Member Info for GodofHellfire

When assays come, don’t just scan for the single biggest interval and start shouting.

The real tells are:

consistency across multiple holes

continuity of mineralisation

how wide the mineralised zones are

whether it supports the exploration target concept (tonnage + grade potential)

One bonanza hit gets headlines. A pattern gets mines built.

If MB01-N delivers coherent drilling support, it becomes a conversion story (target -> resource). That’s where the market usually pays attention.

Not advice. DYOR.

B-Postive - Love your optimism and you're not wrong on Oriole's value. The problem is that, that type of MCAP will only be realised when it's proven that Oriole can legally start a mine. This de-risks the "new jurisdiction" risk and the "dilution" risk moving them into being a producer with the largest land package in a entirely new gold mining country. They are the last caps on the share price because the geology and volume is proving itself with geological results and facts.

The lid won't come off until that happens. But it will happen and it's coming soon. The true question is, are you in before that happens, or are you sitting on the side-lines with the risk of missing a 500-1000% re-rate?

DYOR

Ai has done the deep research for me so I can see the potential. I just want to get a feel for the confidence and why that confidence is placed?

New to this share. I've done some research and it sounds promising. Do you have any off-lse intel to explain more about where the board are at? The dilution risk her is pretty strong and the Directors taking pay in shares suggests some "financial stress". Any info will be welcome as I'm genuinely interested and I may have some capital to move shortly...

Clear parallel uptrend now. I think there will be a little resistance at 0.37/8 but if we break through that then i think it could go to near 0.5 as the next step up. Could be some warrant pressure at that level

A lot of people treat placings as “bad news”.

Late 2025 saw ORR raise £1.8m via placing, plus the retail WRAP element. That money has to be viewed in context:

drilling and studies cost money

you want programmes funded properly

you want momentum maintained through the key catalyst windows

It’s fine to dislike dilution. I dislike it too. But the adult question is: did it fund value creation, and was it paired with partner funding as well?

ORR’s broader model is not “endless retail dilution”. It’s a mix of market funding and partner funding.

Not advice. DYOR.

We need to be realistic about value.

The reason you can't keep comparing to other companies is because this has the "jurisdiction" risk attached to it i.e there's never been a gold mine so until there is one it can't be seen as possible.

This is why the exploitation licence is the true rebate because it gives Oriole the permission to open a mine and make money, which removes the "dilution" risk.

Eileen is 69 and Martin is 66. If you were that age and a lot of your money was tied up in Oriole, what would you do?

1. Not aiming to lose control or dilute with BCM. Sounds like they are both aiming to collectively move the Mbe and Bibemi projects forward together to get them to a point where mining is possible. BCM are a mining company so I'm sure they'll want to stick around.

2. Mbe N&S are looking like they could end up multi-million ounce resources.

3. They're not going to sell the assets piecemeal, which means they are building a value bomb for a bigger sale later.

4. The exploitation licence is the catalyst and there's momentum and positivity around it.

5. The geology is looking like there could be another Mbe at Pokor/Ndom nearby.

LIkely steps this year are going to be

1. Drill and update MRE for Mbe (drilling results really good so far)

2. Explore and line up drilling for Pokor/Ndom. I'm sure BCM would be happy to oblige. This builds the district play.

3. Senala JV to build further value freely carried....why sell when it can balloon your final sale?

4. Exploitation licence unlocks Cameroon as a gold mining district.

5. Once licence is granted, MRE is updated and further evidence of the district play is granted, package for a job lot sale.

Within the Senegal optionality, Faré South is worth remembering because it already has a maiden inferred resource: 155,000oz @ 1.26g/t.

Again: not a world-beater on its own, but it proves the system is real and measurable.

And that’s the theme with ORR overall:

Cameroon gives scale and catalysts

Senegal gives carried upside and strategic optionality

This is how you build asymmetric juniors: multiple shots on goal, but not all funded by constant dilution.

Not advice. DYOR.

I'll do my best...

Think they put it on the website after

"Potential to find another Mbe" in Ndom/Pokor!

Mayo the RNS said you can submit during the call... I'm sure they just said they wanted them earlier because they wanted time to consider them

They're live now...

Cameroon gets treated like a black hole by some investors. But there’s a reason ORR is there: it’s under-explored relative to West African peers, while still sitting on the kind of regional structures that host big orogenic systems elsewhere.

