Member Info for hunniford

Hey Panda, one point I would make, when I was at the AGM I got talking to David Pelham a Non Ex Director @ ORR. This gentleman has about 50 years experience as a geologist and a mining expert in Africa. Straight up no cap (as the kids say).

He mentioned that he's been through about 4 different countries as a first mover. for example Liberia was one where from memory I think they went on to realise 4M Oz. Everyone said don't go to Liberia there is a war going on there (at the time). I can't remember the other names but similar story got in devloped it proved a resource and sold it on. So we have folks in the team who have the T Shirt on this blueprint

The fact of the matter is there aren't too many new Gold districts left to discover. Everyone said in the past Cameroon had no gold but this is being proved wrong, I don't know the country at all but David P said he always found it one of the "better" African countries well developed and I think because of the British & French influence.

The Chinese love stuff like this and have literally snapped up a lot of natural resources in Africa. I don't buy the too hard to mine as others have pointed out this is only Mbe south it hasn't even finished drilling, we only went down to 200M there could be more underneath that. Added to this we have a number of licences contiguous to Mbe.

£8M MCAP - BCM are contracted to spend $4m at both licences.

A great man once said "He who dares, he who dares Rodney. This time next year we'll be millionaires!!

If we can keep finding results with the drill this could turn into a very fine opportunity.

Thanks Beardozer I don't know the company (MTL) , what is the alignment like of insider ownership in that business? Has Tim bought over there?

Final point cut off - Leadership team I think you need to find a way to demonstrate to the share holders that you are out there every day hustling on behalf of us, I appreciate you can't throw up on twitter "just had a meeting with JP Morgan and they seemed interested" but perhaps there is another way of demonstrating the hard work that I know you are putting in!!

As a shareholder I would be nervous to just wait on the success of Mbe selling the business, I want to know we have a team that can do deals. Once again Senala would be a good example of demonstrating a deal getting completed.

For what it’s worth, I don’t believe Oriole — nor its leadership team — is operating as a lifestyle business. There is a target to achieve substantial growth, particularly through the potential 2M+ oz resource at Mbe in Cameroon. The “first mover advantage” is a central part of this strategy: we’re on the ground before the herd arrives, and we hold additional licenses that could add significant value. Of course, the flip side is the ongoing challenge of convincing the market that this opportunity is real and compelling.

In the short term, I think the focus needs to be on progressing what I call the “low-hanging fruit” milestones. We can’t deliver a formal resource estimate for Mbe until drilling is complete, but we can push Senala much harder to get that JV over the line. Another area that can — and should — be aggressively advanced is attracting new investors. That’s where the Strand Hanson angle presumably comes in. Martin himself has said he’s the right person for the job because of his investment and City connections. We need to hold him to that.

There’s clearly a depth of experience within the team — a quick glance at Companies House confirms it, with ages ranging from 40 to 75. But every company, regardless of industry, needs a strong salesperson to get out there and “sell the story.” So the question is Martin the only one actively doing this? Do Eileen or others play a role here? Who else is championing the investment case?

I’ll admit, I used to be very skeptical about salespeople. In my own business, we went through a few BD hires before we finally found the right one. Now, we have a clear strategy, weekly metrics, and my co-founder and I have personal targets to hit. It’s honestly a pain in the a*** being constantly chased by a hungry 30-something who lives and breathes targets — but the results speak for themselves as does the incentives that person earns.

This brings me to the key point: what is the true motivation to bring investors into this business?

Looking at the facts, we’ve had no significant new investment in two years. If we’re sitting here a year from now, having completed Mbe phase 2 drilling but with no new investors on board, would leadership consider that a job well done?

Operationally, the exploration side of the business is moving — albeit slowly at times. I felt the same until I spoke to Clare and understood why they’re not rushing Mbe; I respect that reasoning now.

But at the risk of sounding like a broken record: the leadership team needs to demonstrate that they can get s h i t done.

Obviously this business, wont really be anything until the 2M oz or more is locked in at Mbe but I really hope this isn't want management are waiting for to fall in place "so it sells itself" this naturally then leads folks to think perhaps this is a life style business, when I really don't think that is the case.

