21 June 2022

Ormonde Mining plc

("Ormonde" or the "Company")

Final Results for the Year Ended 31 December 2021

Ormonde announces its final results for the year ended 31 December 2021.

Key points:  

· Newly constructed Board appointed, including Brian Timmons (previously Non-Executive Director) becoming Non-Executive Chairman in October 2021 and Brendan McMorrow becoming Chief Executive Officer in November 2021 - significant ongoing cost savings

·    The Board is reviewing a range of acquisition opportunities in appropriate jurisdictions including precious metals, precious stones, battery metals and base metals projects

·    Process supported by newly appointed senior technical and geological consultants

·    The Board continues to evaluate its strategy to unlock value for shareholders from the Company's existing assets in Spain, including a potential transaction relating to the Company's interests at La Zarza

·    Total comprehensive loss of €1.6 million including €0.4 million asset impairment

·    Net assets of €5.96 million, including a cash balance of €3.75 million, placing the Company in a position of strength to undertake a transaction

Brian Timmons, Chairman, commented:

"2021 was a year of transition for the Company as we restructured the Board, reviewed the Company's assets, reorganised the Company to operate on a reduced cost basis, and positioned Ormonde to execute an opportunity to enable the Company to leverage its listing and balance sheet and  generate value for shareholders.

I would like to thank our shareholders for their continued support and patience. I am conscious that shareholders are keen to see the value of their holding grow. Our job is to ensure that we deliver the best opportunity to achieve this; one which offers the maximum upside from the Company's current balance sheet. I am confident that we have the team in place to execute on that goal and deliver shareholder value."

Enquiries:

Ormonde Mining plc

Brian Timmons, Non-Executive Chairman

Tel: +353 (0)1 801 4184

Vigo Consulting (Investor Relations)

Ben Simons / Charlie Neish

Tel: 44 (0)20 7390 0230

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

Barry Murphy

Tel: +353 (0)1 679 6363

CHAIRMAN'S REVIEW

Introduction

I am pleased to provide my first report to shareholders as Ormonde's Chairman, having been appointed as a Non-Executive Director in June 2020, and subsequently as Non-Executive Chairman in October 2021.

2021 was a year of transition for the Company as we restructured the Board, reviewed the Company's assets, reorganised the Company to operate on a reduced cost basis, while building its capability to execute an opportunity that will enable the Company to leverage its listing and balance sheet to generate value for shareholders.

Leadership Restructuring

Following the Company's Annual General Meeting in September 2021, Jonathan Henry, and his board and management team left the Company.

Brendan McMorrow and Keith O'Donnell joined me on the Board, and Brendan was subsequently appointed in November 2021 to discharge the role of Chief Executive Officer. Brendan, Keith and I each have over 30 years' experience in company management, capital markets, and publicly listed natural resources companies.

The Board is now supported in its endeavours by experienced industry consultants. These include Steve Nicol and Professor Garth Earls, who bring with them over 70 years of combined relevant experience. Drawing on his background in mine evaluation and operations, Steve, as Senior Technical and Mining Advisor, is assisting in the evaluation of potential new mining assets. He previously worked with Ormonde to identify and commercialise the Barruecopardo Tungsten mine in Spain, whose 30% interest was sold by the Company in 2020 for €6 million. Garth is assisting the Company as a Senior Geologist, focused on project exploration and development appraisal. Garth has over 40 years of professional experience in mineral exploration, was part of the team that discovered the six-million-ounce Curraghinalt gold deposit in Northern Ireland, and currently serves as Executive Chairman of International Geoscience Services. He is a former Director of the Geological Survey of Northern Ireland and a past Chairman of the Geosciences Committee of the Royal Irish Academy.

Steve and Garth provide the complementary skill sets required to evaluate the geological, technical, mining operational and commercial elements of the projects under review and to identify worthwhile opportunities to generate value for the Company and its shareholders.

We are now pursuing investment opportunities at a more appropriate and efficient cost to the Company. Until the Company has made material strategic progress in this regard, the directors have waived their entitlement to non-executive directors' fees.

New Project Evaluation

The range of opportunities being reviewed include precious metals, precious stones, battery metals and some base metals in a number of  jurisdictions including Africa and Europe.

Our objective is to invest in a project which will generate meaningful value for shareholders on a sustainable basis. We are reviewing a number of opportunities that appear promising, without presenting excessive risk to shareholders.

Existing Projects

Ormonde retains its assets in Spain, namely the Salamanca and Zamora gold projects and the Board continues to evaluate its strategy to unlock value for shareholders from these assets. In addition, the prospect of a transaction relating to the land and data assets of the Company's La Zarza interest continues with discussions with interested parties ongoing.

Financials

Ormonde recorded a total comprehensive loss for the period of €1.6 million for 2021, including an asset impairment, noted below, of €0.4 million, compared with a loss of €1.1 million in 2020.

Following an internal review of its assets at La Zarza, Ormonde now values its La Zarza interests at €2.0 million, a €0.4 million reduction from previous guidance. The Board considers this to be a fair value and is in discussions regarding a transaction.

While reviewing new opportunities, the Board has, since its reconstruction in late 2021, endeavoured  to reduce the Company's overheads with Board and management costs lower on a full year basis by approximately 60 percent. The impact of these reductions will be realised in the current year with projected savings related to payroll of c. €0.3 million for 2022 as compared to 2021.

As of 31 December 2021, the Company had net assets of €5.96 million, including a cash balance of €3.75 million, placing the Company in a position of considerable strength to undertake a transaction within the natural resources sector.

Outlook

On behalf of the Board, I would like to thank our shareholders for their continued support and patience. I am of course conscious that our shareholders are keen to see the value of their holding grow. Our job is to ensure we deliver the best opportunity to achieve this; one which offers the maximum upside from the Company's balance sheet and resources. I am confident that we have the team in place to execute on that goal and deliver value to shareholders. While we are undertaking that process, we will continue to manage costs prudently. I look forward to updating you on the Company's progress in due course.

Brian Timmons

Chairman

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2021

Consolidated Statement of Financial Position

as at 31 December 2021

Consolidated Statement of Cashflows

for the year ended 31 December 2021

Consolidated Statement of Changes in Equity

for the year ended 31 December 2021

1.  The basic loss per share and the diluted loss per share have been calculated on a loss after taxation of €1,618,026 (2020: profit of €464,000) and a weighted average number of Ordinary Shares in issue for the year of 472,507,482 (2020: 472,507,482) for the basic loss per share and 472,507,482 (2020: 472,507,482) for the diluted loss per share.

2.   The financial information prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union included in this preliminary statement does not constitute the statutory financial statements for the purposes of Chapter 4 of part 6 of the Companies Act 2014.  Full statutory statements for the year ended 31 December 2021 prepared in accordance with IFRS, upon which the auditors have given an unqualified report, have not yet been filed with the Registrar of Companies.  Full financial statements for the year ended 31 December 2020 prepared in accordance with IFRS and containing an unqualified report, have been filed with the Registrar of Companies.