ORM.L Regulatory News (ORM)

Ormonde Mining plc

("Ormonde" or "the Company")

Interim Results for the Six Months Ended 30 June 2017

The Board of Ormonde announces its unaudited interim results for the six months ended 30 June 2017.

Barruecopardo Tungsten Mine Construction

· In June 2017 the Company reported that the Barruecopardo Tungsten Mine was being advanced into an accelerated construction and implementation phase.

· Since then, major progress in mine construction work has been achieved, including:

o all priority equipment now in manufacture;

o main dam construction underway;

o site facilities under construction; and

o civils works and other contracts awarded.

· With mine commissioning scheduled to commence in Q3 2018, Barruecopardo is set to become a leading, low-cost European supplier of tungsten concentrates.

· Views of recent construction activity can be seen on Ormonde's website including a mine site flyover video (http://ormondemining.com/barruecopardo-drone-fly/) and a photo gallery of works being advanced (http://ormondemining.com/timeline-in-pictures/).

Tungsten Market (notes 1 & 2)

· Benchmark APT tungsten prices rose 12% during the reporting period, from US$193 per metric tonne unit ("mtu") in January to US$217 per mtu at the end of June.

· Subsequently, the APT price has risen in an accelerated manner, reaching a high of US$323 per mtu, with prices recently consolidating in the range of US$300-315 per mtu, representing an increase of circa 60% year to date and 90% since January 2016.

· Factors widely considered to underpin supportive supply-demand fundamentals include: steady growth in global industrial demand; a clampdown on Chinese mines on environmental grounds and enforcement of production quotas; and scarcity of tungsten concentrates from mining operations outside of China.

Financial Results

· The Company reports a total comprehensive loss for the period of €132,000 (€96,000 loss for the 6 months to 30 June 2016), which includes a €120,000 loss relating to its associate investment within which the Barruecopardo Mine is held.

Michael Donoghue, Ormonde's Chairman and Interim Managing Director, commented:

"The half year period to June 2017 was an extremely significant one for Ormonde, with the key decision taken by the Project partners, towards the end of the period, to advance the Barruecopardo Tungsten Mine into an accelerated construction and implementation phase.

I am pleased to advise that the mine development has advanced in earnest, with significant progress being made across multiple areas, with great credit being due to the Project team and leadership. The fact that this progress is being achieved against a backdrop of rising tungsten prices continues to support our belief in the appropriateness of the decision to advance the Project in an accelerated manner, and consolidates the business case for this world class tungsten mine development.

We look forward to the continued rapid progress of mine construction work over the coming months, as we look to bring Barruecopardo on stream with mine commissioning commencing during the third quarter of 2018, into what continues to look like a favourable supply-demand situation for tungsten."

Enquiries to:

Ormonde Mining plc Tel: +353 (0)1 8014184

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Capital M Consultants

Simon Rothschild Mob: +44 (0)7703 167065

Murray Consultants

Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923

Davy (Nomad, ESM Adviser and Joint Broker)

John Frain Tel: +353 (0)1 679 6363

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat Tel: +44 (0)20 3 470 0470

About Ormonde

Ormonde has a 30% interest in the Barruecopardo Tungsten Mine, located in northwest Spain. Barruecopardo is a fully permitted and fully funded mining project currently being developed through a US$99.7 million funding package agreed with Oaktree Capital Management (70% interest) in 2015. For more information, visit www.ormondemining.com.

Other Projects

· Salamanca and Zamora Gold Projects - the Company has interests in promising gold properties in Salamanca Province (42% interest) and Zamora Province (47% interest), western Spain, held in joint venture with Shearwater Group plc.

· La Zarza Copper-Gold Project - the Company continues to seek a divestment of its interest in La Zarza, a polymetallic massive sulphide deposit located in the Iberian Pyrite Belt mining district of southwest Spain.

Notes:

(1) Ammonium Paratungstate (APT) is the most commonly traded secondary downstream tungsten product, and the APT price is the most widely used benchmark for pricing the tungsten concentrates produced by mines.

(2) mtu - metric tonne unit, which is 10 kg.

Ormonde Mining plc

Consolidated Statement of Comprehensive Income

Six months ended 30 June 2017

Ormonde Mining plc

Consolidated Statement of Financial Position

As at 30 June 2017

Ormonde Mining plc

Consolidated Statement of Cashflows

Six months ended 30 June 2017

Ormonde Mining plc

Consolidated Statement of Changes in Equity

Six months ended 30 June 2017

Notes to the Interim Financial Statements

1. Accounting policies and basis of preparation

Ormonde Mining plc is a company domiciled in the Republic of Ireland. The Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company, as at and for the six months ended 30 June 2017, comprise the Company and its subsidiaries (together referred to as the "Group").

The Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The Interim Financial Statements have been prepared applying the accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2016. There are no new standards, amendments to standards or interpretations which are mandatory for the first time for financial periods commencing on 1 January 2017 which have a significant impact on the Group's accounting policies or on the reported results.

The comparative information provided in the Interim Financial Statements relating to the year ended 31 December 2016 does not comprise statutory financial statements. Those statutory financial statements on which the Company's auditors gave an unqualified audit opinion, have been delivered to the Registrar of Companies.

The Interim Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2016, which are available on the Company's website, www.ormondemining.com. The Interim Financial Statements for the six months ended 30 June 2017 are unaudited but have been reviewed by the Company's auditors.

The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, being a period of not less than 12 months from the date of the Interim Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the financial information.

The Interim Financial Statements were approved by the Board of Directors on 27 September 2017.

2. Segmental analysis

The Group is engaged in one business segment only, development of mineral resource projects. Therefore only an analysis by geographical segment has been presented. The Group has geographic segments in Ireland and Spain.

The segment results for the period ended 30th June 2017 are as follows:

Notes to the Interim Financial Statements (continued)

3. Loss per share

The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

Diluted earnings per share

The weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows:

Notes to the Interim Financial Statements (continued)

4. Share capital

5. Post balance sheet event

A Share Capital Reorganisation (the "Reorganisation") was approved at the Company's AGM on 18 September 2017, resulting in the nominal value of Ordinary Shares being reduced from €0.025 each to €0.01 each. The Reorganisation leaves all shareholders holding the same amount of Ordinary Shares as they held prior to the Reorganisation and thus the aggregate value of their holding should remain unchanged.

With effect from 8.00 am on 19 September 2017, 472,507,482 Ordinary Shares of nominal value €0.01 each, being the entire issued ordinary share capital of the Company, were admitted to trading on the AIM Market of the London Stock Exchange and the ESM Market of the Irish Stock Exchange.

There were no other post balance sheet events.

The financial information has been prepared under International Financial Reporting Standards using accounting policies consistent with those in the last Annual Report.

No dividends were paid or proposed in respect of the six months ended 30 June 2017.

Independent Review Report to Ormonde Mining plc

Introduction

We have been engaged by the Company to review the Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company as at and for the six months ended 30 June 2017 comprising the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Statement of Cashflows and the related explanatory notes. We have read other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the Interim Financial Statements.

This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The Directors are responsible for ensuring that the set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

Our responsibility

Our responsibility is to express to the Company a conclusion on the Interim Financial Statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagement (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the entity", issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the Interim Financial Statements in the half-yearly report for the six months ended 30 June 2017 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union.

Brendan Murtagh

For and on behalf of

LHM Casey McGrath Limited

Chartered Certified Accountants, Statutory Audit Firm

27September 2017

6 Northbrook Road

Dublin 6

ENDS