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Hello Daniel, tank you for your answer.
So this process is a bit different from what I expected. Do you use the camera R and t matrices in this process, or do you estimate them all again with conjugate gradient?

Hello, I have been investgating how to create an orthomosaic with the Snaveley's Bundler output. Cloudcompare sort of does that. From what I understood, it introduces some orthorectification on the images (with parameters estimated via Least squares). I and then it projects the images and saves them...