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ORD's research update 1st march

Adopting a more conservative production ramp-up profile, we have revised
down our FY13E silver production by 17% to 1,353koz from our previous
forecast of 1,631koz. As a result, we have lowered our NPV/PER-weighted
target price by 13% to A$0.67 (from A$0.77 previously). At the current share
price of A$0.33 we calculate that the stock offers significant upside potential.
We maintain a Speculative Buy recommendation; investors should note
the high risk profile associated with the business, particularly, the sensitivity
of the group’s near-term cash-flow to operating factors and the silver price.