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23 Dec 2021 14:05
Orosur Mining Inc. - AGM Results
Notification of Shareholder Conference call
London, December 23rd 2021, Orosur Mining Inc. ("Orosur" or "the Company") (AIM/TSX-V: OMI), a South American-focused minerals explorer and developer, announces that at the Company's Annual General & Special Meeting ("AGM") held at 12:00 p.m. GMT today, all resolutions put to shareholders were duly passed.
Details of the voting are set out at the bottom of this press release.
Louis Castro, Executive Chairman of Orosur, provided the following update to those in attendance at the AGM:
"It is now roughly 18 months since the Company began its transformation with a new board and executive and a major change in focus.
After a two-year hiatus, our flagship Anzá project restarted in early September 2020 with a move into year three of the JV and the entry of Agnico Eagle, joining Newmont in a 50/50 venture to jointly fund exploration at the project.
Orosur, through its local Colombian subsidiary, managed the operation and quickly ramped up its operational capacity from a standing start to over 100 people, with at times five drill rigs on site - all during the peak of the Covid pandemic, a tremendous testament to the diligence and dedication of the Colombian team.
Since commencement of drilling operations in November 2020, over 13,000m have been drilled to date, all focussed on or around the core APTA deposit. To date, results for 24 holes have been released with several outstanding intersections demonstrating the potential of APTA and the wider region.
While able to control our immediate working environment, we were still subject to external influences, the most significant being extreme Covid-related delays in assay results from the commercial laboratory in Lima. These delays are now largely resolved and we anticipate more timely turnaround of results.
In late November 2020, the Company's balance sheet was strengthened by a well supported £4m capital raising in London.
The drilling focus at APTA was designed to test and prove the mineralisation at APTA so as to give Agnico/Newmont sufficient comfort to make the major decision to move forward with the JV and to assume operatorship of the project. In addition a wider regional programme was undertaken, including mapping and sampling of the other licences and applications to identify targets for the next phase of work.
The drilling campaign and wider regional work were successful and in early September 2021, Agnico/Newmont informed us that they were moving into the next year of the JV and exercising its right to assume operatorship of the Anzá project. This transition in operatorship was a complex process which saw work wound back for two months to allow the large number of staff and operating contracts to be handed over in an orderly fashion. This process is now largely complete and work is accelerating.
At the time of writing, three rigs are in operation at Anzá, still focussed at APTA, while work commences on the conversion of our major applications to granted status so that these may be drilled in 2022.
The handover of operatorship to Agnico/Newmont, coupled with our improved balance sheet position, has now allowed the Company to examine new projects and the process of identification and negotiation has been ongoing for over six months. A large number of high quality projects have been assessed over this time, with a key focus on projects with large landholdings in key mineralised provinces, that can be entered at low or zero cost and offer the potential for rapid and cost effective generation of shareholder value.
We have previously announced a non-binding Letter Of Intent over a tin project in Brazil and this opportunity is at the advanced negotiation stage with a resolution expected soon. Several other opportunities are also at the advanced stages of negotiation and it is hoped these may be finalised in the very near term.
Final closure of our historical Uruguay operations has progressed well and is near completion. Employee entitlements have been settled with funds from a combination of asset and share sales, and remediation of the tailings dam, while delayed by an unusually wet winter, should now be complete by mid 2022.
The Board feels the Company is now in a very strong position, setting up well for 2022. The historical operations in Uruguay are near to being fully closed, the Anzá project is now in the hands of two of the world's three largest gold miners, and we look forward to being able to explore several new high quality opportunities if current negotiations can be successfully concluded.
Covid remains with us, but the world appears to be opening for business again, allowing us to advance our projects and communicate our investment case to the market.
AGM Voting Results
At the AGM, a total of 35,180,729 common shares of the 188,420,300 shares outstanding as at the record date of November 16, 2021, were voted at the meeting, representing approximately 18.7% of the issued and outstanding common shares of the Company. The votes cast were as follows:
ORDINARY BUSINESS | FOR | AGAINST | VOTES WITHELD | VOTES FOR % |
to set the number of directors of the Company for the ensuing year at four (4) members | 34,786,533 | 99,083 | 0 | 99.7% |
to elect Bradley George as a director of the Company to hold office for the ensuing year; | 31,875,009 | 0 | 3,010,607 | 91.4% |
to elect Thomas Masney as a director of the Company to hold office for the ensuing year; | 34,786,301 | 0 | 99,315 | 99.7% |
to elect Louis Castro as a director of the Company to hold office for the ensuing year; | 31,880,862 | 0 | 3,004,754 | 91.4% |
to elect Nick von Schirnding as a director of the Company to hold office for the ensuing year; | 34,786,301 | 0 | 99,315 | 99.7% |
to appoint PricewaterhouseCoopers LLP, as the auditors of the Company for the ensuing year and, to authorise the board of directors to fix the auditors' remuneration | 35,067,126 | 0 | 113,603 | 99.7% |
to consider and if thought fit, pass a resolution to confirm, ratify and approve the amended and restated stock option plan of the Company | 34,755,054 | 130,562 | 0 | 99.6% |
to consider and if thought fit, pass a resolution to confirm, ratify and approve the advance notice by-law of the Company | 31,780,801 | 3,104,815 | 0 | 91.1% |
Shareholders conference call
To supplement the AGM, attendance at which was adversely affected by the current wave of COVID, the Company will hold a shareholders conference call on 12th January 2022, at 16:30 (UK Local time). The Company's Chief Executive, Brad George, and Chairman Louis Castro, will host the call followed by a question and answer session. To participate in this conference call, please dial in to the following:
Standard International Access Tel: + 44 (0) 33 0551 0200
UK Toll Free Tel: 0808 109 0700
Password: Orosur
Should participants wish to submit questions beforehand, please send to orosur@flagstaffcomms.com by 17:00 (UK Local time) by 9th January 2022. Shortly following the conference call, a recording will be available to download from the Company website https://www.orosur.ca for seven days.
For further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
JamesPopeTel: +44 (0)20 3657 0050
Flagstaff Strategic and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0) 207 129 1474
orosur@flagstaffcomms.com
About Orosur Mining Inc.
Orosur Mining Inc. (AIM/TSX-V: OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America.
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