Orosur Mining Inc. announced an update on the status of the Company's flagship Anzá Project ("Project") in Colombia. The Project is the subject of an Exploration Agreement with Venture Option ("Exploration Agreement") with Colombian company Minera Monte Águila ("MMA"). MMA is itself a 50/50 joint venture between Newmont Corporation ("Newmont") and Agnico Eagle Mines Limited ("Agnico") and is the Colombian vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement over the Project.

MMA is the current operator of the Project. The Exploration Agreement came into effect in September 2018, with the first phase lasting four years and being successfully completed in September 2022, such that MMA earned a 51% interest in the Project. The Company and MMA then began the process of moving toward Phase 2 of the Exploration Agreement, which included a US$2 million option payment being made to Orosur in early March 2023.

Subsequent to this, as announced on May 4, 2023, the Company was informed that MMA was reviewing its alternatives in respect of the Project and may not proceed to Phase 2 of the Exploration Agreement. The Company announced that on March 22, 2023 it entered into a non-binding letter of intent with MMA, that provides for a transaction pursuant to which Orosur would repurchase, directly or indirectly, MMA's interest in the Project, resulting in Orosur having a 100% ownership of the Project ("Transaction"). The proposed consideration set out in the letter of intent is a net smelter return royalty of 1.5% and cash payments of up to US$15 million payable upon meeting certain agreed production thresholds.