Ann: Scoping Study Confirms Potential of Nyanzaga & MRE Upgrade-ORR.AX, page-2

Nice to see the resource upgrade based on higher gold price.

At US$1250 the Project NPV is ~US$210M based on the scoping study numbers (assuming 8% discount rate). Add US$1M to the project NPV for every US$1 increase in the gold price (assuming no change in resource inventory).

So at US$1340 (today's gold price) ORR's 51% share (assuming no claw back) is worth ~US$160M.

ORR current EV is ~US$42M. Clearly it shouldn't be at full NPV given the stage of development but a quarter seems significantly undervalued.