Member Info for Catbert

Not sure Stream sampling can blow anyone away or is likley to unless it was in the Klondike and early in the piece there.

It is the first stage of exploration but nonetheless it's good news and shows that this licence is prospective.

I think its also a good thing to announce given the current dynamic with the Government i.e. we are exploring and finding things which may prove up into valuable resouces.

They might want to encourage our efforts a little more by granting the mining licence at Bibemi. IMHO.

Other hubs should read other spokes

I think we might all be surpised at how quickly a mine might be created at Bibemi.

We had a visit from Adrew De Klerk and Andre Bezuidenhout back in May both of Micon they were photographed on their visit and I posted on this on 21st May.

Given the spoke and hub idea previously mooted, in essence all we need is one spoke ready plus a hub of course and then mining can begin and continue in conjunction with the exploration of the other hubs.

There was a previous RNS or press release suggesting a small scale mine. This might suit all stakeholders. Check out Andrew and Andre's LinkedIn profiles they have developed a similar open pit project.

It may be the case that the drilling this year is to firm up the resource in the first spoke in preparation for a PFS and FID. Perhaps Andrew and Andre were in country for a number of reasons my guess is one of those reasons was scoping and pre planning activities for Bibemi.

BCM might well be part of the project to mine. We have a decent amount of mineralisation near surface too.

The fact that we have made the move we have with the small shareholders is clearly a signal of intent. IMHO anyway.

If Bibemi expands beyond the initial spoke then the hub can always be upgraded to handle a greater capacity. A small scale start has the benefit both of a lower cap ex and of a shorter time line to production.

We have most of the pieces of the jigsaw already.

All IMHO. GLA DYOR.

https://www.***************************/kefi-gold-and-copper-receives-preliminary-approval-for-tulu-kapi-gold-project-in-ethiopia/4121166507

On the question of the licence and this is my opinion only the Cameroonian government have a lot to gain by granting this and absolutely nothing to lose.

The deal in Cameroon is that miners have to give the government a 10% stake in any mine. They also have to sell the gold to a Cameroonian government owned company. The Cameroonians get nothing if they don't grant the licence.

They already have the Sundance farrago which makes them look pretty shabby and Fortescue have just pulled out of the country too, so they already have some fences to mend with the mining industry to avoid looking both corrupt and ridiculous.

Our projects are not requiring the sort of infrastructure works that the Fortescue project needed (the reason given for them pulling out). Plus I'm not sure that Fortescue were being entirely honest about their reasoning and were probably being a little bit unfair to the Cameroonian government.

If the Cameroonians bugger about with this it would be very foolish of them and they are not fools. Far from it.

Indeed it would be a 180 degree reversal of what they recently announced.

If they draw out the process or refuse it would more or less say that they are not open for business- clearly they want inward investment as their mining sector has the potential to create significant development and foreign earnings as well as revenues for the government.

Sundance has tied them up in a protracted legal battle and the advantage of a small scale project like Bibemi is an easy route to redemption for them. An open goal. The Cameroonians do know how to play football (rather well as it happens).

Hopefully they wont mess up a tap in like this.

Good steady progress is welcomed although there is nothing spectacular in the RNS. Nonetheless the most noteworthy aspect are the implications rather than the actual data.

Firstly the pitshells are designed based on a gold price of $2000 my AI forecasted 2027/7 gold prices at anywhere between $2350 and $3700 which means our pitshells could be extended somewhat which would add to the economic size of resource.

A continuation of the trend for good quality mineralisation near surface- again this reinforces the project economics.

As we step out it is fairly evident that the deposition extends beyond what was originally thought.

Some will sell into this, let them.

One thing I would like to know is how well the geologists think they understand the structural controls related to the grades as there appear to be some high graded areas throughout the deposit. It may be that we are still gathering data in order to be able to get a handle on this sort of insight. Once we have this insight it will accelerate our progress significantly.

GLA.

