Company Profile

Ormonde Mining is an exploration and mining company with a focus on Spain, where it has a portfolio of quality assets including exploration and appraisal projects. Ormonde's core project is now a tungsten deposit at Barruecopardo in Salamanca, western Spain, in which it holds a full 100% equity interest. According to third party consultants GSA Global, the deposit contains 27.39 Mt grading 0.26% WO3 (tungsten trioxide). Of this, 17.8 Mt is in the measured and indicated category and 9.59 Mt is in the inferred mineral resource category (JORC-compliant). A feasibility study identified that a large part of the deposit can be accessed through an open pit. The pit design is based on 8.7m tonnes of measured and indicated grading 0.32% WO3. The study indicated that at a baseline price of 350/MTU, the project would generate pre-tax cash flows of €29m per annum. Barruecopardo has a number of excellent features. Metallurgical tests suggest that a simple gravity-based recovery system will be possible. This will result in a 78% recovery of mineral to a 75% Scheelite concentrate. This and the fact that the site is a former mining area mean that capital costs are low at €48.5m. A mining throughput of 1.1m tonnes per annum is planned, but the scale and configuration of the deposit indicate that eventually the pit can be extended underground. At a general level, Spain has a transparent fiscal environment, supportive mining policies, good infrastructure and a skilled workforce. Ormonde recently received environmental permitting and awaits the issue of a full mining permit. Ormonde has a number of other projects including a polymetallic project in southern Spain with a non-JORC mineral resource of 61m tonnes carrying copper at 0.8%, gold at 0.9 g/t, lead at 0.6%, zinc at 2% and silver at 5.7 g/t. It also has interests in a number of gold projects in northwest Spain.