Ann: Scheme Meeting Postponed, page-45

Osino taken out overnight. The list of targets for PRU is getting shorter and shorter IMO. I think once SVM scheme is squashed they come in with a 70-80c bid.

Osino deal got done at around A$315m. Their project has an NPV at $1750 gold of US$480m and at $1,950 gold of US$656m. They do have a second discovery and another 1Moz not in their core project that offers some good exploration potential.

Comparatively ORR NPV is US$608 and ~$850m at those same respective gold prices. Also I don't think the full exploration potential of Nyanzaga has been realised.

500m SOI means 70-80c would be A$350-400m which doesn't seem unreasonable based on peer transactions, scarcity of development projects above 200koz and PRU particular situation of trying to keep a pipeline that allows them to maintain 500koz+ production.