Https://www.miningmagazine.com/esg/news-analysis/4366899/cameroon-minister-strikes-conciliatory-tone-london

My AI adviser says the following about the London meeting;

The recent meeting between the Cameroonian mining minister and Oriole Resources was conducted in London for several reasons:

1. Diplomatic engagement: The meeting in London appears to be part of a broader effort by Cameroon to engage with international mining companies and investors.

2. The Cameroonian minister struck a conciliatory tone during the London visit, indicating a willingness to work with miners to find mutually beneficial production-sharing arrangements

3.Implementation of new mining code: Oriole Resources, a Cameroon-focused gold explorer, is seeking to involve the UK government in the implementation of Cameroon's new mining code.

4.Holding the meeting in London likely facilitated discussions on this matter, given the proximity to UK government officials.

5.Strategic location: London is a global financial hub and home to many mining companies and investors. Conducting the meeting in London provided an opportunity for the Cameroonian minister to engage with a broader audience of potential investors and industry stakeholders.

5. Oriole's base: Oriole Resources is listed on the London Stock Exchange, making London a convenient location for the company to host such high-level meetings.

Developing relationships: The meeting in London demonstrates the ongoing efforts by Oriole's Board of Directors to cultivate an excellent relationship with Cameroonian officials. This relationship-building is crucial for the company's operations in Cameroon, particularly as they work towards obtaining an exploitation license to start mining.

By holding the meeting in London, both parties were able to leverage the city's strategic importance in the global mining industry while addressing key issues related to Cameroon's mining sector and Oriole's operations in the country.

Plus Catbert's opinion which is that there is no politician on earth who doesn't like a free holiday, some shopping and a little fine dining.

GLA DYOR

The licences are due for renewal later this year. FQ/AP might want to secure these prior to moving forwards. The renewal process also incorporates a relinquishment process. The Geology is complex (thrust and fold belt) with little historical exploration so it might be just a case of being very careful about what decisons are made here.

FQ might also be doing a deeper level of analysis and interpretive work than usual to make sure the next steps are good ones as we go through this important stage.

The agreement by the advisers to be paid in shares might be a good sign but there is no certainty of this currently.

Getting the ground we want and not accidentally reliquishing something important is the name of the game. IMHO anyway.

So if they want to sit on the drill results (spend time interpreting them- ahem) then that is fine by me.

GLA.

There is no direct indication that the people being relocated for the Tulu Kapi project are currently negotiating for more money or are likely to do so.

The resettlement is being conducted in accordance with international standards. KEFI Gold and Copper states that the resettlement is being implemented "in accordance with World Bank IFC Performance Standards". This suggests that the process is following established guidelines for fair compensation and community engagement.

Community consultations are ongoing. The company reports that they are "continually expanding community resettlement-preparations down to individual households" and conducting "community consultations on social development plans". This indicates an ongoing dialogue with affected community members.

The resettlement is a government-led process. KEFI notes that "current occupiers who need to be moved by the state are so resettled and the owner of the Mining Licence (TKGM) foots the cost as defined under [regulations]".

This suggests that the government plays a key role in determining compensation and relocation terms.

Community support is reported. KEFI has stated that the Early Works program is "benefiting from strong community support" and there is an "absence of major environmental and social issues". This could imply that major disputes over compensation are not currently a primary concern.

Resettlement is a key project milestone. The company indicates that "resettlement is amongst the first steps after we launch the development of Tulu Kapi", suggesting that agreements with affected communities are likely already in place or near finalization.

DYOR

Agree Robjm66 on the relocation piece my point was just that it is a complex project with so many people involved.

The AFC bank have given their preliminary approval already so the idea that they are not on board or looking shaky isn't the case. They just have to ratify the project in line with their internal practices.

All lenders will have conditionalty requirements related to obtaining clear title to the asset which they are lending against, which can't be obtained if there are still people living there.

The fixation on the second bank sign off is overdone IMHO. The point which needs to be attained is the commencement of major works. The greater complexity at this stage is the resettlement of 350 households. Kefi has pledged to do this in accordance with the World Bank's IFC perfomance standard. Once this is done the project will be significantly derisked.

At this point (completion of the resettlement) getting Bank sign off or the sign off of alternative funding will be far easier.