So leadership team I think you need to find a

h5o, i think you raise some valid points. ultimately, the leadership of this company has been entrusted to deliver results — and so far, those results have been fairly elusive. bcm was a strong start, but that was over two years ago. as i mentioned yesterday, i’d like to see more key milestones actually completed. insider buying is always welcome, but i’m not convinced it really moves the needle much on its own. the bcm announcement was the last major catalyst that lifted the share price and drove momentum, but that has long since evaporated. we need substantial, high-impact milestones achieved to give this company a fighting chance.

it’s not really my style to get into a face-to-face hostile debate at an agm, especially in a room full of suits whose backgrounds i don’t know. it’s a shame you couldn’t attend — and equally a shame that the agm isn’t also streamed online for those who can’t get into central london.

from my perspective, the geologists, mining engineers, and in-country teams are getting on with their work as best they can. now, it’s up to leadership to step up and deliver on their side. we need to secure more inward investment and resolve key outstanding milestones. building the perception — and reality — of a leadership team that "can get **** done" will go a long way toward restoring broader market confidence.

for example, we apparently still have an open court case in turkey from as far back as 2017. that’s nearly a decade with no resolution in sight.

in the context of senala, i’d expect at least a weekly or fortnightly check-in call with managem to push that jv across the line. it’s clearly not in managem’s interests to move quickly — but it absolutely is in ours.

from the recent rns, it’s clear that even promising drill results suggesting a potential 2m+ oz resource at mbe aren’t fully capturing the market’s interest. perhaps the view is that it’s still too early stage — or that there’s no point in having strong drill results if the country hasn’t yet granted a single gold exploitation licence.

or perhaps, i’m just being too impatient…

Cekim, they are a pretty professional bunch so they won’t directly give me any insider knowledge. Hence why Ive gone covert !! Probably shouldn’t say this but that’s why I gave them all a free usb key as merch from my company at the AGM 😜

Eileen should be looking lovely after her hair appointment at 15:30 on Friday !!!

Bikwik, does your charting take into account the massive increase in shares that’s occurred since the price last touched 1.9p?

If we were to hit 1.92p today, with the current share count sitting at 3,895,872,338 (last updated Jan 2024 from what I can see), that would give us a market cap of around £75M. Given Mbe’s potential to shape up into a multi-million-ounce model, that might not be beyond the realms of possibility.

I’m also fairly certain the team mentioned that at least one of the other central licences (can’t recall the name) has similar geology to Mbe. Imagine adding that into the mix — the portfolio potential could be even bigger.

Sometimes I really wish I had a time machine to fast forward a few months… The hardest part of holding this share is the waiting. Been in here for nearly five years already — not exactly keen on doing another five!

Hopefully the rumours are true that right around Chinese New Year, Eileen, Bob, and Martin were spotted sneaking into a back room at a restaurant in Soho. Let's hope the fortune cookies were kind!!

Chop chop, ORR leadership — time to reel in those Chinese investors with deep pockets and a slightly more relaxed approach to corporate compliance! 😄

@Bikwik hopefully they aren't waiting for a lower price to buy. I'm hoping we are at the bottom here. All the talk of being undervalued with more drops to come would be painful. We are hoping with Lanstead done we get a bit more interest from people who have sat out, once again not sure that will move the needle. When the insiders last bought they bought in the 30s seeing the SP where it is now, would be a decent discount for them!!

If they can rack up a couple of buyers who can "TR1" with a major share holding that would be a fantastic result. I'd almost prefer this to the insiders buyig if i had to choose but both options would be great!!!

Last point which was cut off. - Getting deals done and milestones delivered, breeds confidence. Confidence attracts more investors and helps placate existing long term holders!!

The long standing milestones like Wapouze & Senala should really be like low hanging fruit compared to say attracting new JV partners into the other Central licenses. Hopefully the granting of the exploitation license at Bibs & results from Mbe should help sell the other licenses.

So now really is the time to take care of Wapouze & Senala so they can really focus on selling Central Cameroon after the drill program completes and the resource estimates are in!!

No pressure eh?

I’ve been thinking about this a lot over the weekend now that I’ve stopped travelling for a couple of weeks. The “undervalued” argument is something I think everyone agrees with, especially if we’re looking at over 2M oz at Mbe. The current MCAP just doesn’t stack up when you consider the assets under management, but ultimately the market drives the share price.

It would be great to see more insider buying (the whole “in it together” mindset), but honestly, I don’t think it would move the needle that much — unless someone stepped up with a significant amount, similar to the Chair’s purchase. Even if they all bought 10M shares each, would it really shift the price from the current low 0.20s? Maybe a temporary blip up to 0.25–0.30 at best, then likely drift down again.

So the real question is: how do we actually get the share price moving?

At the AGM, there was discussion about attracting further institutional investment and high-net-worth individuals (HNWIs). Attracting funds seems difficult because they have a certain risk appetite that ORR doesn’t currently match — a classic chicken-and-egg scenario. Therefore, focusing on HNWIs seems the best option, and I guess that’s part of why they changed advisers.

This really needs to be driven by business performance. Obviously, no one likes dilution. The company has said there’s no immediate need for a raise — we should really hammer that point home. Add in potential bonus payments from Mbe for the first million ounces (and hopefully a second), and we could have a period where there’s no need to raise from the market, which should help support the share price.

Lanstead is also worth mentioning — there are only about 2M shares per day remaining for a few weeks. I think this is a psychological factor too. We notice it because volume is low, and volume is low because the company isn’t in the “love” category at the moment.

