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Well I have taken some this morning and just added again, I recall there is some formula the likes of Lanstead and Riverfort use, each month there is a window where the share price is allowed to normalise, in this period they stop selling and there is an opportunity to make a trade - hopefully for profit, some market participants are quite clued up on this and trade accordingly.

I am pretty sure it would not be in Lanstead's interest to see the stock price sub .10p immediately so I am going to make a call that we are near bottom, they need liquidity also.

The other angle, is there something going on in the background that makes the BOD so sure the share price will deliver upside and attract the volume needed to wash away the Lanstead selling. This is an aspect to consider.

It is a punt, AIM is a punt - fortunately over recent years I have been on the right side of the ORR trade on numerous occasions - I will say though that this time despite the RSI being in oversold territory I am not so buck sure as in previous times.

Currently Ms Carr is down £80,000 on her £195,000 investment from April.

I believe Marula are very close to Red Rock, this tweet tells you all you need to know. I fully believe there is a potentially very positive reason for the silence from RRR concerning Lithium in Zimbabwe.

Bell did mention RRR had interest from a third party and a NDA was in place - Jason Brewer (Marula CEO) said they were looking to acquire/do deals with nearby properties/licences - a deal between the two would make some commercial sense IMO.

https://twitter.com/Chuggley1/status/1688516744103514112?s=20

#Lithium grade from 3rd party assay 6.5% That's massive

It is rather ironic that both RRR and VAST have something in common, both CEO's are pursuing significant monies, in the case of VAST it is a parcel of diamonds that they have been trying to extract for over a year (worth $10m/$50m) in Zimbabwe and RRR seeking $12m in the Congo.

In both cases these companies have won various legal battles, the CEO's have been in country for months and months yet neither, to date, has come up with success.

Recent news reports over the weekend have suggested VAST may be about to succeed, their story has been very publicised, if either of these two companies succeed it will be game changing for existing shareholders and provide much needed liquidity to the sector.

Some form of update is required from Red Rock as Helpful has pointed out, had the company followed up on it's lithium progress/activity, even via images on Twitter, I am sure the share price would be through .30p by now.

Personally I think the BOD are naive and simply do not understand market matters, in particular how the AIM market works, do they fully understand the mechanics of death spiral financing and in particular the negative investor sentiment it brings to the table - probably not.

This latest episode is not the first time they have made material errors, anyone remember their failure to enforce the warrant exercise clause when the shares were flying, it could have brought in another £1.5m at a price above .60p if I recall, the other 'Ratner' moment came in the form of the CFO suggesting dilution was not a problem.

It seemed all was back on track around the time of EC's personal investment combined with the Project Finance RNS back in April, statements in the AR suggesting the share price suffers through dilution were also made, it really did look like they had turned the corner with dilution, it rallied the share price.

I am not even sure they are aware of previous statements made historically when pressed on upcoming events, everything has been touted but nothing has been delivered. The CFO's reference to their stake in Elephant Oil, suggesting it would bring material cash into the business, does he realise EO did a capital reorganisation which means ORR have far fewer shares than they had initially, by my calculations ORR's stake is probably worth £60k-£80k at best.

I would be amazed if the deliver on anything they suggest currently - this may explain the lack of appetite for the rumoured placing, remember the investor event held in South Africa (a nice all expenses paid trip) they talked about being overwhelmed with interest but what has come from it to date - Nothing.

Goodness knows what will happen from herein, it certainly needs something out of the ordinary for sentiment to return IMO.

Have taken a few of these around current levels.

It's hard to fathom when the shares were £1.45p this time last year and now they are moving the price in tenths of a penny - the share price does seem to move quickly with modest buying pressure nonetheless, no doubt there are bot's at work, however news is expected anytime so hopefully some upside and something for the shorts to think about so maybe some short closing ahead.

Time will tell !

They appear to be increasingly confident they will not have to pay any money back to the Gov, further they re-iterate their counter claim (which could be significant)

No surprises in the results, the cash balance as of end March a healthy £5.1m - current m/cap sub £6m and only 237m share in issue.

90m 4p warrants expire in November, that is worthy of consideration, will the market raise the SP to 4.5p/5p+ to entice conversion or if not they expire leaving shareholders with no dilution - a win win situation.

City analyst meeting this morning.

It may be worth mentioning that the likes of Bergen, Riverfort and Lanstead were so toxic occasionally they actually disguised their interests in funding juniors by using other names, in the case of Red Rock Rock one used the name Diversified Metals Holdings LLC.

