Member Info for Legalwolf

Fantastic RNS. Pepas is coming along beautifully and we now have a decent strike area of high grade near surface gold to target at Pepas West. This means we can start to wonder how big the MRE here might end up. Next RNS might announce a new discovery in the South!

APTA, EL Cedro and El Pantano to come.

Depends what review of DFS results means? I recall that DFC wanted BRES to do the extra drilling and so they might be waiting for the upgraded JORC. Also, did previous tranches arrive promptly on completion of their milestones or months later? All that said, it’s only $250k although still important.

If we continue to underperform the sector over a longer period, then fair enough, I accept that we would need to start asking questions of OMI itself. But at the moment we are not, so I don't agree that questions should be aimed at OMI or BG just yet.

However, I agree that it's been a very disappointing last three months! But at present, I put that down to the sector, not just the stock.

You can't make the comparison over a week - that's not how it works. One stock could have some mega news in a particular week, or some bad news, or a large sell or buy order, which then might skew the comparison over such a short period of time. I've asked AI how OMI has performed relative to the GDXJ since the start of the iran war. The answer given is as follows:

"Since the start of the 2026 Iran war on 28 February 2026, Orosur Mining (OMI) has decreased by 16.67%, while the GDXJ (Junior Gold Miners ETF) has decreased by 19.43%."

So we are performing no worse and slightly better than the nearest comparative index!

Then I've asked how OMI has performed since the start of the war compared to other AIM listed goldies. The answer given is:

"Compared to other gold miners on the FTSE AIM All-Share, Orosur sits in the middle of a polarized market where a few large producers have soared while smaller explorers have been hit by a "flight to safety" sell-off."

This supports my view that the sector as a whole is underperforming right now, not just OMI. I don't see how this is complicated or controversial. It's beyond dispute.

What we can legitimately debate is the reason for this sector wide underperformance. Is it the war? Is it some other factor impacting on the sector? The overall point is that it's not anything to do with OMI or BG. Imho

Skint - it's okay to disagree. That's what a bb is for. But for those of you disputing the war as an explanation, can you specifically address my point about other junior goldies on AIM also not doing well, as well as the GDXJ, which is the main index followed for this sector?

Why do you think they are not doing well?

I drew that distinction in response to someone pointing out that the S&P is at record highs and only to make the point that what happens in the US isn't necessarily indicative of what happens in the UK. S&P is at record highs, but on very weak breadth! It would be doing even better without the war imho.

My view is that IF we are going to make comparisons between OMI and other shares, then we should first look at other junior goldies on AIM, which is the main market for OMI and where most of its shares are traded. Then we can look at the nearest relevant index, which for me is the GDXJ? If neither are doing well, or doing much better than OMI, then maybe the problem isn't to do with the individual shares - in this case OMI - but is a market wide issue? I don't see what is so controversial about this. It's only my view that we are being impacted by the war more than anything to do with OMI, but it's only my view. I might well be wrong. Let's see what happens!

So which AIM listed junior gold explorers have been doing well?

If we want to make comparisons, then one of the closest and most relevant comparisons to make is with the GDXJ. Now it looks to have very similar price action to OMI, having had a significant retrace in recent months and struggled so far to get back.

"Without wanting to appear to deramp I would point out the the S&P500 is at record levels right now. We can argue all day long that why this is stupid but it is a fact."

Yes, but the FTSE is not! Allegedly, the UK will be affected much worse than the US from the ongoing hostilities in the middle east, as we have more energy reliance on that region than the US does. So our markets have and will be impacted differently as they have to discount differently to the US.

But as I say, the only way we will know if the war is the primary reason for flat share price action is either once the war is over, or if we get a big move up whilst it is ongoing.

The waiting is frustrating, I know that. I am as frustrated as the next person. But I think one way or another we will get a resolution to these negotiations this month - and maybe much sooner than that. Either it will be a peace deal - which will be very bullish. Or it will be a return to hostilities and the bearishness will continue!

Yes, but you have to then divide the type of newsflow that can still move the needle in this macro environment and the type of newsflow that won't. You also then have to divide the kind if newsflow that will lead to a sustained rise v that will cause a temporary rise.

I don't think OMI has newsflow right now that will do much more than lead to a temporary rise. We've seen this already with the recent Pepas West discovery. The kind of newsflow we are expecting here is not going to move the needs unless the macro conditions give us wind on our backs aswell.

It would not stop the moaning on here to get newsflow which causes price to go to 24/25p next week, only to then fall back to 20p within a week or two.

I'd much rather we get this war done with, and then release the newsflow to get a sustained rise.

The reason I think it's the war more than the warrants is because i've seen similar price action in other shares I am invested in or which are on my watchlist. Like BRES, they have been stuck and not moved much on newsflow. I am not saying that all shares are affected - there are stocks doing well (e.g. the energy stocks) - but when I see a pattern across my watchlist, I tend to conclude that it's more to do with market wide forces than the stock itself. At the moment, the war and concerns about an energy/oil shock the longer it goes on, is why I think we are seeing weaker price action.

Only one way to know for sure, which is to see what happens if or when a deal is agreed between the warring parties. All imo and dyor

I don't think the share price has anything do with those factors. We were at 20p well before BG spoke about any plant at Pepas. Yes, newsflow has been much slower than expected, but truth be told, that might be a blessing in disguise because I don't think newsflow would have made much difference right now.

I still think this is down to the war and concerns about an energy and inflation crisis if it is not resolved soon. This is because in this same period, I have seen similar price action in other junior I am invested in and across my watchlist. Most of them have retraced and not risen despite newsflow.

We will see if the war is the reason OMI and other shares are stuck only when the war comes to an end, with a deal agreed between the US and Iran. How much longer this is going to take, who knows. The timeline and goalposts keep on on shifting. All imo and dyor

"Brad was giving the clue about the expense for a reason and that is telling you they won't be doing any more drilling alone till this cost can be catered for via a JV with someone with deep enough pockets."

I could have sworn that there was a very recent statement from BG hinting at further field work and drilling at El P later in the year.

Ah right, my mistake then. I thought it was Triessence (Singapore) with an unnamed Chinese SPG partner.

Thanks for clarifying that for me folks.

I thought the unnamed SPG partner was a chinese outfit?

At the moment, we seem to be trading around the 200MA, which is similar to the gold etfs. Until we don't get ships freely sailing through the Strait of Hormuz again, I suspect the markets will continue to have some jitters. The UK in particular, as we are reliant on middle eastern supply. This probably means that a number of large players are still sitting it out right now.

When you read about the DFC and the role it plays in funding projects, you can see how and why it is a rather complex and protracted process. The DFC will work with a range of options. For example, it might debt fund the whole or part of a project itself, or partner with other funding institutions, or it might simply facilitate funding from other institutions, in some cases acting as a guarantor, etc, etc.

Do we also need to factor in the SPG plant? As I recall, this was previously going to be funded by the JV partner, but that is no longer the case given the decision to orientate the project away from China and to the West?

Don’t forget we also have NASA testing updates to come as well.

Apparently Iran has announced that strait to re-open following US talks. Looks like they might be dropping their demands for a toll fee to be paid!