Ormonde Mining PLC - Interim Results

30 September 2025

Ormonde Mining plc

("Ormonde" or the "Company")

Interim Results for the Six Months Ended 30 June 2025

Ormonde Mining plc (AQSE: ORM), the natural resources company with investment exposure to outstanding gold exploration assets, announces its unaudited interim results for the six months ended 30 June 2025.

Key Portfolio Developments - Year to Date

TRU Precious Metals (Ormonde: 36.5%)

Golden Rose Project, Newfoundland (Gold, Copper)

·   Completed 1,988m of diamond core drilling at Golden Rose intersecting gold-bearing mineralisation in every hole

·   Discovery of two previously unknown gold mineralised zones - one with an interpreted strike length of over 500m

·   Strengthened landholding, with TRU consolidating 51% ownership of the Staghorn Property, which represents 11% to the landholding along the gold deposit bearing Cape Ray - Valentine Lake Shear Zones. The remainder of the Golden Rose Property is owned 100% by TRU

Zamora Licences (Ormonde: 100%)

Antofagasta and Cueva Negra Projects, Spain (Gold)

·   Increased ownership from 49% to 100% through acquisition of partner interest

·   Reported 3-year licence extensions

·   Independent geological reports have affirmed potential of the Zamora Licences to host significant gold mineralisation

Peak Nickel (Ormonde: 18.9%)

Portsoy Project, Scotland (Nickel)

·   Entered into an option agreement with Winshear Gold Corp. (TSXV: WINS) for Winshear to earn 100% of the project, subject to work programme commitments over 5 years - Peak Nickel to receive shares in Winshear over 5-years and a 1% Net Smelter Returns Royalty (capped)

·   Ormonde did not support the transaction which the Board believes undervalues the opportunity

Key Financials

·   Group loss for the six-month period of €999,000 (H1 2024: loss of €578,000)

·   Group net assets as at 30 June 2025 of €8.03 million (31 December 2024: €9.03 million), including group cash and cash equivalents of €1.20 million (31 December 2024: €1.29 million)

Brian Timmons, Chair of Ormonde, commented:

"Flanked by major deposits along the same geological shear zone, Ormonde's TRU holding provides our investors with exposure to what we believe could be the next major gold discovery in one of the world's most attractive gold producing regions. Our confidence has only grown stronger since we invested, reinforced by the optioning of the project by a US$ 6 billion gold producer and a successful 2025 drilling programme.

"In Spain, we are preparing to advance a gold exploration programme at the highly prospective Zamora Licences. It goes without saying that any substantial discovery at these 100% owned assets would be highly significant for Ormonde considering record high gold prices. 

"Exploration is a game of patience, and we believe our two core project investments in Newfoundland and Spain have the potential to deliver high returns to our shareholders as exploration progresses."

Enquiries:

Ormonde Mining plc

Brian Timmons, Chairman / Brendan McMorrow, CEO

Tel: +353 1 8014184

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington

Tel: 44 (0)20 7390 0230

Peterhouse Capital (Aquis Corporate Adviser)

Tel: +44 (0)20 7469 0930

About Ormonde Mining

Ormonde is a natural resources company delivering exposure to outstanding gold exploration projects. Ormonde's portfolio comprises:

·    An 36.5% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, funded by Eldorado Gold Corporation (TSE: ELD - US$4.2 Bn market cap) which has optioned the project.

·    A 100% interest in two gold exploration licences in the Zamora province in western Spain, for which the Company is advancing value enhancing options.

·    A 18.9% interest in Peak Nickel Limited, which is exploring for battery metals at the Rodburn target in Aberdeenshire with indications of a significant deposit.

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

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

The Directors of the Company accept responsibility for the contents of this announcement.

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Operational Review

Introduction

Very good progress has been made in the period across the two primary investments in Ormonde's portfolio, being TRU Precious Metals (TSXV: TRU) ("TRU") and the Zamora gold exploration licences in Spain. The most significant operational development has been the 2025 diamond core drilling by TRU at Golden Rose in Newfoundland which commenced during the period.

Ormonde's portfolio currently comprises three strategic investments: an initial 36.5% in TRU, which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada; a 100% interest in two gold exploration licences in the Zamora province in western Spain; and an 18.9% interest in Peak Nickel, a private UK company exploring for battery metals at the Portsoy Project in Aberdeenshire, Scotland.

Portfolio Developments

TRU Precious Metals (Ormonde: 36.5%)

Golden Rose Project, Newfoundland (Gold, Copper)

TRU is exploring the Golden Rose Project, a large and prospective early-stage gold and copper prospect in Newfoundland, one of the world's top mining jurisdictions. Golden Rose is bookended by two gold projects with reported resources. To the northeast, Equinox Gold (TSE: EQX) is bringing online the Valentine Mine which, when fully ramped-up, will be the largest gold mine in Atlantic Canada, with a projected annual production of 195,000 ounces of gold - with first gold production reported during September 2025. To the southwest, AuMEGA Metals (ASX: AAM, TSXV: AUM) has a mineral resource of 610,000 ounces of gold, predominantly in the Cape Ray Project. In between them, along the very same geological shear zone, lies Golden Rose.

In addition to establishing several high-quality, high-grade, drill-ready gold targets at Golden Rose, exploration activities by TRU over the past several years have also identified copper and other critical mineral occurrences at numerous locations.

In April 2025, TRU engaged MCL Drilling to provide diamond core drilling services for the 2025 exploration programme within the area defined by the company as the Mark's Pond to Rich House exploration fairway. Drilling commenced in May 2025, fully funded by Eldorado Gold Corporation (TSE: ELD, NYSE: EGO) ("Eldorado"), a US$6 billion, mid-tier gold producer, which optioned into the project in July 2024.

After the period-end, in September 2025, TRU reported that its drilling programme of 1,988m intersected gold-bearing mineralisation in every hole. A previously unknown broad mineralised sandstone unit was intersected in two of the drill holes over an interpreted minimum strike length of 500m, intercepts of 1.0 grams per tonne ("g/t") gold ("Au") over 13.3m including 1.3g/t over 5.3m, within a much wider interval of 0.3g/t over 65.3m, and 1.0g/t Au over 5.1m within a wider interval of 0.5g/t over 18.2m. A second previously unknown mineralised zone showed similarities to the aforementioned sandstone unit, potentially representing an along-strike extension. The results provide a strong foundation for a follow-up drill campaign designed to unlock further value from Golden Rose.

Post-period end, TRU strengthened its Golden Rose landholding through the consolidation of a 51% interest in the Staghorn Property, which represents 11% of the total Golden Rose Project area.

Zamora Licences (Ormonde: 100%)

Antofagasta and Cueva Negra Projects, Spain (Gold)

Ormonde's Spanish gold portfolio centres on the Zamora Licences (Antofagasta and Cueva Negra) in western Spain. These are considered high potential targets, given geological indicators.

In February 2025, Ormonde announced the renewal of the two exploration licences for a period of three years. In addition, Ormonde acquired its former partner's 51.3% interest, bringing Ormonde's ownership to 100%. The consideration was €50,000, paid via the issuance of 5,000,000 new ordinary shares.

Previously, Ormonde had, effectively, been carrying the full liability of any exploration activity while benefitting from a less than 50% interest. With full control now of these assets, which doubles Ormonde's economic interest in the licenses, and the near doubling of the gold price over the past 2 years, these exploration licenses have become of serious investment interest. Ormonde is now in a position to pursue its stated intention of seeking to realise value from the Zamora Licences, against the backdrop of the record high gold prices. Independent geological reports confirm the potential of the Zamora Licences to host significant gold mineralisation, and the Ormonde Board is now engaged in designing a work programme to exploit the potential of this highly prospective project in the near future, alongside actively exploring opportunities to expand and strengthen the Spanish gold portfolio further.

Peak Nickel (Ormonde: 18.9%)

Portsoy Project, Scotland (Nickel)

Peak Nickel's Portsoy Project (comprising the Rodburn Project) is an early-stage nickel exploration asset in Scotland, with indications of significant potential.

In February 2025, Peak Nickel reported further positive drill results from its 2024 programme at the Rodburn target, successfully extending the high-grade nickel-copper-cobalt mineralisation along strike and at depth.

The presence of high-grade critical metals in Scotland positions Peak Nickel to play a potential strategic role in the supply of responsibly sourced materials, essential to support the energy transition. While nickel is experiencing pressure from oversupply, structural demand growth from electric vehicles, battery storage and renewable infrastructure is expected to remain strong.

In August 2025, Peak Nickel announced it had entered into an option agreement with Winshear Gold Corp (TSXV: WINS) ("Winshear"), pursuant to which Winshear can earn a 100% interest in the Portsoy Project, subject to the satisfaction of certain conditions including exploration commitments over five years. In return, Peak Nickel is to receive shares in Winshear over five years, and, upon completion of the earn-in, Peak Nickel would retain a 1% Net Smelter Returns Royalty capped at £10 million. Ormonde believes that the Portsoy Project had potential to realise significant value for shareholders and as such did not support the terms of the option agreement entered into with Winshear believing it to undervalue this potential. Accordingly, the Board has further written down the value of its investment in this project (see Note 4 for details).

Financial Highlights

The Group reports a total comprehensive loss for the six months ended 30 June 2025 of €999,000 (H1 2024: loss of €578,000). 

Group net assets at 30 June 2025 were €8.03 million (31 December 2024: €9.03 million), including Group cash and cash equivalents of €1.20 million (31 December 2024: €1.29 million).

Outlook

Flanked by Equinox's and AuMEGA's deposits along the same geological shear zone, Ormonde invested in TRU to provide our investors with exposure to what we believe could be the next major gold discovery in one of the world's most attractive gold producing regions. Our confidence has only grown stronger. Since our investment, Golden Rose has been optioned by Eldorado Gold, with a market capitalisation of nearly US$6 billion, and the first drilling under the Option has exceeded expectations. These results will shape future follow-up drilling programmes. In the Board's view, TRU's valuation of under C$5 million considerably undervalues the Golden Rose opportunity. We are anticipating a meaningful re-rating over time as the mining community acknowledges the prospectivity of the Golden Rose property.

In Spain, we are preparing to advance a gold exploration programme at the highly prospective Zamora Licences. It goes without saying that a significant discovery at these 100% owned assets would be transformational for Ormonde considering record high gold prices. 

Exploration is a game of patience, and we believe our two core project investments in Newfoundland and Spain have the potential to deliver high returns to our shareholders as exploration progresses, whilst the investment in Peak Nickel continues to provide residual exposure to the battery metals sector.

Brian Timmons

Chairman

Ormonde Mining plc

Consolidated Statement of Comprehensive Income

Six months ended 30 June 2025

Ormonde Mining plc

Consolidated Statement of Financial Position

As at 30 June 2025

Ormonde Mining plc

Consolidated Statement of Cashflows

Six months ended 30 June 2025