Orosur Mining Inc. H1 2017 Results: $3.7M Profit, $7.0M Cash From Operations and New San Gregorio UG Mine Put into Production

SANTIAGO, Chile--()--Orosur Mining Inc. (“Orosur” or “the Company”) (TSX/AIM: OMI), the South American-focused gold producer, developer and explorer is pleased to announce the results for the first half of its fiscal 2017 (“H1 17”) and second quarter ended November, 2016 (“Q2 17” or the “Quarter”) and an update of its exploration and development activities in Uruguay.


  • The San Gregorio West Underground (“SGW UG”) mine commenced full production from its maiden stope on November 24, 2016
    • Project completed on budget and on schedule following a safe and efficient transition of equipment and staff from Arenal
    • Construction included over 883m of horizontal development and approximately 663m of infill diamond drilling from 13 underground holes comprising the bulk of the zones to be mined within the existing FY17 SGW mine plan
  • An additional 90,000 tonnes at 1.4 g/t Au not previously in the mine-plan were produced at Arenal UG mine prior to its planned closure at the end of Q2 17, deferring higher grade production from SGW UG
  • Production for the Quarter of 6,852 oz was, as previously guided, affected by the transition from Arenal UG to the new SGW UG mine


  • Quarterly cash operating costs were $914/oz, in line with expectations(Q2 16: $858/oz)
    • Guidance for FY 17 remains $800 to $900/oz
  • Additional development capex related to the contruction of the SGW UG mine in Uruguay resulted in All-In-Sustaining costs (“AISC”) for the Quarter of $1,345/oz (Q2 16: $1,095/oz)
  • Transition from Arenal UG to the new SGW UG mine led to an increase on Capital Expenditure (“capex”) to $3.8M (Q2 16: $0.9M)
  • Cash generated from operations increased in Q2 17 to $2.2M (Q2 16: $0.9M). Total cash balance at period end of $5.4M, increased from Q1 17: $5.0M, and FY 16: $4.3M
  • Q2 17 Net profit after tax of $0.9M (Q2 16: loss of $0.9M)
    • Average gold price for the quarter was $1,252/oz (Q2 16: 1,100/oz)


  • Exploration drilling in and around the San Gregorio UG area has yielded positive results, successfully intersecting gold mineralization in every hole, which are expected to significantly enhance mine economics and increase reserves and resources in the short and medium term. Further drilling is underway
  • During H2 FY17, the Company plans to accelerate exploration in open pit targets around the San Gregorio plant after receiving several permits and to drill seven RC/DD holes (1,600m) in the Arenal-SG corridor to test the occurrence of what could be a relatively large deposit
  • In Colombia, the Company is finalizing a geological model of its high grade Anzá gold project project to determine the exploratory potential with the assistance of Mine Development Associates (“MDA”) of Reno, Nevada. The results of this work are expected to be announced shortly

Ignacio Salazar, CEO of Orosur, said:

“Operations remain healthy and profitable, with $7M of cash generated in the first half of our fiscal 2017. The successful transition to San Gregorio UG as the Company’s primary source of ore feed to the plant in Uruguay, was a significant achievement for Orosur. The SGW UG mine successfully started production from its first stope on November 24 on time and within budget.

“The transition, achieved in a safe, professional manner, represents a significant technical and operational achievement and I am pleased with the technical capacity and execution demonstrated by our team. It was financed entirely from operational cash flow helped by the efficient transfer of equipment and staff between the two undergound mines.

“In parallel, more active and aggressive exploration work in Uruguay appears to have a good likelikood of enhancing the San Gregorio underground project and advancing the open pit projects around the plant. In Colombia, we are making good progress in the geological interpretation and modelling of our high grade Anzá gold project and expect to be updating the market shortly.”

