Mr. Louis Castro reports

OROSUR MINING INC ANNOUNCES FULL YEAR 2023 RESULTS

Orosur Mining Inc. has released its audited results for the fiscal year ended May 31, 2023. All dollar figures are stated in thousands of U.S. dollars unless otherwise noted. The audited financial statements of the company for the year ended May 31, 2023; the related management's discussion and analysis ("MD&A"); and Forms 52-109FV1 will be filed today and be available for review on the SEDAR+ website at www.sedarplus.ca. The financial statements and the MD&A are also available on the company's website at www.orosur.ca.

HIGHLIGHTS

Colombia

• On June 27, 2022, assay results from five additional holes in APTA were announced. Reasonable grades of gold were intercepted in two of the holes and the other holes showed lower levels of gold but high-grade copper and zinc evident at depth. As planned, drilling focus was then shifted to Pepas and Pupino. On September 6, 2022, the company announced assay results from the Pepas prospect to the north of Anza, including assay results from PEP001 which returned a substantial, high-grade intersection of 150.9 metres of 3.00 grams per tonne Au (from surface). Also announced on that day, that Monte Aguila had informed the company that it had met its expenditure of US$4m for the year.
• On September 9, 2022, the company announced that its JV partner, Monte Aguila provided the company with a Phase 1 Earn-In Notice, having completed all of the Phase 1 obligations, including investing US$10 million in the Anza Project. The company and Monte Aguila will begin the process of forming a new mining company ("Mining Company") that will hold title to the Anza Project's concessions and applications.
• On October 21, 2022, the company announced assay results from four additional diamond drill holes at Pepas and Pupino. Both the Pepas and Pupino prospects are located in the northern region of the Anza Prospect, roughly 12km and 8km respectively north northeast from the central APTA prospect that had seen most drilling at Anza up until early 2022. At PEPAS, holes PEP005 and PEP007 were drilled from the same pad as PEP001 but in different directions. Both holes returned substantial gold intersections, with the best at PEP007 being 80.55 metres of 3.05 grams per tonne Au from surface (including 41.75 metres of 5.24 grams per tonne).
• On December 2, 2022, the company announced assay results from another four holes at Pepas, holes PEP002,006,008 and 009. Holes PEP002 and 006 did not yield significant results. Two new drill pads were constructed to drill holes PEP008 and PEP009. Both holes intersected mineralized structures, largely as expected, but with lower levels of gold mineralization than intersected in previous drilling. Near term focus will now shift away from drilling to field mapping, sampling and trenching activities will continue across the project to define further drilling targets, including additional surface works specifically in the Pepas prospect area.
• On January 17, 2023, the company announced that negotiations to complete the new Mining Company Constituent Documents with Monte Aguila were progressing and that the US$2 million Phase 2 payment, now received, would be paid soon. The formation of the new Mining Company, which will take several months, is under way. Once formed, the Mining Company will be owned 49 per cent by Orosur and 51 per cent by Monte Aguila who will also be the manager. Monte Aguila may earn an additional 14 per cent ownership in the Mining Company if it has spent US$20 million in qualifying exploration expenditures on the project on or prior to the fourth anniversary of the parties entering into the Mining Company Constituent Documents. If the Phase 2 earn-in is completed, Monte Agulia would own 65 per cent of the Mining Company and the company would own the remaining 35 per cent.
• On March 2, 2023, post the quarter end, the company announced that it had received the Phase 2 option payment of US$2 million that was due as part of the process of Monte Aguila moving from Phase 1 to Phase 2 of the Anza Project. Following completion of drilling, exploration work at Anza has been wound back to allow for the required corporate restructuring of the joint venture to be completed, and to advance a variety of licence processes such as integration of smaller licences and conversion of applications to granted status.
• On May 4, 2023 Monte Aguila advised the company that it had reduced exploration expenditures on the project and effectively placed it in care and maintenance. The company expects that Monte Aguila will continue to focus on protecting the asset and maintaining positive relationships with local community groups while it explores options regarding its involvement in the project. The company has great faith in the prospectivity of the Anza Project and stands ready and able to reassume operatorship of Anza if that is deemed a viable option.

