Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

11 July 2025

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU strengthens Golden Rose landholding and completes first drill programme

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 36.5%-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 has strengthened its Golden Rose Project landholding by exercising its initial option to acquire a 51% interest in the Staghorn Property which represents approximately 11% of the total Golden Rose Project.

TRU also announced it has completed a 1,988 metre diamond drill program at Golden Rose with assay results pending.

Brian Timmons, Executive Chair of Ormonde, commented:

"Today's announcement strengthens TRU's ownership of Golden Rose, located on the highly prospective Valentine Lake Shear Zone, an area of significant interest for gold. They have also completed their recent drilling programme, funded by Eldorado Gold Corporation (NYSE: EGO, TSE: ELD), and we look forward to the results of that in due course."

The full announcement issued by TRU appears below.

TRU Exercises Initial Option to Acquire 51% Interest in Staghorn Property

Toronto, Ontario - July 10, 2025 - TRU Precious Metals Corp. (TSXV:TRU, FSE:706) ("TRU" or the "Company") is pleased to announce that it has formally exercised the Initial Option to acquire a 51% interest in the Staghorn Property pursuant to an option agreement between TRU and Quadro Resources Ltd. ("Quadro") dated June 15, 2022 as subsequently amended (the "Option Agreement"). The Company satisfied all of the requirements set forth in the Option Agreement for the Initial Option, including the completion of a minimum expenditure drill program. (see News Release June 16, 2022 and August 18, 2022). The Staghorn licenses represent approximately 11% of the total Golden Rose Project ("Golden Rose") licenses area strategically located along the gold deposit bearing Cape Ray - Valentine Lake Shear Zones in Central Newfoundland.

Pursuant to Section 3.3 of the Option Agreement, upon exercising the Initial Option, TRU has a 30-day period during which it can provide written notice of its intention to exercise the Additional Option which would enable TRU to acquire an additional 14% interest in the Staghorn Property.  The exercise of the Additional Option would require the Company to pay $200,000 cash and incur $850,000 of exploration expenditures, including $510,000 of drilling activity on the Staghorn Property, within two years of exercising the Initial Option.

The Company also announces that it has completed a 1,988 metre diamond drill program at its Golden Rose Golden Rose Project ("Golden Rose"). The 2025 drilling program was focused upon a portion of the Mark's Pond to Rich House "exploration fairway" (see News Release dated April 03, 2025) which was selected based upon its interpreted prospectivity, and to comply with the minimum expenditure drilling commitments, as a portion of the Staghorn Property is located within the exploration fairway. (see Figure 1)

Assay results from the drill program are still pending and will be reported upon when received. 

In the meantime, the Company's field crew will be following up with a focussed mapping and ground truthing program aimed at further refining the geological and structural site-wide model and expanding the pipeline of quality drill targets beyond the initial area of drilling focus.



Figure 1: Initial Exploration Fairway at Golden Rose

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 a 51% interest and an option with TSX-listed Quadro Resources Ltd. to acquire an additional 14% ownership) which straddles a 45 km strike length along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Equinox Gold'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 the July 30, 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:

·    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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