Final Results

30 June 2025

Ormonde Mining plc

("Ormonde" or the "Company")

Final Audited Results for the Year Ended 31 December 2024

Ormonde Mining plc (AQSE: ORM), a natural resources company with investment exposure to outstanding gold and battery metal exploration assets in Newfoundland and Scotland, announces final audited results for the year ended 31 December 2024. 

Operational highlights:

· Continued positive developments at 36.5%-owned TRU Precious Metals ("TRU"):

o  TRU entered into a definitive option agreement in July 2024 with Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) ("Eldorado") granting Eldorado the exclusive option to earn an 80% ownership interest in the Golden Rose project, Newfoundland through a multi-year C$7 million work programme and C$8.25 million in cash payments to TRU

o  Completed the 2024 exploration programme, with results highlights including:

§ High grade gold assays confirmed from rock sampling and mapping carried out as part of the programme, with drilling in 2025 to focus on further exploration of this area

§ Significant copper values (up to 3.7% copper) being returned from Jacob's Pond and King George prospects, with both targets being upgraded for future work

o  Completion of project-wide analysis of the potential of Golden Rose, with numerous targets identified for potential for orogenic gold mineralisation across the entire land package

o  Steve Nicol, an Ormonde director, appointed as CEO of TRU in August 2024

· Continued progress at Rodburn Project in Aberdeenshire, Scotland owned by Peak Nickel Limited ("PNL") in which Ormonde currently holds a 18.89% equity interest (19.19% at 31 December 2024) with indications of significant size emerging

o  Results and outcomes of 2023 drilling programme resulted in PNL doubling its maiden resource estimates (previous 1973 estimates compiled by Exploration Ventures Ltd., a Rio Tinto Consolidated Gold Fields joint venture)

o  2024 drilling programme confirmed the continuity of mineralisation in the South Zone as well as increasing its grade and thickness

o  PNL intends to undertake two drilling programmes in 2025, pending financing

o  Steve Nicol, an Ormonde director, also appointed to the PNL Board as Non-Executive Director

· Post-period end, Ormonde announced the three-year renewal of its two exploration licences in the Zamora province in Western Spain, alongside increasing its ownership of the licences to 100% through the acquisition of the outstanding interest

o  Independent geological reports confirm the potential of the Zamora licences to host significant gold mineralisation and against the backdrop of record gold prices

o  The Board is developing a work programme to exploit the potential of the asset

Financial highlights: 

· Group loss of €1.45million (FY 2023: income of €358K)

· Group net assets as at 31 December 2024 of €9.03 million (31 December 2023: €10.48 million), including cash and cash equivalents of €1.29 million (31 December 2023: €2.3 million)

· The Group received €500,000 deferred consideration in October 2024 from the 2022 sale of the La Zarza assets in Spain, with the remaining €500,000 due in October 2025

Brian Timmons, Chair of Ormonde, commented:

"Although still early stage, we are seeing significant progress being made in the exploration of TRU Precious Metal's outstandingly well-located Golden Rose project in which we have an interest via TRU.

"The PNL nickel play has excellent longer-term potential. Although currently operating in a challenging market environment, the prospects and demand for nickel in supporting the energy transition remain compelling.

"The Spanish gold exploration licenses, now fully owned, offer very attractive exploration possibilities, particularly given the current pricing and outlook for gold in today's uncertain global political background."

Financial Statements and Notes to the Accounts

The full report and accounts will be available later today on the Company's website at: www.ormondemining.com.

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 and battery metal exploration projects. Ormonde's portfolio comprises:

· A 36.5% equity 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 (NYSE: EGO, TSE: ELD - US$4 billion 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

· An 18.9% equity interest in Peak Nickel Limited, which is exploring for battery metals at the Rodburn Project 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.  

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

Chair's Review

Introduction

Ormonde offers investors attractive exposure to outstanding gold and battery metal exploration assets, significantly under valued in the Board's view, without being exposed to substantial capital expenditure demands.

 Ormonde's portfolio currently comprises: an initial 36.3% interest in TRU Precious Metals (TSXV: TRU) ("TRU") which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, funded by Eldorado Gold Corporation (NYSE: EGO, TSE: ELD), which has optioned the project; an 18.9% interest in Peak Nickel Limited ("PNL"), a private UK company exploring for high-grade battery metals at the Rodburn Project in Aberdeenshire, Scotland; and a 100% interest in two gold exploration licences in the Zamora province in Western Spain. 

TRU Precious Metals Investment

TRU is advancing the Golden Rose project ("Golden Rose"), a large and highly prospective early-stage gold and copper prospect in Newfoundland. The project comprises a 297.5km2 land package and includes 45km of strike length along the deposit-bearing Cape Ray-Valentine Lake Shear Zone.