Argentina

• The El Pantano Project is subject to an Exploration & Joint Venture agreement ("Agreement") with private Argentinean company DESEADO DORADO S.A.S and its shareholders ("Deseado").The Agreement covers nine licences owned by Deseado that, combined, total 607km2 in the prolific Deseado Massif region of Santa Cruz Province in southern Argentina, roughly 45km from Anglo Gold's Cerro Vanguardia mining camp. The Agreement involves the company securing its initial position through direct 100 per cent ownership of Deseado Dorado S.A.S. The terms of the Agreement then allow the company to retain 100 per cent equity in the project by investing US$3m over five years in two phases: Phase 1, retaining 51 per cent by investing US$1m over an initial 3-year period. Phase 2, retaining the additional 49 per cent by investing an additional US$2m over a subsequent 2-year period and granting Deseado a residual 2 per cent net smelter return royalty on the project.
• On June 28, 2022, the company announced further positive results from the in-fill program at the company's El Pantano Project in Argentina, confirming previous work and results. High levels of gold soil anomalies, over 1km, including 150 ppb, plus pathfinder elements over a wider area are suggestive of a major epithermal system. This work defined a high priority target to be followed up after the winter break.
• On March 2, 2023, the company announced that results to date continue to be extremely encouraging, with the latest round of mapping and sampling suggestive that El Pantano has potential to host a major, previously unexplored low-sulphidation epithermal system. In the low-sulphidation model, fluid boiling is the key gold depositional mechanism, such that gold mineralization is constrained to a distinct vertical zone, and there may be limited or no gold anomalism at surface. Instead, pathfinder elements are a more important guide to mineralization, especially mercury (Hg) and arsenic (As). Recent work is expanding the picture of very large zones of Hg and As anomalism along more than 8km strike of a major NW trending structure.
• On May 4, 2023 the company announced that Mapping and ground magnetic surveys at El Pantano have identified a major NW-SE structural corridor over 20km long and 5km wide, with large areas of silicification, alteration and geochemical anomalism over large areas. Gold anomalism in soils is evident in the NW end of the main structure, suggesting this area is somewhat lower in the epithermal system, while the SE end shows significant Hg and As anomalism, suggesting a higher level. Mapping to the north of the main structure has so far identified over 70 quartz veins over an area in excess of 20km2, with textures indicative of cooler temperatures, fully consistent with the model of a very large low-sulphidation epithermal system. Mapping of this vein field continues with more being identified on a daily basis. As noted, mapping, sampling and magnetic surveying will continue until roughly mid-May 2023 before the winter closure, with final assay results and magnetic survey data expected in the next few weeks. Upon receipt of all data, a detailed process of compilation and interpretation will be undertaken to better understand the mineral system and to plan work programs for after the winter recess in September 2023. The required environmental permit process for drilling will also commence in May 2023 such that drilling will then be able to be undertaken later in 2023 should appropriate targets be identified.

