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Orosur Mining Inc Announces Results for Third Quarter Ended February 29, 2024
LONDON, UNITED KINGDOM / ACCESSWIRE / April 23, 2024 / Orosur Mining Inc. ("Orosur" or the "Comp...
About this update from Orosur Mining Inc.
[{"type":"text","content":"Orosur Mining Inc Announces Results for Third Quarter Ended February 29, 2024LONDON, UNITED KINGDOM / ACCESSWIRE / April 23, 2024 / Orosur Mining Inc. (\"Orosur\" or the \"Company\") (TSXV:OMI)(AIM:OMI) the minerals developer and explorer with operations in Colombia, Argentina, Nigeria and Brazil announces its unaudited results for the quarter ended February 29, 2024. All dollar figures are stated in US$ unless otherwise noted. The unaudited condensed interim financial statements of the Company for the quarter ended February 29, 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/5776L_1-2024-4-22.pdfA link to the PDF version of the MD&A is available here: http://www.rns-pdf.londonstockexchange.com/rns/5776L_2-2024-4-22.pdfHighlightsOperationalIn Colombia, post period end, on March 25, 2024, the Company announced that it had it entered into a non-binding letter of intent with MMA, which was signed on March 22, 2024, that provides for a transaction pursuant to which Orosur would repurchase, directly or indirectly, MMA's interest in the Anza project (\"Project\"), resulting in Orosur having a 100% ownership of the Project (\"Transaction\"). The proposed consideration set out in the letter of intent is a net smelter return royalty of 1.5% and cash payments of up to US$15 million payable upon meeting certain agreed production thresholds. Subject to several conditions, including but not limited to, the negotiation of definitive documentation and the completion of due diligence, the Company is aiming to complete the Transaction by the end of May 2024, subject to regulatory matters.Concurrently with negotiation of the Transaction in Colombia, the Company has begun the process of preparing to reassume ownership and operatorship of the Project. This involves, among other things, the recruitment of staff, liaising with the local community, discussions with relevant contractors and suppliers and the obtaining of various permits required for field operations. Should the Transaction be completed, the Company hop...