Ormonde secures full ownership of two Zamora licences
By Josh White
Date: Monday 10 Feb 2025
(Sharecast News) - Ormonde Mining announced on Monday that it has secured full ownership of its two exploration licences in Spain's Zamora province, following an agreement to acquire Shearwater Group's 51.3% stake.
The company also announced a three-year renewal of the licences, which cover the Antofagasta and Cueva Negra projects.
It said Shearwater, which had transitioned into a cybersecurity business in recent years, was exiting the venture.
In exchange for its stake, Ormonde said it would issue five million new shares to Shearwater, valued at €50,000, representing a discount to the licences' implied balance sheet value.
With full control, Ormonde said it was now positioned to advance its strategy of realising value from the Zamora licences amid record high gold prices.
Independent geological reports confirmed the licences' potential to host significant gold mineralisation.
The company's board said it was currently designing a work programme to further assess and develop the assets.
"Gold is surging, achieving a new record high in February, further highlighting the metal's position as the ultimate safe-haven asset," said executive chair Brian Timmons.
"Against such a backdrop, and with gold prices already having more than doubled in the decade since meaningful work was last completed on these prospective gold licences, getting the licences renewed and returning Ormonde to 100% ownership opens the way for several different value enhancing options to now be considered.
"More broadly, Ormonde has created exceptional investment exposure to gold, with the Zamora Licences and a controlling interest in the Golden Rose project in Newfoundland which is bookended by gold deposits and has attracted exploration funding from a Canadian gold major."
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN