Member Info for GodofHellfire

Arguably, this week ORR is one of the the best performing assets you can invest in. Not budged and yet everything else (except oil) is sinking.

Pretty solid if investors won't let go of shares even while everything else is panicking

As I keep saying, it's not the first foreign mine in the country. It's not even the first gold mine (but will be first open pit), so it's semantics really.

Based on the drilling patterns and the soil geochemistry shown in the map for MB01-N, there are some very clear trends that suggest what we might see from the four pending holes (MBDD036, MBDD037, MBDD038, and MBDD039).

Here is an analysis of the expectations for each:

MBDD038 & MBDD039 (Central/Core Zone)

These two holes are the most promising because they are situated directly within or immediately adjacent to the highest-grade soil anomalies (the pink "1000 ppb" contours).

MBDD038: Located in the northern section of the central cluster. It sits near MBDD030 and MBDD029. Given that MBDD026 just to its south hit a massive 21.70m at 3.13g/t Au, there is a strong possibility that 038 is testing the northern strike or depth extension of that high-grade "sweet spot."

MBDD039: This hole is positioned in the heart of the central-western anomaly. It is flanked by MBDD026 and MBDD027 (which yielded the spectacular 1.00m at 28.60g/t Au). Expectation: This is likely targeting the continuity between these two high-grade intercepts. If successful, it confirms a solid, high-grade core to the deposit.

MBDD036 (Southern Extension)

This hole is located on the southern "fence line" (N873732), stepped out to the west of MBDD033.

Expectation: MBDD033 to its east showed relatively narrow but high-grade hits (1.10m at 4.39g/t Au). MBDD036 is likely testing if the mineralisation widens or maintains grade as it moves towards the edge of the exploration target outline. It is in a lower-grade soil zone (100-500 ppb), so we might see moderate grades but potentially useful widths to define the southern boundary.

MBDD037 (South-Eastern Outlier)

This hole is a significant step-out to the south-east, sitting on its own within a small, isolated pink/purple soil anomaly (750-1000 ppb).

Expectation: This is a "wildcat" or expansion hole. Because it’s testing a completely separate soil anomaly outside the main central cluster, a success here would be a major "value-add." It would prove that MB01-N isn't just one central pod, but a series of mineralised structures. Even a modest intercept here would significantly increase the overall footprint of the project.

Drilling results have been about 2 weeks apart, which would imply that the last set of results will arrive late next week, or thereabouts

Permitting and social licence aren't "flashy," but they are where projects either live or die.

Milestones Met: Oriole has already secured ESIA (Environmental & Social) approval for Bibemi.

Final Stages: The Exploitation Licence dossier is on the Ministry’s desk, including hydrology, technical viability, and mine planning.

Regulatory Support: Cameroon is actively looking for its first commercial gold producer to diversify its economy.

Takeaway: This "admin" work separates "paper ounces" from "buildable ounces." Oriole is almost at the finish line here.

DYOR

Don't misread Bibemi; it's not trying to be a monster mine on day one.

The Plan: The PEA outlines a 7-year "starter project" producing ~10k oz/year.

Proof of Concept: This allows Oriole to prove the processing route and de-risk the jurisdiction with lower capex (~$60M).

Scalability: The mine is designed to be expanded as more resources are upgraded from "Inferred" to "Indicated".

Takeaway: Building a modest, profitable mine is a far more realistic pathway than a massive, unfinanceable dream.

DYOR

Yeah four, MBDD06,7,8,9

3 holes to go isn't it?

The "old" Oriole was often seen as a serial diluter. The "new" Oriole of 2026 is a different beast entirely.

Strategic Raise: The late 2025 placing brought in institutional backers like RAB Capital.

Non-Dilutive Muscle: BCM is providing up to $8M in project-level funding.

Focus on Execution: This funding structure allows the company to focus on adding ounces and advancing permits without immediately needing to return to the market.

Takeaway: The dilution "overhang" is clearing, shifting the focus from survival to aggressive growth.

DYOR

It would be a shame to miss out at the very point where Oriole are about to de-risk Cameroon and all of their assets with one announcement due in the next 1-3 months.

We all have to do our own research though. Some should do more, fast.

The market currently applies a "frontier discount" to Cameroon because it isn't yet a major gold producer like Ghana. But that discount is exactly where the upside lies.

First Mover Advantage: Oriole controls a massive 3,600 km² land package (CLP) in central Cameroon.

Untapped Potential: This region straddles the same structural belts responsible for multi-million-ounce deposits in neighbouring countries, yet has seen almost no historical drilling.

De-risking Milestones: This discount erodes every time a new resource is declared or a permit is granted.

Takeaway: By the time Cameroon is "proven" to the wider market, the share price won't be at these levels.

DYOR

With regards to the Bibemi mine, there's also the Cameroon government to consider. Why would they go to the effort of granting a licence just to watch BCM and Oriole not use it. That would be embarrassing for them. I suspect the mine plans are for a full scale open pit mine but in reality BCM would start with something much smaller in scale so that they could test out the metallurgy and build out the infrastructure. Both BCM and Oriole are very unlikely to go gung-ho and try and borrow millions to open a big mine. It's more likely they'll use it as a proof of concept to learn and build out over time so that when it comes to the Mbe EL, they'll have more information with which to scale more rapidly.

Like I said, think of it from the angle of all interested parties, not just Oriole's because the government are part owners here and they hold all the power

Why do you always start a new thread when replying to a thread?

Look it's the ghost of Christmas past

I get the point about Bibemi PEA, but I don't believe a mine won't be built there because a mining company spent $4m to drill there and own 50% of it. They're not going to just let it go.

It's fair that BCM might divert their time and attention to Mbe first, but I don't believe it will not be exploited, especially if they get a license to do so.

You need to think like BCM. They're the big boys and girls in this game

Difficult to say, but you can guarantee that the chair would expect a fair price against her own shares. I suspect the price floor would be above 0.7 (above warrant forced excise) with an offer for that results in 11m-31m cash upfront (whilst maintaining royalty). Then it's up to the market to re-rate when the following the MRE and EL

Imagine you're BCM and you want to capture the 50% from Oriole for Bibemi and Mbe before the EL and MRE hit the tape. You'd probably make an offer that is contingent on the EL and MRE being a certain number.

This creates a payday for shareholders and money in the bank to continue exploring AND maintain a small interest in the mines as they get built and financed by BCM.

The CFO said they are already in "JV discussions" with BCM following achieving their milestones. I'd expect this to be the next announcement and this is how these things tend to work.

I was waiting for GG to disappear before I posited this haha

MRE and EL are company defining. But the real news is what will happen on or before that news. There may be news of a sale. It's quite possible that BCM might want to ink a deal before those two bits of news hit and inflate the share price.

I think the conversation is too high brow for you GG. I pity the other boards you frequent with your guttural condescending and judgemental comments. I suspect most have filtered you tbh because you offend everyone you talk to.