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The Condor Crux interview that was telegraphed last weekend, which was immediately acknowledged by the company on Twitter that they were looking forward to it, has still not been broadcast despite all the other Crux interviews now being published, frankly I find that strange.

My understanding is that companies may not promote themselves ahead of a potentially price sensitive announcement be it be good or bad, so could that be the case.

Given that Condor were keen to do the interview one wonders as to why it has not appeared, a whole spectrum of potential reasons could be the reason bordering on financing to corporate activity, let us see what next week brings.

Approaching 500m shares traded over the last 10 trading sessions, nearly 25% of the issued capital.

The stock has fallen from 4.3p on 3rd October to the current 2.55p in the process.

When the bounce comes it will be fast, the selling from Pelham/overhang must be clearing, the next TR1 will be interesting.

It looks like Crux have completed all of their interviews that were telegraphed last weekend, except Condor.

One does wonder is this is relevant or not, Condor responded very quickly to the invitation by way of a tweet saying they were looking forward to it, I wonder if Jim Mellon will step forward instead of Mark Child, Mellon is a great promotor.

I have taken a few more shares over recent sessions, there does appear to be an overhang, as others have pointed out there have been overhangs before, when cleared the SP has advanced strongly.

DYOR etc.

They have RNS'ed a link to a new presentation, looking at it is somewhat hard to believe the share price has seen 95% destruction since Q1 2021 however this is what has happened

I noticed they are still spouting noise about selling assets with Muratdere top of the pile, they expect to receive another R&D repayment in Q1 next year they suggest, maybe they will have enough cash (assuming they can sell the Muratdere royalty in Q1 or 2) until this time next year without having to dilute further.

Interesting there is no mention of the Turkish legal claims which were circa $1.4m if I recall correctly, have they given up on these or is (unexpected) news due?

Whatever, they MUST stop the continual and well telegraphed dilution, it makes the shares a rolling short, they seem to have no understanding over market matters at all in this regard.

One wonders if they will be so bold as to do a Crux interview again, I very much doubt it, but they should, it may clear the air.

https://wp-orioleresources-2020.s3.eu-west-2.amazonaws.com/media/2022/05/Oriole-Corporate-Update_3.11.22.pdf

Some suggestion that Rhino Ventures may only be selling the recently converted Non Voting Shares they have received and are likely to receive, they total 115m, if so the selling may dry up shortly, portfolio balancing ?

I see over on A@VFN the username Atinos auntie Ettie has appeared, many believe it is almost certainly Andrew Bell, the last time the alias posted he was suggesting it was time to buy RRR, the share price went on a strong run soon after, eventually hitting .70p from current levels.

This time Atinos auntie Ettie's main strap line is .......

'Buy the shares yes but please do not come crying to me if your entry is not ideal and you make only 30% instead of 300%'

DYOR etc

Wonkey

I am totally aware Oriole conducted a number of Zoom presentations and online events in 2019 but these are not the same as face-to-face presentations, the online events are carefully controlled, difficult questions are rarely asked and directors can hide behind the limited timelines.

Oriole also took part in a number of investment conferences in 2019 which tend to attract industry professionals and are not really designed for the retail investor, one was held in Cape Town !

I stand by my comments that the BOD should attend a ready-made event like Proactive (possibly meeting existing shareholders in advance) as soon as practical, from what I can see the last time this occurred was back in 2018 at Turner Pope, this information comes from the RNS feed where events are forewarned.

Many companies are now presenting one to one at investor events such as Proactive, Shares Magazine or LSE, ORR have not presented in person since September 2018, there appears to be a certain arrogance towards the retail shareholder in my considered opinion.

If this was a football scenario it would be comparable to a football manager losing the dressing room, ORR management have lost the confidence of the retail shareholder, that is exceptionally poor form as they depend on it to drive volume and stock upside.

A good CEO would realise sentiment towards the company is in the gutter and try to address the situation, they could arrange an evening event where the team could meet shareholders with the aim of restoring confidence and/or openly face criticisms and concerns, they could easily canvass interest ahead of it through their PR guru if they were concerned about numbers.

The nearest the company has come to answering tough questions was when Tim Livesey was dragged kicking and screaming towards a Crux interview, my understanding was he did not want to do it, tough questions were asked but batted away with nonsensical replies, we will sell assets to raise cash etc.

It is rather noticeable they have not completed the usual soft Proactive interview following the placing, Proactive are struggling to fill their evening presentation events currently - so why have ORR not shown some enthusiasm towards a night out in Mayfair for example, they are happy to expend shareholder money on a fruitless event in Cape Town annually.

Those who are materially down may prefer to ask the company to organise a gathering, it can help sentiment and sometimes clear the fog.

The last Bell Tweet was 15 hours ago, does that mean he is on his way home ?

As mentioned before not a whimper from him concerning RRR business on this trip to the Congo, one or two larger trades have been going through the market over recent days however, they look like buys as the bid has been gaining strength.

It is one big guessing game, will Bell deliver the $7.5m cash this time around ?

I find the selling from Miles Pelham very strange; he has a web of companies but seems to be into the Crypto scene he floated a company on NASDAQ called Eqonex Ltd, I noticed their share price has fallen from a high of $20 in 2021 to just $48c currently.

I am not suggesting this is the reason for him selling down WBI but the space he operates in is hardly booming, one wonders how leveraged he may be with his business interests, it is not uncommon for high-flyers to need liquidity from time to time.