Operational & Financial Summary1        
Q2 17   Q2 16   Diff YTD 17 YTD 16 Diff
Operating Results                  
Gold produced   Ounces 6,852 8,172 (1,320) 16,802 20,643 (3,841)
Operating cash cost3 US$/oz 914 858 56 783 916 (133)
AISC US$/oz 1,345 1,095 250 1,135 1,138 (3)
Average price received   US$/oz   1,252   1,100   152   1,290   1,127   163
Financial Results (unaudited)                  
Net profit/(loss) after tax US$ ‘000 942 (870) 1,812 3,701 (2,596) 6,297
Cash flow from operations2   US$ ‘000   2,234   924   1,310   7,029   1,097   5,932
Cash & Debt Summary (unaudited)     Nov. 30, 2016   Aug 31, 2016   Diff   Nov. 30, 2016   May 31, 2016   Diff
Cash balance US$ ‘000 5,376 4,982 394 5,376 4,320 1,056
Total debt US$ ‘000 225 289 (64) 225 352 (127)
Cash net of debt US$ ‘000 5,151 4,693 458 5,151 3,968 1,183

1 Results are based on IFRS and expressed in US dollars

2 Before non-cash working capital movements

3 Operating cash cost is total cost discounting royalties and capital tax on production assets.

Q2 17 Operations and SGW Development

Q2 17 production was 6,852 oz of gold, compared to 8,172 oz in Q2 16. The reduction is due to the implementation of the strategic plan previously announced in July 2015, in response to the lower gold price environment. Additionally, in this Quarter, the Company transitioned from its underground operation at Arenal to the new mine in San Gregorio, which resulted in lower quarterly production, as previously announced and guided.

The Company defined and processed an additional 90,000 tonnes grading 1.4 g/t from the Arenal UG, which were not previously in the mine-plan or reserve base. The absence of development and mine fortification costs at Arenal in its final stages allowed the economic mining of ore with lower grades. In the short term, this has deferred higher grades previously planned for Q2 17 to the future, however management considers it is economically positive for the Company in the medium and long run.

The construction of the SGW UG mine was completed on time and budget to allow first stope production to commence on November 24th. The development included a total of 883 m of horizontal development, as well as the drilling of a 103 m ventilation chimney. The ventilation development work was conducted by Peruvian contractor, Tumi, using a 3.1 m diameter raise borer. The raise borer technology was chosen to carry out the ventilation shaft work due to its productivity, reliability and cost advantages.

During the Quarter, a total of 13 underground diamond holes were drilled, amounting to 663 m of infill drilling in SGW UG. This drilling campaign was designed to enable a more thourough assessment of the geometry and grade of the mineralized body in levels from +35m up to -5m, which entered into production at the end of Q2 17 and comprises the bulk of the scheduled FY 17 production from the SGW UG mine.

Q2 17 Financial Summary

Average cash operating costs were of $914/oz, compared to $858/oz in Q2 16. As already announced, the Company had previously budgeted and expected higher unit costs in Q2 17, as a result of the shift of its underground staff and equipment from the Arenal UG operation in its final months of production to the new SGW UG mine.

During the Quarter, the Company invested $3.8M in capex and $0.6M in exploration compared to $0.9M and $0.7M, respectively, in Q2 16. During Q2 17, the Company increased its investment in the construction of the SGW UG ramp and access and finalized the construction of the ventilation shaft. In addition, the Company advanced the construction of the phase 4A of the tailings dam. As of a result of the additional capex, AISC were $1,345/oz compared to $1,095/oz in Q2 16.

The average gold price realized for the Quarter was $1,252/oz (Q2 16: $1,100/oz).

Profit before tax for the quarter was $1.0M compared to a loss of $0.9M in Q2 16. Net profit after tax was $0.9M compared to a loss of $0.9M in Q2 16.

Cash flow from operations before working capital variations was $2.2M compared to $0.9M in Q2 16. YTD cash flow from operations before working capital variations was $7.0M compared to $1.1M for the prior year due to better operating performance and higher revenue.

The cash balance at the end of the Quarter was $5.4M compared with $4.3M at May 31, 2016. The Company’s debt balance was $0.2M compared to $0.4M at May 31, 2016 related to minor equipment leases.

FY17 Outlook & Guidance

The Company's forecast production guidance for FY17 remains between 35,000 to 40,000 oz of gold at operating cash costs of between $800 - $900/oz.

As in the past, variations in production and unit costs are expected to occur, quarter on quarter, as the mine plan draws ore from multiple sources at varying grades, stages of development and stripping factors. As already announced, the Company incurred higher unit costs in Q2 17 due to the transition from the Arenal UG to the SGW UG mine which are expected to gradually decrease during the remainder of the Company’s FY17.

