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    OMI   CA6871961059


Delayed Quote. Delayed Toronto Stock Exchange - 12/03 05:00:00 pm
0.2 CAD   -6.98%
12/03OROSUR MINING : Notice of AGM
11/22OROSUR MINING : Management Information Circular AGM 2021
11/22OROSUR MINING : Notice of 2021 AGM
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Orosur Mining Inc. Announces Q1 2022 Results, Transfer of TSX listing to TSXV

10/18/2021 | 04:26am EST

London - Orosur Mining Inc. ('Orosur' or 'the Company') (TSX: OMI) (AIM: OMI) announces its unaudited results for the quarter ended August 31, 2021.

The unaudited condensed financial statements of the Company for the quarter ended August 31, 2021 and the related management's discussion and analysis ('MDA') have been filed and are available for review on the SEDAR website at www.sedar.com and on the Company's website at www.orosur.ca.



On July 6, 2021, the Company announced the assay results from nine additional diamond drillholes including multiple high-grade gold intersections with associated silver and zinc - including 59.55m @9.16g/t Au and 61.75m @2.05g/t Au.

Also as set out in the above news release, work commenced on regional mapping and sampling across the wider lease holding in Colombia. A large program of BLEG sampling was commenced, which should provide vectors to more targeted programs in following quarters. Initial results have been promising, with two new prospect areas identified and named for future reference, Pupino and Pepas.

The Company commenced work on converting the last of its secure license applications to granted status so that they can be accessed for exploration work later in the year.

Post period end, as announced on September 7, 2021, the Company was informed by its Colombian Joint Venture ('JV') partner, Minera Monte Aguila SAS ('Monte Aguila') that it had elected to exercise its right to assume operatorship of the Anza Project in Colombia. Monte Aguila is a 50/50 JV between Newmont Corporation ('Newmont') (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited ('Agnico') (TSX:AEM), and is the vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement with Venture Option ('Exploration Agreement') over the Anza Project.

The Anza Project has now moved into its fourth year of Phase 1 during which time a further US$4.0 million is required to be spent pursuant to the Exploration Agreement.

While Monte Aguila manages the Anza Project, Minera Anza will continue to be the 100% owner of the licences, until such time as Monte Aguila has met its financial obligations with respect to the Exploration Agreement and elected to move to Phase 2 by September 2022.


In Uruguay, the Company's wholly owned subsidiary, Loryser, continues to focus its activities on the implementation of the Creditors Agreement and the sale of its Uruguayan assets. Loryser is also continuing with the reclamation and remediation of the tailings dam.

As part of the Creditors Agreement, Orosur issued 10,000,000 Orosur common shares, in December 2019, to a trust for the benefit of Loryser's creditors. On September 10, 2021 the Company announced that it had been informed by the San Gregorio Trust that it had successfully sold its entire shareholding of 10 million common shares in the Company, which amount will be applied to meet Loryser's obligations under the Creditors Agreement.

Good progress is being made on the sale of Loryser's other assets including plant and equipment. The proceeds from all of these sales will be used to pay liabilities in Uruguay in connection with the aforementioned Creditors Agreement.

On August 31, 2021, the Company had a cash balance of US$6,265k (May 31, 2021US$6,958k). As at the date of this announcement the Company had a cash balance of US$5,685k.

Strategy and outlook

During the period, the Company continued its focus on developing the potential at Anza and continuing the orderly closure of its historical operations in Uruguay in accordance with the Court approved Creditors Agreement.

The Company has also been examining new business opportunities in South America, and on July 7th, 2021, it announced that it had entered into a non-binding Letter of Intent in order to establish a joint venture on a tin project in Rhondonia state in Brazil. The parties are progressing matters.

The Company intends to continue building its project portfolio with other high-quality assets, subject to current travel restrictions caused by Covid-19.

Transfer from the TSX to the TSX Venture Exchange

The Company has received approval to transfer its listing from the TSX to the TSX Venture Exchange. The Company believes that the transfer will provide it with operational efficiencies, with lower costs and with a reporting regime which is closer to that of the AIM market, whilst allowing shareholders to have continued trading liquidity in Canada.

The Company's existing listing on AIM, where approximately 90% of the Company's liquidity resides, will continue without interruption as normal during the transition and beyond.

The Company expects a seamless transition, delisting from TSX at market close on Friday 29th October 2021 to listing on the TSX Venture Exchange at market opening on Monday 1st November 2021. The Company's Common Shares will continue to trade under the symbol 'OMI'. Shareholder approval for the delisting from the TSX is not required since the Company will have its Common Shares listed on the TSXV.


Louis Castro

Tel: +1 (778) 373-0100

Email: info@orosur.ca

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED 1.32% 48.46 Delayed Quote.0.00%
NEWMONT CORPORATION 2.63% 54.67 Delayed Quote.-10.05%
OROSUR MINING INC. -6.98% 0.2 Delayed Quote.-58.33%
All news about OROSUR MINING INC.
12/03OROSUR MINING : Notice of AGM
11/22OROSUR MINING : Management Information Circular AGM 2021
11/22OROSUR MINING : Notice of 2021 AGM
11/10Orosur Mining Inc. - Colombia Update
11/09Orosur Mining Down in UK Trading After Providing Update on Anza Project in Colombia
11/09Orosur Mining Inc Announces Update on the Anz? Project in Colombia
10/18Orosur Mining Inc. Announces Q1 2022 Results, Transfer of TSX listing to TSXV
10/15OROSUR MINING : Q1 2022 Results and Transfer to TSXV
10/15OROSUR MINING : Fiscal Q1 Earnings Snapshot
09/13OROSUR MINING INC. : Announces Notification of Shareholding
More news
Financials (USD)
Sales 2021 - - -
Net income 2021 -1,88 M - -
Net cash 2021 7,04 M - -
P/E ratio 2021 -23,0x
Yield 2021 -
Capitalization 27,8 M 27,9 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 7
Free-Float 84,4%
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Managers and Directors
Bradley William George Chief Executive Officer & Executive Director
Victor Johan Hugo Chief Financial Officer
Louis Emmanuel Castro Executive Chairman
Thomas Peter Masney Independent Non-Executive Director
Nicholas Kurt von Schirnding Independent Non-Executive Director
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