London, United Kingdom--(Newsfile Corp. - October 26, 2026) - Orosur Mining Inc. (TSXV: OMI) (AIM: OMI) ("Orosur" or "the Company") announces its unaudited results for the first quarter ended August 31, 2026. All dollar figures are stated in US$ unless otherwise noted. The unaudited condensed interim financial statements of the Company for the quarter ended August 31, 2026 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: https://images.newsfilecorp.com/files/12574/320585_1046902_orosur-mining-financialstatements.pdf
A link to the PDF version of the MD&A is available here: https://images.newsfilecorp.com/files/12574/320585_1046903_orosur-mining-mda.pdf
HIGHLIGHTS
Highlights for the three months ended August 31, 2026 include:
Operational
Colombia
- On 9th June, 2026 the Company announced the discovery of new mineralized zones at APTA. The results substantially enhanced the prospectivity of APTA with three areas of potential requiring follow up. APTA continued to deliver and on 14th July, 2026 the Company announced a substantial gold intersection in Hole MAP 107 of 135m @ 1.91g/t Au, including 49m @ 4.06g/t Au. The hole ended in mineralisation.
- On 5th August, 2026 the Company confirmed that it had identified an extension of Pepas West with a flat lying body of mineralisation roughly 100 metres to the west of Pepas. The Company considers this free digging, flat lying, surficial, high grade oxide gold mineralisation to be a high priority in a near-term production scenario, from the point of view of cost and time required to define, develop and mine.
- Post the period end, on 15th September, 2026, the Company announced that it made a discovery at El Cedro, the most southerly of its three prospects. Partial results from the first hole at El Cedro showed gold mineralisation from surface of 61.35m @ 0.93g including 42.15m @ 1.02 g/t from 19m. Subsequently the Company announced gold mineralisation of 0.65g/t from surface to a depth of 267 metres, at which point drilling was prematurely terminated due to mechanical issues. Drilling has recommenced with a planned hole depth of 500m.
Argentina
- On 22nd July, 2026 the Company announced that its drilling campaign at the Company's 100% owned El Pantano project had identified a major epithermal gold/silver system and that an NI 43 101 Technical Report had been filed on the project. The project comprises approximately 560km2 of contiguous granted licences in the prolific Deseado Massif of Santa Cruz Province, in Southern Argentina, roughly 45km from Anglo Gold's Cerro Vanguardia mining camp and 100km SE of Newmont Mining's giant Cerro Negro mine.
The west-to-east zonation at El Pantano is a key outcome of the Technical Report and provides an important framework which provides multiple exploration vectors, including structurally controlled gold-bearing vein corridors in the west, possible feeder structures at depth, newly identified regional soil anomalies south of the principal structure, and preserved pathfinder-rich alteration zones in the east. The Company will consider these alternatives and will develop exploration plans over the winter recess.
Financial and Corporate
- 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.
- On August 31, 2026, the Company had a cash balance of $7,841,000 (May 31, 2026 $9,954,000). 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$16,840,000.
- On October 6, 2026, the Company announced the closing of a brokered private placement (the "Placement") which raised gross proceeds of Cdn$16,000,000 (including gross proceeds of Cdn$2,000,000 from the full exercise of the agent's option) through the issue 50,000,000 units at a price of Cdn$0.32 per unit. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of US$0.32 for a period of 24 months following closing of the placement.
Outlook and Strategy
The Company will focus on Colombia and Argentina whilst also looking for new opportunities in South America.
| Condensed Interim Consolidated Statements of Financial Position | ||||||||
| (Expressed in thousands of United States dollars) | ||||||||
| Unaudited | ||||||||
| As at Aug 31, 2026 $ | As at May 31, 2026 $ | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | 7,841 | 9,954 | ||||||
| Accounts receivable and other assets | 571 | 578 | ||||||
| Assets of Uruguay discontinued operations | 10 | 10 | ||||||
| Total current assets | 4,364 | 10,542 | ||||||
| Non-current assets | ||||||||
| Accounts receivable and other assets | 878 | 773 | ||||||
| Property and equipment | 814 | 660 | ||||||
| Exploration and evaluation assets | 13,721 | 10,805 | ||||||
| Total assets | 23,835 | 22,780 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | 739 | 722 | ||||||
| Liabilities of Chile discontinued operations | 4 | - | ||||||
| Warrant liability | 1,044 | 2,045 | ||||||
| Liabilities of Uruguay discontinued operations | 532 | 542 | ||||||
| Total current liabilities | 2,319 | 3,309 | ||||||
| Total liabilities | 2,319 | 3,309 | ||||||
| Deficit | ||||||||
| Share capital | 95,529 | 92,529 | ||||||
| Share-based payments reserve | 12,442 | 11,513 | ||||||
| Warrants | 16 | 16 | ||||||
| Currency translation reserve | 285 | (1,379 | ) | |||||
| Accumulated deficit | (83,756 | ) | (83,208 | ) | ||||
| Total equity | 21,516 | 19,471 | ||||||
| Total liabilities and equity | 23,835 | 22,780 |
| Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | ||||||||
| (Expressed in thousands of United States dollars) | ||||||||
| (Except common shares and per share amounts) | ||||||||
| Unaudited | ||||||||
| Three Months Ended August 31, 2026 $ | Three Months Ended August 31, 2025 $ | |||||||
| Corporate and administrative expenses | (462 | ) | (398 | ) | ||||