I recall the old Obtala had a large seller at one time, if I recall correctly the stock was taken down from 12p/13p range to around 4p, the volumes were huge, it latterly materialised the shares had moved from the seller to an institutional investor through the market in retail size trades at an agreed price range, once the transaction was completed the share price moved strongly - back up to 10p+

The current WBI price action reminds me of a similar situation.

It's not that easy to buy online currently, IG want a premium for size and the bid is strong currently, it would suggest the overhang is clearing quickly.

I have to say I would really like to hear from Jim Mellon, I know it will not happen but in my considered opinion Mark Child simply does not cut the mustard anymore, he has promoted Condor as a great proposition for years, the plain fact is the vast majority of investors have lost material cash by buying into his optimism.

I seem to recall a presentation at Proactive where he was verbally assaulted by a group of shareholders due to woeful share price performance, his carrot at the time was suggestion of a toll mining agreement. It was rather embarrassing to watch, Child left the premises swiftly and never stayed for networking.

The sector has been woeful over the last 18 months so there may be some excuse however did anyone really expect to see the share price kicking around the 20p's at this stage of the game.

Mellon, the largest shareholder with 17% has a lot to lose, maybe he has had enough and wants the company sold lock stock and barrel hence his promotion to Executive Chairman.

Historically buyers around current levels have benefitted - that is worth noting at least but no comfort who have bought 35p+

Observer007 30 Oct '22 - 19:27 - 3986 of 3988 Edit

According to the CEO of Chesser Resources there will be consolidation of licences in Senegal with Barrack the likely candidate, it appears that Iamgold have already relinquished one JV to them recently.

Oriole has one of the largest licences in location, 5 times the size of £23m valued Chesser, there is speculation on the Hotcopper bulletin board that their share price (28c to 6c) has been subjected to short activity with the aim to lower the company value to make Chesser cheap pickings, evidence is provided.

Even now Chesser is valued nearly 10 times more than Oriole.

https://www.youtube.com/watch?v=RRiAMTnGZ5g&ab_channel=Diggers%26DealersMiningForum

aussiebeach 30 Oct '22 - 15:52 - 3984 of 3988

The placing number has been carefully selected, they are likely to receive another £400k in April by way of a R&D tax return, this means another raise may not happen until Q3 2023, before the recent raise they had £300k in the bank so now £900k.

If they can get away the sale of the Muratdere royalty for £1m+ they may not need to raise again until this time next year.

From a slam dunk short it looks like ORR are now a decent bet for share price recovery, no short entity would want to have a open position for such a long time.

The contributions from a couple of posters over on A@VFN, maybe comforting for those heavily invested.

Observer00730 Oct '22 - 10:15 - 3983 of 3988

There are some very angry shareholders of ORR around the bulletin boards and social media at the moment, the last placing was a real kick for holders.

I have posted on this bulletin board for a long time, I cannot recall such negativity towards management on social media, Twitter is particularly damning.

The issue is what could they have done, if they run out of money the company is finished, investors would lose everything. Clearly they could not sell an asset, the only asset that stands out is the Muratdere royalty interest but they are awaiting a EIA, once that is attained it could double the saleable value.

It is also worth noting that their nearest peer in Senegal, Chesser Resources, has fallen from A$28c to A$6c over the last 24 months.

The above said the share price is on its knees, the market cap is only £3.25m, with cash of circa £900k, they have legal claims in Turkey worth £1m and that Muratdere royalty could attain £1.5m with the EIA in place.

I would suggest the floor is in, we will see.

Podcast from Vox interview with John Meyer, Toby Bradbury was in London, Meyer met him, suggests RMM should be able to re-finance and or do an offtake, surprised stock is suspended, Meyer suggests he is confident RMM will re-list and suggests Transamine will not let Rambler go down.

Interview link, RMM mentioned at 12 mins 20 secs

https://tinyurl.com/bdaf845n

Bell is still tweeting away furiously on his private account, one can only conclude he is still in the Congo bored in a hotel room, what should have been a 2 day visit has, once again, extended significantly, now 2 weeks.

The significance of this is unknown, interestingly there has been nothing from him this time around, no photos or hints of progress concerning business matters, his colleague in country Barry Kazadi has also remained quiet on Twitter.

Who knows if progress is being made, is that $7.5m - $9m any closer to the Red Rock bank account one wonders.

I do wonder how much of the placing has been forward sold or being held tightly by takers. IG are currently asking .1575 for £20,000 of stock, that is a surprising premium, just checking with Proquote providers (usually retail brokers) hard to buy over 1m shares currently.

It is likely that a broker or a number of market makers may also take stock onto their book and hold it, so many games on AIM it is very hard to read the shenanigans.

No advice intended.

I did forewarn folks that the company was running out of cash, the problem is the stock is a rolling short, the market knows they will dilute again and again.

I would not be surprised to see a share consolidation in due course, the share price is very close to par value, probably a 1 for 10. Would take the stock price back to 1p to 1.5p range if so, the process can then repeat.

£600k is not a great deal of money, last year they raised £1.7m the year before £1.5m in Sept/October, this suggests the cash will last into Q1 but not much longer.

Very disappointed by the BOD, when Mr Livesey was appointed, in Q1 2018, there were only 476m shares in issue - the price was around 1p - there are now 2.7 billion and the price is now .13p, under his tenure a near 90% fall.

No doubt we will get another smiley faced Proactive interview in due course.

DYOR etc.

Calibre up 15% last night in Canada - some sense is returning, the drop in Condor represents an opportunity IMO.