OreCorp Limited (OreCorp or the Company) (ASX: ORR) is pleased to announce that following a competitive bid process, its subsidiary, Sotta Mining Corporation Limited (SMCL) has awarded Ausenco Services Pty Ltd (Ausenco) and DRA Global Limited (DRA) Early Contractor Involvement (ECI) contracts for the Engineering, Procurement and Construction Management (EPCM) package at the Nyanzaga Gold Project (Project).

The scope of works under the ECI contracts includes a review of the Definitive Feasibility Study process flowsheet to identify optimisation and cost reduction opportunities.

ECI contracts also include early engineering and design activities to enable the development of specifications, engineering plans and schedules, which will include detailed cost, time and resource requirements, with each contractor delivering a detailed capital cost estimate and executable EPCM contract. The parallel ECI contract strategy, which involves appointing dual contractors at the ECI stage, will create a competitive environment in which to negotiate an incentivised EPCM contract. The ECI contracts are scheduled for completion in Q3 CY 2023 and OreCorp expects to award an EPCM contract to the successful contractor soon after.

The Ausenco and DRA groups have a long history in Tanzania and have recently been involved in several mining studies and/or projects in the country. Both contractors are well experienced, and the Company is confident that each will deliver a competitive capital cost estimate and EPCM contract for the Company to consider.

OreCorp CEO & Managing Director Henk Diederichs commented: 'Award of the ECI contracts is another significant step forward in the development of Nyanzaga, and the interest received from highly experienced contractors such as Ausenco and DRA is testament to the quality of our Project. The parallel ECI contract strategy enables us to engage with two experienced contractors in a competitive environment, which is expected to result in an optimal outcome for execution of the Project. We are pleased to have achieved another milestone and are looking forward to progressing the Project further.'

Contact:

Tel: +61 (0) 416 499 856

ABOUT ORECORP LIMITED

OreCorp Limited is a Western Australian based mining exploration company listed on the Australian Securities Exchange (ASX) under the code 'ORR'. The Company is well funded with no debt. OreCorp's key project is the Nyanzaga Gold Project in northwest Tanzania.

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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