| Exploration expenses | (178 | ) | (61 | ) | ||||
| Share-based compensation | (929 | ) | (73 | ) | ||||
| Other income | 15 | 4 | ||||||
| Net finance cost | (4 | ) | (4 | ) | ||||
| Interest income | 56 | - | ||||||
| Loss on fair value of warrants | 1,001 | (79 | ) | |||||
| Foreign exchange (loss) gain | (44 | ) | (74 | ) | ||||
| Net loss for the period for continuing operations | (545 | ) | (685 | ) | ||||
| Net Loss from discontinued operations | (3 | ) | (33 | ) | ||||
| Net loss for the period | (548 | ) | (718 | ) | ||||
| Item which may be subsequently reclassified to profit or loss: | ||||||||
| Cumulative translation adjustment (net of tax $nil - (2025 - $nil) | 1,664 | 225 | ||||||
| Total comprehensive income (loss) for the period | 1,116 | (493 | ) | |||||
| Basic and diluted net loss per share for | ||||||||
| - continuing operations | (0.00 | ) | (0.00 | ) | ||||
| - discontinued operations | (0.00 | ) | (0.00 | ) | ||||
| Weighted average number of common shares outstanding | 401,005,074 | 314,235,630 | ||||||
| Condensed Interim Consolidated Statements of Cash Flows | ||||||||
| (Expressed in thousands of United States dollars) | ||||||||
| Unaudited | Three Months Ended August 31, 2026 $ | Three Months Ended August 31, 2025 $ | ||||||
| Operating activities | ||||||||
| Net loss for the period | (548 | ) | (718 | ) | ||||
| Adjustments for | ||||||||
| Depreciation | 5 | 5 | ||||||
| Share-based compensation | 929 | 73 | ||||||
| (Gain) loss on fair value of warrants | (1,001 | ) | 79 | |||||
| Foreign exchange and other | 331 | (6 | ) | |||||
| Changes in non-cash working capital items: | ||||||||
| Accounts receivable and other assets | 64 | (1 | ) | |||||
| Accounts payable and accrued liabilities | (161 | ) | (32 | ) | ||||
| Net cash used in operating activities | (381 | ) | (600 | ) | ||||
| Investing activities | ||||||||
| Purchase of property and equipment | (159 | ) | - | |||||
| Exploration and evaluation expenditures | (1,573 | ) | (554 | ) | ||||
| Net cash used in provided by investing activities | (1,732 | ) | (554 | ) | ||||
| Financing activities | ||||||||
| Proceeds from exercise of warrants | - | 174 | ||||||
| Net cash provided by financing activities | - | 174 | ||||||
| Net change in cash | 2,113 | ) | (980 | ) | ||||
| Net change in cash classified within assets of discontinued operations | - | 9 | ||||||
| Cash, beginning of period | 9,954 | 4,877 | ||||||
| Cash end of period | 7,841 | 3,906 | ||||||
| Operating activities | ||||||||
| - continuing operations | (375 | ) | (600 | ) | ||||
| - discontinued operations | (6 | ) | - | |||||
| Investing activities | ||||||||
| - continuing operations | (1,732 | ) | (554 | ) | ||||
| Financing activities | ||||||||
| - continuing operations | (6 | ) | 183 | |||||
| - discontinued operations | 6 | (9 | ) | |||||
| Supplemental information: | ||||||||
| Interest paid (received) | (56 | ) | - | |||||
For further information, visit www.orosur.ca, follow on X @orosurm or please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Broker
Jen Clarke / Caroline Rowe/ Devik Mehta
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/Guy McDougall
Tel: +44 (0)20 3657 0050
Flagstaff Communications
Tim Thompson
Alison Allfrey
Fergus Mellon
orosur@flagstaffcomms.com Tel: +44 (0)207 129 1474
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI) (AIM: OMI) is a minerals explorer and developer currently operating in Colombia and Argentina.
Qualified Persons Statement
The information in this news release was compiled, reviewed, verified and approved by Mr. Brad George, BSc Hons (Geology and Geophysics), MBA, Member of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Inc. and a qualified person as defined by National Instrument 43-101.
Orosur Mining Inc. staff follow standard operating and quality assurance procedures to ensure that sampling techniques and sample results meet international reporting standards. Drill core is split in half over widths that vary between 0.3m and 2m, depending upon the geological domain. One half is kept on site in the Minera Anzá core storage facility in the case of the Anza Project, or on site in temporary racks in the case of the El Pantano Project, with the other sent for assay.
Industry standard QAQC protocols are put in place with approximately 10% of total submitted samples being blanks, repeats or Certified Reference Materials (CRMs). Samples for holes PEP-001 to PEP-011 were sent to the Medellin preparation facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS Chemex laboratory in Lima, Peru. Samples from PEP-012 and MAP-106 and CED001 onwards are sent to Medellin laboratory of Actlabs for preparation and fire assay, with some samples then sent to the Canadian Actlabs facility for multi element assay
30 gram nominal weight samples are then subject to fire assay and AAS analysis for gold with gravimetric re-finish for overlimit assays of >5 g/t. ICP-MS Ultra-Trace level multi-element four-acid digest analyses may also undertaken for such elements as silver, copper, lead and zinc, etc. Gold intersections are reported using a lower cut-off of 0.3g/t Au over 3m. Intersections are quoted as downhole thicknesses. True geological thicknesses are unknown.
Forward-Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute "forward looking statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, the continuing focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited to, those described in the Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2026. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing. This material uncertainty may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320585
Source: Orosur Mining Inc.