Earlier this month Argonaut attended a site visit to OreCorp’s Nyanzaga project in Tanzania. DFS progress, site access, project geology and exploration upside were key discussion points. Nyanzaga hill is a striking geographic feature, three million ounces literally sticking out of the ground. Cost inflation remains the key risk to the project, as is the case for most developers. The scale and quality of this project gives OreCorp a competitive advantage over most peers in our view, hence we maintain our speculative buy recommendation with a $1.20 valuation.
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