The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Yes, that's right. Actually it's summarised in the first para of the RNS:
"Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its Senala project ('Senala' or the 'Project') in Senegal, where joint venture partner IAMGOLD Corporation ('IAMGOLD') has the option to spend up to US$8 million to earn a 70 per cent. interest (announcement dated 1 March 2018)."
They still have the 71%:
Today: "Subject to completion of the Year 4 expenditure commitment, IAMGOLD will have the right to acquire a 51% interest in the Project and will thereafter need to spend a further US$4 million over two years to earn a 70% interest."
I think the right to earn up to 70% has always been there and still is.
It's probably just me, but I feel underwhelmed by the Senala RNS. Tim doesn't seem to have extracted anything more than Iamgold's (delayed) contractual obligations.
I have probably missed something and would be delighted to be corrected.
GLA
Sorry, but that interview doesn't address the fact the Iamgold misled Oriole. They didn't complete 10,000m and they widened the drilling pattern (presumably without telling Oriole).
He says that a proper programme is now needed - this is news to me as I thought that this is what was being undertaken. I suspect it is news to many.
Still feel let down and possible transformative news is now not as close as I thought.
You're probably right Kutzz - one for put away for a while.
In the meantime, (not for this BB, although some may be interested the PM nature) silver looking interesting over the next few weeks if the so called #silversqueeze plays out.
GLA
When they address this issue, the board need to address why they were misled by Iamgold. In the Jan RNS it was clear:
"In Senegal, IAMGOLD has completed its 10,000 metre ('m') air core ('AC') drilling programme at the Senala project ('Senala'), as scheduled."
TBH I feel let down here.
Jolly, the trouble with that surely is Iamgold (at least from their negotiation standpoint) have to indicate a willingness to build underspend into the next stage. Otherwise, they are even weaker.
If the board don't take Senala back, then that undermines Tim's comments that it was a bad deal. If they do, then that would be very positive I think.
Have to admit to feeling bruised at the moment.
Things seem to have settled down in the last 15 mins, so hopefully that is it.
Although the "Fundamentals" tab shows more buys than sells, there must be a huge volume of delayed trades yet to print.
I can't believe the MMs will have allowed themselves to hold too much stock in this, so hopefully the next move is up.
GLA
"we expect that the work will confirm the grades achieved at Faré Far South. Best historic intersections include 20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (announcement dated 9 November 2020);"