RE: Today's RNS for MBE-N JORC13 Apr 2026 13:18
I do think it's healthy to have a balanced discussion on here.
We aren't going to the moon and we aren't doing badly. The BoD are doing a great job especially with al of the speedy exploration.
Yes, the resources are lower than predicted in the exploration target but the grade is higher and it's open in all directions.
I'll reiterate a point around milestone payments. We aren't anywhere near getting these so reference to this should be stopped as it's just overly optimistic.
The RNS states clearly: "A ten hole 2,500m step out diamond drilling programme at MB01-S commenced earlier this month, with the aim of expanding the existing Inferred MRE at that deposit later this year."
It is a step out DD programme, i.e. to discover new ounces and crucially makes clear the aim is to expand the *inferred* MRE.
Milestone payments are for Indicated. One for 2027 perhaps.
Second, there is an interesting discussion to be had around new frontier and the merits and disadvantages of this.
Many state first mover advantage, some could easily also argue first mover disadvantage.
Which brings me on to agreeing with others that it isn't about the resource anymore. It's about the EL and the infrastructure in place to take advantage of the gold in them hills.
Interesting quote below:
"...sits in a brand-new gold province like Cameroon, those ounces carry a massive premium because of the blue-sky potential. You don’t value a 1.2Moz maiden resource the same way you value a stale, closed-off deposit in a tired jurisdiction."
Blue sky potential makes no reference to the fact the country has no above ground gold mine. This is for ORR to prove to the market that the required infrastructure is there, the political will is there. No EL yet so can't prove that one.
I dislike the emotive phrase "tired jurisdiction" which is so misleading. Jurisdictions like Australia which have supportive governments, trained and skilled mining professionals and required mining infrastructure? Which countries would we class as tired jurisdictions?
In some ways, a well established mining jurisdiction is more beneficial to a new frontier. This risk is priced in imo and a major part of the reason why we're aren't above 0.5p and nearer 1p.
The resource is there - can we prove how we are going to take advantage of it....
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