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Orosur Mining Inc Announces Results for First Quarter Ended August 31, 2024
Results for First Quarter ended August 31, 2024 LONDON, UK / ACCESSWIRE / October 30, 2024 / ...
About this update from Orosur Mining Inc.
[{"type":"text","content":"Orosur Mining Inc Announces Results for First Quarter Ended August 31, 2024Results for First Quarter ended August 31, 2024LONDON, UK / ACCESSWIRE / October 30, 2024 / Orosur Mining Inc. (\"Orosur\" or \"the Company\") (TSXV:OMI)(AIM:OMI) the minerals developer and explorer with operations in Colombia, Argentina and Nigeria, announces its unaudited results for the quarter ended August 31, 2024. 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, 2024 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: http://www.rns-pdf.londonstockexchange.com/rns/1125K_2-2024-10-29.pdfA link to the PDF version of the MD&A is available here: http://www.rns-pdf.londonstockexchange.com/rns/1125K_1-2024-10-29.pdfHIGHLIGHTSOperational and financial highlights for the three months ended August 31, 2024 are set out below:OperationalIn Colombia, the Company continued its negotiations with Agnico and Newmont for the acquisition of MMA to regain 100% ownership of the Anza gold project, whilst continuing with some low-level sampling and community work.Post the quarter 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 Gold 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 Anza 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. Complet...