Member Info for hunniford

MC Marty got to spit some bars (as the kids say) for the presentation….make dem tings Gold bars!

Of course the final tune for the night to close the show has to be…….

I hope they serve flaming Goldschlägers as folks walk in to get the event started. And then DJ Marty R opens up after the presentation is done with that eighties Spandeau Ballet classic - Gold followed by a little Rick Astley….::

I reckon I should go pro bono onto the ORR marketing & events team 😀

The upcoming meeting does start in the evening Bikwik. I was talking about a future online & in person AGM. AGM starts early

Yeah great point @buythose I think an in person and online AGM would really help. Hardly anyone can rock up to central london at 11am on a working day! Plus dream big international investors won’t go either !!!

They really do need to jazz up the online presence but at the end of the day we want some cash rich mid tier to just come in and buy the whole lot.

I would recommend anyone who is feeling a bit disgruntled to pop along to this meeting in London. Obviously try and keep it together if you have a few sherbs !! 🤣

But seriously….. air your concerns face to face with them and see what they say. It’s much more productive than bashing the company online where we seek to attract investors !!

From previous face to face discussions I have had I find them quite productive, they take on feedback. Whether they act on it is a different matter. Let’s just say work in progress !! 😀

I would say drill results would be at least another 2 weeks, they go well out of country to a lab in Côte d'Ivoire so takes a bit of time to get them shipped and results. Unless they split up the reporting for the earlier cores.

So yeah timing should be spot on for the investor meet. We should hopefully get interims next week. Actually surprised not to see them this week.

Nice to see they are pushing the investment potential, unfortunately I won't be in London for this I will be on the road for business or I would have went as you do get the odd gem in the room that doesn't always come across in an RNS, such as the passion from the team for this to succeed. Obviously Eileen the Chair has 196,672,969 reasons for this to do well, so it is good to have that chat with her as a leader of the business but also a keen shareholder.

@beardozer, I don't know your proximity to London but it could be a good opportunity for you to get some pow wow time with the BOD and share your concerns and perhaps get some answers.

For what it is worth, I don't agree with all the stuff they do and I think they should be held accountable to shareholders, I just don't see the sense of bashing on LSE when we re trying to attract other investors. There are obvious issues to address but it's not entirely dire doom and gloom !!!!!

I would obviously love to see at least .5 as a base but hopefully that will come soon.

I would encourage anyone with a decent holding (or even any holding) or thinking of investing to go along to this event if you can. I mean I wouldn't say traverse the country for it but if you happened to be in town go. Ask questions as well and report back here on what was said. One thing i would say is they are a pretty personable bunch in person and generous with their time!! Hopefully they can attract some HNWI to this, the timing should be right after phase 1 drilling final results. Hopefully they articulate a plan and timeline for phase 2.

See if you can get Eileen on the sherries you might learn some interesting gems - (joking)

Well we have volume today. Over 80m done so far. Just seen 9m drop from 08:22

Yeah it said stop being so tight Cekim and be more like Kutzz TL;DR: buy more shares !!

It seems to think if everyone on here buys more shares the price will go up.

GOH that’s what I’m doing all the RNS for the last 18 months are loaded in the model. Plus it tracks the sentiment on this LSE board everyday and pulls data from a few other source for volume and a couple of other metrics.

I have a GPT model that’sucks in all the last Oriole RNS over the last year or more. This is what it summarised on today….

Oriole Resources (AIM: ORR) – Greenwood Initiation (8 Sept 2025)

Key Points:

• Greenwood sees Oriole at a tipping point: years of systematic exploration in Cameroon are delivering real scale.

• Market cap only £16m vs African exploration peers US$50–120m.

• Near-term re-rating potential 2–3x, with upside to US$120m if Mbe proves multi-million oz.

Projects:

• Mbe (Cameroon): 0.82–1.34 Moz Exploration Target. Maiden Resource due Q4 2025. Standout drill hits (6.15m @ 19.7 g/t, 3m @ 17.7 g/t, 86.5m @ 1.36 g/t). District-scale with multiple undrilled anomalies.

• Bibemi (Cameroon): 460 koz @ 2.06 g/t (Cameroon’s first JORC gold resource). Further 145–400 koz Exploration Target. PEA and exploitation licence ongoing.

• Senala (Senegal): 155 koz @ 1.26 g/t. 380–650 koz Exploration Target. JV with Managem. Near Barrick/Managem’s 2.5 Moz Boto mine.

