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I agree.

Hi all,

I think today's RNS is going to please and disappoint at the same time.

I'll get the small disappointment out of the way first: the extension of Pepas to the north is not yet proven and so far we can only remain certain about the small high grade Pepas core area and wait to study extension potential and geological source of the gold later.

To be clear, im not suggesting there is no major expansion potential of the deposit at pepas. I actually think there is but it will take time to prove that (not before 2026...).

HOWEVER, this pepas core area is the real deal. Red Cloud had put an estimate of pepas core at 386k ounces grading 4.47g/t. Thats before today's bonanza results. So it is likely we are looking at a higher grade deposit than that.

if you assume they will produce (via toll mill) about 40,000 ounces per year... with gross margin around $2,000/ounce (likely more), we are looking at $80,000,000 dollars of margin for Orosur per year from late 2026 or 2027. this is huge and as brad said several times, this is unheard of (except maybe decades ago when the "easy" deposits were still being discovered).

While it will not happen overnight, you might be looking at a company that generates over 60million dollars of annual cash flows from 2027, which will easily fund major exploration campaigns across our licences without any dilution and likely a dividend for shareholders along the way. This will be easily comparable to what Collective Mining has been doing over the past few years...but without the dilution.

in 3 to 5 years time, we might be looking at a £1bn mktcap company here...thats 300p per share... (or say 200p if you assume we dilute significantly to get to production cash flows.)

Morning all,

talking of X, they should refute the odd tweet from CapAlert yday about a private placement. It seems to be incorrect.

Hi everyone,

Did anyone get hold of the research piece by broker Red Cloud? I'm told they have a target price of 70cts per shares (Canadian dollars).

Cheers.

I also agree with previous comments (it was maybe on CEO.ca) that the great success of collective mining so far and the recent investment by Agnico will bring a lot of attention to Colombia and instits that missed Collective or are taking profit on the great share price will reallocate to Orosur.

Orosur HAS the best land package in Colombia.

it is a great opportunity to buy now (even after a 3-4x rerate from the very bottom). No one is talking about Orosur in london. Most people still think about orosur as being JVed with disappointing partners. Barely anyone has woken up to the fact Orosur is a pure independent player with 100% of the largest land package and the some of the best gold intersection of the industry !

go back to the days (2015-2017) when solgold could not raise any cash at 1.5p (I stupidly refused to participate at the time thinking they are goign nowhere) and then they hit stunning copper intersections.... 18 months later... the share price had gone 30x !!! (thats including the dilutive effect of placing/warrant exercise...).

I feel Orosur is set up similarly in terms of market psychology and asset quality

Monring all,

Regarding the private placement, it is worth noting that it is only for Canadian investors so there will be a lot of pent up demand in the UK not satisfied by the PP. while the RNS expects to close around 27th March, I suspect the book is already built with high profile instit funds. We could see a closing and annct earlier than 27th if the TSX approved the PP rapidly.

Finally, I think we shall see at least 1 or 2 new instit investors (aside Dynamic topping up) whomight be quite high profile. They would need to invest over 1.5m Canadian dollars to cross the 3% notification treshold. Lets see.

I think we might not be able to see sub 9p again. Not ramping but I personally tried to participate in the PP (from London) and will only be able to buy in the market. This could be an issue for directors not residents in Canada too. Which means they might buy in the market rather than through the PP.

I actually think, from a AIM Reg point of view, he is not allowed to update the cash position without a RNS so I think the 2.5m still refers back to what we know as of 31st Jan. I suspect a lot more warrants have been exercised since the 4th Feb Columbia update RNS. the volumes were big and almost all warrants were deeply in the money. I would think we are closer to 3m+ of cash by now.

I would think that management will want to publish a new wave of excellent results right before PDAC to create some buzz. The webinar yesterday implies there has been another 5+ holes drilled and assayed since PEP022 was published... there will likely be some impressive holes amongst those new ones. RNS friday then ? PDAC starts this sunday.

- Existing shareholders: legacy shareholders like Aberdeen or Newmont are less relevant because we cannot say that they are endorsing the current project as it is (they might do but their investment was not related to what is happening now). The new Canadian instit from the recent placing is major endorsement as they paid a big premium to where the share price was a few weeks prior and seem to have a track record of chasing multi baggers in the junior minding space. Going back to Newmont, it is reassuring that they have only 13-14% of the company as you do not want them to block any potential M&A later on.

- AIM vs TSX: this is new to me and very interesting. Unless I am missing something (please let me know), Orosur is heavuily discounted on AIM vs TSX. The stock closed at 19cts on the TSX, which FX adjusted, woudl be 10.5/11p in the UK. and here are, around 8.5/9p. I have followed a few canadian investors' messages over the last few days and they generally seem a lot more technically minded than we are in the UK, when it comes to geology. So far, I feel we (in the UK, are having a bargain.

