Covid related disruptions and skills shortages have resulted in a delay to OreCorp’s DFS. Previously the study was planned for release by mid-year, Q3 the new target. We tweak assumptions in our model to factor in delayed first-gold which has resulted in a slight reduction in our sum-of-parts valuation, now $1.20 per share, prior $1.32 per share. We still see significant upside to current price. Cost escalations and further disruptions to the plan the key risks, such is life in 2022.
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