Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Barrick are actualy going to buy us using funding from ING.
I'm sorry, today is so BORRING...
I'm going to call it now folks - POW will make this their 21st project in a few months time. It will then be an IPO called POORIOLE Metal Resources ;-)
Sorry all for the waffly post...
GLA. Let's hope we get some news tomorrow to give us a great weekend, confirmation of AGM (Abundant Gold Masses) would be great!
Two of our buys today through HL are shown as sales!
Bottomline is that junior explorers need funding to exist as it is the exploratory work that increases the value of their assets. ORR can only go so far with their existing cash reserves and will need to sell an asset(license), support of a JV, or a raise (private or otherwise) to continue to exist i.e. continue to explore. They have managed the funds pretty well since Bob came in and have driven down costs so that the majority goes into their projects. Sorr
Their exploration costs now are for their Cameroon program as Senegal is funded by IAMGOLDs earn in agreement. They completed maiden drilling in Bibemi and very early stage sampling in other Cameroon lics. We don't have nailed on costs or targets yet for the next phase of Cameroon but know that there will be some information coming from the early stage work on other Cameroon lics and hopefully enough positive news from Bibemi to drive some refined drilling targets to provide more evidence of potential resource scale.
The company plan as I understand it for ORR, or any junior explorer is to do enough work and analysis that a better funded partner wants in on your license to help do more work and increase the value of the license(s) or wants to buy the license. The terms of the license sale or partnerships might mean royalty payments when the license/future mine starts producing or just cash.
Either way the plan is to do the initial/ground work to prove out a resource be that JORC or simply to the extent that potential interested parties accept a resource exists and put a value on it. Then negotiate the best terms, fund your next license, find another license and continue to go.
If there isn't enough money coming through the door, it's partner up, dilute or die.
If you find a solid resource the rewards can be exceptional, but if not, given the nature/time/cost it takes doing the work you run out of funds or investors then that's it.
These stocks are RISKY. ORR is not a mining company, though has a very small number of assets producing a small income but certainly not enough to fund a full multi year campaign in Cameroon.
My risk profile is such that I'm happy to take the pain of failure for the big rewards of success, but to some degree I agree and recent posts are right. Senegal is the license that will essentially pay the bills and Cameroon represents the reward.
I do feel that at the current marketcap, the potential we have, the fact we DO have funds currently in the bank to keep going, results imminent and IAMGOLD driving Senegal that there is upside from here. I also thought there was upside from well above 1p when I bought a chunk... Movements up or down on these types of stocks can be fast. It is painful looking at todays SP/Marketcap and seeing the days tick by without any more news, but I am sticking with it.
I actually think gambling at this SP is a good place, but I personally need to see a multibag from here and I think that is some time off....
S
Just saw this posted elsewhere, chartist Zak Mir suggests ORR is 'deeply oversold'
https://www.youtube.com/watch?v=e9QsqHWdoFI&t=53s&ab_channel=**********
Basing investment decisions on the perceived quality of an anonymous message board is ridiculous. Having a "good" board on LSE has absolutely no bearing on the fundamental investment case for a company whatsoever. In fact I think it can be a dangerous thing because it can lull people into a false sense of security or a herd mentality.
And anyway, the CGP board is an absolute cess pit most of the times I've looked at it. Now the SP has tanked it's full of people moaning about conspiracy theories, manipulation, it's not fair the price went down etc. When it was at 37p anyone who voiced a negative opinion was hounded from the board and accused of malicious de-ramping, and in some cases banned from LSE, because the mods on CGP clearly had positions in the stock themselves... when in fact the people saying it was overvalued and would go back below 20p have been proven right. And some of the "highly respected posters" who bamboozle everyone else with their seemingly detailed research may have got it right that it was undervalued at 1p, but they were also still claiming that at 37p and probably tempted a load of people to buy at that level with their theories of why it was going to £1 or whatever. They are usually the ones who then reveal that they "top-sliced" at the top, meaning they sold out while telling everyone else to pile in.
Is it possible, if the next set of results are promising, that there could be JV interest in Bibemi? It might also be an opportunity for a major to get their foot through the door on those central Cameroon licences as well? But otherwise, I agree that they are probably looking at the IAG JV to 'save the day' so far as financing and funding future exploration is concerned. The position on the legacy assets and the court case is to uncertain to place any expectation of funds coming in from that route and in the timescale needed.
