OreCorp Limited
Financials:
Primary ticker: ASX:ORR
Stage of development: Development
Primary minerals: Gold, Base Metals
Project to promote: Nyanzaga Gold Project, Tanzania and Eastern Goldfields, Western Australia
Project location: Tanzania, Western Australia
Website: www.orecorp.com.au
OreCorp Limited is an ASX Listed (ORR) company with Matt Yates and Craig Williams as Managing Director and Chairman – former Joint Managing Director of Mantra Resources and President & CEO of Equinox Minerals respectively. Mantra and Equinox were acquired via cash takeovers for a combined value of >$8 billion in 2011. OreCorp is well funded with no debt and its key project is the advanced high-grade multi-million ounce (3.07Mozs grading 4.03g/t Au) Nyanzaga Gold Project in northwest Tanzania, on which a Definitive Feasibility Study has commenced. OreCorp is expanding its corporate profile and identify suitable debt and equity providers.
Cash: AUD$50M
Debt: Nil
Major shareholders:
Federation Mining Pty Ltd (AustralianSuper) – 13%
Westoz Funds Management Pty Ltd – 11%
Rollason Pty Ltd – 10%
Mutual Investments Pty Ltd – 7%
Directors & Associates – 10%
Management Profile
Mr Yates is a geologist with over 35 years’ industry experience, covering most facets of exploration from generative work to project development. Prior to founding OreCorp Limited, he was the Managing Director of OmegaCorp Limited and then Joint Managing Director of Mantra Resources Limited and was instrumental in the acquisition of a number of uranium projects, including Mkuju River (Tanzania), Kariba (Zambia) and Mavuzi (Mozambique). He has worked in Australia and southern, east and west Africa, Central Asia and the Gulf Region. He managed exploration teams in Western Australia and Tanzania respectively. Mr Yates has an applied technical background and has held senior positions for over 25 years, including resident Exploration Manager in Tanzania for Tanganyika Gold Limited.
What is your rationale for taking part 121 Mining Investment?
We aim to raise the profile of the Company and meet as many potential investors as possible.
What recent news would you like to highlight to investors attending?
• Grant of Special Mining Licence for Nyanzaga (OreCorp 84%, Government of Tanzania 16%)
• Advancement of the Nyanzaga Definitive Feasibility Study
• Conclusion of the updated Kilimani drilling to enable an updated MRE
• Maintained a healthy business development program to identify projects to enhance shareholder value
• Concluded the demerger of the West Australian gold and base metals assets into a new corporate entity – Solstice Minerals
• Maintained a strong cash balance and key institutional and shareholder support and remain with A$50 million in cash (30 December, 2021) and no debt
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Conclude the Definitive Feasibility Study on the Nyanzaga Project.
6 Months:
Progress Project Financing for Nyanzaga.
12 Months:
Conclude Project Financing for Nyanzaga and commence construction.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
The key risks are low commodity prices and weak equity markets. We aim to cover these by being efficient, manage our cash in a prudent manner and deliver optimum results!
What do you think makes your company such a compelling investment?
Focused and engaged Board and management with strong development experience and 100% ownership of a gold project of significant grade and scale.
What are the top 3 key investor takeaways?
Gold focussed development Company
Exceptional project in both grade and scale
Focussed Board and Management