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And the MRE has been about 7 weeks after drilling completion on Mbe-S and Mbe-N so potentially end of July, hopefully quicker.

I’m hoping that they stick with BCM but if they do agree any earn-in agreements the percentages that they have to give away are considerably smaller.

The Bibemi and Mbe had significant upfront costs and the costs associated with later drilling, i.e. Mbe-N and Mbe-S step out drilling do seem considerably cheaper, on a pro-rata basis.

It almost looks like, with the way that they’re progressing, is that they want to continue with the BCM personnel, not have a break and risk losing them elsewhere.

Hi All,

Thanks for the positive feedback, hopefully catch up at another presentation soon.

It would be nice to see an increased Senala MRE, if only to move it from potential to actual, should’ve mentioned, our element is circa 35% so the increase is in the 130,000 to 230,000 range.

There wasn’t any mention of what the step out drilling may add, I didn’t ask but I presume pushing Mbe-S anything over the 1m oz mark would be welcome.

I think the infill drilling, given it’s percussion, half the time and half the cost, would be worthwhile depending on the funding arrangement, if it can convert a substantial amount of ounces into indicated/measured, it will have to be done at some point.

Anyway, hopefully it’s not too long a wait for either the Senala JV and the Bibemi Exploitation Licence, it would at least get this moving.

Finally, forget the gold Rolls Royce, my thoughts went off on a tangent, very Brinks Mat, the old Land Rover, with a couple of golden retrievers sounds much more sensible.

Hi BIKWIK, you were mentioned by Martin today, only that you would have attended but away in Cornwall.

How was golf with GG, see you at the next event

Cont’d

6. Senala - mentioned and waiting for break, I said that proposed JV had been issued to Bob in April 2025, Bob and Claire explained that it had been back and forwards with changes - Oriole responding as quickly as possible but Managem taking months to reply.

Eileen said that they could have signed the original but it wasn’t right, agreed it should be right

7. Senala MRE - we currently have an MRE for 155,000 oz but from what Claire was saying it (hope I got it right) just needs a site visit by a Competent Person to increase the Exploration Target to an MRE, that would increase the MRE to between 535,000 to 805,000 oz.

It’s within Managem’s remit but surely it has to be worth doing for the market cap/share price, even only to negotiate a better JV deal.

8. Marketing/PR - I mentioned the marketing/PR criticisms at the end, I had been thinking about the Cameroonian government negotiations, etc and how important it is to maintain and avoid upsetting it by aggressive marketing/PR.

Can you imagine Martin turning up in a gold Rolls Royce at the government offices to collect the Exploitation Agreement, some would view that as a great marketing/PR opportunity, I prefer the more subtle calm considered approach.

I think it is so important to get these critical items over the line, they are the fundamentals to increasing value.

The Oriole team has been excellent and the following should be remembered.

1. As Eileen stated, they discovered gold, from nothing, in Cameroon.

2. After Covid, and the Bibemi licence potentially running out, they put together the BCM deal, otherwise there would be no Bibemi.

3. Bibemi BCM deal led onto Mbe, I can’t remember the previous wording about when BCM viewed Mbe, something like it blew their socks off.

Hopefully the Exploitation Licence comes along soon and everything opens up.

I would urge every investor to join as many presentations as possible, this was only a flavour, it was very open, questions were answered, indeed the team wanted us to ask them, it’s what they know and the answered were deep and meaningful.

I said this morning, it was about sensing the mood, the prospects are exciting whilst the team are extremely assured and quietly confident.

Anyway, hope it helps.

Regards,

Hi All,

Apologies for the delay, I had a further, already arranged, meeting in Milton Keynes which I’d delayed in order to attend the AGM.

Arrived at the AGM half hour early, met Martin and David Pelham initially, then Bob, Claire and Eileen too, must apologise to Eileen, I think I was calling her Claire.

Also met a representative from Shard & Partners, another from their advisers and Tim Metcalfe, who’s involved in the presentations.

Anyway, I’m so glad I attended, there was so much in there, all positive, even despite waiting for the Bibemi Exploitation Licence.

They dealt with the AGM items then moved on to the presentation, talked about when questions should be raised and Martin suggested raising them during the presentation.