That’s the thesis: first mover advantage, large land position, and proof-of-concept discoveries.

The discount doesn’t vanish overnight. It erodes when you get:

resources

partner funding

permitting milestones

development studies

ORR now has several of those boxes ticked.

Frontier isn’t automatically bad. Frontier just means you demand evidence. ORR has started producing it.

Not advice. DYOR.

Don't forget to register and prepare any questions you may have

https://us02web.zoom.us/webinar/register/WN_Y5TIyJUER52FaTAby7spOg

Bibemi remains the immediate value driver, where the market is still pricing in the conservative $12.8m NPV (based on the $3,200/oz base case). At today's ~$4,600/oz, that same starter pit’s value balloons to approximately $51.5m—a 4x increase. Crucially, this high price unlocks the vast majority of the project's 460,000 oz resource that was previously left out of the mine plan; rock that was considered "waste" at lower prices is now high-margin ore, potentially pushing the real economic value from that $12.8m starting point to well over $150m in a revised mine plan.

Mbe and Senala provide the massive scale and leverage backing this up. Mbe’s maiden 870,000 oz resource has seen its gross in-situ value balloon from $2.78bn (at the $3,200 reporting price) to ~$4.00bn today—a $1.2bn increase in the value of the rock without drilling a hole. Meanwhile, Senala acts as the "sleeping giant"; because its older resource estimate used a gold price of just $1,800, the value of its 155,000 oz resource has effectively jumped from ~$279m to ~$713m in gross value, representing the most explosive leverage of all the assets.

In total, Oriole sits on a combined resource base exceeding 1.33 million ounces across the three projects. While the market focuses on the headline numbers from recent reports, the rise in gold price has fundamentally re-rated the portfolio—increasing the total gross value of metal in the ground from roughly $4bn to over $6.1bn, creating a massive safety buffer against inflation and costs.

Here’s the grown-up point: Bibemi has metallurgical complexity (tellurides / refractory characteristics can require more complex processing routes).

The company’s work describes a defined processing route involving flotation and POX with downstream leaching, with recoveries referenced in the technical discussion.

This is not “free money”. POX adds capex and technical execution risk.

But the counterpoint is simple: they’re not hiding from it. They’ve done the testwork and baked it into the PEA framing.

If you’re going to invest in juniors, you want them to surface hard problems early, not pretend they don’t exist.

Not advice. DYOR.

Clever little cross-ramp whilst leaving belief in ORR behind.

Who knows if you really did that or not...

The interesting thing is Mbe S was JORCd at just over 1g/t (bulk tonnage) whereas North is currently reporting over 3 g/t. If that brings the average up across the whole licence it will need a fundamental recalculation. If the average ends up being over 2 g/t then Cameroon and Mbe leaps into the Tier 1 category for gold in Africa!

Majors and Med-tiers alike will be like: Whattywhatnow?? Lemme see.....district scale multi million ounces and licence to dig it out you say?

The recent news about artisanals smuggling out 15 tons (483k oz) to Saudi Arabia in 2023 has put a BONFIRE under the Cameroon government's butt.

Let's look at how much they money they have lost.

Firstly, Cameroon's entire national budget is around $10-12b per year.

In 2023, and like 2024 and 2025, they let likely more than $2.2b worth of gold (or 20% of their GDP) walk out of the country untaxed.

If we look at The Ad Valorem Tax (royalty) at 5%, export duty at 5%, corporate tax 30% on profit, and state dividends 10% free carry, they have lost in the region of $752m in tax for 2023 (or 25% of the value of that gold).

To put that in perspective, that's: 75% of their entire health budget or 2 fully built hydroelectric dams or 500km of paved highways.

Essentially 5-10% of their national budget has been stolen EVERY YEAR. Or $2.256b over the last 3 years.

They won't want to prevent artisinals from making a bob or two, but they're rather they worked at legal mines instead.

The Cameroon government need to act quickly so that they can realise this windfall through protected means.

A protected means like Oriole Resources, who are the most advanced gold explorer in the country. Their licence for Bibemi will come very soon. Then an application will be made for Mbe (copy and paste), which I suspect will be much quicker in it's delivery.

Oriole are leading the charge on a laser-focused government who need that money fast!

Market WAKE UP!!