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But a hostile takeover means the board disagree with the takeover and that would mean that they would be removed after the takeover because they'd lose control.

It is technically possible, but I disagree that it is likely because there's too many risks to the takeover company. The government could just shut everything down and they'd lose all their money. It doesn't make sense and the takeover company would probably be uninsurable

I think that would be a legal nightmare and you'd likely get the government step in at that point. They have a relationship with Oriole, they wouldn't want some random company suddenly come in and own their land.

The bottom line is, a sale is all but guaranteed and I am confident it will be for a fair price because this has been the BOD's mantra from the beginning. Their want all their effort and risk rewarded, for them and shareholders.

All we have to do is sit and hold. You don't have to time the market which is an absolute luxury. Any price up to about 0.7p is a good price to get in at considering what's proven to date.

When everything gets proven the bull case is 3-6p

GG The only way a hostile takeover could really work is from BCM. They have 50% ownership of some assets and they could disrupt any takeover like this.

BCM however could do this but they don't have a record of any hostile takeovers. They do however have a record of buying assets for tens of millions....

When juniors make significant discoveries in new jurisdictions, the majors and mid-tiers rarely stay on the sidelines. Look at Roxgold in Burkina, Perseus in Côte d’Ivoire, or even Amara Mining in Sierra Leone. The pattern repeats: new district, early mover, multi‑million ounce potential → acquisition.

Oriole has three elements that historically trigger M&A interest:

Control of a district‑scale land package (3,600 km² CLP)

A growing resource base (Mbe + Bibemi = 1.33Moz and rising)

A strong local partner (BCM) derisking early development

Add in the fact that Cameroon is becoming increasingly mining‑friendly and actively seeking its first commercial gold producer, and the strategic attractiveness increases.

Is M&A guaranteed? No. But is Oriole now on the radar of every African‑focused mid‑tier? Absolutely.

Juniors get bought when exploration risk is low and resource growth is predictable. Oriole is now entering exactly that phase.

It's flattering if you think about it. It means Traders are using it as a "sure bet" to trade because they know the story is always positive, otherwise they'd risk losing their money. It makes total sense. It won't stop being traded until the consequential news becomes larger or more frequent, which will happen in the very near future

Had a proper look through the RNS and the shareholder register after today's reaction. It feels like a classic "Sell the News" event, but the fundamentals are actually stronger than the share price suggests.

Here is my take on why the drop happened and why the thesis is still intact.

1. Why the 10% Drop? (The Liquidity Gap) The drop to 0.28p looks ugly, but it’s mechanical.

"Sell the News": Traders bought the rumor weeks ago and dumped today to lock in 10-20% gains.

The Funding Scare: The headline Capex is US$60m. The market instantly panicked about "dilution" because they didn't read the fine print about BCM likely footing the bill via debt/contractor financing later.

Auction Gap: On SETSqx, when everyone tries to sell at the 8am/9am auction, the price gaps down. It’s not a fundamental collapse; it’s a crowded exit door.

2. The "Hidden" Value in the RNS The PEA headlines were deliberately conservative.

Gold Price Sandbagging: They used $3,200/oz. We are at $4,300/oz. Re-run the numbers at spot price and the NPV isn't $12m—it’s likely $35m-$40m+.

The Strategy: This isn't a "mine plan" for the next 20 years. It’s a "License Defense Plan." The 10k oz/year starter pit is designed to be just big enough to get the Exploitation Licence granted (H1 2026). Once the permit is signed, the asset value jumps.

3. The Shareholder Register (The Real Bull Signal) Forget the day traders. Look who is holding the paper:

Lanstead are OUT: It looks like Lanstead has finally cleared their position (or dropped below 3%). That constant selling pressure is gone.

Aberdeen (abrdn) are Solid: They are still sitting on ~16%. A Tier-1 institution staying in a micro-cap explorer is rare.

RAB Capital Entered: The recent placing brought in RAB Capital (13% of the raise). They are smart resource specialists.

Director Buying: Eileen Carr (Chair) has been buying aggressively (now ~4.5%). Management putting their own cash in speaks louder than RNS text.

