Perseus settles Orca buy

20th May 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


Font size: - +

PERTH ( – Gold miner Perseus Mining has completed the acquisition of TSX-V-listed Orca Gold Inc.

Perseus, which held an initial 15% interest in Orca, offered its shareholders 0.56 Perseus shares for every Orca share held, with the total consideration paid for Orca estimated at C$215-million, including C$17-million that Perseus previously spent on acquiring the initial stake in the takeover target.

The ASX- and TSX-listed Perseus on Friday said that it has now issued more than 125.2-million shares to Orca shareholders, bringing the company’s total shares on issue to over 1.3-billion.

Orca’s main asset is a 70% interest in the Block 14 project that is located in northern Sudan near the border with Egypt. It is a large and scalable resource with a mineral resource estimate consisting of an indicated resource of 79.9-million tonnes grading 1.3 g/t gold for 3.3-million ounces of gold and an inferred resource of 18.5-million tonnes grading 1.2 g/t gold for 0.7-million ounces of gold.

The Block 14 project has a probable mineral reserve estimate of 79.9-million tonnes grading 1.1 g/t gold for 2.9-million ounces of gold.

Orca also owns a 31.4% interest in TSX-V-listed Montage which announced completion of a feasibility study at its cornerstone Koné gold project, located in Côte d’Ivoire, in February.

Edited by Creamer Media Reporter


The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?