Member Info for ContrarianQuest

Trading: Volume ~20.9m shares; ~15.9m buys vs 3.7m sells. Bid 0.26 / Offer 0.27. Early notable trades: 2.5m and 2m buys at 0.26, later 1.9m at 0.264. Smaller sells under 1m each.

Market reaction: Yesterday’s panic-selling muted today’s RNS impact. Price is stabilizing, weak hands largely shaken out. Quick profit-taking possible for early buyers at 0.25–0.26.

RNS highlights: Stage 1 officially launched, >45,000t produced, first export imminent. Annual target ~125,000t spodumene. Government support confirmed with President attendance.

Risk: UK and US withdrew non-essential staff — country risk perception remains elevated. Kodal may issue a revised RNS if conditions change.

Summary: Fundamentals remain solid, production underway, first revenue imminent. Short-term volatility likely, but strong hands positioned; Stage 2 upside remains a key driver.

KOD – Balanced update & risk reminder (04 Nov, AM)

Kodal’s last RNS (3 Nov) confirmed Bougouni operations are ongoing and shipments continue, with ~10,000t already at port toward the first 30,000t export. No operational halt has been declared.

That said, several governments — including the UK and US — have withdrawn non-essential staff from Mali due to rising regional security risks. This doesn’t mean mine activity has stopped, but it does increase country risk perception across the board.

It’s worth keeping in mind that Kodal could issue a revised RNS at any time if the situation changes — whether positive (confirming exports continue) or precautionary (temporary adjustments).

For now, the company remains operational, but conditions on the ground are fluid. Volatility likely continues until there’s official clarity.

Corrected *56.5m sells

As we head into close — total volume today ~89m with buys ~31m and sells ~565m. Level 2 shows bids at 0.42 and offers at 0.43, but note trades showing as sells at 0.4121 are completing. The market seems to be testing support around 0.42–0.43. With less than 30 minutes to go, could be interesting to see how this closes and what it sets up for tomorrow.

👍thank you

Thanks Buythose, that’s very kind — yes please, I’d really appreciate you including it.

With Eileen meeting IFC and the CEO shortly, it feels like a good time to make sure retail holders' constructive feedback is heard. We all want the same thing — a clear comms plan that reflects the real progress on the ground.

Thanks again for offering to pass it on.

Morning all — and credit again to Hunniford for a thoughtful post.

Following on from recent discussion, one practical area deserves clear accountability:

IFC Advisory (Investor Focus) were engaged around May/June 2025 as the Company’s PR/IR advisors and have been listed on every RNS since.

Given the importance of communication at this stage — and the fact that retail investors currently make up the bulk of the register — it’s fair to ask:

Since IFC’s appointment, what investor-relations activity has been delivered, and what is planned going forward?

Specifically, clarity on:

Investor-facing content produced since May (interviews, CEO updates, briefings, articles, etc.)

The comms schedule for the next 3–6 months

How retail engagement is balanced with institutional outreach

KPIs and success metrics IFC are working to

This is not criticism or hype — it’s professional governance. Consistent, visible communication is standard practice for AIM companies, especially ahead of funding steps and project milestones.

The technical work has been strong, and the combined resource base puts ORR ahead of many early-stage peers. Now the market needs the same clarity, confidence, and visibility to match the geology.

We all want the same outcome: a well-funded, well-valued company that executes its plan. Holding advisors to their brief — constructively and transparently — is part of achieving that.

Just a balanced note following recent discussions here and the excellent letter another investor shared with the Board (credit to them — well-written, constructive and solution-focused).

The MRE was a major technical step forward for ORR. 870koz at 1.09 g/t, with clear upside at MB01-N and Bibemi already delivering a resource as well. That now gives ORR a combined resource foundation that many early-stage explorers don’t have.

However, the market reaction shows what investors are actually pricing right now:

The elephant in the room — funding certainty

The market doesn’t seem to doubt the geology — it doubts the funding path and communication strategy.

We did not hit the 1Moz + Indicated threshold yet, so no BCM success payment was due at this stage (that’s just how the milestone is structured).

Cash appears tight.

Cost control moves (including exchange change) make sense operationally, but also reinforce the perception that capital is being conserved pending a raise.

Retail momentum is flat because comms have been minimal since the MRE — silence creates uncertainty on AIM, not confidence.

None of this is criticism — it’s simply what the tape and sentiment tell us.

What would reduce uncertainty?

Management don’t need to hype the asset — the data already speaks for itself.

Investors just need clarity and confidence on the roadmap:

Timeline to the next BCM milestone

Funding strategy & runway (high-level reassurance, not specifics)

Near-term work plan and catalysts

Regular, visible communication — even short monthly updates

This is a pivotal moment where smart communication preserves value.

No drama, no noise — just consistent visibility and a clear plan, as the shareholder letter rightly suggested.

The assets are real, the MRE was a big step, and the hard work has been done technically — now the market simply needs direction and leadership presence to match it.

Long-term holders are here because they believe in the story.

It just needs to be told with the same discipline as the exploration.

“Noticed a 10M pre-market sell showing at 0.45 — clearly some early profit-taking. Keep an eye on how bids absorb this; support zone still looks firm around 0.44–0.46p.”

💸 Friday Profit Shuffle: HE1 hovers 0.47p as traders take gains from Thursday’s surge. Skeptics eye Galactica & Tanzania; optimists cheer steady ops. Watch 0.44–0.46p — support holds, re-entry next week may pay off. Will they sell or roll the dice?