4. The Endgame: "Prove, Package, Sell" The RNS confirms the path to an exit in 2026.

Step 1: Get the Bibemi Licence (H1 2026).

Step 2: Drill out Mbe (BCM paying for it).

Step 3: Sell the whole "Cameroon District" package. BCM is the natural buyer. They already own 50% of the projects but don't own the company stock. If they want full control, they have to buy us out.

Summary: Today was just flippers exiting. The "Smart Money" (Aberdeen/RAB/Directors) is positioned for the Licence grant in 2026. The funding gap for the mine is the only real risk, but BCM is the likely solution there.

GLA.

The "trading platform" you are referring to is likely the SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) segment of the London Stock Exchange. This is used for less liquid AIM stocks and, instead of continuous trading where you can buy/sell instantly, it often relies on periodic auctions (scheduled "uncrossing" times).

While the standard schedule has 5 auctions (8am, 9am, 11am, 2pm, 4:35pm), many traders colloquially refer to the "3 times a day" because the 9am, 11am, and 2pm slots are the main intraday liquidity points where orders actually get filled.

Here is why this specific mechanism proves your "locking in gains" theory and explains the sharp drop.

1. The "Auction Gap" Effect

On a normal continuous market (like the FTSE 100), selling pressure is absorbed gradually. On an auction platform (SETSqx), sell orders "pile up" for hours until the next uncrossing time.

Scenario: Traders see the RNS at 7:00 AM. They place "Sell" orders to lock in profit.

The Problem: These orders don't execute immediately. They sit in the book until the first auction (8:00 or 9:00 AM).

The Result: By the time the auction fires, there is a massive pile of Sell orders and very few Buy orders. The algorithm has to drop the price drastically to find a level where the sells match the buys.

2. The "Air Pocket" Diagram

This diagram illustrates why the price gaps down 10% instead of drifting down 2%.

Before Auction: The "Last Price" might look high (e.g., 0.32p), but it's a mirage because no trading is happening.

During Auction: The "Exit Door" is narrow. Because everyone tries to leave at the exact same moment (the auction time), the price clears at the lowest common denominator (0.28p).

3. Why "Locking in Gains" is the Driver

Your theory is supported by the volume. If this were a fundamental dump (i.e., people hating the project), the selling would be sustained and heavy all day.

Instead, we see a sharp drop at the auction/open, followed by choppy sideways movement.

This indicates short-term traders (flippers) exiting their positions en masse at the first available opportunity.

Here is the blunt truth about why the market acts this way, often defying logic:

1. The "Liquidity Event" (The Exit Door Opened)

For small companies (like Oriole with a £14m market cap), it is very hard for larger holders to sell shares without crashing the price because there are usually no buyers.

The Trap: If a fund or a large holder wanted to sell £50k worth of stock last week, they couldn't. There wasn't enough volume.

The Escape: Today, because of the news, volume spiked (people reading the RNS and buying). The large sellers used this "good news" as a chance to dump their shares into the buying frenzy and get out. They didn't sell because the news was bad; they sold because today was the only day there was enough cash on the table to let them leave.

2. Traders Hate "The Gap"

Traders have very short attention spans.

The Timeline: The RNS says the next big milestone (Exploitation Licence) is H1 2026. That could be 4 to 6 months away.

The Trader Brain: "I'm not going to let my money sit dead for 6 months waiting for a permit. I'll sell now, take my 10% profit, and go buy something else that is moving this week."

They are selling boredom, not the project.

3. The "Free Carry" Misunderstanding

A lot of retail investors likely didn't read the fine print.

Expectation: "BCM is paying for everything!"

Reality (in the RNS): "Costs to +/- 30% accuracy... Subject to negotiation."

When investors realized BCM hasn't officially signed a check for the $60m construction yet, they panicked. Uncertainty = Selling.

The Silver Lining

If you believe in the "Buyout" thesis we discussed, today is actually just noise.

The Asset: The gold is still in the ground.

The Permit: The application is submitted.

The Partner: BCM is still drilling Mbe.