Delivering on milestones would really help shift sentiment:

Bibemi exploitation licence — one of the biggest de-risking elements. The problem is government timelines. We’re into summer now, and with elections looming, who knows when this will get signed off. There’s only so much lobbying ORR can do. At the AGM they mentioned Canyon Resources took four years to get theirs; they’re more optimistic for gold but time will tell.

Mbe drilling — completing the maiden program and everything that follows will be a big boost.

Senala JV — this has been hanging around too long. Getting it done would show they can get stuff done!

Wapouzé — not core, but could bring in a decent royalty. The first RNS about switching to cement use was in September 2023, so it’s been almost two years without visible progress.

I appreciate Martin has only been in charge for about a year and inherited most of these issues, but under his leadership, we really need to start getting some wins over the line. Getting deals done and mil

You raise some good points HRY, I suspect you wont get your wishes on the options but the point I make on the closed period should be valid. I think the Nomads are over cautious and refer to everything as being in a news period. For sure we are in the middle of a drill program but this lasts almost a year or at least several quarters so of course there is news always coming. Plus straight after news it's not like we are rocketing 100% so there should be several opportunities. Ironically I don't think the insiders having any specific news would make a huge difference unless we hit some whopping drill results. In any event the insiders are not traders so buying shouldn't matter vs selling but I don't know the rules perhaps its on all trades regardless.

Maybe everyone is waiting for Lanstead to be out, although i think this is psychological, 2m shares per day every trading day for the next 4 - 6 weeks isn't exactly huge volumes in the scheme of things.

We do really need another Eileen style buyer someone on the record with their holdings. I'm just tied up in a couple of companies but may have some cash on the sidelines in the next few weeks, it definitely does look tempting at this price. Particularly when you consider everyone is bullish on Mbe being 2M+ oz and the current gold price.

The question is do we think this could rerate quite quickly?

I like your thought process Kutzz!! I wouldn't complain seeing this. Like i said at the meeting if they buy I'll buy some more, although I'm only a few mill off invoking at TR1 so probably have too many of these as it is but time will tell!!

If they can manage to work with their new advisors dig into their rolladex and find a couple of HNWI who bought and then invoked a TR1 (3%+) then my TR1 would quickly follow suit behind. Then i think we would be game on!

The other point i made on BikWik's post is when the insiders bought last year the share price was much higher than it currently is, so if it is a bargain get the Nomad 's blessing and let's go!!!

Agreed Kutzz probably one other point to make there is no short term share dilution or raises coming, company is fully funded. If we can tie in the first 1M resource at Mbe that also triggers a bonus payment then that takes us much further along the timeline with no raises so a lot to play for. More chance of a bonus payment at Mbe rather than Bibs.

I think for bibs based on the RNS the other day they need to start a mining enterprise small scale and then prove the resource out. So that's not overnight, including getting the licence.

Next Mbe results eagerly awaited and the conclusion of that program and the next one to follow which as i understand it is alreadly well planned.

Cheers Cekim, looks like the last bit was cut off, realistically the Bibs exploitation licence could get caught up in the elections, if this does happen it could very well push it back to year end or into next year. Just my thoughts.

Given what we have in the portfolio I have always felt we need at least 2M oz at Mbe it is at least good to see the optimism there from the Geologists. That also goes for the BCM Geologist too Bob who has a decent amount of experience in the region.

Current MCAP vs 2m+ Oz at Mbe keeps me hanging in here. Added to this it was mentioned that some of the early samples at the other central licence packages reflect similar results as Mbe also provides a beacon of hope if and when we can get into those too and also start properly exploring.

Bikwik, good to meet you the other day at the AGM. If i have misrepresented anything in my update by all means chime in! Good to see you buying more shares. I think this is a fairly solid level and much lower than the insiders bought last time they were buying!!

AGM 2 - David from Shard - He also mentioned they have acquired a good chunk of the Lanstead sold shares for their company and on behalf of their clients. (Don’t shoot the messenger here!)

Q: Is a bonus payment for Bibemi even remotely on the cards?

A: Possible, but not likely in the short term. There’s no time limit on when it could be triggered, though.

Q: Any movement on Wapouzé?

A: A new in-country contact (Simon or Steven) has joined the ORR team, with strong local connections. They’re hopeful this will move things forward. It’ll need an exploitation licence, but it’s a simpler process since it’s set up for quarrying. The royalty potential could bring in helpful revenue.

Q. Why only one drilling rig at Mbe and what was the decision behind this (I asked this after the AGM to Clare specifically)

A. They did a cost base analysis of having two rigs, the problem is Mbe is quite a small environment so it literally doubles all of the costs, and the benefit or return would likely be much less, given at the moment they are still trying to learn the geology / geography of the licence. The approach for drilling has been fairly carefully planned and so far is yielding results. The last thing they wanted to do was go off and drill a large number of extra holes and return no results, not great for reporting and the costs soon mount up. So whilst perhaps not well received by PIs it definitely was considered and ruled out due to poor possible ROI

Q: What’s the hold-up with the JV with Managem at Senala?