Here is the initial RNS (date December 15th 2022) outlining the deal, it is very close to what ORR has announced, RRR shares were trading at .45p on the day the deal was announced - RRR terminated the death spiral at .11p in June this year, the share price rallied to .24p within days.

https://www.lse.co.uk/rns/RRR/fund-raising-caft48kd13uct6a.html

Very few CEO's will comment negatively on these deals for fear of upsetting the provider but in this interview Andrew Bell (yes I know !) makes it very clear investors do not like these deals and in a poor market they destroy value, he is very frank and open about it, from 25 seconds onwards.

https://twitter.com/i/broadcasts/1jMJgLXvpQexL

This may assist some to decide the way forward, I personally have rarely seen a share price rise strongly during a death spiral period.

DYOR etc.

Black appears to be a discretionary client of RRR's broker First Equity, this means he is leaving them to trade his position as they feel appropriate, they clearly think circa .14p/.15p is a decent entry point therefore. The recent position was reached on 31st July, RRR equity traded in that range 3 to 4 days before.

It is interesting that the broker has already exited a number of Blacks positions with a very decent profit, the question is should retail investors follow them by buying now - the answer is probably yes.

Do Chinese walls really exist these days one has to ask ??

Unfortunately the SP will have to go quite a bit lower to attract new buyers/traders IMO, this years low was .10p but back in 2021 the stock hit .09p - they now have nearly 4 billion shares in issue, it has been dilution central ever since TL & Co took over back in 2018.

I fear the market has lost interest in this company (it explains why there was no appetite for a placing - if the rumours were true) I really am shocked they have gone down the death spiral route. Was there really no other option? The other bulletin board has been as dead as a dodo for a very long time, this re-iterates the apathy.

So let's see how this plays out, as it stands ORR will receive only a fraction of the money they were hoping for from month 1 of the death spiral - Lanstead really have a great deal, does anyone really believe that the .25p Benchmark Price will been hit in the near future, I would suggest the BOD did not either.

Another aspect to consider if ORR only get £30k/£35k a month this falls well below their monthly burn - then what ?

DYOR etc

Ironically I was thinking of buying back in here but suspected some form of cash raise was just around the corner so I had a lucky reprieve, usually when the cash position gets to circa £300k you can expect a raise. Remember the BOD are still taking out (whether it be by shares or cash) circa £500k per annum so kiss goodbye £40k a month immediately.

When Mr Livesey was appointed in Q1 2018 there were 476m shares in issue, the share price was in a range of .85p to 1.25p. There are, as of today, 3.86 billion shares in issue. Mr Livesey has failed to live up to the claims he made about restoring shareholder value in his early days, as a BOD they have failed to deliver any meaningful asset disposal, in the meantime their legacy assets are now next to worthless.

In my view the company needs a change of direction and possibly management, there is very little to excite the market as all projects are so long in the tooth, Senala has been kicking around for 10+ years, nearby Chesser Resources turned their project into a £80m valuation at one point, all within 3 years, they were focussed and their shareholders benefitted in a major way, not so Oriole investors.

In a nutshell this BOD seem unable to deliver any value - on the contrary in fact.

The stock will be avoided by traders by the action taken today IMO.

This guy has to be listened too - former head of Merrill Lynch tech market making, his overview is damning, after hearing the interview he says.....

I literally CANNOT believe what I’m hearing in this interview .

So Lanstead are going to keep their shares ? It’s in Lansteads interests for the shares to rally !!

It’s a bloody DEATH SPIRAL but this removes any placing speculation !!

Wow wow wow #ORR

https://twitter.com/patviera/status/1686348501121191938?s=20

Lanstead have an excellent deal here by securing the Benchmark Price at .2533p it ensures they cannot fail to make money.

So long as the share price remains under .2533p ORR will receive less cash than what Lanstead has received so they (Lanstead) make immediately profit.

Lanstead has received £1.76m in their pot, they pay ORR £73k a month if the shares are at .2533p over 24 instalments but only pay ORR £55k if the share price is .19p - if the VWAP sits at .14p ORR will only receive £33k

So if the 24 month average VWAP is around .14p/.15p ORR will only receive circa £800k whilst Lanstead will make a profit of nearly £1m + they have also been given 82m shares as freebies.

I appreciate the above is the worst case but ORR start the process with a share price at .14p with investors knowing this facility is in place which will hardly entice newbies into the stock.

I cannot for the life of me see how this is a good deal, especially for existing shareholders.

In the case of Red Rock the share price was decimated (from .45p to .11p) despite them having a very realistic chance of receiving a $10m cash windfall from a legal dispute in the Congo over the course of their funding agreement - so how TL and BS think the share price will grow from current levels is hard to fathom.

