Ortac Resources - undervalued miner15 Oct 2017 18:23
Ortac Resources is massively undervalued.
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�turec Gold Project, Slovakia
Location: Central Slovakia
Operator: Ortac
Gold in the Ground: 1.32 Moz Au Eq. JORC Code (2004)
Ortac Stake: 100%
Stage: Undergound Mining Permit re-issued, mining operations have recommenced
Project Investment to date: ~$30 million. Development of alternate leaching processes. Surface & underground mining permitted.
In April 2013 Ortac and SRK completed a PFS of the �turec Project. The results of the PFS confirm the economic viability of the �turec Project. Highlights of the study include: a Net Present Value (�NPV�) at 8% discount rate (pre-tax) of US$195 million (post tax US$145 million) and Internal Rate of Return (�IRR�) of 30%, at US$1,343/oz Au Eq net price. Cash operating costs of US$555 per oz Au Eq. Projected project life of 11 years with average annual production of 71,000 oz Au Eq and pre-production capital expenditure of US$124 million, including 15% contingency on processing and infrastructure items.
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Misisi Gold Project, Democratic Republic of the Congo
Location: Democratic Republic of the Congo
Operator: CASA Mining Ltd
Gold in the Ground: 1.5 Moz Au JORC Code (2012)
Ortac Stake: Approximately 45% upon conversion
Stage: Advanced Exploration
Next Step: Infill Drilling, expected to commence in August 2017
Project Investment to date: $30 million
In February 2016, Ortac took an initial stake in CASA Mining Ltd, through an equity placing of securing an initial interest of approximately 12% in the share capital of CASA. Ortac has since increased its stake in CASA to 45%
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Haykota VMS Copper-Gold, Eritrea
Location: Eritrea
Operator: Andiamo Exploration Ltd
Copper in the Ground: Maiden JORC (oxide) of ~85,000 oz Au and ~22,000t of Cu at Yacob Dewar.
Ortac Stake: 18.48%
Stage: New VMS discovery in the northern part of the license under JV with EEA confirmed at Hoba, with a number of other anomalies yet to be tested. Nevsun's (TSX: NSV) VMS discoveries approaching northern part of Andiamo�s license
Project Investment to date: $12.5 million
Ortac Resources initially invested US$1.5 million for a 26.7% holding, but has been diluted down to 18.48% through subsequent equity placings.
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Kalaba Copper Cobalt, Zambia
Location: Zambia
Operator: Zamsort ltd
Resource: Non-Code Compliant Resource of copper and cobalt
Ore in the Ground: 16.59 million tonnes
Ortac Stake: Effective 19.35%
Stage: Commercial scale demonstration plant under construction
Next Step: Processing 35kt of ore per month with a grade of 1.00% ASCu and 0.20% ASCo. C1 cash costs estimated at $2,500/t of recovered copper.
In June 2017, Ortac agreed to convert the Secured Convertible Loan Note and to partially convert the Call Option Agreement into an equity position of 14%