TPI provides its latest research note on Orosur Mining Inc (OMI.L).

Orosur’s Board has confirmed much-anticipated news that its Colombian Joint Venture (‘JV’) partner, Minera Monte Águila SAS (‘Monte Águila’), has elected to exercise its right to assume operatorship of the Anzá Project (‘the Project’) in Colombia.

As such, Monte Águila will now steer the Project into its fourth year of Phase 1, during which time a further minimum of US$4 million is required to be spent.

Although investors will see little obvious external change, the decision by Orosur’s major exploration and production partners to assume control of onsite day-to-day activities, including responsibility for collation and submission of data generated, reflects their clear confidence both in the scale of the Project’s exploration potential and confidence in its longer-term economic viability.

The JV’s original Exploration and Option Agreement includes a three-phase structure that enables Monte Águila’ to earn up to a 75% participation, whereafter Orosur shareholders will be left to enjoy free carry on the balance.

With a strong balance sheet providing opportunity to hold both its position in the JV along with its newly liberated management team being freed-up to pursue other ventures, such as progressing the non-binding Letter of Intent (‘LOI’) agreed on 7 July 2021 with Canadian listed Meridian Mining SE (TSX-V: MNO) to finalise a new Joint Venture on its high potential Ariquemes Tin project in Brazil, TPI considers Orosur shareholders could have several opportunities to be well rewarded going forward.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Orosur Mining Inc.. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.


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