Mr. Louis Castro reports

OROSUR MINING INC ANNOUNCES RESULTS FOR THIRD QUARTER ENDED FEBRUARY 29, 2024

Orosur Mining Inc. has released its unaudited results for the quarter ended Feb. 29, 2024. 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 Feb. 29, 2024, and the related management's discussion and analysis (MD&A) have been filed and are available for review on the SEDAR+ website. The financial statements and the MD&A are also available on the company's website.

Highlights

Operational:

• In Colombia, following period-end, on March 25, 2024, the company announced that it had it entered into a non-binding letter of intent with MMA, which was signed on March 22, 2024, that provides for a transaction pursuant to which Orosur would repurchase, directly or indirectly, MMA's interest in the Anza project, resulting in Orosur having a 100-per-cent ownership of the project. The proposed consideration set out in the letter of intent is a net smelter return royalty of 1.5 per cent and cash payments of up to $15-million payable upon meeting certain agreed production thresholds. Subject to several conditions, including but not limited to, the negotiation of definitive documentation and the completion of due diligence, the company is aiming to complete the transaction by the end of May, 2024, subject to regulatory matters.
• Concurrently with negotiation of the transaction in Colombia, the company has begun the process of preparing to reassume ownership and operatorship of the project. This involves, among other things, the recruitment of staff, liaising with the local community, discussions with relevant contractors and suppliers, and obtaining various permits required for field operations. Should the transaction be completed, the company hopes to be able to recommence drilling operations as quickly as possible after reassuming operatorship.
• In the company's other earlier-stage projects in Nigeria, Argentina and Brazil, reconnaissance exploration has continued at a slower pace. Results and analysis will be announced once current phases are complete.
• In Uruguay, the company's wholly owned subsidiary, Loryser, continues to focus its activities on the final stages of the creditors agreement. In line with the creditors agreement, Loryser has sold all of its assets. It has paid for the settlements with all of its former employees; 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 creditors agreement, via a court-approved settlement 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.
• At the company's annual general meeting, held on Dec. 19, 2023, all resolutions put to shareholders were duly passed, including approval of the company's new equity incentive plan pursuant to which the company may grant stock options, restricted share units and deferred share units to the officers, directors, employees and consultants of the company and its subsidiaries. The new equity incentive plan replaces the company's prior stock option plan and should reduce dilution to shareholders and be more fiscally efficient for some of the participants.
• On Feb. 15, 2024, the company announced that it had raised the sum of 500,000 pounds sterling (before expenses) through a placing of 16,949,152 new common shares of no par value in the company at a price of 2.95 pence per share, together with a grant of one unlisted warrant to purchase one additional common share exercisable at 5.58 cents(approximately 4.425 pence) for every common share subscribed for. As part of a broker fee, 1,694,915 unlisted warrants were granted to the company's broker, exercisable at 37.2 cents (approximately 2.95 pence) for every common share subscribed for. The net proceeds of the placing will be used to progress the company's exploration projects whilst negotiations are concluded with the company's partners in Colombia.
• On Feb. 29, 2024, the company had a cash balance of $1,982,000 (May 31, 2023: $3,748,000). As at the date of this MD&A the company had a cash balance of $1.65-million.

Outlook and strategy

Given the progress on negotiations in Colombia and the encouraging results in Argentina, the company will focus most of its investment in these areas. The company will also advance its project in Nigeria, which has returned strong results, albeit at a slower pace whilst lithium prices continue to recover. As the company seeks to prioritize the use of its capital, it will, however, no longer pursue activity on its Brazilian project and accordingly, Orosur will terminate its joint venture agreement with Meridian Mining U.K. Societas on the Ariquemes tin project.

In Colombia, the short-term focus is on Orosur reassuming 100-per-cent ownership and the operatorship of the project through the acquisition of MMA. Although there can be no certainty that the transaction will complete, the company is targeting completion of the transaction by the end of May, 2024, subject to regulatory matters. Thereafter, the company is planning to recommence drilling at Pepas and commence further exploration in other areas of the project.

About Orosur Mining Inc.

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

We seek Safe Harbor.