Orosur Mining Inc. - Full Year 2026 Results
Orosur Mining Inc. reported its full-year results for the period ending May 31, 2026, highlighting operational progress and financial activities. In Colombia, the Anza Project yielded a maiden resource estimate of 219,000 ounces of gold at Pepas, with ongoing exploration identifying further mineralization. In Argentina, the El Pantano Project confirmed a major gold/silver epithermal system, leading Orosur to exercise its option for 100% ownership, subject to a 2% net smelter royalty. Financially, the company raised Cdn$20,000,000 in a private placement in October 2025 and reported a cash balance of $9,954,000 as of May 31, 2026, with a subsequent placement aiming to raise up to Cdn$14,000,000. The company experienced a net loss of $5,950,000 for the year, compared to a net income of $9,936,000 in the prior year, with exploration and evaluation expenditures totaling $6,069,000.
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London, 28th, September 2026. Orosur Mining Inc. (“Orosur” or “the Company”) (TSX-V: OMI) (AIM: OMI) announces its audited results for the fiscal year ended May 31, 2026. All dollar figures are stated in thousands of US$ unless otherwise noted. The audited financial statements of the Company for the year ended May 31, 2026; the related management’s discussion and analysis (“MD&A”); and Forms 52-109FV1 were filed on Friday 25th September 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: http://www.rns-pdf.londonstockexchange.com/rns/4541W_2-2026-9-27.pdf
A link to the PDF version of the MD&A is available here: http://www.rns-pdf.londonstockexchange.com/rns/4541W_1-2026-9-27.pdf
Highlights
Highlights for the year ended May 31, 2026 include:
Operational
In Colombia, at the Anza Project, the Company completed its in-fill drilling program at Pepas and has declared a Maiden Resource Estimate of 219,000 ounces of gold. The Company is now drilling in the greater Pepas area with a view to refining its geological model in the area and identifying potential future deposits. After the period end, the Company announced that it had identified a second area of mineralization some 100 metres to the West of Pepas.
In APTA, located in the centre of the Company’s licence area, drilling commenced post the year end to gain a better understanding of the geological controls ahead of a potential resource estimate later this year. The results from this recent post year-end drilling indicates more extensive mineralisation at APTA which has substantially enhanced the prospectivity of APTA with three areas of potential requiring follow up.
To the south of APTA, geological mapping and sampling has been completed at El Cedro and the Company announced that new mapping and sampling had commenced post the year end at a new second porphyry identified to the south of El Cedro. New airborne geophysics was flown to establish drill targets at both El Cedro and in the new second porphyry identified to the south of El Cedro. Drilling commenced in late August 2026. Partial results from first hole at El Cedro show gold mineralisation from surface with 61.35m@ 0.93g/t Au (from surface) including 42.15m @ 1.02 g/t from 19m. Drilling is continuing to a planned depth of 500m.
In Argentina, the Company’s first drilling program for a total of circa 5,500 metres (24 diamond drill holes) had been completed by the end of March 2026 at El Pantano. Drill holes were spread across the eastern and western extremes of the main rift related epithermal system, with several sections being completed to facilitate an assessment of lateral and vertical variations in geochemistry and structures.
On July 22, 2026, after the year end, the Company announced that the drilling campaign had identified a major gold/silver epithermal system and that a NI-34-101 report on the El Pantano Project had been prepared and filed on SEDAR+.
The Company also announced on that day, that, with the recently completed drilling program, the Company had satisfied all commitments under the JV Agreement with its partner Deseado ahead of the required deadline and, as such, had exercised its option to obtain 100% ownership of the El Pantano Project. As set out in the JV Agreement, Deseado has been granted a residual 2% net smelter royalty on the El Pantano Project, of which 1% can be bought by the Company for $1 million.
Interpretation of all new and historical data will inform a next phase of field work which may be commissioned later in the year, potentially ahead of a second drill program at the project.
Financial and Corporate
On September 18, 2025, the Company announced an upsized brokered private placement (the “Placing”) to raise gross proceeds of Cdn$20,000,000 which included the full exercise of the broker’s option, through the issue of 58,823,530 common shares at a price of Cdn$0.34 per common share. No warrants were issued in connection with the Placing. The Placing closed successfully on October 2, 2025.
At the Company’s AGM, held on December 17, 2025 all resolutions put to shareholders were duly passed.
On May 31, 2026, the Company had a cash balance of $9,954,000 (May 31, 2025 - $4,877,000). As at the date of this press release the Company had a cash balance of $7,350,000.
Post year end, on September 22, 2026, the Company announced a brokered private placement (the “Placement”) to raise gross proceeds of up to Cdn$14,000,000 through the issue of up to 43,750,000 units at a price of Cdn$0.32 per unit. Each warrant can be exercised for one common share at an exercisable price of US$0.32 for a period of 2 years from the date of issuance save for the first 61 days post issuance. The Placement is expected to close on or about October 6, 2026.
The audited consolidated financial statements have been prepared on a going concern basis under the historical cost method except for items measured at fair value, and assets and liabilities related to discontinued operations, which are measured at the lower of cost or recoverable amount. This accounting treatment has been applied to the activities in Uruguay and Chile.
Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
| As at May 31, 2026 $ | As at May 31, 2025 $ | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash | 9,954 | 4,877 |
| Restricted cash | - | 12 |
| Accounts receivable and other assets | 578 | 434 |
| Assets of Uruguay discontinued operations | 10 | 20 |
| Total current assets | 10,542 | 5,343 |
| Non-current assets | ||
| Accounts receivable and other assets | 773 | - |
| Property and equipment | 660 | 288 |
| Exploration and evaluation assets | 10,805 | 3,858 |
| Total assets | 22,780 | 9,489 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 722 | 623 |
| Warrant liability | 2,045 | 1,706 |
| Liabilities of Uruguay discontinued operations | 542 | 529 |
| Total current liabilities | 3,309 | 2,858 |
| Total liabilities | 3,309 | 2,858 |
| Deficit | ||
| Share capital | 95,529 | 74,675 |
| Share-based payments reserve | 11,513 | 10,931 |
| Warrants | 16 | 436 |
| Currency translation reserve | (1,379) | (2,159) |
| Accumulated deficit | (83,208) | (77,258) |
| Total equity attributable to shareholders of the Company | 19,471 | 6,625 |
| Non-controlling interest | - | 6 |
| Total equity | 19,471 | 6,631 |
| Total liabilities and equity | 22,780 | 9,489 |
| Consolidated Statements of Loss and Comprehensive Loss | ||
| (Expressed in thousands of United States dollars) | ||
| (Except common shares and per share amounts) | ||
| Year Ended May 31, 2026 $ | Year Ended May 31, 2025 $ | |
| Corporate and administrative expenses | (2,627) | (2,615) |
| Exploration and evaluation expenses | (303) | (246) |
| Impairment of exploration and evaluation assets | - | (596) |
| Share-based compensation | (1,503) | (407) |
| Other income | 19 | 54 |
| Interest expense | (82) | (15) |
| Interest income | 236 | - |
| (Loss) gain on revaluation of warrants | (1,575) | 683 |
| Foreign exchange (loss) gain | (88) | 227 |
| Net loss for the year from continuing operations | (5,923) | (2,915) |
| Net (loss) Income from discontinued operations | (27) | 12,851 |
| Net (loss) income for the year | (5,950) | 9,936 |
Other comprehensive income (loss):
Item which may be subsequently reclassified to income ( loss):
| As at May 31, 2026 $ | As at May 31, 2025 $ | |
|---|---|---|
| Cumulative translation adjustment (net of tax of $nil) – (2025-$nil) | 780 | (351) |
| Total comprehensive (loss) income for the year | (5,170) | 9,585 |
| Basic and diluted net income (loss) per share for | ||
| - continuing operations | (0.02) | (0.00) |
| - discontinued operations | 0.05 | 0.05 |
| Weighted average number of common shares outstanding | 367,463,275 | 247,468,893 |
| Consolidated Statements of Cash Flows | ||
| (Expressed in thousands of United States dollars) | ||
| Year Ended May 31, 2026 $ | Year Ended May 31, 2025 $ | |
| Operating activities | ||
| Net ( loss) income for the year | (5,950) | 9,936 |
| Adjustments for | ||
| Depreciation | 22 | 22 |
| Share-based compensation | 1,503 | 407 |
| Impairment of exploration and evaluation assets | - | 596 |
| Reversed royalty provision in Chile | - | (2,376) |
| Extinguished liabilities and borrowings in Uruguay | - | (10,677) |
| (loss) gain on revaluation of warrants | 1,575 | (683) |
| Foreign exchange and other | (94) | (92) |
| Changes in non-cash working capital items: | ||
| Accounts receivable and other assets | (18) | (18) |
| Accounts payable and accrued liabilities | (41) | (41) |
| Net cash used in operating activities | (3,743) | (2,926) |
| Investing activities | ||
| Purchase of property and equipment | (394) | - |
| Exploration and evaluation expenditures | (6,069) | (967) |
| Net cash used in investing activities | (6,463) | (967) |
| Financing activities | ||
| Proceeds from issue of common shares, net of share issuance cost | 13,090 | 6,130 |
| Proceeds from exercise of options | 266 | 14 |
| Proceeds from exercise of warrants | 1,917 | 1,161 |
| Net cash provided by financing activities | 15,273 | 7,305 |
| Net change in cash | 5,067 | 3,412 |
| Net change in cash classified within assets of discontinued operations | 10 | 137 |
| Cash, beginning of year | 4,877 | 1,328 |
| Cash end of year | 9,954 | 4,877 |
| Operating activities | ||
| - continuing operations | (3,734) | (2,790) |
| - discontinued operations | (9) | (136) |
| Investing activities | ||
| - continuing operations | (6,463) | (967) |
| Financing activities | ||
| - continuing operations | 15,274 | 7,306 |
| - discontinued operations | 1 | 1 |
| Supplemental information | ||
| Interest paid (received) | (236) | - |
| Income taxes paid (recovered) | - | - |
| Issuance of common shares in settlement of warrant liability | 1,236 | - |
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