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Orosur Mining

A transformational deal with Newmont

Update | Mining | 11 Sep 2018

Orosur (OMI) has secured US$2m (at a 229% pre-deal premium to its share price) via a private placement with Newmont Mining (NEM) in relation to its Anzá project in Colombia. This alleviates OMI’s near-term corporate cash requirements and provides it with a funded route for Anzá through to production. Considering the beleaguered state of OMI before this with production at its Uruguay assets on care and maintenance, this initial financing from one of the world’s pre-eminent gold miners offers a realistic development route to realising Anzá ’s potential value.

Orosur Mining

San Gregorio stabilises as Colombia takes off

Update | Mining | 26 Jan 2018

Orosur’s H118 results indicate San Gregorio (SG) continues to perform well, albeit with a small deferral of 2koz of gold production to narrow FY18 guidance from 30-34koz to c 30koz. Orosur’s focus remains on the most profitable mining possible rather than extracting its reserves ad hoc. SG’s geological data are being thoroughly examined such that additional production opportunities are identified. The process has already yielded SG UG West (a current mainstay of production), with SG Central located adjacent and being developed to provide production during H218. Veta A is another old pit reopening as an underground mine project. We consider that Orosur should be able to return to profitability by end FY18, with upside clearly linked to the very positive initial drill results coming from its increasingly important Colombian asset base.

Orosur Mining

A new dawn cometh

Outlook | Mining | 10 Oct 2017

As Orosur Mining (OMI) continues to extend San Gregorio’s mine life (a raft of new exploration programmes seek to extend reserves by more than 100koz), the company recently sought additional funds to advance exploration at its very promising Anzá gold and base metals project in the highly prospective middle-caucus region of Colombia. With initial drilling to recommence shortly, historical exploration results highlight the area’s potential. We believe Anzá has the potential to provide a long overdue re-rating of this highly competent gold producer.

Orosur Mining

Production stable, exploration ramp up over H2

Update | Mining | 30 Jan 2017

Following a successful completion to mining at Arenal Deeps, Orosur has now transitioned most of its production to SGW UG. With ore mining now ramping up at SGW, we expect Orosur to meet its guidance mid-range at 37.5koz for FY17 at cash costs of between US$800/oz and US$900/oz. We also take a first-pass indicative value on its Anzá project, which we consider could grow materially and change the investment case for Orosur. Even on the basis of its announced exploration ‘target’ Anza could potentially add a third to OMI’s market capitalisation.

Orosur Mining

Production prowess provides profits

Update | Mining | 05 Dec 2016

Q117 results have provided a solid start to FY17 and bode well for the company achieving its end year guidance of 40koz Au produced at cash costs of between US$800/oz and US$900/oz. Q117 cash costs were 13% below the lower bound of this guidance. Alongside its ongoing strong operational performance, exploration results for San Gregorio highlight the resource potential close to existing infrastructure, which should prove favourable for a much needed upgrade to San Gregorio’s reserve base. This note covers Q117 results (which were in line with our forecasts) and focuses on exploration results and how we consider they de-risk our valuation and extend the valuation time frame, from FY20 to FY22.

Orosur Mining

FY16 provides confidence to boost production

Update | Mining | 18 Aug 2016

In a gold market providing little support over FY16, Orosur successfully returned its operations to gross profitability by undertaking a comprehensive strategic review of costs, as well as adeptly handling a number of ore streams delivered to its processing plant. With operational confidence continually building, demonstrated by a second underground mine project in development (San Gregorio West), and aided by a higher gold price, Orosur has increased production guidance for FY17. The new guidance of 35-40koz Au (FY16: 30-35koz) at cash operating costs of US$800-900/oz represents an improvement over FY16 guidance of 14% on production and 6% on costs.

Orosur Mining

A return to profit and delivering on guidance

Update | Mining | 15 Apr 2016

Orosur's Q316 results demonstrate a return to profitability at San Gregorio in line with realistic guidance provided by the company at the start of FY16. Gold production is ahead of budget (27.9koz ytd), making the upper bound of its 30-35koz FY16 guidance look eminently achievable. All-in sustaining costs are, as guided, now below US$1,000/oz (Q316: US$978/oz) and projected to be around this level through to year-end. Cost savings extend to development capex, with San Gregorio Deeps (SGD) due to be mined using Arenal Deeps mining equipment when production ceases at this operation in Q416; associated with this revised plan is that no external funding is required to develop SGD. Orosur has all but repaid its outstanding debts and only has a small (US$0.4m) balance remaining.

Orosur Mining

Cost cutting supports AISC at/below US$1,000/oz

Update | Mining | 20 Jan 2016

With wide-ranging material cost-cutting initiatives completed or underway (including government suspension of royalties for one year) and gold production ahead of target, Orosur is well positioned to return to profitability during H216. San Gregorio (SG) Deeps is advancing through permitting, and de-watering of the pit has been completed to allow for extraction of an initial 1,500oz and also preliminary underground development works. While profitable production and cost cutting at SG remains the key focus, Orosur is investigating potential third-party opportunities to develop and or complement its non-core assets within Uruguay and Columbia.

Orosur Mining

Safeguarding future production

Outlook | Mining | 14 Sep 2015

Orosur's FY15 results indicate production and costs firmly in line with guidance, reinforcing its ability to follow through on its operational plans. With a low gold price showing increased volatility geared to current market turmoil and speculation of a US rate hike, Orosur intends to reduce its AISC cost level to below US$1,000/oz, safeguarding margins. In doing so, Orosur's gold production target for FY16 becomes 30-35koz gold and it has placed production forecasts beyond FY16 under review.

Orosur Mining

Eight straight quarters of meeting targets

Update | Mining | 22 Jun 2015

Orosur has met its own production and cost guidance targets for FY15 and for eight consecutive quarters. This again proves the company as a competent gold miner, managing numerous ore-streams at San Gregorio, while also handling technical investigations of a number of low-capex projects (eg SG Deeps and potentially deeper mining at Arenal Deeps) to bolster higher-grade production. We see this latter point as critical to the company's ongoing profitability.

Orosur Mining

Production on track, cost reductions ongoing

Update | Mining | 11 Mar 2015

Orosur's Q315 operational update underlines the company's ability to stick to plan at its main San Gregorio gold mine. Although numerous deposits are mined concurrently, requiring disciplined mine planning and ore blending, operating results out of San Gregorio over the course of FY15 have been reassuringly consistent amidst a challenging gold price environment. As Orosur moves into its final quarter, we expect it to meet its FY15 production (50-55koz) and operating cost (US$850-950/oz) targets.

Orosur Mining

Starting FY15 on the right footing

Update | Mining | 22 Sep 2014

In Q115 Orosur produced 13,684oz gold at cash operating costs of US$945/oz (vs our estimate of 13.2koz gold at US$943/oz). As expected, costs were higher than Q414 (US$755/oz) due to the ramp-up of the higher-grade Arenal Deeps project, which is set to produce the majority of Orosur's FY15 gold production. These Q115 results support our FY15 forecasts of 53koz of gold production at cash costs of US$920/oz.