OreCorp Limited (OreCorp or the Company) (ASX: ORR) is pleased to announce significant progress in financing its multi-million ounce Nyanzaga Gold Project (Nyanzaga or Project) in Tanzania. Nyanzaga delivered a robust DFS in August 2022, with the Project proposed to produce 242,000 ounces of gold per year for 10 years with a highly competitive all-in sustaining cost (AISC) of US$954/oz.

This high margin provides Nyanzaga with an excellent debt carrying capacity and flexibility how this is deployed. Discussions to date with major European, African and Tanzanian banks have delivered nonbinding expressions of interest to provide debt finance of more than US$400 million for the Project, well in excess of the US$300 million debt target set by OreCorp in consultation with its financing advisors, Auramet International LLC (Auramet). OreCorp, together with Auramet is continuing discussions with several other financial institutions, including global Export Credit Agencies, as the Company moves to secure syndicated debt funding for Nyanzaga. Recent positive legislative changes in Tanzania have seen the royalty rate of 6% being reduced to 4% in certain circumstances.

The Company is further considering how it may take advantage of the reduced royalty rate to implement other arrangements that may complement, enhance or partially replace the debt financing. As regards such arrangements, initial discussions with credit funds, royalty and streaming providers have indicated strong interest in the Project

The expressions of interest received by the Company are indicative, non-binding and subject to completion of formal financing documentation, satisfactory due diligence and other standard debt financing terms, including satisfactory market conditions and relevant internal approvals

OreCorp Executive Chairman, Matthew Yates commented: 'We are pleased with the strong interest we have received to date from banks with respect to financing the Project. The expressions of interest received give us further confidence in our ability to deliver on a comprehensive financing package for the Project which meets our objectives of prudently managing leverage and minimising dilution to the Company's existing shareholders. We intend to further advance discussions with banks and other capital providers to ensure we have maximum flexibility to secure financing for the Project in the prevailing market conditions.'

Auramet's representative, Mark Tyler commented: 'We are extremely pleased with the overwhelming response received from financiers who have indicated interest in participating in a syndicated debt facility for the development of Nyanzaga. We look forward to working with OreCorp to finalise an optimal funding outcome that works for the Company and the Project.'

Contact:

Investor

Matthew Yates

Executive Chairman

T: +61 9381 9997

Maude Lacasse

Investor Relations

E: maude@nwrcommunications.com.au

T: +61 (0) 416 499 856

DISCLAIMER / FORWARD-LOOKING STATEMENTS

This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects and projections in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events, which as at the date of this announcement are considered reasonable, that may or may not eventuate (Forward-Looking Statements). Forward-Looking Statements can generally be identified by the use of forward-looking words such as, 'anticipates', 'estimates' 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also Forward-Looking Statements. Persons reading this announcement are cautioned that such statements are only predictions, and that actual future results or performance may be materially different. Forward-Looking Statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. ForwardLooking Statements are provided as a general guide only and should not be relied on as a guarantee of future performance. No representation or warranty, express or implied, is made by OreCorp that any Forward-Looking Statement will be achieved or proved to be correct. Further, OreCorp disclaims any intent or obligations to update or revise any Forward-Looking Statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law

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