Member Info for hunniford

Cheers RLLO99 for the comments. I have been travelling for meetings over the last few weeks trying to grow my own business but always check in to see what the temperature is mostly late at night depending on the timezone. Seems to have been a little frosty lately but I completely understand. I have a decent holding here probably way more than I should have for a junior explorer so it hasn't been the greatest feeling to see the SP drift lower and lower. I remain fairly optimistic though on how much gold we could be sitting on across Mbe. I'd love to get out there and see it one day. Maybe that will become a reality if the next planned holes keep returning gold!

Now now guys, if the share price was much higher I don't think anyone would care if Big Bird from Sesame street was providing the updates. In Martin's defence he has illuminated his background with a backdrop more akin to a gold explorer and he has also turned on some lights. So he is clearly listening to the feedback.

 

I think some of the personal jibes I read over the past few weeks are a bit harsh, we know these guys read the online comments here and they are human too. It's easy to throw some tough words onto the internet sitting behind a made up name and a keyboard!

 

I am looking forward to the investor presentation later today. I would encourage every one to join if they can and ask a question. These panels are usually moderated by a 3rd party so I suspect they screen the questions. So if your question is just griping in general it probably won't get through which is something to consider as you may be just wasting your time.  

 

Personally I would rather here challenging questions that seek to get us thought provoking answers about how to grow our investment from here.

 

For those that really want a gripe, which I totally understand given where the current and recent SP Is. I would suggest attending the AGM in person. They may not thank me for this suggestion 🤣🤣

 

I went last year and found it a very interesting experience, people tend to be more balanced and moderate when they meet in person. The team at the AGM were happy to disclose as much information as they legally could without breeching any insider information rules and spent a long time with the shareholders. Now of course words are words but at least the drill today looks positive. Bibs should hopefully be getting a resource update too and an outline of next steps, so there's a possible opener for 5 points today!!

 

Fingers crossed we are back on the journey path to where this investment really should be!!!

The results here from the drill are certainly encouraging. Hopefully we can keep building on the results from these samples and turn this into a beautiful big resource. Some might say it could potentially be the biggest and best resource in West Africa!

Remember folks you don't need headline grabbing results to build a big resource. For example......

Kisladag (Turkey – Eldorado Gold)

Grade: ~1.0 g/t Au

Resources: ~10 Moz total

Geology: Porphyry-style; disseminated gold in intrusive rocks (Similar to Mbe)

Notes: Early exploration suggested marginal economics, but heap leach recovery and bulk tonnage strategy unlocked value

There certainly seems to be the potential of some upside from here and it could be big. Crikey most of us really need this but if you look at the facts...The insiders of the company bought shares way higher than this in the 30s. One would assume they want & expect to make money on their purchases. Therefore just on those recent purchases alone they need to make around 100% so this is a compelling thought when considered!!

Also for what it is worth I don't think .5 was over bought it just seems the drain from Lanstead dragged us back down. My humble opinion suggests with the assets we have we should be worth .5 at the very least and hopefully the Mbe drilling program and the Bibimi resource update we can get back up to these levels.

We only have a few months of Lanstead left and no immediate foreseeable need for finance raises coming up.

The management team are also sitting with a lot of skin in the game. So if they succeed we all succeed!!

Interesting times ahead.

I updated my GPT model for what it’s worth.

I’m definitely buying a few if we stay the same price or lower today….

Impact on Valuation – Does This Support a $60M+ Target?

Previously, we estimated that if Mbe delivered ~600,000 oz at 1 g/t, it could justify a valuation of $50M+ (£40M+), especially with gold at $3,000/oz.

• How does today’s RNS affect this?

• Results continue to support a discovery with scale potential.

• High-grade hits (>7 g/t Au) suggest the possibility of a high-value core zone.

• A 200m x 290m confirmed mineralised area is an excellent start, with room for expansion.