Olderandwiser - They don't have to be in "GGP's league". I'm not saying this is your train of thought, but I say regularly, the market was blessed with GGP, and now need to get that out of their head. Havieron was under 430m of cover and do they have 25%? of Havieron? I am invested by the way.
Don't Oriole have the option of acquiring up to 90% of Bibemi, and from the initial results, it's cleared that mineralisation is stacked within those veins, all within 100m of surface
These next 20 holes will be a solid indication to the market, broader spaced drilling and let's see what kind of strike length we achieve. Plus their own "Gold district" in central Cameroon
Ideally for me, we prove up further Bonanza grades at Senala with IAMGOLD. They're clearly motoring on in that region and we flip our 30% or whatever is left onto them. Get a package that fully finances for years, not just at Bibemi, but our new licenses
Good grades, I guess (but not in the GGP league). What bothers me is how ORR will finance a follow on drilling program/PEA to move to the next stage. These workstreams cost upwards of £5mn each to do properly. That's a big chunk out of ORR's current MC.
Good spot and essentially the maiden drilling programme now needs to map out that area and work out where the best concentrations of gold is likely to be that would support a commercial open pit mining operation. Essentially it would be impossible to have the entire 20KM yielding all commercial gold. I mean it would be great as a share holder but that doesn't happen. Let's hope there is a decent consolidation of gold that can be mapped out and easily mined and we can get out of this naughty price range.
Remember this is what the then owner of Bibemi project declared back in 2014...
'Cameroon: Reservoir Minerals finds 30 km of gold mineralisation in Bibemi'
https://www.businessincameroon.com/mining/2611-5148-cameroon-reservoir-minerals-finds-30-km-of-gold-mineralisation-in-bibemi
Under AIM rules ORR would not be allowed to make such a media statement however you can well understand why management are so upbeat about the project.
The shares are bargain basement currently, buy low sell high !!
No worries LW. Long hold for me Orr but a strong one. The only thing I’m concerned about is financial situation.
I don’t mind fundraising etc I’d just like the SP to get moving a little, less dilution. Fingers crossed the warrants keep it ticking over.
RNS Monday I’m going for
So good AG that I read it twice - thanks!!!
So good i posted it twice :D
The more i read back on the Bibemi RNS, the more I'm impressed with those results. Just find the Gold in a number of holes is a credit to the company, and not just in one section, in multiple sections
"BBDD009
o 12.40m grading 0.71 g/t Au from 29.20m, including 1.20m grading 3.43 g/t Au
o 1.00m grading 1.08 g/t Au from 46.60m
o 1.00m grading 5.65 g/t Au from 60.40m
o 1.00m grading 6.15 g/t Au from 92.40m"
Suggesting the company are hitting these staggered veins and at different depths.
It's been said to death on here but why not remind ourselves. 20 holes to report, likely before the end of this month (7 days left), with 3 of them showing signs of visible Gold, at the time our CEO with a Geologist background bought 600,000 more shares. (Let's not get into "Well i bought more than that today). A buy is a buy and at 0.8p, Tim clearly thought that was a good investment
Let's not forget, 6 weeks ago, drilling recommenced at the Faré and Madina Bafé prospects
"20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling (FARC-00007) and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (FADD-00004)."
Very prospective and todays price, an absolute bargain for a junior mining company with all of this going on
The more i read back on the Bibemi RNS, the more I'm impressed with those results. Just find the Gold in a number of holes is a credit to the company, and not just in one section, in multiple sections
"BBDD009
o 12.40m grading 0.71 g/t Au from 29.20m, including 1.20m grading 3.43 g/t Au
o 1.00m grading 1.08 g/t Au from 46.60m
o 1.00m grading 5.65 g/t Au from 60.40m
o 1.00m grading 6.15 g/t Au from 92.40m"
Suggesting the company are hitting these staggered veins and at different depths.
It's been said to death on here but why not remind ourselves. 20 holes to report, likely before the end of this month (7 days left), with 3 of them showing signs of visible Gold, at the time our CEO with a Geologist background bought 600,000 more shares. (Let's not get into "Well i bought more than that today). A buy is a buy and at 0.8p, Tim clearly thought that was a good investment
Let's not forget, 6 weeks ago, drilling recommenced at the Faré and Madina Bafé prospects
"20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling (FARC-00007) and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (FADD-00004)."
