Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

4 April 2025

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Awards Drilling Contract for 1,800 Metre Programme at Golden Rose, Newfoundland

Ormonde Mining plc (AQSE: ORM), the natural resources company with investment exposure to outstanding gold and battery metal exploration assets, notes an announcement yesterday by its 36.3%-owned investee company TRU Precious Metals Corp. (TSXV: TRU, OTCQB: TRUIF) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada. TRU is to drill test for the first time a pipeline of quality exploration targets at Golden Rose Project which has been optioned by Eldorado Gold Corporation (TSE: ELD - US$3.7 Bn market cap).

The full announcement issued by TRU appears below.

Brian Timmons, Executive Chair of Ormonde, commented:

"This year, as gold prices hit record highs, our investee company TRU will for the first time drill test its first wave of gold targets on the highly prospective Valentine Lake Shear Zone, flanked by gold deposits. We are extremely excited to see the results of this forthcoming drill programme, the first pass in a larger plan to follow up on the pipeline of quality exploration targets."

TRU Awards Drilling Contract for the 2025 Drilling Program at Golden Rose

Toronto, Ontario - April 03, 2025 - TRU Precious Metals Corp. (TSXV:TRU, OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is pleased to report that it has awarded a contract to MCL Drilling ("MCL") to provide drilling services for an approximate 1,800 metres ("m") diamond drilling program planned for the 2025 field season at the Golden Rose Project ("Golden Rose"). Golden Rose is strategically located along the gold deposit bearing Cape Ray - Valentine Lake Shear Zones in Central Newfoundland.

The 2025 drilling program constitutes the first pass in a larger plan to follow up on the pipeline of quality exploration targets emerging from the revised and refined geological and structural property scale model that has been in preparation for several months and is expected to be completed shortly. The focus of the 2025 drilling program is on the Mark's Pond to Rich House "exploration fairway", a portion of which is host to the very high-grade gold grab samples that were collected by TRU late in 2024 (see News Release dated December 5, 2024). Drilling will commence once the target selection on the exploration fairway is complete.

TRU CEO Steve Nicol commented: "The shift to a "big picture" perspective at Golden Rose announced in October 2024 is leading to the generation of a pipeline of exploration and drill targets, with this 2025 drilling program being the first step down the road towards following up on each of the prioritised targets generated. We are very pleased to have arrived at an agreement with MCL for the provision of the drilling services and excited about working with this very experienced and well-regarded local drilling and civil works company to efficiently execute the 2025 drilling program. I look forward to updating investors on the results of this initial drilling program, and on results of subsequent follow-up works on the other targets generated by our "big picture" review across the remaining project area, as results become available."

Drilling Contact

Following a competitive tendering process that began in February 2025, TRU selected MCL as the preferred tenderer. MCL will provide all drilling and reclamation services with mobilisation currently expected in the Spring 2025. The 2025 drilling program is planned to comprise approximately1,800 m of diamond drilling, depending upon results or conditions encountered.

2025 Drilling Program

In October 2024, the Company reported on its shift to a "big picture" view of Golden Rose embarking on the preparation of a revised and refined geological and structural property scale model with the view to identifying multiple targets across the nearly 300 sq. kilometres ("km") land package. The initial focus of this work is on the Mark's Pond to Rich House exploration fairway. (See News Release dated October 22, 2024).

Figure 1: Initial Exploration Fairway at Golden Rose

The Mark's Pond to Rich House exploration fairway, which is approximately 7.5 km long and up to 2 kms wide (see Figure 1) and forms part of the Staghorn licenses, was selected for the initial exploration and drilling focus based upon its interpreted prospectivity and to comply with certain drilling commitments required prior to early July 2025 pursuant to the terms of the Option Agreement with Quadro Resources, as modified, on the Staghorn licenses. (see News Releases dated June 16, 2022 and August 18, 2022).

The Staghorn licenses cover areas of significant exploration potential and include the Mark's Pond gold zone where past drilling has provided intercepts including 3.22 grams per tonne gold ("g/t Au") over 5.0 m, the Northcott gold zone where trenching has returned samples including 57.6 g/t Au over 2.5 m, 34.0 g/t Au over 2.0 m, and 23.5 g/t Au over 2.0 m, and also includes the area which is host to the very high-grade gold grab samples that were collected by TRU late in 2024 near Rich House (see News Releases dated January 12, 2023, December 5, 2024 and NI 43-101 Technical Report on the Golden Rose Project, Newfoundland Labrador, Canada dated October 11, 2023 on the Company's website).

The Staghorn licenses represent less than 12% of the total Golden Rose licenses area.

The eventual locations of the drill holes for the 2025 drilling program will be determined when the final results of the property scale target generation work are completed and interpreted.

The scientific and technical information disclosed in this news release has been prepared and approved by Joel Cranford, P.Geo., Project Geologist for TRU, and a Qualified Person as defined in NI 43-101.

About MCL Drilling

MCL Drilling, a division of Major's Contracting Ltd, is a privately-owned, family business with more than 40 years experience in the fields of construction, civil works, drilling, and forestry. Based locally out of Deer Lake, Newfoundland, MCL is recognised throughout Newfoundland for it's innovative and high quality work, performed to the highest standards of safety and environmental protection. MCL also prides itself on its record for sustainable diversity in its employment decisions. With its fleet of seven diamond drill rigs, MCL has safely and successfully completed over 120,000 metres of diamond drilling since 2020.

About TRU Precious Metals Corp.

TRU (TSXV:TRU, OTCQB:TRUIF, FSE:706) is on a mission to build long-term shareholder value through prudent natural resource property development. The company's flagship project is the Golden Rose Project a regional-scale 297.50 km2 land package in Central Western Newfoundland (includes a 33.25 km2 package of claims over which TRU has an option with TSX-listed Quadro Resources to acquire up to an aggregate 65% ownership) which straddles a 45 km strike length along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Project and AuMEGA Metals' Cape Ray Gold Project. TRU is currently focused on efficiently discovering the full gold and copper potential at Golden Rose, targeting continuity along this proven gold bearing trend.  The Golden Rose Project is currently subject to an Earn-In Agreement with TSX-listed Eldorado Gold Corporation ("Eldorado"), whereby Eldorado has the option to fund CAD15.25M in cash payments and exploration expenditures over 5 years to earn an 80%-interest in the Golden Rose project.  Please refer to our July 30th, 2024 press release for further details of the agreement.

TRU is approximately 36%-owned by European strategic investor Ormonde Mining plc (AQSE:ORM).

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:

·    An initial 36.3% 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$3 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 19.2% 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.