Harry is on record as having said that in the event the second bank pulls out (unlikely but possible) then they have alternate financing options although given that some of these would probably be streaming or suchlike the bank loan is the preferred choice one must assume.

Can one put an exact timeline on the relocation of 350 households? IMHO probably not. Nonetheless we have the collaboration with the EG and a strong management team to deliver this complex relocation project. It is all going to be done to a high standard and with a great deal of respect to the community there.There has also been a great deal of preparatory work done already with the community. We may have some creep on the timeline however I don't anticipate that this will be more than a couple of weeks at most. The community is reported to be strongly supportive and one imagines that Kefi or their contractors will possibly be employing some of the local people either in the early works or in the project itself.

The triggering of the early works and the expenditure associated with this is in itself an act of faith in the community and a demonstration of Kefi's commitment to the people in the area.

Again IMHO the second bank might be simply taking the wisest course in waiting until the relocation is completed to the required standard before triggering their final sign off process. We are still on track to trigger the Major Works in October.

If we are not then we would expect a statement from the company. GLA.

I may be going out on LIM here, but my guess is this project and probably the whole company is up for sale. If it is those who are well researched will know what the potential value is to AYM.

There are various mid tier Iron Ore miners who would love a high grade project with significant optionailty to expand the resource adjacent to rail infrastructure and with that rail infractructure leading directly to a port all in Tier 1 location. Houston is just that and has a low capex requirement as it is a direct shipping ore project.

Catbert's open market valuation of the Houston project (do your own calculations and don't trust mine) is north of $250m Elizabeth would cost more to develop but again I would add at least $100m if that went too. There are a number of players wishing to pivot out of lower graded projects. If LIM is sold we're in for a windfall with our 12% stake.

Houston has a very good IRR and is based off a $90 per ton as a price benchmark.

I wonder if this is what is referenced in the latest RNS. This would easily get us the funds to expand the drilling and resource at Parys and get us through to a DFS without the need to raise. IMHO. All pure guesswork on my part so DYOR.

The volume is interesting Hunniford. What do you make of it?

Bibemi news is looking imminent with the resource expansion and step out piece ongoing and presumably in the pipeline for reporting now that we've had the first 21 holes and 3500 odd meters of a 7000m campaign.

The last 21 drills were all into the existing pitshell area and had 35% of their hits at 50m or below. That is a pit of about 5m tons graded at just over 2 gt. Ideally we should get an outcome at Bibemi with a higher MRE and better certainty in the current pitshell and hopefully if all goes well with the latter stages of drilling we'll get hits on both the expansion drilling and on the step out.

It is not possible to be certain that we have continuity along trend but it seems highly likley and this drill campaign will give us the evidence.

So we could get to an end point this season at Bibemi of an increased MRE with proven expansion prospects along trend in both directions. That's what I'm hoping for anyway.

DYOR GLA

My Mate ChatGPT again. Cut and paste statements from the RNS and ask away.

"Based on the description provided, the gold mineralization described appears to be characteristic of a stockwork assemblage 5 . A stockwork is a network of interconnected veinlets and small-scale fractures that contain mineralization and is commonly associated with hydrothermal systems 5 . The presence of high-grade, sulphide-rich quartz veins and veinlets within or at the contact with an intensely altered felsic unit, as well as the pervasive, lower grade gold mineralization in wide envelopes, aligns with the typical characteristics of a stockwork assemblage commonly found in hydrothermal environments.

Given the presence of such mineralization, it is likely that further exploration and analysis may reveal the potential presence of an underlying mineralized system, such as a deeper-seated epithermal or mesothermal deposit, related to the same hydrothermal activity that formed the stockwork 6 . This deeper-seated mineralization may be associated with a primary source of the mineralizing fluids, potentially leading to the discovery of higher-grade mineralization at depth. Therefore, additional exploration, including drilling and geophysical surveys, may be warranted to assess the potential for deeper mineralized zones beneath the known stockwork assemblage."