Updated Valuation Thoughts:

• If Mbe delineates 500,000–600,000 oz as an initial resource, applying an in-situ valuation of $75–$150/oz, Oriole’s share (40-45%) would be worth:

• At $75/oz → $15M–$20M

• At $150/oz → $30M–$40M

• When combined with Bibemi, Oriole’s total attributable gold inventory could exceed 750,000 oz.

• With gold at $3,000/oz, junior explorers are likely to be re-rated higher, and if Mbe continues delivering good intercepts, Oriole’s market cap could move toward the $60M+ range.

Final Takeaway:

This RNS strengthens the case that Mbe is an emerging gold system. While still early-stage, the combination of strong grades, scale potential, and ongoing drilling supports the $60M+ valuation thesis if a substantial resource is confirmed. The next key catalyst will be further drill results in Q2 2025.

Well, another day closer to results I guess!! RNS Thursday, thoughts??

They say the last thing to die is hope & I have bucket loads of that 😀 it seems like it shouldn’t be too long until the next results hit. We have 20 notification days remaining for the quarter!!

No it is a paid subscription using their deep research feature. I think it is taking a conservative approach to Gold prices, for whatever reason. Possibly as it is trawling through older material to write the research paper. Good spot, I asked it to rerun with gold prices at $3k per Oz.......

Discovery Advancement at Mbe:

Mbe is the wild card that could provide multi-bagger upside. If continued drilling throughout 2025 delineates a significant zone of mineralization, Oriole could be reporting a maiden resource for Mbe perhaps by 2026. The size of that resource will heavily influence valuation. As a thought exercise, suppose Mbe yields ~600,000 oz at 1 g/t (a hypothetical outcome of extensive drilling across those 500 m corridors). Given its likely open-pit nature, a deposit of that size and grade in a new gold district could attract mid-tier or major companies’ interest. The valuation per ounce might improve as confidence grows – maybe $75/oz in the ground at discovery stage, moving to $120–$150/oz if a PEA is done and the project looks robust.

If Oriole holds ~40-45% of Mbe, that would be ~240k–270k oz attributable. At $75/oz, that portion would be worth ~$18–$20M; at $150/oz (for more de-risked ounces), $36–$40.5M. Importantly, these are just for Oriole’s share of Mbe.

When combined with Bibemi, one can see that the two Cameroon projects together could give Oriole attributable resources approaching 0.5–0.7 Moz, which at industry-average multiples (especially if gold is $3,000+) could justify a market capitalization well above $60–80M (several times the current level). Additionally, there’s the strategic value: establishing a 1+ Moz district (Bibemi + Mbe collectively) in Cameroon might prompt larger companies to pay a premium to gain entry. Oriole could find itself in a position to negotiate a sale or further farm-down of these assets at valuations reflective of future potential (blue-sky), not just current ounces.

It’s not unheard of for majors to pay $150/oz for exploration projects if they believe further growth will occur – especially in a bull market. Therefore, upside projection: If Mbe pans out as hoped, by 2026 Oriole could theoretically be worth on the order of $80M+ (₤65M+), factoring in both Bibemi and Mbe’s success

With results from Mbe due any time, my buddy GPT came up with this information. Obviously this is just AI musings but still it reflects the fact that our MCAP should hopefully move much higher!!!

2. Discovery Advancement at Mbe:

Mbe is the wild card that could provide multi-bagger upside. If continued drilling throughout 2025 delineates a significant zone of mineralization, Oriole could be reporting a maiden resource for Mbe perhaps by year end 2025.

The size of that resource will heavily influence valuation. As a thought exercise, suppose Mbe yields ~600,000 oz at 1 g/t (a hypothetical outcome of extensive drilling across those 500 m corridors). Given its likely open-pit nature, a deposit of that size and grade in a new gold district could attract mid-tier or major companies’ interest. The valuation per ounce might improve as confidence grows – maybe $40/oz in the ground at discovery stage, moving to $70–$100/oz if a PEA is done and the project looks robust.

