Total current liabilities | 4,884 | 12,858 |
| Total liabilities | 4,884 | 2,858 |
| Equity | ||
| Share capital | 90,721 | 74,675 |
| Share-based payments reserve | 11,192 | 10,931 |
| Warrants | 36 | 436 |
| Currency translation reserve | (1,445) | (2,159) |
| Accumulated deficit | (81,801) | (77,258) |
| Total equity attributable to owners of the parent | 18,703 | 6,625 |
| Non-controlling interest | 6 | 6 |
| Total equity | 18,709 | 6,631 |
| Total liabilities and equity | 23,593 | 9,489 |
Condensed Interim Consolidated Statements of (Loss) Income and Comprehensive (Loss)
(Expressed in thousands of United States dollars)
(Except common shares and per share amounts)
Unaudited
| Six Months Ended November 30, 2025 $ | Six Months Ended November 30, 2024 $ | |
|---|---|---|
| Corporate and administrative expenses | (995) | (913) |
| Exploration expenses | (132) | (109) |
| Share-based compensation | (706) | (107) |
| Other income | 8 | 51 |
| Net finance cost | (17) | (6) |
| Loss on fair value of warrants | (2,532) | - |
| Foreign exchange (loss) gain | (185) | 18 |
| Net loss for the period for continuing operations | (4,559) | (1,066) |
| Income (loss) from discontinued operations | 16 | 2,936 |
| Net income (loss) for the period | (4,543) | 1,870 |
| Item which may be subsequently reclassified to income (loss): | ||
| Cumulative translation adjustment | 714 | (680) |
| Total comprehensive income (loss) for the period | (3,829) | 1,190 |
| Basic and diluted net income (loss) per share for | ||
| - continuing operations | (0.01) | (0.00) |
| - discontinued operations | 0.00 | 0.01 |
| Weighted average number of common shares outstanding | 339,688,019 | 215,596,429 |
| Condensed Interim Consolidated Statements of Cash Flows | ||
| (Expressed in thousands of United States dollars) | ||
| Unaudited | Six Months Ended November 30, 2025 $ | Six Months Ended November 30, 2024 $ |
| Operating activities | ||
| Net (loss) income for the period for continued and discontinued operations | (4,543) | 1,870 |
| Adjustments for | ||
| Depreciation | 10 | 10 |
| Share-based payments | 706 | 107 |
| Reversed liability and interest accrued | - | (2,376) |
| Loss on fair value of warrants | 2,532 | |
| Foreign exchange and other | 53 | (11) |
| Changes in non-cash working capital items: | ||
| Accounts receivable and other assets | (223) | (69) |
| Accounts payable and accrued liabilities | 132 | (628) |
| Net cash used in operating activities | (1,333) | (1,097) |
| Investing activities | ||
| Purchase of property and equipment | (22) | - |
| Exploration and evaluation expenditures | (1,793) | (268) |
| Net cash used in investing activities | (1,815) | (268) |
| Financing activities | ||
| Proceeds from issue of common shares, net of shares issuance cost | 13,137 | 952 |
| Proceeds from exercise of options | 286 | - |
| Proceeds from exercise of warrants | 1,778 | - |
| Warrant liability exercised | (660) | - |
| Net cash provided by financing activities | 14,541 | 952 |
| Net change in cash | 11,393 | (413) |
| Net change in cash classified within assets held for sale | 10 | 30 |
| Cash, beginning of period | 4,877 | 1,328 |
| Cash end of period | 16,280 | 945 |
| Operating activities | ||
| - continuing operations | (1,304) | 1,309 |
| - discontinued operations | (29) | (2,406) |
| Investing activities | ||
| - continuing operations | (1,815) | (268) |
| Financing activities | ||
| - continuing operations | 14,522 | 952 |
| - discontinued operations | 19 | - |
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