Member Info for Catbert

We may not be too far away from a series of news items now although we do have a few wildcard possibilities which could drop at anytime.

Wildcards: Wapouze JV , Senala Drilling plan, Lithium JV, an other JV partnership on other central belt licences.

More liklely news items will be Bibemi infill and expansion drilling and Mbe 5500m trenching over the large 100ppb soil anomaly.

Mbe

"The most substantial of these is a greater than 100 ppb Au soil anomaly that extends over 1.15 km by up to 0.75km at MB01-S, which has a robust core zone grading over 500 ppb Au (0.5 g/t Au). A trenching programme has commenced for a planned 5,500m, which will provide three-dimensional data by mapping and sampling the rocks underpinning these soil anomalies. The results, which are anticipated in Q3 2024"

This is non refractory material and the core is 0.5g p/t. Lord knows what is underneath but given that we've had grab samples elsewhere in this region at more than 200 g/t it could be something exciting. Whatever it is BCM were happy to stump up their money and pile in.

Bibemi is more or less a nailed on resource expansion IMHO. The first serious drill campaign there hit 45 out of 46 holes and we have since got other survey data which shows the geometry of the ore body and thus gives us very easy infill targets. We know where to drill. Having been short of funds for so long Oriole now has a culture of being extremely thoughtful about where to drill. There is no surefire thing in this game but Bibemi is about as near as it gets.

Again BCM didn't take long to be pursuaded. My expectations are that we should be fast approaching 700-850koz at Bibemi by Q3/4 based on the oz per meter drilled run rate at the site. This is the size of resource that Chesser sold for $57m. This is based solely on the potential of only one of four sites at Bibemi . The remaining three have yet to be fully investigated.

I'm fully loaded up here and expecting to see us into the .7's plus without being overly generous at all and quite likely over the penny when the herd arrives as it inevitably will.

Furthermore we don't need to raise a penny for a good while yet.

GLA DYOR

I agree Jiving. I'm not bothered either way buy in buy out.

Even with a project generator model and a sale at 15-30% of NPV this still bags handsomely.

With recent Director buys clearly nothing notifiable is happening but one would guess that all the "in principle" chats have already been done.

Now for the final moves. Or maybe not but even then this is still an asset which the world really needs to come on stream. A way will be found.

"Increasingly likley" If something was a million to one shot and went in someone's estimation to a 900,000 to one shot then it would be "increasingly likely".

"Increasingly likely" and "Likely" are two very different things.

I wouldn't want to bet on timings of a move upwards.

My guess is something in next one or two quarters and not forgetting the ROM option at 2Mtpa is still in play and would be transformative in and of itself.

Based on previous announcements trucking product out through Gabon would be an option.

A larger scale project would be better or even a sale but the ROM approach at least has the merits that it might persuade potential partners that there is possible cash flow early on in the piece and that they may lose out if they stand on the sidelines for too long.

I don't think we're in bad shape at all.

The US has this currently valued at a market cap of 16.57m or £13.12m it's a pretty wacky misalingnment given that our exchange has this at £9.5m

https://stocktwits.com/symbol/BLLYF

Greg stated in the Crux interview that he believed the resource could easily triple- he said it wasn't going to be 200mt but it could easily be 50-100mt.

If that is the case it moves the wheel significantly on the NPV.

If the grades continue at good levels throughout the economics become more compelling still and may mean this project appeals to investors who would not have considered it previously.

This still has a market cap under £10m. This could run quite a bit from here before it looks toppy.

There remain a number of realistic options available here.

Currently we have a price not far off all time lows and yet we are in reasonable shape cash wise with a reasonable chance for an upgrade of the resource.

This asset is classed as a strategic resource by a number of countries and we have spectacular grades.

Setting and then dashing PI's expectations is how to get this sort of price action. Some see this as a breach of trust and yet it was a third party who pulled out. Our directors did what they said they would do.

At some point in proceedings they must put their trust in others parties and gamble on them coming through on our behalf.

It didn't work out in this case. That's life.

Nothing has changed for me with this that would have taken a FID by Sheffield which wouldn't have come until next year in any case.

There is cash for resource expansion and as Greg stated in his last interview in mineral sands projects you define a resource by digging it up.

This project trots at a smaller scale digger sorting and transport and off we go. What we have is miles and miles of fantastic grades. Greg was blindsided by his old mate and thought he'd get a quicker and easier outcome than by dealing with the Chinese who were asking awkward questions about the legal titles in a jurisdiction which has a sketchy legal system and where most public servants are well..... Getting this ironed out was going to take an age. Lease some kit and get started.