“Per the company RNS and today’s tape:

• Mid-session accumulation at 0.455–0.457 is strong, with 0.46 resistance fully cleared.

• Near-term production expected Dec 2025 (US / Galactica), with Mining Licence progress ongoing.

• The company recently raised additional funding, including a convertible component, to support well testing, licensing, and project development.

• Next visible offer on Level‑2 is 0.47; tape confirms strong buy absorption and momentum toward 0.48–0.50 intraday.

Observing these facts, the structure is bullish — support zones intact, resistance cleared, and buyers actively reinforcing the next leg.”

HE1: Separating Fact from Hype

There’s been a lot of chatter today highlighting past SP declines, CEO salary, and perceived delays. Let’s take a step back and look at what the RNS tells us:

Operational Progress: Despite zero revenue historically, HE1 has completed key well tests, submitted licensing applications, and advanced the US project. The team hasn’t been idle – they’re laying the groundwork for income streams.

Funding & Capital: Yes, raising capital has been necessary, including CLNs. The RNS shows these funds are actively being used to move projects forward, not simply to cover overhead.

Project Timelines: While some estimates suggest production in 1–2 years, the RNS provides milestones for 2025–2026, including Early Revenue and potential partnerships. These are realistic, RNS-backed targets, not speculation.

Risk Perspective: Every early-stage explorer carries risk. Yes, more funding may be required down the line, but the company’s strategy is to de-risk via phased development and strategic partnerships.

SP vs. Fundamentals: Historical SP declines don’t negate the company’s ongoing progress or upcoming catalysts. The RNS shows real operational and financial activity – the foundation for the next leg up.

Bottom line: Criticism of the CEO or past SP is valid only in hindsight. Today, the RNS paints a picture of measured progress and near-term catalysts. Investors should focus on factual milestones, not hype or nostalgia.

🐿️ TL;DR: Support is solid, projects are advancing, CLN overhang is mostly cleared, and the next leg up is set to be driven by Early Revenue and strategic updates.

Just to clarify regarding the $2.5M annual spend — it’s true this covers overheads and wages, but it’s not “just keeping the lights on.”

Over the past year, the team has:

Completed crucial well tests in Tanzania.

Submitted and advanced official applications, including the mining licence.

Trimmed unnecessary assets to reduce costs.

Started building a new project in the US, moving toward revenue generation.

So while the spend exists, it’s been directly supporting active operational progress and risk reduction, not idle overhead. The company has been advancing both Tanzanian and US operations toward generating income, even while waiting for regulatory approvals.

💡 In short: $2.5M spent wisely, not wasted.

After last week’s rollercoaster, support is holding strong around 0.44–0.45, and the CLN overhang is mostly out of the way. Buyers are quietly top-up ready on small dips — like sneaky squirrels waiting for the next acorn drop. 🐿️

Catalysts such as the ESP update, RNS, or operational news could help us break through the 0.50s. End-of-year targets in the 0.80–1.10 range? Not laughable — ambitious, yes, but with liquidity and market excitement, entirely possible.

Intraday levels to watch: dips to 0.43–0.44 = buying opportunity, sustained moves above 0.50 = next leg up. FOMO is real, support is solid, and the trend is intact. Strap in — the coming weeks could be fun. 🚀🥞

The problem as I see it is the PR and marketing, as many have said no momentum, no story, no excitement and the new PR is doing absolutely nothing, its as if they have given up on the retail market altogether. You need a mix of both and they don't seem to get it. Switching to the new trading platform cuts down their costs as well. I also think it was interesting when all other BOD bought in the last time around, Martin did not, you have to ask yourself why? Other CEO's like to get the market excited it is was is needed in AIM, not deadly silence.

Plenty of buzz about yesterday's official 0.49p finish — but when you look at the raw trades, the picture’s a bit different.

Total volume: 199.9 M

Buys vs sells: roughly 110 M vs 87 M (though a few late prints look mis-tagged).

Largest trades: 36 M @ 0.4410 (16:30:45) and 4.5 M @ 0.4410 (16:31) — both ordinary sells, not UTs.

Actual uncrossing trade: just 150 K @ 0.49.

So while the Level 1 screen showed a 0.49p close, the true liquidity cleared closer to 0.441p — where the big volume moved.

That’s not manipulation, it’s classic Friday afternoon distribution: a few larger holders locking in gains after a strong October run, and market makers balancing into the weekend.

Technically, support sits around 0.44–0.45, and buyers have paused above 0.48 for now.

Without fresh news (ESP update, RNS, or operational progress), Monday could open with a brief pullback to retest that zone before the next move higher.

All in all, it’s been a very strong week, but Friday’s close was about profit-taking, not a reversal. The uptrend remains intact as long as 0.44 holds.

Fair enough — all good! Just sharing what the tape and Level 2 are showing. Markets move fast, and yesterday’s levels flipped quickly with FOMO momentum. Always worth watching live bids/offers rather than yesterday’s static walls.

Haha, exactly — yesterday those 0.46–0.47 walls were doing their job, but FOMO momentum doesn’t read the rules! 📈 Levels are guides, not guarantees, and the tape can flip fast. Always watch live bids/offers, not just yesterday’s map.

FOMO in Play

Thursday’s 4.5M buy at 15:51 flipped the close from bearish to bullish. Today’s trading is driven by FOMO, but with traders looking to maximise returns, a short-term pullback is almost inevitable.

Support: 0.44–0.46 | Resistance: 0.49–0.50

As i said - Current technical data suggest that if the soft floor at 0.44 and deeper support at 0.43 fail to hold, price could test levels below 0.40

bid is now 0.43