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Orosur Mining Inc Announces Full Year 2024 Results
LONDON, UNITED KINGDOM / ACCESSWIRE / October 1, 2024 / Orosur Mining Inc. ("Orosur" or "the Com...
About this update from Orosur Mining Inc.
[{"type":"text","content":"Orosur Mining Inc Announces Full Year 2024 ResultsLONDON, UNITED KINGDOM / ACCESSWIRE / October 1, 2024 / Orosur Mining Inc. (\"Orosur\" or \"the Company\") (TSXV:OMI)(AIM:OMI) announces its audited results for the fiscal year ended May 31, 2024. 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, 2024; the related management's discussion and analysis (\"MD&A\"); and Forms 52-109FV1 will be filed today and be 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/3454G_2-2024-9-30.pdfA link to the PDF version of the MD&A is available here: http://www.rns-pdf.londonstockexchange.com/rns/3454G_1-2024-9-30.pdfHIGHLIGHTSIn Colombia, during the earlier part of the financial year, and whilst discussions were continuing on the involvement of Monte Aguila in the Anza Project (\"Anza Project\"), some limited activities did take place including mapping and surface sampling; advancing the integration of smaller licences and the promotion of relationships with local community groups to strengthen the social licence to operate the Anza Project.Post the financial year end, on September 10, 2024, the Company entered into a sale and purchase agreement (\"SPA\") to acquire MMA, thereby reassuming 100% of the Company's flagship Anza Project in Colombia. Under the SPA, Orosur's wholly owned Canadian subsidiary, Waymar Resources Ltd., will purchase all of the issued shares of MMA from wholly owned subsidiaries of Newmont and Agnico resulting in Orosur regaining 100% ownership of the Project (the \"Acquisition\"). No cash is payable up front, with all consideration deferred and wholly contingent upon commercial production from the Anza Project. The agreed consideration payable to Newmont and Agnico consists of a net smelter royalty of an aggregate amount of 1.5% on all future mineral production, plus a further royalty of an aggregate amount of US$75 per ounce of gold or gold equivalent ounce for the first 200,000 gold equivalent ounces of mineral production. Completion of the Acquisition is subject to customary conditi...