Brazil

• The company has a Joint Venture ("JV") agreement with Meridian Mining UK Societas ("Meridian") (TSXV: MNO) in relation to the Ariquemes tin project ("Project") in the State of Rondonia in western Brazil. The Ariquemes project comprises a large collection of granted tenements and applications, totalling almost 3,000km2, in Rondonia State, western Brazil. The licenses were all accumulated and owned 100 per cent by Meridian (via its local subsidiary) and represent the dominant land position in the Rondonia Tin Province, one of the world's most significant tin regions. Under the JV terms, the company can earn an equity interest of 75 per cent in the project by spending US$3m over a four-year period, in two phases: Phase 1 - earn 51 per cent interest by spending US$1 million over a 24-month period. Phase 2 - earn an additional 24 per cent interest by spending US$2 million over a subsequent 24-month period. Following this point, the two parties would jointly fund the project on a pro-rata basis or dilute to a net smelter royalty.
• On March 2, 2023, the company announced that its large-scale regional sampling program which had been under way for the last several months, taking stream and drainage sediment samples over much of the Ariquemes district, was now complete. Final results were pending. Once received, it is anticipated that this regional dataset will be able to provide vectors to potential mineralization that will then form the basis for more targeted exploration programs in the near term.
• On May 4, 2023 results from the company's reconnaissance program, described above, demonstrated widespread tin, niobium and rare earth anomalies across the wider area, with most tin interest focussed on the southern portion and a lease package to the far east of the area.
• In general, tin and niobium are often found and exploited together given they derive from the same source rocks. The metals are roughly similar in pricing structure and as such the company will examine commercial opportunities in both. The areas of metal anomalism that have been identified, will be followed up by more direct, quantitative exploration methods in the coming months. These will include detailed mapping, soil and rock chip sampling and auger drilling of metal bearing drainages. For efficiency, this work will be done by the company's exploration teams during the winter recess in Argentina.
• On July 5, 2023 the company announced that given the success of the regional stream sediment program the company has now decided to move to the next phase which has targeted two prospects at Oriente Novo (in the east of the company's tenements) and at Paraiso in the west and to the north of the Bom Futuro tin mine. Sampling and assaying work will take place over the coming weeks at both locations with assays returning from the lab during September/October.

Uruguay

• In Uruguay, the company's wholly owned subsidiary, Loryser, continued to focus its activities on the implementation of the Creditors Agreement.
• In the previous accounting year, Loryser agreed and paid for the settlements with all of its former employees, with the proceeds received from the sale of certain of its assets. This year it has finalised the reclamation and remediation works on the tailings dam and it started a one-year post-closure control phase which is nearly over.
• During the quarter ended February 28, 2023 Loryser also succeeded in selling all of its remaining assets in accordance with the Creditors Agreement.
• Loryser is well advanced in distributing the proceeds to Loryser's trade creditors in accordance with the Creditors' Agreement, via a court approved paying agent.

Financial and Corporate

• The unaudited consolidated financial statements have been prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are accounted for as Assets and Liabilities held for sale (at the lower of book value or fair value) and Profit and Loss from discontinued operations. This accounting treatment has been applied to the activities in Uruguay and Chile.
• On December 7, 2022, all of the outstanding 10,897,058 warrants expired. The fully diluted share capital of the company as at the date of this MD&A is 199,750,299.
• On May 23, 2023 the company announced that it had appointed Baker Tilly WM LLP as the company's auditors at the recommendation of its audit committee.
• On May 31, 2023, the company had a cash balance of $3,748 (May 31, 2022 $4,221). As at the date of this MD&A the company had a cash balance of $2,874.
• The company has appointed Mr. Gonzalez as the company's CFO. Mr. Omar Gonzalez replaces Mr. Vic Hugo who is retiring from Marrelli Support Services (Marrelli), which has been providing CFO services to Orosur since February 2019. Marrelli provides CFO, accounting, regulatory, compliance and management advisory services to numerous issuers on the TSX, TSX Venture Exchange and other Canadian and U.S. exchanges. Mr. Gonzalez is a CPA with extensive internal control, audit and accounting experience for small, medium and large companies and highly regulated organizations. He has over 15 years' international experience in public accounting firms, including 5 years as Audit Partner for Deloitte -Venezuela.

Louis Castro, Executive Chairman of Orosur said:

"During the period, the company focused on exploration at El Pantano and at Ariquemes which have both produced positive results, whilst progressing at Anza with negotiations of its joint venture agreement with MMA and with the formation of the new Mining Company.

The company will continue to build its project portfolio with other high-quality assets.

In relation to Mr. Hugos departure we specially wish to thank him for his hard work and contribution to the company and wish him all the very best in his future endeavours."

About Orosur Mining Inc.

Orosur Mining Inc. (TSXV:OMI)(AIM:OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America. The company currently operates in Colombia, Brazil and Argentina and has discontinued operations in Uruguay and in Chile.

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