- M&A: this is the key here. If Pepas keeps hitting great holes, especially if it extends, Orosur becomes a legit M&A target. Who are the key candidates for a move to acquire Orosur? Im not sure the western majors would rush back in Colombia at this stage but I definitely think the likes of Collective mining, Aris Mining and Zijin will be very keen to make a move sooner rather than later. If you look at Collective mining, they have a market cap of CAD 600million while "only" being a junior gold explorer (admittedly with a lot more drilling data). The do not have any intersections close to what we are hitting at Pepas. And right now, we are less than a 1/10th of their mkt cap. Aris mining will soon generate cash flows and could easily be looking to expand their resource portfolio with potentially the best high grade deposit in Colombia. Same for Zijin although I feel Chinese players prefer advanced, near-production assets.

Finally, I want to remind people that 20-30x bagger do happen...rarely... but they do. We used to have those on AIM with the likes of Solgold, Greatland Gold but those are years behind us now. So I want to remind you of Ventana Gold, it was a tiny small cap that hit 100m+ at 6g+... 12 months later, share price went up 30x and later got sold for 1.4bn dollars.

To be clear, it is early days and a lot has to keep going right for such bullish scenarios to happen but we are definitely going that way so far.

2/2

Hi everyone, I haven't used LSE in years but I thought it might be worth re-engaging as I feel Orosur could be a much-needed big win for the AIM investor/trader community.

I will put my thoughts in the form of bullet points to keep it simple and partly to help myself focus on each point later on.

I am a new long and considering adding more.

- Pepas 1 drilling intersections: No doubt about it, those are world class holes with extremely rare drilling results. 100m+ at 6g/t+ is truly globally exceptional. The other holes are outstanding too. Also note this is from surface and gold...not Gold equivalent. Having said that, we have limited info on potential scale. I am not a trained geologist but there are fault that could limit or not the ore deposit. Pepas 2 is clearly interesting with regards to scale. Others like Kilcona have highlighted the potential (multi million Ounces deposit) if the structure extends.

- Management is clearly playing it cool and not ramping it. I like that. because im new to the stock, I dont hold any grudges towards management. I actually find it refreshing to hear and read measured comments from the CEO. They clearly are excited but trying to keep it under control and not jinxing it. I must admit that I would like management to have more exposure to the stock. Im glad they issued themselves some options or similar instruments back in November. I like management to be incentivised on the equity side. Greed is good as long as its aligned with shareholders. It seems to me that cash remuneration is moderate across the board. It is appreciated.

- Cash position is relatively strong. well over £1million right now and with more than £1million to be easily cashed in as warrants (all deep in the money) get exercised. So they can go a few quarters drilling without needing to tap the market. To be clear, I am not against raising more equity. If you get quality LT investor spaying the right price, placing can be a powerful enabler to the benefit of all shareholders.

- Other assets: I haven't spent much time on the other colombian assets but my default view is that it is valued at about £10million which is where Orosur was before we knew and cared about Pepas. But I do recognize that Orosur holds a large portfolio of licences in the region and that could prove very valuable to attract a big buyer/investor who is looking for big upside and optionality beyond Pepas.

1/2

This is your first post? You have an agenda in mind??

Is this the first day with no block sales in a months? Was the Friday 10million block the last selling piece ? I've been buying a few decent clips at .42 today so I suspect the liquidity came from the 10mn block last Friday. And now 43 offer... is this the floor??

Looks like the seller has finally cleared... should normalize back to .60 area.

"We calculate an unrisked value for Savannah of US$381.2m, equivalent to 42.0p per share."

some people will be tempted to take profit on this move here and good for them but the new bigger investors will keep lifting the shares especially now that the RNS has confirmed or outperformed people's expectation.. the afternoon session will be very interesting...

• Expansion of the resource base (Table 2) is likely to provide significant opportunity to expand mine life and potentially increase annual mining and processing rates. The current combined Mineral Resource Estimate and Exploration Target of 22-26Mt at 1.0% to 1.2%Li₂O suggests that there is significant potential to further expand the resource base and improve the overall financial case for the Project

so 356mn USD is gbp 265mn, or 200mn gbp net to sav...thats 28p net SAV share price worth. and thats for phase 1...

note the spoduemene price used is 685/tonne for the base case. thats what altura used (690) in their last DFS a few weeks ago. Current offtke agreemements and sales are around 900/tonne. So this long term price of 685 is already taking into account the risk of lower prices in the future. But if we can secure a offtke agreemenent in the next few months, we shall likely sell spoduemene closer to 900 for the first few years.

base case pre-tax NPV8 of US$356m and IRR of 63% based on a Mining inventory of 14.42Mt at 1.07% Li₂O . this, my friends, is an amazing project. much better than my expectations (which were 300mn USD npv using 17mt rresources). this is phase 1 guys, i continue to believe that by the time they finish the DFS, we have 2x the resource and 2x the npv ! well done SAV, this is amazing.

after such a rise last few days, i suspect quite a lot of investors and traders in UK/europe are taking or have taken profit here. Only the proper LTH who care about fundamentals will want to see this company through.. and that is through 20-30-40-50p over the next few months/quarters. However, we have a new wave of buying interest here, which seems to come from a mix of Daily Mail PI but more so from big hands internationally... the intraday pattern last few days suggest US accounts are building up positions here. thats all very good and healthy. Scoping study any day...........