The Golden Rose project lies adjacent to the Valentine project (currently in construction) which hosts 5 million ounces of gold*. The Valentine project was acquired by Calibre Mining in January 2024, in a C$384 million transaction.

Recently, Calibre Mining itself has been acquired by Equinox Gold, in a C$2.5 billion deal. Both these transactions evidence the attractiveness of this region as a gold play and generated significant value for the original shareholders of the Valentine project. 

Golden Rose is centrally located within this active and highly prospective mining area, bordering both the Equinox Valentine Gold Project to the northeast and AuMEGA Metals' Cape Ray Project to the southwest. The Valentine Mine is currently under construction and is anticipated to commence operations in the third quarter of this year. Once operations have commenced, the Valentine Mine will be the largest gold mine in Atlantic Canada, while AuMEGA Metals' Cape Ray Project contains 0.6 million ounces of indicated and inferred gold resources with exploration continuing.

In early 2024, TRU announced it would be undertaking a summer exploration programme to develop a deeper understanding of the critical metals potential across the property. The copper-focused exploration also investigated other critical mineral occurrences hosting nickel and zinc and included prospecting, grab (rock) sampling and reconnaissance soil sampling and trenching over anomalies identified through previous work and satellite and remote sensing recently undertaken across the entire property.

Results from this exploration programme included significant copper values (up to 3.7% copper) being returned from Jacob's Pond and King George prospects, with both targets being upgraded for future work. Key highlights from the programme include:

· Jacob's Pond returned four samples from 2.0% to 3.7% copper with numerous other rock samples assaying to 1% copper, extending the area of known copper potential at this prospect by approximately 2km

· At King George, outcrop and angular float grab samples assayed 3.7% and 2.4% copper

· At Glenn's Prospect, outcrop samples returned values up to 0.9% copper extending the area of known copper potential by 750m to the southwest of the original outcrop

High grade gold assays were also confirmed from rock sampling and mapping carried out on a section of the exploration fairway from Mark's Pond to Rich House, indicating that this area of Golden Rose merits further examination. Of the 47 bedrock and float grab samples collected, 22 contained grades in excess of 0.1 grams per tonne ("g/t"), of which eight returned grades in excess of 30 g/t gold, including four which returned grades in excess of 100 g/t. With some samples also containing visible gold, the Mark's Pond to Rich House exploration fairway will be a focus for future gold exploration.

Post period end, TRU announced it had awarded a contract to MCL Drilling to provide drilling services for the 2025 exploration programme, comprising an approximate 1,800m of diamond drilling to focus on the Mark's Pond to Rich House exploration fairway with drilling having commenced in May of this year.

During the period, TRU has undertaken a project-wide analysis of the potential of Golden Rose, reassessing and verifying existing project data, before being infilled and updated as required. The work concluded post period end, with numerous targets identified with potential for orogenic gold mineralisation across the entire land package.

To secure the long-term funding of Golden Rose, which is a large exploration play requiring extensive exploration work, in August 2024 TRU entered into a definitive option agreement with the approximately US$4 billion market cap company (as at June 2025), Eldorado Gold Corporation, (TSX: ELD, NYSE: EGO) ("Eldorado"). This agreement grants Eldorado the exclusive option to earn an 80% ownership interest in the Golden Rose project through a C$7 million multi-year work programme and C$8.25 million in cash payments to TRU. Upon Eldorado exercising its option, TRU and Eldorado will negotiate and enter a joint venture agreement. If TRU's interest in such joint venture is diluted below 10%, its interest would convert to a 2% net smelter returns royalty, of which 1% would be re-purchasable by Eldorado for $5,000,000 at the time of commercial production. This option agreement reflects the sentiments of the Ormonde Board, which continues to believe in the long-term value of the project to TRU and its potential returns to Ormonde as its controlling shareholder.

In August 2024, Steve Nicol was appointed as CEO of TRU to further drive operations. Steve has advised Ormonde for many years in a technical capacity, leveraging over 35 years' experience in the mining industry, including bringing a complex mine into production. Steve was appointed as a Non-Executive Director of Ormonde in August 2024. He is heading up the exploration programme on Golden Rose which is aiming for efficient discovery of economic gold ounces and/or copper tonnes at Golden Rose.

Peak Nickel Investment

PNL's Rodburn Project is an early-stage exploration asset, targeting nickel, copper, and cobalt, with indications of significant potential. It is located in an emerging nickel sulphide district in Aberdeenshire, Scotland, a Tier 1 jurisdiction.

In February 2024, PNL announced the results of its 2,600m 2023 drill programme, comprising the drilling of 18 holes testing a 900m strike length, with PNL concluding the results established Rodburn as the "UK's highest-grade nickel-copper-cobalt project."

