Ann: Perseus to Acquire 15% in Orca Gold, page-18

ORCA - BLOCK 14 project

70% holding Local Partner-10% Government -20% both carried.

$5mil USD short term loan at 7.5% maturing on 30 June 2022 -> does this mean expected takeover will be done and dusted by then?

Orca had 3.8mil spend in Sept quarter and 3mil in June quarter. They had working Capital of 9.4mil at the end of Sept. What was the December quarter spend? If costs have gone up again it is possible they had less than 1 quarters cash left this quarter on the books. I expect that costs would keep trending up as they restart exploration and complete the 100man camp/Fence build. In this case Orca is going to be needing an injection of cash by mid year. If PRU is going to move on this I expect it will be done by then.

Q3 2021 Orca was expected to recommence exploration drilling.

Resolute purchase prices.

Resolute purchased a 15% stake in May 2018(gold price ~$1300) for 22.5mil AUD @67.5cps (or 55cps C$).I believe these were paid for 50/50 cash and Resolute script(8.95m).

RSG sold 39,092,233 shares to PRU. ORG issued 32,364,960 shares to RSG in the above transaction. Which means 6.7million shares are unaccounted for and I am not sure what they paid for them. Does anyone else know? Or know where I could find this info?

Private raising

Orca raised $C10.8m @55cps C$ in a private placement in March 21.(gold price ~$1725)

PRU is paying 44.7cps Canadian today (gold price - ~$1800)

October 2021 – “Orca Gold Inc. (TSXV: ORG) ("Orca" or the "Company") is pleased to announce that the Company and the Government of Sudan signed all the key development agreements to proceed with the formal construction of a large commercial gold operation at the Block 14 Gold Project in northern Sudan.”

Sudan has 7% royalties and 15% Corporate tax.

Of note Montage Gold Corp (31.5% stake held by Orca) has their DFS due out in Feb.If MAU is the target you would expect further action around the DFS date.

I like both projects and think the timing in general will be in PRUs favour for either project. Sudan will be a risk but it should come at a favourable price.