Uruguay Underground Exploration Projects - Potential for Significant Expansion of the SGW UG Mine

SGW UG is a continuation, at depth, of the historic San Gregorio open pit deposit which has produced approximately 536,000 oz at an average grade of 2.12 g/t. During FY17, the Company intends to add reserves and expand prospective SGW UG operations within three neighboring underground projects. These projects are the San Gregorio East Underground, SGW UG Deep Extension and the San Gregorio Underground Central area. The last two projects relate to areas which were not previously considered in the SGW UG mining plans and represent new opportunities with a strong potential for near term resource and reserve delineation.

A comprehensive and extensive drilling campaign is currently being carried out at San Gregorio. During FY17, a total of 9,000m of drilling are planned in order to confirm and increase reserves and extend the SGW UG mine. To the end of the Quarter, some 4,250m have already been drilled, with positive results.

To see a full PDF of the release with images, click here.

San Gregorio Central (SGC) – A New Mineralised Area in the Core of SG

New resources are being discovered at San Gregorio Central which are expected to have a positive impact on the economics of the SGW UG project. San Gregorio Central is an eastern continuity of the current SGW UG mineralized ore body.

A total of twelve drill holes (2,252m) have been drilled in the area. Ten of these from underground drilling stations (1,514m) and two from the surface (738m). All the holes drilled to date have intercepted grades considered at present to be economic mineralization. The last five holes (1,381m) were drilled during Q2 17 and their mineral intercepts are shown below.

Q2 17 intercepts from underground:

Hole ID   From (m)   To (m)   Intercept   Including
DDHUGSG16-024_08   119.45   125.45   6.0m @ 1.28 g/t Au   4.0m @ 1.44 g/t Au
DDHUGSG16-024_09   139.10   146.10   7.0m @ 0.60 g/t Au   1.0m @ 1.34 g/t Au
DDHUGSG16-024_10   155.95   164.35   8.4m @ 1.01 g/t Au   4.3m @ 1.53 g/t Au

Q2 17 intercepts from surface:

Hole ID   From (m)   To (m)   Intercept   Including
DDHUGSG16-177   239.85   244.05   4.2m @ 3.52 g/t Au   1.85m @ 5.55 g/t Au
DDHUGSG16-080   272.00   282.55   10.6m @ 1.11 g/t Au   1.10m @ 2.51 g/t Au

A total of 3,600m of drilling distributed over thirteen holes are planned for this target during the remainder of the fiscal year. It is management’s belief that this work has the strong potential to increase reserves.

San Gregorio East (SGE)

To date, the results from surface based diamond drilling at San Gregorio East UG have confirmed the continuity of the mineralized body. The grades encountered have been more variable than expected. Additional mineralization has been defined outside the originally known boundaries. The Company’s preliminary interpretation is validating the current reserves defined in the area. At present, the geological model is currently being re-interpreted.

A total of 19 holes amounting 3,800m of diamond drilling were finished during Q2 17. All mineralized intercepts are shown below:

Hole ID   From (m)   To (m)   Intercept   Including
SGDD16-060   149.05   159.40   10.30m @ 2.63 g/t Au   3.70 m @ 2.74 g/t Au
SGDD16-061   215.10   220.10   5.00m @1.10 g/t Au   2.20 m @ 1.58 g/t Au
SGDD16-062   183.75   197.80   14.05m @ 1.34 g/t Au   5.00 m @ 2.06 g/t Au
SGDD16-063   173.60   180.85   7.25m @ 1.30 g/t Au   5.00 m @ 1.70 g/t Au
SGDD16-064   169.80   184.85   15.05m @ 1.22 g/t Au   5.60 m @ 1.77 g/t Au
SGDD16-065   186.25   200.75   14.50m @ 1.40 g/t Au   2.05 m @ 6.40 g/t Au
SGDD16-066   224.60   229.25   4.65m @ 0.89 g/t Au   1.05 m @ 1.13 g/t Au
SGDD16-067   153.25   161.45   8.20m @ 0.53 g/t Au   3.50 m @ 0.80 g/t Au
SGDD16-068   181.70   187.00   5.30m @ 0.90 g/t Au   0.75m @ 1.74 g/t Au
SGDD16-069   125.35   137.60   12.25m @ 1.81 g/t Au   6.80m @ 2.28 g/t Au
SGDD16-070   153.65   166.25   12.60m @ 0.84 g/t Au   3.25m @ 1.87 g/t Au
SGDD16-072   123.95   138.85   14.9m @ 0.56 g/t Au   0.90m @ 1.42 g/t Au
SGDD16-073   119.90   128.00   8.10m @ 0.98 g/t Au   3.45m @ 2.26 g/t Au
SGDD16-071   128.00   135.15   7.15m @ 0.50 g/t Au   1.10m @ 0.67 g/t Au
SGDD16-074   119.60   137.90   18.30m @ 0.87 g/t Au   2.85m @ 1.70 g/t Au
SGDD16-075B   107.70   128.95   21.25m @ 1.47 g/t Au   8.85m @ 2.52 g/t Au
SGDD16-076   177.35   188.10   10.75m @ 1.65 g/t Au   7.05m @ 2.21 g/t Au
SGDD16-078   165.95   176.65   10.70m @ 0.87 g/t Au   3.95m @ 1.19 g/t Au
SGDD16-079B   205.25   231.75   26.50m @ 1.24 g/t Au   8.95m @ 1.70 g/t Au