IMO the BOD have been hoodwinked and clearly lack understanding of how these facilities work.

DYOR etc, the numbers above are approximate.

I cannot believe this BOD would go down the route of death spiral funding with Lanstead of all people, in a stroke it makes the shares un-investable for traders and will destroy value for holders.

The BOD must be very naive or desperate, did they really struggle to get a placing away at .12p as has been suggested elsewhere ?? Does the BOD really know what happens to their underlying share price with such a facility and how it works ?? Do they even know Lanstead are viewed as 'toxic' by retail traders ?

On another forum reference was made to Red Rock Resources (a company I have a investment in currently) they took out a similar funding arrangement, at the time (December 2022) their share price was trading around .45p, by the time the funder had finished, they had to issue shares at .11p, RRR then ditched the facility - the share price was in constant decline from day one, the fall was 75% in fact.

This really is a very poor outcome for ORR shareholders i'm afraid to say.

DYOR etc

With only 489m shares in issue Empire is only valued at £24m has potentially made a world class Titanium discovery, the current market value is far too low.

I would not be surprised to see a takeover offer for the company or a JV with a major as a result of recent news - the discovery spans 40km's - it really is a massive find.

Let us see where this goes but, as posted yesterday, even at 20p a share EEE would only be valued at £97m - at their height GGP had a market value circa £1.4 billion !!

No wonder buyers are returning - 7p+ by the end of the week seems entirely possible

I still believe that the relevance of Empires recent updates concerning a potential world class Titanium discovery has been missed by a vast majority of the market.

Expect more upbeat progress reports from Pitfield basically reiterating the strength of the discovery - frankly I am not worried about copper but if it comes so be it, the Titanium discovery is the significant value driver.

If anyone followed the early days at GGP (from circa 1.7p to 39p) you will remember an initial pullback like what occurred here over recent sessions but then buyers swamped back in, the difference here is Empire only has a fraction of the shares in issue GGP had around that time.

I would not be surprised to see EEE breakout later this week, it was exceptionally hard to buy all afternoon, they do not want to sell many shares around current levels therefore.

I took more this afternoon.

DYOR etc.

There appears to be a background buyer, the spread was widened but it was still hard to buy in any size, trades above 25,000 shares were at a premium to the advertised offer despite the 4.1p/4.4p spread.

The shares hit 5.2p recently but even at that level the company would still be valued sub £25m, market recognition for a potential world class Titanium discovery has barely been recognised so far, even at 10p a share the m/cap would still be sub £50m !

Most Titanium producers are valued north of $1 billion !!

Very little stock on the offer currently - the shares have fallen from 5.3p to current, the RSI is turning up, no longer in overbought territory, can see some strong price action ahead, given recent news the market cap seems far too low.

Time to buy in or add IMO.

There has been a great deal of chat about the sector recovering recently on Twitter and other online forums, let's face it how far could it fall further given the demise is now over two years long and even experienced CEO's who have been around 40+ years have said they have never known of such a prolonged period of share price downturn.

A few have noticed that good news is now rewarded with share price uplifts as opposed to this form of news being used as a liquidity event to sell, maybe just maybe the tide is turning and accordingly AYM shares could start to recover back to the 4p+ range they were trading at last April - anyone remember the spike to 11p from current levels in January 2021, on AIM anything is possible.

The only good thing about recent placings seems to be the stock appears to have gone into sticky hands and the company is reasonably well funded over the mid term.

Hopefully entering a news rich period which should deliver more volume/interest.

The bashing on here is both amateur and pathetic and for a reason.

One basher suggests that the broker target valuation of £25m/£30m was paid for by ODX, well yes however if anyone knows the rules of research notes they should know that these notes are not available to the retail community unless they are paid for by the company. That is a fact.

'We re-iterate our view that the company is worth £25m/£30m which implies a target price of 12p a share'

Shrewd individuals with market experience can see through all this bashing waffle, if this company delivers the share price will quickly run into double numbers, that is a fact.

Place your bets !

Interesting they are having a analysts meeting at 9.30am on results day, this is the first time this has happened on results day over recent years - maybe they have something very positive to promote, now that would not be good news for the trolls would it, maybe the bulls have it !

Due to constant bashing and negativity, lack of liquidity, lack of retail interest the company is currently valued at a fraction of the last broker valuation of £25m-£30m or around 12p a share.

If buying demand returns the share price could move up very quickly indeed, a takeover approach cannot be ruled out either.

ODX has circa £5m cash - current m/cap £6.5m

DYOR etc.