Valuation:

• Current EV/oz US$41 vs peer average US$59.

• Base case 0.53p/sh (40% upside).

• Forward case 1.1p/sh (3x) with 1 Moz attributable.

• Multi-Moz scenario at Mbe could deliver 5–8x uplift longer-term.

Funding:

• BCM funding up to US$8m across Mbe & Bibemi (50% earn-in).

• Success payments up to US$20m if Mbe reaches 10 Moz.

• ORR debt-free; £0.7m cash YE 2024 plus BCM inflows.

Conclusion:

Mbe is the company-maker. Bibemi adds credibility as Cameroon’s first JORC resource, while Senala provides JV leverage in a world-class gold belt. With gold >US$3,500/oz, ORR looks cheap and well-positioned for multiple re-ratings as news flow builds into Q4 2025.

Beardozer, I’ve seen you raise the share buyback scheme many times and the reaction from other posters is usually the same as today.

Instead of just floating the idea, perhaps you can explain how you see it working and where the money would actually come from. ORR doesn’t sell anything and doesn’t generate revenue like a normal operating company. Rolls Royce and PayPal fund buybacks from their cash flow. That’s typically how it works.

The money from BCM is earmarked for exploration. Even if we were to receive a success bonus at Mbe — say $1m at 1Moz and another $1m at 2Moz — it would make little sense to spend that on buying back shares, only to go back to the market later to raise funds. The cost of running a buyback through advisers and brokers would also eat into that cash, leaving the company worse off.

Personally, I’d much rather see any spare cash go straight into the ground, not into buybacks. ORR has other licences that deserve attention and extra drilling could add more value than tinkering with the share count.

I do agree with others that at some point a share consolidation would be sensible. Selfishly I’d like us to get to at least 1p first, but the reality is that institutions generally don’t like investing in companies trading at fractions of a penny.

These are just my thoughts, but I’d genuinely be interested to hear how you think a buyback scheme could realistically work in ORR’s situation?

Hey Beardozer, thanks for your post. I’m glad I gave you some levity. If you read my post again, I’m not specifically defending the Board. I’m setting out facts, which I’m happy to be corrected on if any are inaccurate.

This is a seasoned team. Eileen, Martin and David P have decades in the industry and their track records speak for themselves. The Expendables reference was tongue in cheek. Yes, they’re older, but they still have plenty left in the tank.

Take David P. He has over 50 years in West African mining. At the AGM he told me he has successfully extracted value from companies operating in regions that others deemed too risky or where there were no proven gold deposits at an early stage. Liberia, straight after the war, was one example. He sees the same kind of opportunity with ORR. This is not his first rodeo. Likewise Eileen has done the same.

Because of the era they come from, they’re never going to be all over socials in the way the TikTok/Instagram generation are, and I don’t see that changing. Their focus has always been on getting the job done in the field, not online. Yes I’d like to see more promotion but I just don’t see this changing soon.

What frustrates me is the constant personal attacks on the Board’s competence. This is a double-edged sword. If I were a potential new investor reading this board, I’d be put off. That kind of negativity does nothing but damage sentiment. As shareholders we’re shooting ourselves in the foot.

And let’s be honest: do you guys really think you’ll force change by hiding behind a made-up name on a public bulletin board, slagging off the very people running the business? It’s just noise. If you’ve got genuine concerns, raise them directly with the team. They have always been open to dialogue.

The bigger picture is what matters. ORR is significantly undervalued. With retail dominating the register, we shape the story. I’d rather we focus on highlighting the upside, show the potential, and attract genuine investors who do their own research.

This is not about short-term ramping. It is about backing a company with real potential in the ground, a team with the experience to unlock it, and a market that has not yet caught on. I believe this is one of the most undervalued plays out there and I want to see it deliver. Plus now we seems to have a gold sector which is quite hot looking at the others out there.

I’ll comment on your share buy back point separately, since not much space left here.

@ Buythose, what was your entry if you don't mind me asking?

This should ( I say should since as much as i would like it to, it doesn't always work that way) still have a good way to rise to realize the value using the value versus potential formula.

A share price of 1p sees us at just under 40M which when you think of Mbe which is getting all the attention currently, we have a smaller resource in Bibimi, a bunch of contiguous licenses around Mbe ready for exploration and a 30% earn in trying to get thrashed out (taking longer than i would like) in Senegal in a very proven gold rich area.