The market is currently voting on short-term liquidity, not long-term value. It feels dumb because the market is often short-sighted. The "smart money" (if there is any) usually accumulates during these boring dips after the traders have flushed themselves out.

Oriole Resources Advances Bibemi Towards Potential Production 🚨

Oriole Resources PLC (AIM: ORR) is pleased to announce an important milestone at its 50% owned Bibemi Gold Project in Cameroon, with the submission of an amended detailed technical report to the Ministry of Mines in support of the Exploitation Licence Application (ELA) process. The submission incorporates results from the Company’s internal Preliminary Economic Assessment (PEA), which indicates the potential for an optimised open pit gold mine scenario at Bibemi and reflects the significant technical progress achieved during 2024/25.

🔑 Bibemi Gold Project Preliminary Economic Assessment Base Case Highlights

• Focus on: ~89,000oz in situ gold at 2.20g/t Au, largely within the 100,000oz Indicated Resource at Bakassi Zone 1

• Life of Mine: 7 years

• Average production: 10,000oz Au per annum

• Average AISC: US$1,243/oz

• Initial CAPEX: US$60.4m

• Payback period: 4 years

• NPV (8%) @ US$3,200/oz: US$12.8m

• Equity IRR (after tax): 19%

📈 At a higher gold price of US$4,000/oz, the Project NPV increases to US$34.9m, highlighting strong leverage to gold prices.

🤝 Progress on the Ground

Productive meetings were held last week in Yaoundé with Cameroon government authorities, including Oriole CEO, Martin Rosser, as part of ongoing ELA negotiations. Subject to final agreement on taxation, Oriole is targeting the grant of an Exploitation Licence in H1 2026.

🌱 Significant Upside Potential

Less than 20% of Bibemi’s total contained gold resources are included in the PEA, with possible mine life extension and production expansion through:

• Conversion of an additional 371,000oz JORC Resources

• Exploration Targets of up to 400,000oz Au across multiple prospects

🗣️ CEO Martin Rosser commented:

“We are pleased to have submitted the amended detailed technical report to the Cameroon Ministry of Mines, which is an important milestone as the Company seeks to be granted an Exploitation Licence for the Bibemi Project. The Preliminary Economic Assessment for the selected Bibemi gold project mine scenario, which formed part of the technical report, shows that, based on the work completed to date, the Project has mine development potential.”

A key step forward as Oriole continues to unlock value across its Cameroon gold portfolio✨

Traders sucking liquidity out of weak hands. They can't keep repeating. The institutionals are in now.

This share is plagued by traders but as we saw yesterday, liquidity is stopping the worst from happening. It will climb in an orderly fashion rather than spiking

Wasp, you're holding for a complete sellout, not a gold mine 👍🏻

Everyone who doesn't understand what they own. Read my posts and get the back story. The Oriole story is about proving a new gold jurisdiction. The geology is proven

This PEA is based on $3200 gold and gold it ripping still.

This isn't about Oriole opening a mine, this is about Oriole proving a mine is possible, completely derisking Cameroon as a gold mining district. That will cause a rerate and the board will likely put the company up for sale (after MBE N results).

Hold and you will be rewarded

It's a PEA which is needed prior to an exploitation licence. It's confirmation we are on track to derisk Cameroon. It's excellent news

Bibemi is already a solid 460koz project at 2.06 g/t, but the real game-changer is the Exploitation Licence, currently progressing through the Cameroonian approval system. Once granted, Oriole moves from “explorer with potential” to developer with a permitted gold mine.

This matters because:

A mining licence derisks the entire project

It opens doors to project-level financing

It brings Cameroon’s first commercial gold mine into reality

It turns a dormant asset into a near-term revenue generator

The licence dossier already includes environmental studies, social impact assessments, technical viability, baseline hydrology, and long-term mine planning inputs (RNS, June 2024). Everything required is already on the Ministry’s desk.

The moment Bibemi becomes fully permitted, Oriole’s risk profile collapses — and its valuation floor rises sharply. Developers trade at different multiples to explorers.

This will be one of the biggest catalysts in the entire story.

This might be a liquidity problem after they changed the trading times to 3 times a day