The usual high standard or ORN reporting continues with a very detailed annual report, although of the ~120 pages, 80 pages relate to the very complicated corporate and financial structure of ORN! This is one of the weaknesses of ORN in my eyes as who exactly owns what and their funding obligations is so confusing! But otherwise solid and very informative and that gives me confidence in their long term strategy and planning capability.
The big miss though is the continued delays to the BFS for both Prieska and Okeip, previously imminent but now end CY2024. It seems the independent technical review of the Okeip BFS has through up some questions for ORN to resolve and also some further confirmatory drilling perhaps, delayed until now by the recently resolved site access issues. But three rigs still on site and all doing exploration drilling gives some hope of some near term juicy intercepts! Not sure what is holding up the Prieska BFS but it seems ORN are still pondering the optimal mining plan. Still, seemingly a lot of good progress over the past 12 months, stacking up ore on surface and perhaps they can yet achieve their stated desire for 2025 production of a zinc/copper concentrate.
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