If Oriole holds ~40-45% of Mbe, that would be ~240k–270k oz attributable. At $50/oz, that portion would be worth ~$12–$13.5M; at $100/oz (for more de-risked ounces), $24–$27M. Importantly, these are just for Oriole’s share of Mbe. When combined with Bibemi, one can see that the two Cameroon projects together could give Oriole attributable resources approaching 0.5–0.7 Moz, which at industry-average multiples (especially if gold is $2k+) could justify a market capitalization well above $30–40M (several times the current level).

Additionally, there’s the strategic value: establishing a 1+ Moz district (Bibemi + Mbe collectively) in Cameroon might prompt larger companies to pay a premium to gain entry. Oriole could find itself in a position to negotiate a sale or further farm-down of these assets at valuations reflective of future potential (blue-sky), not just current ounces. It’s not unheard of for majors to pay $100/oz for exploration projects if they believe further growth will occur – especially in a bull market. Therefore, upside projection: If Mbe pans out as hoped, by 2026 Oriole could theoretically be worth on the order of $50M+ (₤40M+), factoring in both Bibemi and Mbe’s success – a huge jump from today.

I had Chat GPT do a deep dive research paper on ORR. I'll post from snippets from it starting on Bibimi since results are also due. So take with a pinch of salt but.........

Resource Growth and Upgrade at Bibemi:

In the coming months, Oriole will update the Bibemi resource model with Phase 5 drilling results. We anticipate a scenario where Bibemi’s JORC resource increases modestly (perhaps into the 0.4–0.5 Moz range) and is partly upgraded to Indicated. This alone adds value – Indicated ounces are often valued higher by the market, as they could support a preliminary economic assessment. Moreover, if additional near-surface ounces are confirmed, it improves the potential mine development case (more ounces within an open pit). By applying even a conservative $30 per ounce valuation to a 400,000 oz resource, Bibemi’s project value would be ~$12M (gross).

Oriole’s share (assuming ~40-45% post earn-in) might be ~$5M. However, if gold prices are surging towards $2,500–$3,000 as some forecasts suggest, the in-situ value of these ounces could be significantly higher – perhaps $50/oz or beyond, especially if a major miner views them as strategic. With technical studies (metallurgy, etc.) ongoing , Bibemi could be positioned for a scoping study (PEA) in the next year or two, which would clarify its economic parameters (CAPEX, OPEX, production potential). A positive scoping study demonstrating, for example, a 50,000 oz/year operation for 7-8 years, could yield an NPV (at current gold prices) in the high tens of millions, which would sharply increase how the market values Oriole’s stake. Projection: By late 2025, if Bibemi advances to a PEA with ~0.5 Moz @ ~2 g/t (a plausible outcome given current grades), Oriole’s share of NPV (discounted) might be in the range of $10–20M. That alone could underpin a market cap about equal to or exceeding today’s, with Mbe and other assets on top.

Thanks for the update Martin & team. Greatly appreciated, I'm sure there is a lot of work that goes into disseminating the results but certainly the comms and update is greatly appreciated from me.

Have a good weekend folks!!

Well no results this month. Roll on next month. Regardless, when the results come, I hope we have some clear details around what they mean.

Failing that can always lump them into chat GPT and ask it to explain the results to me like I’m a 12yr old !!!

March could be an interesting year month!!!

Yeah i think the words I recall from the first Mbe RNS "results expected later this month" so I guess technically they still have 2 days left. So let's give them the benefit of the doubt for now. Although if i was splitting hairs then one could argue they should have said results by the end of the month. Later in the month, in my own opinion suggests, before the end of the month, which at a stretch means an RNS tomorrow...........

I did have a feeling we would be getting an RNS tomorrow but let's see, I'm not really fond of a Friday RNS particularly if it is something decent to RNS about as the weekend then stifles any momentum. When they do RNS the results, I really hope they put some time into describing the narrative in layman's terms about what the results actually mean. I believe we suffered (the SP suffered) because the results were just not what people were expecting or understood. I put myself firmly in this camp as a very non technical investor and thanks to some explanations from others and Kutzz I have a better understanding of what the scissor holes are meant to achieve. Although this would be much better coming from the Geologists.

