It is anasty low ball offer. There is no upside beyond the 55...

It is anasty low ball offer. There is no upside beyond the 55 cents.

The project has significant country risk, IMO, but far less so than PRU's crazy Sudan venture, and should be profitable once built.

I suppose its just a counter to what SVM has proposed and each of the two contenders is trying to frustrate the other party by their 50.1% bids. Who will blink first - PRU is in a much stronger financial and technical position than SVM and needs the project to ensure it can maintain its status as a 500k ounce pa gold producer given the limitations of the Sissingue and Edikan mines. Also, Yaoure's best cash generating days are probably ending soonish as they need to go from open pit mining to also developing an underground operation.

I can not see the offer being taken up, and the question is who can outlast the other bidder.

My main concern is that ORR does not burn up its cash, but waits out this fight, in case it then has do some sort of CR during this battle. There was plenty of cash on at end of September 2023, but they were also spending lots on pre-development so it may run low.

GLA.

loki (been in for a small punt - it could turn sour)