Mark Connolly- The wolf of west Africa, page-26

ORR hasn’t completed definitive feasibilty, will need to raise money to complete DFS and pay for remaining 49% interest plus get Tanzanian government approval before the final part of the transaction can happen.

ORR also needs to obtain a mining lease. Sanbrado is fully permitted.

ORR’s scoping study pre-mining capital costs are $US287.2 million (unfunded and not at a bankable stage, large and a barrier to development) vs Sanbrado $US185 million (14 Tier-1 funders already short listed by company with offers to cover full cost of building the project).

ORR’s scoping study AISC for Nyanzaga is US$838/oz vs Sanbrado LOM US$640/oz and probably less than US$550/oz for the first 5 years if you believe Richard’s latest presentation.

You just had Acacia cutting and running from the Nyanzaga project selling the remaining 49% of the project to ORR for US$7 million which values the whole project at only ~US$29 million (with the NSR) based on this hands length transaction. You have to ask yourself why Acacia are cutting and running and giving this project away so cheaply? Answer is development risk and unfriendly country relations.

I said on the ORR threads that a CR will likely be done below 25 cents. Judging by the share price it could be even lower. They need to find a partner because I think they will struggle turning Nyanzaga into a mine by themselves.

Having said this I keep ORR on the watch list for an opportunity to enter at some stage. No rush IMO. Esh