RE: RE: Some of you will not like this, but...12 Mar 2026 17:41
The issue with Oriole Resources is, quite obviously, the severe lack of trading volume. In many respects, that likely reflects a failure by the board to properly convince the market to engage with the story. On AIM there are relatively few genuine value-oriented gold explorers, so in theory Oriole should be difficult for investors to overlook.
The company already appears to have a substantial system at MBE, and frankly you do not need a formal MRE to recognise that the scale potential looks significant. Yet despite the ounces implied in the north, and the confirmed results in the south, these results have not translated into sustained share price momentum. In most jurisdictions those kinds of results would normally have moved the stock more meaningfully.
The market’s hesitation seems to stem from the classic Cameroon “first-mover” discount, in my completely uneducated opinion. Investors remain cautious about jurisdictional execution risk, which means the exploitation licence effectively becomes the key de-risking event. Until that milestone is secured, the market appears reluctant to fully price in the potential scale of the project.
At the same time, the Bibemi project could prove strategically important. If successfully advanced, it has the potential to provide an earlier development pathway that could generate cash flow and help fund the broader regional exploration programme. It could also represent a relatively quick-turnaround project. By contrast, once an MRE is delivered at MBE, the pathway becomes more complex: applying for an exploitation licence, completing a PEA, and ultimately moving toward project financing for what is likely to be a much larger and more capital-intensive development.
If Martin is reading the critical question for me now is therefore on two fronts:
How close the exploitation licence is to being granted.
What project are they progressing with first, and when could they realistically break ground.