So of course this isn't without risk but hopefully the team can generate real value here. They are a veteran team, so with that doesn't really come the flashy social media promotion that many of us would like and younger more media savvy teams will do but they do have deep experience in West Africa. They are a bit more like the expendables (ok perhaps not as Hollywood) but you get the gist.

One of the directors is on his 3rd or 4th rodeo in terms of going into countries were the herd have not yet been and extracting value. I just hope he and the team can do it one more time and serve us LTHs well !!

Have a good weekend everyone!!

I'm getting .4 for to buy which is decent we seem to be moving back up in the right direction. I would expect to see the interims next week. I'm sure Bob will be cramming his homework over the weekend to turn this into a reality.

A large chunk of the options something like 166M were awarded to staff and so will likely be kept longer term they also have a higher strike price. Many other options were awarded back in time some at higher prices again so would need the SP to increase to be of any value.

The warrants will bring in extra cash to topco when they get exercised, could do with out it but then hardly a huge amount, of recent it has reflected a days trading. Perhaps with another decent drill RNS and lots of volume we can get through a chunk of those without too much impact.

Be nice to see another RNS talking about the next planned drill program, hopefully this can be up and running fairly soon. Since we have an experienced drill team already present, hopefully they get a couple of weeks downtime and then back at it for phase 2 drilling!!!

@Gus how do you see this company getting taken out on the cheap?

I don't really see that happening, someone would need to accumulate at least 30% of the company, so far we have no recent RNS to say anyone has built a significant position. Should that start to happen i think the SP would really take off. I think if anyone wants this they are going to have to pay a fair market value for it which is much much higher than where we sit currently. Realistically I think the bigger players will wait for the MRE to be published which should push up the value further but also de-risks for their own due diligence.

Hopefully the company can keep lobbying the Govt to get the Bibimi exploitation license over the line. They seem to have a good relationship with the govt and all discussions point to the govt wanting to accelerate commercial gold mining in country. Although from other Cameroon related stocks i hold it seems it can take a bit of time to get the necessary approvals. When that news does drop it should also do wonders for the share price.

If you count insiders and former insiders (who has far as i know still hold) then that amounts to almost 10% of the business under ownership.

Then if you add Kutzz myself and a select couple of other LTHs that i know counts for about another 10% of the business. From our discussions with management we are fairly similarly aligned under the agreement that our share should be worth WAY more than they are currently worth!

None of us are really inclined to sell on the cheap. Way too much potential here to make money. The interim results should be out in a couple of weeks and then more drill results. Hopefully they keep finding gold and proving up the size of the resource!!

New could also drop on our investment in Senegal in the next couple of weeks / months as a new JV is currently being drafted.

Hey BSR. Appreciate the questions ……

1. Agree ORR is an exploration company, my preference would be to see them sell the biz to a mid tier or an established mining company. When I’ve spoke to the BoD they seem to think they have the experience to develop an open pit operation (their words) I don’t know but as I mention I would like to see this bought out.

2. Cameroon is not as developed as Australia, true that !! ORR has first mover advantage perhaps a blessing and/ or a curse. In theory we got the pick of the licences Mbé being one and the other surrounding licences supposedly have similar geology but the money hasnt been there to advance them.

We are eagerly awaiting an exploitation licence in Bibimi which would send a message that the country is open for business. Good point on corruption. Corruption is everywhere. I work in Fraud investigations and the biggest one I did spanned the UK France & US. I will say of the African countries Cameron is fairly well developed benefiting (if one can say this) from British & French influence. It’s reasonably stable as these things go. There are terrorist issues as there is in a lot of countries in the region - Boko Haram but they are generally confined to the borders and around lake Chad. So pretty far away from our central licences.Of course this could change but then this is the risk. The president is getting on in years and a change will come at some point. Hopefully it’s a younger hungry for reform replacement who eyes outside investment positively!

3. I have no idea abut the time for an open pit operation or the cost but I’m sure they would need to raise and spend a decent amount to do it. It also needs an exploitation licence which is why we want to see the one for Bibimi granted as that should pave the way.

For open pit I assume it can be scaled but I can’t really answer this question. Perhaps others can ?

4. Agree this is why I think we really need Mbé to be over 2M Oz . Ultimately if there is lots of Gold then there are more options for the business on how they take things forward. Good problems to have hopefully !!!