A: Managem has a tiny team and recently took in investment from Barrick. ORR are pushing, but progress depends on Managem’s internal bandwidth. So to some degree out of Oriole’s hands.

Post-AGM Chat:

Afterwards, I spoke to David P. and Clare and asked if I was totally bonkers for constantly posting on LSE about Mbe potential being over 2Moz. Both said they’d be extremely disappointed if Mbe didn’t exceed 2Moz. That, for me, was the biggest positive takeaway of the day.

I also asked a tongue in cheek question – if you believe the company is seriously undervalued why not buy more shares yourselves. The response I got from some was they do want to buy more shares but with all the news flow was that they felt they were pretty much always in a closed period. My uneducated response was two fold:

1. Don’t ask the Nomad if you are in a closed period, rather tell the nomad that you believe you are not in a closed period and you want to buy!

2. If you guys buy more shares and lead the way I’ll buy some more shares! I also think other Pis would too.

So watch this space some LSE peer pressure worked before!

Other than this there wasn’t much more to be covered other than there are elections looming in Cameroon (October) will likely have a knock on effect on progress in ministerial positions for approval of things like exploitation licenses. Reading between the lines this could push Bibimi license to the back

Sorry chaps, I’ve been on the move since the AGM—just landed in Istanbul and currently parked in the lounge with some dodgy Turkish house wine and a couple of hours to kill before next flight. So writing up the AGM from memory…

Unfortunately, I don’t have a massive amount to report. Thanks to some Eurostar shenanigans, I arrived around 30 minutes late, just as Martin was mid-presentation. I don’t think there was anything in the presentation that anyone who has been around for a bit hasn’t seen before, maybe some new stuff on Mbe. Sorry to disappoint but most of what I write about may feel like “jam tomorrow” C’est la vie.

The questions asked were fairly tame including from myself, particularly as I noticed a fair number of “suits” in the room. So, anyone expecting me to berate the Board H5O style may be somewhat disappointed. That said H5O the BOD do read your posts closely, that I can confirm!!

A Few Questions I Asked:

Q: Last year there was buzz that Mbe could be the flagship. Based on current drilling, do you still believe in a multi-million oz resource?

A: The team still feels very optimistic. Based on results to date and what they’re seeing now, they believe Mbe has the potential to deliver a multi-million ounce deposit. Of course, it’s just an opinion—based on their expertise & experience. (“Geologists are naturally optimistic,” they said !!)

Q: What’s the real scale of artisanal mining in Cameroon, especially following the recent issues?

A: Significant change—they said it’s been largely resolved. The area has been "beardozer’d" (bulldozed) following successful government lobbying and community engagement. It’s now under control and practically non existent.

Q. Simplistic question perhaps not simple answer – what do you guys feel needs to be done to raise the SP and get things moving.

A .They know they need to raise the profile of the business, one of the first steps was to change advisors to Strand Hanson, feel this is better suited to the company portfolio, focus is certainly on finding institutions but this is obviously tricky for AIM with current MCAP, one other strategy is to focus on trying to entice high net worth individuals into investing into the company. Strand can help with this. I mentioned with Lanstead ending are there any comms or insight from them. They mentioned they felt the Lanstead deal had been good for the business and good for Lanstead, Bob mentioned when they first started on the deal the SP was at 0.007 and the company has got higher returns since the deal went live.

Further to the Lanstead points, one of the brokers spoke up (David from Shard) in support of what the company (ORR) have done in terms of the Lanstead deal and the work they have done trying to get the company name out there in what he termed a very challenging market / time. He also mentioned they have acquired a good chunk of the Lanstead sold shares for their company and on behal

There’s been a lot of discussion about the low market cap and current valuation. While it’s clearly warranted to an extent, I also think there are a few key risks we need to clear to help the share price recover and further de-risk the business:

Lanstead – This has been talked to death, so no need to labour the point. It’s a heavy millstone, but once it’s behind us, things should look brighter in the short to mid term.

Bibemi Exploitation Licence – Securing this would be a major de-risking milestone and a clear signal that Cameroon is open for business.

Mbe Drilling Campaign (Phase 1 Completion) – If we close out the programme with strong results and can put a resource in place, it will confirm that we’ve only scratched the surface. That opens the door to much bigger upside potential.

All in all, we seem to be edging closer to unlocking all of this.

BikWIK. Look forward to seeing you at AGM I should be there. Just waiting confirmation on a couple of client meetings in London so fingers crossed.

The crazy thing here is the depth we go down to with gold!! It starts shallow but it goes deep. This is amazing !!!!