Fingers crossed we start to get some decent news flow over the coming weeks, the SP really needs a boost here!!

Best of British everyone!!

Aye no worries, they re a pretty responsive team, so if you ask them they will usually agree. Like you say nothing market sensitive in here. They are professional anyway so wouldn't share market sensitive information. It is good to see that they remain fairly bullish on everything!!

RVD - I'm guessing you got confirmation from the company that they were ok with you posting their response online? It would probably be fair to post what you wrote to them also to give it some balance.

Almost 86M in volume today!

Communication is Key

There have been ongoing concerns about a lack of updates, but it seems the company is making an effort to address this—recently launching a Meet the Team series on LinkedIn and possibly Twitter. That’s a step in the right direction. I hope they can articulate more about what the ROI is for Cape Town?

That said, delays at Bibimi have been noticeable. Initially scheduled for Q4, an RNS later pushed completion to Q1, but without much explanation—something that can be frustrating for investors. Given the limited mining resources in-country, any technical or mechanical issues would likely require sourcing from outside, which could explain delays. A clearer approach to communicating these setbacks would be beneficial.

This is largely a retail-held stock, meaning technical insights are sometimes lost in market speculation. For example, strong drill results are great, but a small, high-grade find might not be as impactful as discovering gold near the surface that extends deeper and across a wider area—a potential game-changer.

I consider myself a novice investor, and I’m willing to be patient to see how this plays out. However, like everyone else, I want to see results and decisive action that positively impact my investment.

At the end of the day, this is a business, and as an explorer, success depends on two key factors:

✅ Attracting outside investment (whether more from BCM or others)

✅ Delivering strong results

Looking forward to what’s next. 🚀

Our current market capitalization (MCAP) stands at £9M, yet our assets alone—if properly developed—could be worth at least this amount or more.

Key Assets & Potential Value:

1. Egyptian Assets – Yet to be fully realized.

2. Bibimi – Likely worth at least the current MCAP, pending an exploitation license, which should be secured in due course.

3. Senegalese Assets – Could approach the current MCAP if the right partnerships are established.

4. Mbe Drilling – Further exploration may uncover significant value.

5. Wapouze – While it may not be a primary focus, it still holds potential value, possibly a couple of million with the right partner.

6. Central Package Licenses – Additional assets yet to be explored.

When you take this into consideration the current MCAP seems really low. Looking ahead, we anticipate the next drill results at Mbe and further guidance from leadership on that expected resource potential.

I also asked my buddy GPT to identify successful mines open pit with low grades.

Examples of Shallow, Wide Open-Pit Successes

Fort Knox (Alaska, USA) – Low-grade (0.8 g/t Au) but huge tonnage.

Detour Lake (Canada) – 1-1.5 g/t Au, massive bulk mining.

Boddington (Australia) – ~0.7 g/t Au, shallow and wide, but very profitable.

Boddington is an interesting read........

https://en.wikipedia.org/wiki/Boddington_gold_mine

NB not ramping this, just feel we should give the drill a chance and let the company insiders come out and tell us what's going on.

I think it is a bit early to panic, we are only 2 holes in. Obviously there weren't the blockbuster grades seen that Mbe was kind of built up to be. We do have a bit of a mountain to climb in order to get the SP back. Even with the decent grades over at OMI the SP has faced some challenges there.

Next holes due in a couple of week and the ORR team will also be back from CPT. I really hope they come out and support this and really are vocal about what they believe is out there. We have 2 companies working on this (BCM & ORR) apparently all the Geologists thought this was the next big thing so let's give them and the drill a chance.

There has also been a lot of Artisanal work going on at that license, so hopefully we really see something promising with the next results. As others have said we don't necessarily need whopping grades to still have a good project. Shallow & wide could be two terms which become our friends here!!

Fingers crossed & good luck all, it's been a painful long and tortured time being here. No one wanted to see us back below .25 but C'est La vie!!