RE: High grade implications12 Feb 2026 07:53
Https://mcusercontent.com/d9ebd7c1aa0f3dbc5fab42eca/files/bf468356-344f-ad44-1fd9-0e62e2ff35fd/OrosurMiningInc._Research_Update_10February2026__FINAL_BG.01.pdf
Orosur has released a much-anticipated maiden Mineral Resource Estimate
(‘MRE’) for its Pepas gold deposit, detailing a total of 1.33Mt @ 5.11g/t Au for
219,000 contained ounces. With mineralisation starting at surface and 92% in
the Indicated category, the outlining of a proposed mining development plan
based on the MRE findings is likely to be the Group’s first step toward securing
Colombian regulatory compliance and permitting for the deposit through
development of a Programa de Trabajo y Orbras (‘PTO’), in an overall process
that is likely to take several months to complete. While the estimated number
of resource ounces is close to TPI’s initial production forecast of 238,000oz
over a 12-year life-of-mine (‘LOM’) (as originally outlined on 18 September
2025), the overall declared Au grading is almost 22% higher. Reworking TPI’s
model on this basis, while retaining metallurgical recovery at 87% and
processing efficiency of 96.9%, the deposit is projected to have a low All-in
Sustaining Cost (‘AISC’) of US$1,281/oz*
. Prudently, then, factoring in the
recent surge in gold prices to assume an average of US$4,400/oz over the
production period (compared with US$3,300/oz previously), suggests the
deposit has a NPV10% of US$189m along with an exceptional IRR of 162%.
Having closed an oversubscribed private placement offering for aggregate
gross proceeds of c.CAD$20m* back on 2 October 2025, Orosur appears to be
sufficiently funded to take its flagship opportunity to the point of extraction
followed by toll processing over the coming 2 or so years; in tandem the Group
is also expected to advance evaluation of historic/progress future drilling on
APTA’s hybrid mineral system, possibly with a view to calculating a further
maiden MRE later this year. Given the exceptional value it has created to date,
investors can be expected to remain supportive of the Board’s much larger
mining ambitions for both Anzá and El Pantano (in Argentina), either of which
could eventually dwarf findings at Pepas.
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