1. Exploitation Licence - being talked about within the next few months as previously mentioned by Martin - in the government’s hands, Oriole are responding to any queries and once passed by the government it will go through a final iteration with Sonamines, the Cameroonian Mining Corporation.

I queried their input, whether they’d raise queries or just rubber stamp it, they replied it’s in their interests to approve it as they benefit from it so hopefully fine.

There is a good relationship with all parties, it’s their 1st goldmine so a learning curve for all, it’ll take time.

2. Mbe Step Out Drilling - very positive, Eileen queried Hole 49, I think, South-East, they’re still awaiting results, I asked about Hole 44 and what was beyond, Claire explained there is a North-West trajectory, I think, and a North-East and they can see it from there, they’ve drilling the hole at an angle Westwards so will be picking it up, I queried whether Hole 49 had been drilled Eastwards but that is also Westwards.

We should have the final results and the updated Mbe-S MRE soon.

3. Mbe-S - talked about further Step Out Drilling and Infill Drilling to elevate the JORC Classification - I queried the extent of the infill drilling, it appears to be a similar quantity of drilling again, Claire explained it would be percussion rather than diamond drilling, a lot quicker, assume half the time and half the cost

Talked about whether it was worth infill or step out, I forgot about the $1m bonus payments for Indicated/Measured, surely that would help pay for it.

4. Mbe 2, 3 & 4 to come - David is very optimistic about further gold deposits

5. Other targets Pokor, Ndom and Niambaram - works done paid by raise, think I’m getting this right, they’re bringing something in to analyse the samples, getting approval from Cameroonian government

6. Senala - mentioned and waiting for break, I said that proposed JV had been issued to Bob in April 2025, Bob and Claire explained that it had been back and forwards with changes - Oriole responding as quickly as possible but Managem taking months to reply.

cont’d a bit later, after I drive back

Hi BIKWIK, yes, on the way, missed last year’s, was at the previous one, let’s see, just thinking it feels so much different, with so much news imminent.

The Bibemi EL is key to everything, they must be itching to get onto the next stage of drilling, be it Pokor, Ndom or Mbe infills.

I’d like to see a couple of holes beyond Hole 44 in the step out but when do you stop.

Anyway, we can only really judge their mood, hopefully exciting.

Apologies, I should have said initially, it was very high risk back at the outset, but became a great deal.

Where would Oriole be without BCM.

Yes, but that’s CFO’s, I can’t imagine BCM’s CFO being too enthusiastic about their $8m original investment

Obviously it depends on the return you’re looking for, whether you’d like to sell out now to realise $100/oz or go longer term setting up a mine to realise $2,000/oz.

They’ve already invested so far, if BCM have sufficient funds or access to funds they may consider the increased reward justifies the additional risk.

Remind me, how long is it since they started investing in Bibemi and Mbe

Thanks Ben, just throwing it out there, could possibly see a BCM deal for Bibemi opening up the Pokor/Ndom drilling

Https://miningdigital.com/smart-mining/endeavour-mining-sells-nzema-gold-mine-bcm-international-dollar38-milion

I think any opportunity for BCM to buy Oriole out has long since passed, my point being that they have already invested circa $8 to $10m and in doing so have acquired 50% of Bibemi and Mbe.

However, the fact that BCM is actively involved gives me greater comfort that Oriole, Bibemi or Mbe won’t be sold on the cheap.

BCM, considering their major investment, will be seeking a substantial return.

To be fair, considering their sizeable investment, I always wondered why BCM didn’t just buy Oriole out a long time ago

And an AGM on Thursday to look forward to, further news this week is eagerly awaited

Yes, definitely, I agree that we should now be looking at Pokor and Ndom too.

I assume the Exploitation Licence are holding them up, we’ll get much better deals on all future exploration if we can already demonstrate that it can lead to the granting of an Exploitation Licence.

Excellent, especially Hole 44, continuing to show 29m depth of gold, looks like we may need further step out drilling.

It must be worth another couple of holes beyond 44.

Drilling should be complete this week with the updated MRE in about a month hopefully.

Some possibly outstanding news prior to the AGM, now only 10 days away, keep the faith