Orosur Mining (OMI) Q2 2025 earnings summary

Executive summary

• Completed acquisition of Minera Monte Aguila S.A.S., regaining 100% ownership and operatorship of the Anzá Gold Project in Colombia, with all consideration deferred and contingent on future production.

• Initiated new drilling at the Pepas prospect in Colombia and received drilling approval for the Santa Cruz project in Argentina, with further exploration planned.

• Advanced final stages of the Creditors Agreement in Uruguay, including asset sales and settlement distributions.

Financial highlights

• Cash balance at November 30, 2024 was $945,000, down from $2,104,000 at May 31, 2024; as of the announcement date, cash increased to $2,200,000.

• Raised £835,000 (before expenses) via a share placing in September 2024.

• Net income for the six months ended November 30, 2024 was $1,870,000, compared to a net loss of $870,000 for the same period last year.

• Total comprehensive income for the six months was $1,190,000, up from a loss of $187,000 year-over-year.

• Net cash used in operating activities for the six months was $1,097,000; net cash provided by financing activities was $952,000.

Outlook and guidance

• Drilling at the Pepas prospect in Colombia is ongoing with positive results; further exploration in Argentina is planned for later in 2025, subject to funding.

• Progress in Nigeria's lithium project will be slower due to current market conditions.