Potential for Delineation of New Reserves At Depth Below SGW UG

Drilling for a deeper mineralized extension of the San Gregorio West UG body is currently in progress. A potential orebody was tentatively defined by two historically drilled holes and at present, one drill hole targeting a depth of 450m is underway. It is expected that this hole will intercept the mineralized body at approximately 400m depth. Another 450m hole is planned during Q3.

Uruguay Open Pit Exploration Projects

The production strategy that has been working successfully for the Company for the last 4 years comprises of one core underground mine providing 50 - 70% of the ore to the plant, complemented with production from one or more nearby open pits. The open pit ore feed provides additional operational flexibility and allows the underground to be better optimized with a more rigid design driven by operational efficiencies.

As part of this strategy, the Company is accelerating an aggressive campaign to identify and evaluate new reserves amenable to exploitation via open pit mining methods, which can be fast tracked and included in its medium term production plan.

To see a full PDF of the release with images, click here.

Mina Perú

At present, the Perú area has defined reserves totaling 5,389 oz (65,010 tonnes @ 2.58 g/t Au). Exploration to date has included the drilling of 110 reverse circulation (“RC”) drill holes amounting to 8,974m of drilling, of which 64 holes intercepted mineralization.

As part of an ongoing strategy to better assess the technical and economic viability of this mineralization, four additional diamond holes amounting to 313m were drilled during the Quarter resulting in the following intercepts:

Hole ID   From (m)   To (m)   Intercept   Including
PRDD16-001   94.6   97.9   3.35m @ 1.32g/t Au    
PRDD16-002   84.7   94.7   10.00m @ 1.67g/t Au   1.00m @ 5.06g/t Au
PRDD16-003   27.0   28.0   9.95m @ 3.41g/t Au   4.25m @ 7.39g/t Au
PRDD16-004   13.9   20.8   6.90m @ 0.67g/t Au  
34.0 35.9 1.90m @ 1.85g/t Au

Next steps in the campaign include the drilling of 120 shallow pantera holes (1,800m) during the remainder of the current fiscal year.

Veta Rey

The Veta Rey open pit has produced some 18k oz over the last two years. During the Quarter, exploration continued towards the southern end of the current Veta Rey pit, where strong indications of continuation of the mineralized body exist. An initial extension of the pit is being defined and some additional 900m, totaling 12 RC holes, are planned for Q3 with the goal of further growing reserves.

Los Naranjos

Los Naranjos is the natural northwest continuity of the Argentinita orebody. Argentinita/ Zapucay is a mining area located 27 km south-east of the San Gregorio plant with approximately 100,000 oz of historical production.

Following the recent approval of its exploration permit in Q2 17, a pantera drilling campaign of 1,500m together with 500m of RC/DD drilling are planned to test the available targets during Q3.

The Sobresaliente Domain

The Company owns three projects in the Sobresaliente area (Don Tito, Las Pampas and Mantos Verdes), approximately 6 km north of San Gregorio. This area has historic artisanal workings, with gold occurring in quartz veins hosted in granite similar to the ore bodies mined previously at Sobresaliente, in operation during 2011 – 2013, producing 21,667 oz of gold at an average grade of 1.04 g/t Au.

Permits were granted for Don Tito in Q1 and exploration work completed 5 diamond holes, 7 Reverse Circulation holes, and 7 trenches with promising results (announced on October 12th, 2016). The project contains an anomalous area with high grade intercepts. Although structural controls remain unclear, there is a gold anomalous zone approximately 600m on strike and 50m in width which remains open along strike and at depth.

