Rusoro Mining Ltd Presentation Update - 2025-05-26 - Major Financial and...

This update reflects substantial changes across Rusoro Mining Ltd.'s presentation, driven by evolving financial figures, legal proceedings, resource estimates, and strategic disclosures. Key areas impacted include liabilities, equity structure, resource valuations, and legal claims related to Venezuela expropriation. The revisions clarify the company's current financial position, ongoing litigations, and strategic outlook, providing a more comprehensive view of material uncertainties and financial risks.

Page-by-Page Changes:

Page 1: The entire page was removed. The previous content was an unaudited interim financial statement for nine months ending September 30, 2024, which has been replaced by a new, comprehensive set of annual consolidated financial statements for 2024.

Page 2: The previous unaudited interim consolidated statement of financial position was replaced with a restated, audited balance sheet as of December 31, 2024. Key differences include: - Total assets decreased slightly from $1,872,000 (2023) to $780,000 (2024). - Current assets are now $780,000, down from $1,872,000. - Total liabilities increased notably from $146.7 million to $183.1 million. - Working capital deficiency improved from $227,475,000 to $182,274,000, reflecting adjustments in liabilities and cash. - Shareholders’ deficiency shifted from -$125.1 million to -$162.6 million. - Capital details now include issuance of private placement shares of 2.5 million for $729,000, with share capital increasing slightly. - The notes clarify the ongoing legal proceedings, with detailed figures on liabilities, liabilities classification, and resource valuation adjustments.

Page 3: The prior unaudited statement of comprehensive income was replaced with a full-year audited income statement for 2024. Changes include: - Net loss increased from approximately $19.5 million (2023) to $40.7 million. - Operating expenses and other items show an increase, notably in interest and revaluation losses related to gold sale contracts. - Warrant and options exercise figures are consistent but reflect increased trading prices, with net loss figures adjusted accordingly. - The overall loss reflects increased operational and legal-related expenses over the year.

Page 4: The statement of changes in equity was replaced with an audited annual statement for 2024: - Share capital increased modestly from $740.3 million to $745.4 million due to share issuance. - Share options exercised increased from 24.9 million to 27.1 million, with exercise prices and amounts adjusted. - Warrants exercised remained at about 11.4 million. - Net loss expanded from roughly $19.5 million to over $40.7 million, impacting accumulated deficit. - Outstanding shares increased from approximately 577.7 million to 616.2 million. - Notable is the increase in contingent success fees payable to directors and management, now totaling $700, with an additional $1 million bonus approved post-year-end, aligned with ongoing litigation.

Page 5: The cash flow statement was replaced with a full-year audited cash flow for 2024: - Operating cash flows show increased outflows, primarily from legal expenses and impairment adjustments. - No private placement proceeds are recorded for 2024, contrasting with the prior period. - Share options exercised contributed to cash inflows, with significant activity in options exercised (27.1 million shares for $2.2 million). - No new warrants or share issuance are reported beyond options exercised, indicating a focus on existing capital movements.

Page 6: The notes on the nature of operations and legal proceedings remain, but the content was restated with updated legal claims, including a significant arbitration award of over $1.98 billion as of 2024, and ongoing enforcement efforts. The restatement clarifies the legal process, the impact of Venezuelan nationalization, and the company's strategies for recovery, highlighting a material uncertainty about realizing this value.

Page 7: The previous notes on the legal arbitration award and enforcement were replaced with an audited detailed account of the award, including: - The award value now recognized at over $2.06 billion. - Ongoing legal challenges, appeals, and settlement negotiations. - The enforcement process involving multiple jurisdictions, including the recent sale process of PDVSA assets (PDVSA’s indirect subsidiaries) and the designation of Rusoro as an “Additional Judgment Creditor” with rights to share proceeds. - The timeline of legal proceedings extends into 2025, with potential strategic bids for asset recovery.

Page 8: The section on legal proceedings was updated to reflect: - The recent favorable rulings by U.S. courts and the finality of the sale process initiated in October 2023. - The scheduled auction of PDVSA’s PDV Holding shares in July 2025. - The escalation of enforcement efforts, including joining a consortium to bid for PDVSA assets, and the latest court rulings confirming Rusoro’s rights to proceeds. - The recognition of the increased valuation of the arbitration award to over $1.84 billion and the ongoing legal and enforcement actions.

Page 9: Content was removed. The prior detailed account of legal proceedings was consolidated into the updated legal notes on pages 7 and 8. This reflects a streamlined presentation of ongoing litigation and enforcement status.

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