Following the results of the 2023 drill programme, PNL announced the doubling of the maiden resource estimates (previous 1973 estimate compiled by Exploration Ventures Ltd., a Rio Tinto-Consolidated Gold Fields joint venture), with global resources containing 23,100t nickel, 12,100t copper and 1,560t cobalt, and remaining completely open at depth and along strike in most directions.

The 2024 drill programme was planned to investigate the true scale of the resource and commenced in August 2024, involving the drilling of a minimum of 1,000m. Post-period end, PNL announced the results from a selection of holes drilled as part of the 2024 programme, which confirmed the continuity of mineralisation in the South Zone, as well as increasing its grade and thickness.

Moving into 2025, PNL intends to undertake a 2025 evaluation by drilling a deep hole - between 400m to 500m in depth - to test down-plunge continuity of the high-grade South Zone mineralisation of the Rodburn Project. A second programme is planned for later in 2025, seeking to drill approximately 1,000m to continue ongoing metallurgical and environmental studies.

The prevalence of high-grade critical metals in Scotland has the potential to position PNL to play a key role in the supply of cleaner and less mining intensive critical metals, which are essential for the ongoing global energy transition. Whilst nickel prices face challenges in the global market and continue to see some weakness due to oversupply from certain jurisdictions, we believe that this price imbalance will correct as demand increases coupled with the requirement for sustainable mining practices.  

PNL appointed Richard Williams as a Director in April 2024. Richard brings over 35 years' experience in the industry, previously as CEO and Director of Cornish Metals, Inc., where he was instrumental in the initial acquisition of the South Crofty tin project in Cornwall along with raising over $100 million for the project. Steve Nicol, Non-Executive Director of Ormonde Mining, was appointed Non-Executive Director of PNL in February 2024.

Spanish Gold Assets

In February 2025, Ormonde announced the three-year renewal of its two exploration licences in the Zamora province in Western Spain, namely Antofagasta and Cueva Negra (the "Zamora licences"). Concurrently, Ormonde increased its ownership of the Zamora licences to 100%, having acquired the outstanding 51.3% interest from Shearwater Group plc (AIM: SWG) ("Shearwater") following Shearwater's transition to a cyber security business.

Under terms of the acquisition agreement, Ormonde agreed a consideration of €50,000 to Shearwater which would be satisfied by way of the issue of 5 million new ordinary shares of nominal value €0.01 each in the capital of the Company.

Independent geological reports confirm the potential of the Zamora licences to host significant gold mineralisation. Against the backdrop of record gold prices, the Ormonde Board is developing a work programme to exploit the potential of the asset.

On 3 October 2022, Ormonde completed the sale of its La Zarza assets in Spain for €2.3 million. To date, €1.8 million has been received with the final instalment of €500,000 due on the third anniversary of the completion date.

Financial Review

The Group reports a total comprehensive loss for the year ended 31 December 2024 of €1,449,000 (FY 2023: income of €358,000). The Group had net assets of €9.03 million as of 31 December 2024 (31 December 2023: net assets of €10.48 million), including Group cash and cash equivalents of €1.29 million (31 December 2023: €2.3 million).

In accounting for the PNL investment, the Company, under IFRS accounting standards is required to apply a specified fair value treatment. For 2024, this gave rise to a valuation of €925,000 resulting in a write-down of €308,000 which is recognised through the consolidated statement of comprehensive income. Further details are set out in note 8.

Outlook

With a strong, well-funded backer supporting TRU's exploration programme in Newfoundland, the outlook for creating value in the Golden Rose project looks extremely promising.

The PNL nickel play has excellent longer-term potential. Although currently operating in a challenging market environment, the prospects and demand for nickel in supporting the energy transition remain compelling.

The Spanish gold exploration licences, now fully owned, appear to our technical team, to offer very attractive exploration possibilities.

Brian Timmons

Chair

30 June 2025

*Comprising 2.7m oz in Proven + Probable Reserves, 1.327m oz in Measured and Indicated Resources exclusive of Reserves, and 1.079m oz in Inferred Resources. For further information see Equinox Gold (TSX: EQX) Corporate Presentation June 2025

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2024

All activities are derived from continuing activities. The profits/(losses) and total comprehensive income/(losses) for the year (and preceding year) are allocated between the equity holders of the Company and non controlled interests. The Group has not recognised gains or losses other than those dealt within the Statement of Comprehensive Income. The accompanying notes on pages 31 to 54 form an integral part of these financial statements.

Consolidated Statement of Financial Position

as at 31 December 2024

The accompanying notes on pages 31 to 54 form an integral part of these financial statements.

Company Statement of Financial Position

as at 31 December 2024

The accompanying notes on pages 31 to 54 form an integral part of these financial statements.