Mr. Louis Castro reports

OROSUR MINING INC ANNOUNCES RESULTS FOR SECOND QUARTER ENDED NOVEMBER 30, 2023

Orosur Mining Inc. has released its unaudited results for the quarter ended Nov. 30, 2023. All dollar figures are stated in U.S. dollars unless otherwise noted. The unaudited condensed interim financial statements of the company for the quarter ended Nov. 30, 2023, and the related management discussion and analysis (MD&A) have been filed and are available for review on SEDAR+. The financial statements and the MD&A are also available on the company's website.

Highlights:

• In Colombia, whilst exploration activities have been wound back during the period, some mapping and surface sampling were undertaken largely to meet the regulatory work requirements of the licences. In addition, a variety of licence processes, such as the integration of smaller licences, have been advanced; and Monte Aguila has continued to finance the promotion of relationships with local community groups to strengthen the social licence to operate the Anza project.
• In Brazil, the company had previously announced that, given the success of the regional stream sediment program performed across the company's Ariquemes district, it had 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 was performed during July and August. Some issues were encountered with the accuracy and reliability of the sampling and assaying of alluvial mineralization. In an attempt to resolve these issues, some test programs were undertaken during the quarter to better define these field practices so that subsequent results would be reliable and reportable.
• In Argentina, sampling and ground magnetic surveys recommenced after the winter recess in September with the plan of completing coverage of the highest-priority parts of the project before more detailed work could be commenced with a view to defining drill targets. This work is near completion, and field teams will be returning to project early in 2024.
• In Uruguay, the company's wholly owned subsidiary, Loryser, continues to focus its activities on the final stages of the creditor agreement. In line with the creditor agreement, Loryser has sold all of its assets. It has paid for the settlements with all of its former employees; and it has finalized the reclamation and remediation works on the tailings dam and has successfully concluded a one-year postclosure control phase. Loryser is well advanced in distributing the proceeds to Loryser's trade creditors in accordance with the creditor agreement through a court-approved settlement agent.
• On Oct. 16, 2023, the company announced that it had signed a joint venture agreement over four licences in the Nigerian lithium belt. The company, through its new 100-per-cent-owned United Kingdom subsidiary, Lithium West Ltd., may earn up to 70-per-cent equity in the lithium project in two phases: phase 1 -- Lithium West can earn 51-per-cent equity in the lithium project by spending a total of $3-million over a maximum of three years; phase 2 -- Lithium West can earn an additional 19-per-cent equity in the lithium project, up to a total of 70 per cent, by spending an additional $2-million over a maximum of two years. Fieldwork began immediately after signing of the JV, with the first results released at the end of November, 2023.
• In Nigeria, on Nov. 28, 2023, the company announced positive results from an initial mapping and sampling program that was carried out on the lithium project. Several hundred samples of various outcrops were taken, with approximately 70 then being analyzed by way of XRF (X-ray fluorescence) and LIBS (laser-induced breakdown spectroscopy) for lithium content as well as a number of other pathfinder elements. Mapped pegmatite systems were noted over substantial strike lengths of several kilometres and of varying widths from submetre to over 30 metres in one massive example. Numerous pegmatite samples returned high levels of lithium, with several over 2 per cent Li2O (lithium oxide). Also announced on that day was the acquisition of a further two new exploration licences in Nigeria, taking the total area of prospective land under title to 533 square kilometres, representing one of the more dominant land positions in Nigeria.
• In Colombia, after the period-end on Jan. 23, 2024, the company announced that discussions with Monte Aguila are currently focused on exploring options whereby Orosur would acquire MMA's interest in the Anza project. Such an outcome, if achieved, would see the company returning to having a direct or indirect interest of 100 per cent in the Anza project. Negotiations are progressing toward this objective; however, these are not final and as such there is no certainty that such a transaction will be agreed upon and, if so, on what terms. The parties are examining a range of commercial and structuring options as well as undertaking prudent due diligence, and, as such, finalization of any agreement may take some time.

Financial and corporate:

• On Nov. 30, 2023, the company had a cash balance of $2,104,000 (May 31, 202: $3,748,000). As at the date of this MD&A, the company had a cash balance of $1,722,000.
• After the period-end, at the company's annual general meeting held on Dec. 19, 2023, all resolutions put to shareholders were duly passed.
• The unaudited condensed interim 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 discontinuing operations. This accounting treatment has been applied to the activities in Uruguay and Chile.

About Orosur Mining Inc.

Orosur Mining is a mineral explorer and developer currently operating in Colombia, Argentina, Nigeria and Brazil.

We seek Safe Harbor.