Very prospective and todays price, an absolute bargain for a junior mining company with all of this going on
Lets hope the Assay results are a bit like this........
https://twitter.com/justinscasey/status/1407372606655848449?s=20
Results out all resolutions passed, voting quite light. Am thinking Kutzz must not have voted looking at the numbers.
Five working days for 3 sets of RNS. One assumes all rolled up now and dropped this day next week?
Brilliant, thanks rcgl2 appreciate the confirmation. I thought this was standard, and seem to remember TL admitting that they had a relationship with an investor who took the shares the last time they needed some support and that these resolutions were in previous AGMs. I think they were £270k, but sure it is on an RNS somewhere.
As someone else posted, one of the main things Bob has done since coming on board is get a hold of the finances, and I wouldn't expect this to be used as a 'trough to feed themselves' as may have been the case in other companies, but will be used to support continued exploration activities if needed.
Will certainly spend some time later in the week to listen to the AGM, and look forward like the rest of us to the real thing at hand which are the Bibemi results and the not too far off Fare results.
GLA
The special resolutions are pretty standard, to disapply statutory pre-emption rights. They are to allow the company to issue and allot new shares without having to offer them pre-emptively to existing shareholders first. Because the pre-emption rights are statutory from the Companies Act, companies have to pass a special resolution to disapply them. The authority will usually last for a year until the next AGM.
It's pretty normal to do this, it just gives the company flexibility to raise funds as and when it needs to. It doesn't mean that there is a specific dilutive equity raise being planned. Many companies will pass these special resolutions every year so their board is authorised to conduct a fund raise if necessary.
At the recent presentation, TL was very clear in saying that ORR provide timescales that they are confident in and that they stick to and defended their track record on this. He also stated that if timelines were going to be missed, that would be a notifiable event. The current timeline of end of this month was then re-affirmed by TL and Claire.
Kutzz, Outside of some other more simple resolutions e.g. confirm accounts, auditors etc.. The vote today is for two special resolutions. I got the figures wrong, it's two lots of £235k.
To authorise the Directors to allot equity securities under section 551 as if section 561(1) of the Act did not apply to any such allotment, up to an aggregate nominal amount of £235,000 as specified in the Notice of Annual General Meeting.
To authorise the Directors to allot further equity securities under section 551 as if section 561(1) of the Act did not apply to any such allotment, in addition to resolution 5 above, up to an aggregate nominal amount of £235,000 as specified in the Notice of Annual General Meeting.
My assumption (correct I think) is that they are basically asking permission to issue £235k of new shares/equity twice. The 2nd one only in case the first one isn't enough.
This is outside of any formal raise/open offer etc..
Agree, at today's current SP it is ~5% dilution, but at the same time my opinion is to trust the board that they wouldn't ask for it if it wasn't needed.
Annoyingly I didn't receive a Proxy vote which I assumed I would have got in my HL account as HL typically roll up the votes and issue one I believe. I am sure other posters will correct me.. I am not too up on this.
Either way, I haven't voted but would have voted yes.
Hunniford, agree this will be a largely 'nothing' AGM to pass resolutions as the Q&A already happened. I like many are keen to see the results and the subsequent strategy that will drive the shareholder value and 2nd your request for another Crux interview!
Excuse my ignorance but that potential dilution would surely go down like a lead balloon on what’s already a deflated price?
But yes hopefully we start to see an uptick and more news from the company.
MTM I get the feeling the AGM will just be about business, resolutions getting passed and vote results. Don't think there is any Q&A they got that out of the way before the revealed the first drill results (cheeky).
That said they posted on Social media pictures of a strategy meeting (NB which seemed to be minus Claire). I would expect a strategy meeting to happen once they have all the results. So read from that what you will. After all why strategize on results that haven't come in yet. In that scenario my strategy would be to wait on the results!!
So we can either expect all results as promised by end of Q2 and then some kind of strategy update.
I wrote to Crux investors today and suggested they do another no nonsense ORR interview to get ORR pinned down on the value and their newly thought out strategy.