29 September 2023

Ormonde Mining plc

("Ormonde" or the "Company")

Interim Results for the six months ended 30 June 2023

Ormonde Mining plc (AQSE: ORM), a natural resource company providing exposure to quality and diverse assets across a range of strategic minerals, announces its unaudited interim results for the six months ended 30 June 2023.

Key points:

·    Acquisition of an initial 36.2% interest in Toronto-listed exploration company, TRU Precious Metals Corp ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada

·    Acquisition of a 20% interest in Peak Nickel Limited ("PNL") which is advancing exploration on a potentially significant battery metals project

·    Transfer of the Company's shares to trading on the Aquis Growth Market

Brendan McMorrow, Chief Executive Officer, commented:

"I am very pleased with the progress achieved during the first six months of 2023. During the period we identified and negotiated two highly attractive investment opportunities to advance the Board's stated goal of generating shareholder value by leveraging the Company's balance sheet and resources whilst carefully managing its operating costs.

"The Company now has exposure to two compelling, diverse and complementary exploration opportunities. These opportunities position the Company and its shareholders for future capital growth, while retaining a stock market listing on the Aquis Growth Market."

Operational Review

TRU Investment

On 30 June 2023, just prior to the end of the reporting period, Ormonde announced its intention to acquire an initial 36.2% interest in TRU's share capital through a private subscription for 60 million new common shares of TRU at CAD $0.05 per share for a total consideration of CAD $3,000,000. Ormonde has the potential to increase its shareholding up to 46.0% through the exercise of warrants. This investment was approved by Ormonde's shareholders after the period end, on 25 August 2023, and completed on 5 September 2023.

TRU's flagship Golden Rose Project ("Golden Rose") is in the highly prospective Cape Ray - Valentine Lake gold-bearing structural corridor in Southern Central Newfoundland. Golden Rose is a regional-scale 273.5 km² land package, of which 240.25km² is fully owned by TRU, with the additional 33.25 km² held under an option to acquire a 65% interest.

This coherent land package straddles a 45km strike length along the deposit-bearing Cape Ray -Valentine Lake shear zone and is located between Marathon Gold's Valentine Gold Project (4 million oz Measured and Indicated) and Matador Mining's Cape Ray Gold Project (0.6 million oz Indicated and Inferred - exploration continuing).

Following recent significant discoveries, Newfoundland has become one of the world's most attractive gold exploration regions. The prospective geology, ease of access, a supportive local government and moderate weather all combine to give Newfoundland a top 10 global ranking for mining investment attractiveness by the Fraser Institute.

Within the TRU landholding, various mineralisation styles have already been recognised, including a structural domain potentially similar to the Curraghinalt gold deposit in Northern Ireland (6 million oz). Golden Rose has had limited historical exploration, but the prospectivity of the area has been confirmed. TRU has capitalised on previous work and is already turning up new high-grade gold and copper mineralised targets on the property with high grades similar to those that other Newfoundland explorers have been reporting in recent years.

With the help of Ormonde, TRU intends to fast-track the advancement of Golden Rose, as well as the evaluation of other mineral property transaction opportunities, leveraging our teams' complementary experience.

PNL Investment

PNL, in which Ormonde acquired a 20% interest on 7 February 2023, is a private UK-based company, which is advancing exploration on a promising battery metals project. Ormonde's investment (£512,500) was designed to support a fast-track initial drilling programme aimed at identifying a modern, code-compliant resource in those minerals. The Board is continuing to closely follow the progress of this exploration programme with a view to supporting, if and as appropriate and commensurate with Ormonde's shareholding, the further development of this very attractive project, as the opportunities unfold.

Financial Review

Interim Results

The Company reports a loss after tax for the six months ended 30 June 2023 of €454,000 (H1 2022: €363,000 Loss), with the increased loss for the period reflecting additional costs incurred on the two transactions set out in the Operational Review above.

As at 30 June 2023, the Company held €2.5 million of cash (€3.4 million at 31 Dec 2022).

Deferred Consideration

The Company has, after the period end, received the second instalment of consideration (€500,000) due in respect of the disposal of the La Zarza assets, which completed on 3 October 2022. A further two instalments of €500,000 each are due on the second and third anniversaries of the completion of the sale of the La Zarza assets.

Admission to the Aquis Growth Market

As of 5 September 2023, the Company's Ordinary Shares have been admitted to trading on the Access Segment of the Aquis Growth Market, a Multi-lateral Trading Facility (MTF) and a Recognised Stock Exchange under S1005 (1)(b) United Kingdom Income Tax Act 2007.

Concurrently, admission of the Company's Ordinary Shares to the AIM and Euronext Growth markets, from which they had been suspended from trading since 7 February 2023 pending the publication of an Admission Document, was cancelled on the same day following shareholder approval.

Enquiries: 

About Ormonde Mining

Ormonde is a natural resource company which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel, which is advancing exploration on a potentially significant battery metals project.

Ormonde's shares are listed on the Aquis Growth Market under the symbol AQSE: ORM.

For more information, visit the Company's website at www.ormondemining.com.