"The signing ceremony in Khartoum was a momentous event to mark the payoff of a decade-long push for a commercial gold industry in Sudan," Orca president and CEO Richard Clark said last week.
"Contrary to media reports of instability in the Sudanese political environment, we can confirm that it has been business as usual for our operations to date."
However political tensions have continued to rise in recent days following a failed coup in September and a news report hours ago of military forces putting the country's prime minister under house arrest.
Resolute Mining-backed Orca recently completed an airstrip at Block 14 amid pre-construction activities in anticipation of successful negotiations.
The mine is expected to cost US$321 million and produce an average 167,000 ounces of gold annually over 13.6 years.
Payback was estimated at 2.9 years, after-tax NPV5 at $607 million and IRR at 33.3%, in a 2020 study.
The US's formal repeal of Sudan's designation as a "State Sponsor of Terrorism" in December 2020 was said to increase development options for Orca and Block 14.
Orca owns 70% of Block 14, the government 20% and a local partner 10%.
The company had C$10 million in cash last month.
Its shares (TSXV: ORG) last traded at 54c, at the lower end of a one-year range, valuing it at $140 million (US$113 million).