Instead of big capital inputs this could be scaled up through starting small and through judicious husbandry. This isn't hard rock mining - these are sands. Dig em,sort em, ship em. If an investor then wants to help us scale up then all well and good but lets get it started.

Thanks Hunniford.

One wonders at the purpose or intent of the RNS. A newspaper article talks up the share implying the possibility of a deal which is afterall the entire purpose for which the company was formed and it's fundamental Raison d'être.

The Board then issues the denial or the non denial denial which effectively talks the share price down again. Not really what investors want but....... if we take the non denial denial line then perhaps the newspaper article might have been interpreted as a leak by any parties with whom we are in discussions and thus a breach of protocol which necessitated the RNS to smoothe things over.

In conclusion the non denial denial idea has legs. Denial or Non Denial Denial? That is the question.

To quote Oscar Wilde "I'm far better informed but non the wiser". Although if you wanted me to pick one I'd go with the latter.

In the words of Queen Gertrude "The lady doth protest too much".

Please could you ask them what sort of value they'd place on Wapouze and how much interest has been shown in it. This could be near term cash. Also I'd like to know when we'll get a clear plan for activities at Senala. It would be great to get some sort of progress there this year. We have money in the bank to spend presumably and Senala has some good historical grades and thicknesses.

Just IMHO.

If the second bank doesn't get on board we have more than enough other options. Harry doesn't want to use a streaming option but it is a possible back stop if needed. A private office is another and there are plenty of these some of whom may have even paid a visit to Etiopia recently.

There is the option to sell a stake to another miner.

Most of the funding is in place the EG is on board and works have begun and yet we cannot shake off the doom.

The bears have this for now. I cannot help feeling more optimistic though.

i recall watching a video some while ago with *****on hennigh discussing some of the parameters behind a sprott investment (hennigh has been an adviser on some of the worlds largest gold projects).

one of sprotts allegeded criteria was any project where grades were 100g/t. this wasn't his entire thesis on what consituted a good investment but it was a marker of something serious.

we certainly have this at mbe.

I'm happy with this deal.

White Flame is a private company and Bluejay is listed so raising monies is easier in the Blujay framework. Secondly they can shut down the costs at White Flame - the directors are the same.

Some aspects of this business like it or not are about playing for time. Cut cash burn and make your projects biddable and like a fishing expedition one is then hoping for bites. We might get a bite quickly or it might take some time.

A farm in looks a likely option and 9% Hydrogen is off the scale in quality terms.

New Licenses are going to be hard to come by and the greatest derisking factor is that this is a land based project so no need to worry about all the unique and highly protected marine wildlife in the area.

This project opens up the scope to appeal to a new segment of investors besides mining exploration people and the name change wont hurt either.

A ticker of 80m might just be their target market cap. But I hope it is what Rod thinks his own shareholding will be worth.

If we get to either I will happily buy Rod a very nice bucket and spade for his trip to the seaside.

It is no secret that the Russians wish to expand their DRI capacity and plan to more than double their output.

Much of their production goes to China. Given that their gas pipeline was cut by parties unmentionable they need to use their gas for something useful.

Indeed it wouldn't surprise if they had more ambitious plans long term.

Russia has some high quality Iron mines in Karelia but most are 45% purity at best and it is a state secret as to what their higher quality mines have as an output. Reading between the lines one would guess not enough to fulfil their ambitions in the DRI space.

In other words the Middle East isn't the only place suited to DRI production and the Russians may need to import the raw materials. Presumably at some point the Ukraine will see peace and a more reasonable relationship can be established between East and West.

By then the Russians might have made a good business in Green steel.

Little wonder that they are rolling out the Red carpet for Big Den.

All IMHO.

GLA DYOR.

The progress payments from BCM and the monthly payment from Lanstead. Possible deal on Wapouze. Possible JV on Lithium projects and or other tennements in our portfolio.

Rosser better find his potatoes and put some money in- Eileen's making him look like a weeny.

My guess is that these are samples which form the sample for the QA/QC process- Quality assurance / Quality control.

One imagines that these will be processed by a different lab and used as a comparitive base to check the lab work performed on the other original samples. If two labs get similar results it is reasonable to assume the tests were performed accurately.

Obviously. I sold out in October and still look in from time to time.

GLA.