Ann: PRU: Perseus acquires 15.03% interest in Orecorp, page-23

The way I see this playing out is the following but I could be wrong…

* The scheme gets pulled asap and ORR and PRU will engage in discussions
* Due to the PRU Sissingue mine (247koz) only having three years left, they need a replacement
* The Mayas Sand Gold Project in Sudan was earmarked to replace the above however the FID is on hold due to country conflict.
* I don’t believe PRU were initially interested in ORR but due to the Sudan developments, it has had to pivot and look at alternative methods. ( Hence late to the party )
* The ORR ounces and project will be up and running just as Sissinque is winding down - Replacement ounces
* The 19.9% stake in ORR at 52.5 will form the basis of the takeover and they will then use a 63% premium ( using their Orca takeover metrics and approach )to buy ORR out for 80-95c in cash and PRU shares
* SVM are happy as they get a stake in a producing gold company in addition to doubling their money in 4 months


let’s see how close I get?