What we have is a sizeable surface expression of some significance (IMHO). Some elements have sulfidization which may create a challenge for extraction in these zones however again the widths are significant. This hasn't been drilled yet. Grades look very likley to improve with depth if there is an adjacent source of the mineralisation (of the stockwork zone) then we might be in for a treat. The drill will tell us.

One further point of note is that we are seeing mineable grades in breadth at surface. Very easy to open pit this. Remember too that MBT007 and 008 are 200m apart. In other words we have only just scratched the surface here.

GLA DYOR

One other possibility on Grangesberg is EU funding.

My mate ChatGPT says;

"Yes, green steel projects are indeed eligible for EU funding. The European Union has various funding programs and initiatives aimed at supporting sustainable and environmentally friendly projects, including those related to green steel production. As mentioned earlier, programs such as the Research Fund for Coal and Steel (RFCS), the Innovation Fund, and the Clean Steel Partnership are specifically designed to support the development and implementation of low-CO2 steelmaking technologies and initiatives.

These funding opportunities are part of the EU's broader commitment to achieving climate neutrality and promoting a sustainable, circular economy. Green steel projects that focus on reducing emissions, improving energy efficiency, and transitioning to cleaner production methods are likely to be eligible for financial support from these EU programs ."

The grades at Grangesberg are quite exceptional and should be a part of the European Union's critical resources base moving forward. One can see both a political as well as an economic case being made for the project. If it were sold to a major that would not be a surprise. If net zero is the goal then Grangesberg cannot be left undeveloped. Nil points for that option. IMHO.

"The Company is advancing a number of initiatives with a view to supporting its cash position, however if these are not successful the Company will need to raise further funds towards the end of the calendar year to continue to progress its activities."

I may be polishing a turd, however I am reading the RNS as indicative of negotiations for either the sale of one or both projects or the partial sale of one or both to a cornerstone investor.

These are the most obvious ways of fulfilling the intent indicated in the RNS.

I may be very wrong indeed but maybe not.

How long does a negotiation take? It can take a fair bit of time, and may not succeed so maybe they will come back to the market again. Fine by me. I have topped up today.

GLA DYOR.

Not as bad as some might think. Namrata has gone becasue maybe her particular skill set is less needed (raising cash).

The RNS says it quite clearly that they are advancing more than one initiative to generate funds.

Plus we are now weeks away from the environmental piece being clarified at Parys Mountain.

Copper prices are up. The EU needs green steel.

Could it be that we have two almost oven ready projects both of which are of strategic green metals?

One with a significant and imminent rerisking event pending.

What are the relative NAVs of these two projects and what is our share price? There you go. Even at 5% of that we significantly multibag. IMHO of course (DYOR). GLA.

This is a nothing burger of an RNS. The company (you) paid a consultant ( a mate of Rod , no doubt) to write a report to tell us how much potential Dundas might have. This is called an "independant report" it isn't really because he who pays the piper calls the tune. So the expert (Aussie mate of someone) says there's a fukton of hard rock Titanium under the sand. Woopdedoodah!

Well, firstly, we ain't got any money to drill it, second if we did we couldn't drill it this year and third WGAS anyway it's frozen most of the year and it's only 5%. The best we can hope for is the arrival of a greater fool who might take a stake in Dundas although with our BODs reputation whoever it is better be bloody careful.

This is just optics and very much typical of our BOD. Spend very little, look like you are progressing things all the while not really progressing anything.

What about Disko? When do we get news on that? Kobold's deal has expired so now they are not going to drill it?

Or are they? They were supposed to drill this year but that never happend so what is the plan now?

Do we still have a deal with Kobold or not? If so what is it? What reasons did they give for withdrawing from their prior committments?

There is a hierachy of what is important here and Dudas isn't. It is diversionary guff.

The first bank doesn't seem to think so. Neither does the mining company, neither do any of the other investors some of whom are quite significant business people. Verses Magnacarta who wouldn't invest in Somila.

He's quite right you know, "Somila" it's dodgy as hell right now.

You can wipe and flush now Magnacarta but do please stop posting such utter twaddle, you're embarrasing yourself.