News Summary
The December 12, 2025, news release provides an operational update on Orosur’s key projects in Colombia and Argentina.
– Pepas Prospect (Colombia): The infill drilling program to support a maiden NI 43-101 Mineral Resource Estimate (MRE) is nearing completion. Assay results for five new holes have been released, highlighted by hole PEP067, which intersected 83.7 meters of 4.29 g/t gold from surface. The other four holes returned lower-grade, narrower intercepts. The company reaffirms its timeline, with the MRE and technical report expected in January 2026.
– El Pantano Project (Argentina): The company’s first-ever reconnaissance drilling program (3,000-4,000m) at this greenfield project has successfully confirmed the presence of a low sulphidation epithermal mineral system. Drilling is planned to continue until the end of January 2026.
– CEO Commentary: CEO Brad George stated that Pepas is in the “final mile of its MRE process” and that hitting a mineral system at El Pantano, while high-risk, was the desired outcome and presents a “good challenge” to focus future exploration efforts.
Material Impact
This news is materially positive. The primary focus, Pepas, continues to deliver results consistent with a high-grade, near-surface gold system, reinforcing expectations for a robust maiden MRE in January 2026.
– Pepas MRE Progress: The announcement that drilling is nearly complete and the MRE is on track for January meets prior guidance. Hole PEP067 (83.7m @ 4.29 g/t Au) is another strong intercept that will positively impact the resource calculation. The lower-grade results from the other holes are not unexpected in a resource definition program designed to find the edges of the mineralization and should not be viewed negatively; they are essential for building a robust geological model. This result follows a consistent pattern of excellent drill intercepts released throughout 2025 (e.g., Oct 30: 112m @ 5.25 g/t; Oct 7: 63.55m @ 8.23 g/t; Sep 9: 47.25m @ 15.25 g/t), building significant confidence in the project.
– El Pantano De-risking: The confirmation of a mineral system at the previously undrilled El Pantano project is a significant positive development. While very early stage, this successful first-pass drilling elevates El Pantano from a conceptual target to a tangible discovery, opening up a second major exploration front for the company and adding long-term value potential. This follows the October 30 announcement that the rig was mobilizing to the site, demonstrating efficient execution.
– Overall Impact: The news confirms the company is successfully executing on its stated plans. The Pepas results solidify the asset ahead of its most important catalyst, while the El Pantano discovery adds a new layer to the exploration story. This dual-track progress should be well-received by the market.
Catalysts
– Maiden MRE for Pepas (January 2026): This is the single most important upcoming catalyst. The market will be scrutinizing the total ounces, grade, tonnage, and the proportion of the resource in higher-confidence categories (Indicated vs. Inferred).
– El Pantano Follow-up: Further drill results from the ongoing program are expected through January 2026. These will be critical in determining the scale and grade of the newly discovered system.
– Anzá Regional Exploration: Look for results from the planned airborne magnetic survey and updates on the El Cedro prospect, where drilling was previously guided for Q1 2026.
– Metallurgical Program: Updates on the more comprehensive metallurgical testing for Pepas will be key to understanding potential processing routes and recoveries.
Materiality Conclusion
The news is rated Material – Positive. It is not a game-changer as high-grade results at Pepas were already established, but it provides strong, confirmatory results ahead of the critical MRE catalyst and successfully de-risks a second key project, demonstrating effective capital deployment and exploration success.