On January 11th, 2017, permits were granted on the other two projects, Las Pampas and Mantos Verdes. Some exploration was undertaken historically in Las Pampas with drill holes under old workings which returned some encouraging results. Along strike to the south east, Crystallex drilled some shallow sections also with promising results. A wide zone of anomalous gold is evident and, within the zone, there are a number of higher grade narrow intersections.

With permitting available in the three projects, the Company is able to optimize during H2 FY17 the exploration work in the Sobresaliente district with the objective of adding short term open pit reserves.

Greenfield exploration in Isla Cristalina

OMI is active in its search for larger deposits in Isla Cristalina, similar in size to Arenal or San Gregorio, each having produced in excess of 500,000 oz to date. Currently the Company has identified two key areas which have indicators of such potential; being the Arenal/ San Gregorio Corridor and Nueva Australia.

The current geological reinterpretation of the San Gregorio – Arenal corridor, if proven successful, would unlock an area of approximately 25,000m² to new exploration. The Company plans to drill seven RC/DD holes (1,600m) in the Arenal-SG corridor during H2 FY17 to test the occurrence of a relatively large deposit.

Nueva Australia is thought to be the northeast displaced continuity of the San Gregorio Main shear zone along which Arenal, San Gregorio, Santa Teresa and other historical deposits. Little systematic exploration has been carried out in the area where the geological features indicate the presence of a highly prospective zone. Historic mining workings and recent soil and rock chips sampling anomalies demonstrate the potential for near surface mineralization.

Exploration permits in Nueva Australia were granted in Q2 17 and the Company is currently preparing the targets for drilling during H2 FY 17.

Southern Uruguay

The Company’s priority at present is to swiftly obtain exploration permits in order to commence a drilling campaign at its Veta Madre project in southern Uruguay.


The Company continues advancing its high grade Anzá gold project. The Company is in the process of finalizing a geological model to better understand the gold mineralization. Based on this geological interpretation, an exploration target and recommendations to progress are being formulated with the assistance of Mine Development Associates (“MDA”) of Reno, Nevada. The results of this work are expected to be announced shortly.

Qualified Person's Statement

The technical information related to the current assets of Orosur Mining in this presentation has been reviewed by Miguel Fuentealba, a Mining Engineer who is considered to be a Qualified Person under NI 43-101 reporting guidelines. Mr. Fuentealba is a graduate in Mining Engineering from the University of Santiago de Chile and is an AusIMM Member and Qualified Person of Chilean Mining Commission. Mr. Fuentealba has 20 years of professional experience in the field of mining engineering, mine development and management.

Forward Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate. Such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.

About Orosur Mining Inc.

Orosur Mining Inc. is a fully integrated gold producer, developer and explorer focused on identifying and advancing gold projects in South America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay, Chile and Colombia. The Company is listed in Canada (TSX: OMI) and London (AIM: OMI).

For more information, please visit www.orosur.ca

Orosur Mining Inc.
Condensed Interim Consolidated Statements of Financial Position
Thousands of United States Dollars, except where indicated

    As at November 30,

2016 ($)

  As at May 31,

2016 ($)

Cash 5,376 4,320
Accounts receivable and other assets 1,923 1,770
Inventories 11,759   12,069
Total current assets 19,058 18,159
Accounts receivable and other assets 550 550
Property, plant and equipment and development costs 12,902 10,106
Exploration and evaluation costs 18,230 17,250
Deferred income tax assets 2,534 2,534
Restricted cash 226   221
Total non-current assets 34,442 30,661
Total assets   53,500   48,820
Liabilities and Shareholders’ Equity
Trade payables and other accrued liabilities 11,667 10,586
Current portion of long-term debt 204 253
Environmental rehabilitation provision 360   360
Total current liabilities 12,231 11,199
Long-term debt 21 99
Environmental rehabilitation provision 5,220   5,327
Total non-current liabilities 5,241 5,426
Total liabilities 17,472   16,625
Capital stock 60,959 60,751
Contributed surplus 5,906 5,925
Deficit (29,796) (33,497)
Currency translation reserve (1,041)   (984)
Total shareholders’ equity 36,028   32,195
Total liabilities and shareholders’ equity 53,500   48,820

Orosur Mining Inc.
Condensed Interim Consolidated Statements of profit/(loss) and Comprehensive profit/(loss)
Thousands of United States Dollars, except for loss per share amounts


Three months ended

November 30,


Six months ended

November 30,

        2016 ($)   2015 ($)   2016 ($)   2015 ($)
Sales 10,765   10,190 23,423   24,655
Cost of sales (9,567)   (10,150)   (18,810)   (25,165)
Gross profit/(loss) 1,198 40 4,613 (510)
Corporate and administrative expenses (704) (554) (1,143) (1,178)
Stock based compensation (60) (5) (88) (12)
Restructuring costs 164 (580) 288 (1,694)
Exploration expenses and exploration written off (2) 7 (11) (11)
Obsolescence provision (12) - (100) -
Other income 507 191 857 745
Net finance cost (45) (76) (90) (137)
Derivative profit/(loss) 8 - (412) -
Net foreign exchange gain/(loss) (87)   104   (188)   182
(231) (913) (887) (2,105)
Profit/(loss) before income tax 967 (873) 3,726 (2,615)
Recovery (provision) for income taxes (25)   3   (25)   19
Net profit/(loss) for the period 942   (870)   3,701   (2,596)
Other comprehensive profit/(loss)
Cumulative translation adjustment (20) (94) (57) (807)
Total comprehensive profit/(loss) for the period 922   (964)   3,644   (3,403)
Profit/(loss) per common share:










Orosur Mining Inc.
Condensed Interim Consolidated Statements of Cash Flows
Thousands of United States Dollars, except where indicated


  Six months ended November 30,
  2016 ($)   2015 ($)

Net inflow/(outflow) of cash related to the following activities


Cash flow from operating activities

Net profit/(loss) for the period 3,701 (2,596)
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation 2,829 3,628
Exploration and evaluation expenses written off 11 11
Obsolescence provision 100 -
Fair value of derivatives 186 -
Accretion of asset retirement obligation 38 39
Stock based compensation 88 12
Loss (gain) on sale of property, plant and equipment (14) (15)
Other 90   20
Subtotal 7,029 1,099
Changes in working capital
Accounts receivable and other assets (249) 507
Inventories 211 2,002
Trade payables and other accrued liabilities 1,094   (2,240)
Net cash generated from operating activities 8,085   1,368
Cash flow from financing activities
Loan payments (127) (711)
Proceeds on sale of common shares of Anillo SPA -   (710)
Net cash used in financing activities (127)   (1)
Cash flow from investing activities
Purchase of property, plant and equipment and development costs (5,617) (1,758)
Environmental tasks (145) (175)
Proceeds from the sale of property, plant and equipment 18 33
Exploration and evaluation expenditure assets (1,158)   (1,621)
Net cash used in investing activities (6,902)   (3,521)

Increase (decrease) in cash



Cash at the beginning of period 4,320   4,787
Cash at the end of period 5,376   2,633

Orosur Mining Inc.
Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
Thousands of United States Dollars, except where indicated

  Six months ended

November 30,


2016 ($)


2015 ($)


Capital stock

Balance at beginning of period 60,751 60,544
Exercise of stock options 174 -
Grant of shares 34   -
Balance at end of period 60,959   60,544
Broker Warrants
Balance at beginning of period -   62
Balance at end of period -   62

Contributed surplus

Balance at beginning of period 5,925 5,824
Stock based compensation recognized 83 12
Exercise of stock options (102)   -
Balance at end of period 5,906   5,836


Balance at beginning of period (33,497) (32,287)
Net profit/(loss) for the period 3,701   (2,596)
Balance at end of period (29,796)   (34,883)
Currency translation reserve (1,041)   (1,064)
Shareholders’ equity at end of period 36,028   30,495


Orosur Mining Inc.
Ignacio Salazar, Chief Executive Officer
Tel: +1 (778) 373-0100
Cantor Fitzgerald Europe
David Porter / Craig Francis / Philip Davies
Tel: +44 (0) 20 7894 7000
FTI Consulting
Ben Brewerton / Oliver Winters / Sara Powell / Emerson Clarke
Tel: +44 (0) 20 3727 1000


Orosur Mining Inc.
Ignacio Salazar, Chief Executive Officer
Tel: +1 (778) 373-0100
Cantor Fitzgerald Europe
David Porter / Craig Francis / Philip Davies
Tel: +44 (0) 20 7894 7000
FTI Consulting
Ben Brewerton / Oliver Winters / Sara Powell / Emerson Clarke
Tel: +44 (0) 20 3727 1000