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Ormonde Mining plc announced on 10 February 2025 the renewal of its Antofagasta and Cueva Negra exploration licences in Zamora province, Spain, for a period of three years. Ormonde also acquired Shearwater Group PLC's 51.3% interest in these licences, increasing its ownership to 100%. The acquisition consideration of €50,000 will be paid through the issue of 5,000,000 new ordinary shares, nominal value €0.01 each, to Shearwater.
| Date | 10 Feb 2025 |
| Time | 07:00:09 |
| Category | Miscellaneous |
| ID | 4952W |
10 February 2025
Ormonde Mining plc
("Ormonde" or the "Company")
Update re Spanish Gold Licences
Ormonde increases stake to 100%
Announces renewal of highly prospective licences
Ormonde Mining plc (AQSE: ORM), the natural resources company with investment exposure to outstanding gold and battery metal exploration assets, is pleased to announce the renewal, for a period of three years, of its two exploration licences in the Zamora province in western Spain, namely Antofagasta and Cueva Negra (the "Zamora Licences").
The Zamora Licences have been held via Ormonde's wholly owned Spanish subsidiary in a joint venture with Shearwater Group PLC (AIM: SWG) ("Shearwater") since 2011. Ormonde has signed an agreement with Shearwater to acquire its 51.3% interest in the licences thereby increasing Ormonde's ownership to 100%. Shearwater became a cyber security business in recent years and accordingly has no further interest in investing in mineral exploration.
Under the acquisition agreement, a consideration of €50,000 will be paid through the issue to Shearwater of 5,000,000 new ordinary shares of nominal value €0.01 each in the capital of Ormonde (the "Consideration Shares"). This represents a discount to the implied value attributed to the Zamora Licences on Ormonde's balance sheet. A further announcement will be made upon application for admission of the Consideration Shares.
Ormonde is now in a position to pursue its stated intention of seeking to realise value from the Zamora Licences, against the backdrop of record high gold prices. Independent geological reports confirm the potential of the Zamora Licences to host significant gold mineralisation, and the Ormonde Board is now engaged in designing a work programme to exploit the potential of this highly prospective project.
Brian Timmons, Executive Chair of Ormonde, commented:
"Gold is surging, achieving a new record high in February, further highlighting the metal's position as the ultimate safe-haven asset. Against such a backdrop, and with gold prices already having more than doubled in the decade since meaningful work was last completed on these prospective gold licences, getting the licences renewed and returning Ormonde to 100% ownership opens the way for several different value enhancing options to now be considered.
"More broadly, Ormonde has created exceptional investment exposure to gold, with the Zamora Licences and a controlling interest in the Golden Rose project in Newfoundland which is bookended by gold deposits and has attracted exploration funding from a Canadian gold major."
Enquiries:
Ormonde Mining plc
Brian Timmons, Chairman / Brendan McMorrow, CEO
Tel: +353 1 8014184
Vigo Consulting (Investor Relations)
Ben Simons / Fiona Hetherington
Tel: 44 (0)20 7390 0230
Peterhouse Capital (Aquis Corporate Adviser)
Tel: +44 (0)20 7469 0930
About Ormonde Mining
Ormonde is a natural resources company delivering exposure to outstanding gold and battery metal exploration projects. Ormonde's portfolio comprises:
· An initial 36.3% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, funded by Eldorado Gold Corporation (TSE: ELD - US$3 Bn market cap) which has optioned the project.
· A 100% interest in two gold exploration licences in the Zamora province in western Spain, for which the Company is advancing value enhancing options
· A 19.2% interest in Peak Nickel Limited, which is exploring for battery metals at the Rodburn Project in Aberdeenshire with indications of a significant deposit.
Ormonde's shares are quoted on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.
For more information, visit the Company's website at www.ormondemining.com.
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The Directors of the Company accept responsibility for the contents of this announcement.