RE: SP Angel coverage21 Nov 2023 15:51
SP Angel summary:
We rerate Oriole as a buy. The combination of a meaningful cash injection and the opportunity for exploration success at the two prospective licence packages is a true major development in the Oriole story. The deal suggests an implied valuation of US$9m for Bibemi and US$10m for Mbe. Gaining BCM as an exploration partner will be transformative for Oriole as they drill out highly prospective targets generated over the past field season. Oriole’s legacy assets, including Senala and Muratdere, reinforce the balance sheet whilst Cameroonian gold development accelerates.