The problem is that the system responsible for writing geotags to the tiff does not know the coordinate system of the ortho-photo. RC ends with the red error in such case which is wrong. If it cant write the geotags then it should export just tiff without geotags but with world file and warn you. We have fixed this issue and the fix will be released soon.
The workaround is to export to png with world file pnw for example and convert to tiff in external program and just rename the world file.