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That’s a fair approach and arguably a more realistic way of framing it. Working back from a conservative gold price (say US$4,000) and allowing a healthy margin for mining, processing and risk still leaves substantial in-situ value per ounce. As you say, there are always variables — recovery, jurisdiction, execution — but with gold at these levels the upside optionality in ORR’s ounces is hard to ignore, which makes it a solid starting point for valuation.

greenwood’s review and the oriole interview (*************) both make the same underlying point: success in the first two holes materially changes the risk profile of mbe-n. early confirmation of high-grade mineralisation indicates the target is not speculative but rooted in a coherent, repeatable system.

the presence of very high grades (>40 g/t au) within broader mineralised intervals suggests this is more than a narrow high-grade shoot. greenwood notes the geological consistency with mb01-s, strengthening the case that mbe-n can evolve from a conceptual target into a resource-building extension of the wider mbe system.

importantly, this value is being delineated within a partner-funded earn-in, enhancing capital efficiency and preserving shareholder leverage. with only two holes reported and further assays pending, both greenwood and the oriole interview frame this as the opening phase of a potentially material resource expansion, rather than a one-off news event.

this has to rerate materially

Good point Ben!

Valuation (post-placing ~£14 m market cap):

• Conservative (1.0 Moz): £45 m → 0.9 p/share

• Base case (1.3–1.5 Moz): £50–55 m → ~1 p/share

• Bull / ambitious (2.0 Moz): £65–75 m → 1.2–1.3 p/share

MB01‑S: Already hosts 870,000 oz at 1.09 g/t Au (JORC).

Bibemi: Contains 460,000 oz JORC

Senala (Senegal): 155,000 oz JORC, plus exploration targets of 380–650,000 oz

Mbe‑N: Today confirms that the 370–605,000 oz Exploration Target has strong potential to convert into JORC ounces

Oriole as a multi-million-ounce gold group, with the market yet to fully price in this potential.

Outstanding first two holes at Mbe-N !

Both have delivered meaningful gold, including wide mineralised intervals and genuine high-grade hits, in a geological setting that mirrors MB01-S, where Oriole already has 870koz at 1.09g/t JORC. That materially de-risks the existing 370–605koz Exploration Target at Mbe-N and increases confidence that a large portion can convert into JORC ounces as drilling continues.

If Mbe-N does what early drilling is already suggesting, then simply on Mbe alone:

• 870koz (Mbe-S JORC)

• Plus 370–605koz (Mbe-N target)

~1.24–1.48Moz potential combined resource

Set that against valuation:

• Conservative (1.0Moz) → £30–35m = ~0.9p/share

• Base case (1.3Moz) → £45–55m = ~1.2–1.5p/share

• Bull case (1.5Moz) → £65–75m = ~1.7–2.0p/share

With the market cap still only ~£12–13m, the disconnect is obvious

This Eclipse sale is sensible strategy. 2025 has been about doing one thing properly — pushing Pitfield hard — with drilling scale, metallurgy progress and funding all lining up, and in that context holding a small, non-core gold lease never made much sense. Turning 75% of Eclipse into A$750k cash (with a non-refundable deposit and a credible local operator carrying the DD and drilling) is clean value realisation, cuts noise and holding costs, and keeps management fully focused on the asset that actually moves the needle for Empire. It’s not transformational on its own, but it’s good housekeeping, disciplined capital management and another signal that the company is serious about building Pitfield.

Good little update today

30% of MB01-N drilled already and fully funded — so rigs turning, no dilution panic. This is the first real test of converting that Exploration Target into an actual resource, which has been the missing piece all year.

Remember:

• Mbe South already has 870koz JORC

• BCM paying the bills to earn in

• Bibemi + Senala already de-risked with resources & partners

So this isn’t a punt — it’s execution. Assays in the New Year is a proper catalyst. Quiet progress now is exactly what you want before numbers start landing.

Have a great festive break all !

Yep GoH agreed, this has projects with multiple shots on goal: over 1Moz already defined, district-scale ground still largely untested, partner-funded drilling through 2026, plus carried interests and royalties with real monetisable value. On fundamentals alone this isn’t a sub-£20m story — it’s one the market usually prices at multiples of today. Look forward not back.

The PEA is deliberately based on a small, high-grade starter pit of about 89koz in situ gold, almost all from the 100koz Indicated Resource at Bakassi Zone 1, which translates into roughly 72koz of gold production over a 7-year mine life. That’s enough to justify an Exploitation Licence, demonstrate economic viability, and get the project permitted without overreaching.

Crucially, less than 20% of Bibemi’s total gold inventory is used in this mine plan. The wider project already hosts several hundred thousand ounces in Inferred Resources plus a large Exploration Target, none of which are needed to make the current economics work. That leaves plenty of upside for mine life extensions and production growth once further drilling upgrades those ounces.

The approach is pragmatic: modest scale, modular plant, expandable pit design, and a clear path to first production. Once licensed, Oriole can grow the operation organically using cash flow and upgraded resources, rather than trying to build a big, risky mine from day one.

Overall, this looks like a credible starter mine with significant upside, not a “peak production” scenario – and that’s exactly what you want at this stage.

Fully agree and I’ll post this again

If you just take Mbe where we are drilling 2,950m at Mbe-N (targeting 370–605 koz). Add that to the 870 koz already at Mbe-S and we’re now looking at a potential 1.24–1.48 Moz combined resource. Consider that to the market cap:

Conservative case (1.0 Moz total) → £30–35m valuation = ~0.9p/share

Base case (1.3 Moz total) → £45–55m valuation = ~1.2–1.5p/share

Bull case (1.5 Moz total) → £65–75m valuation = ~1.7–2.0p/share

With the market cap still only ~£12–13m, ORR looks so seriously undervalued and with funding secured.

Huge positive for MILA today. The first diamond-drill hole delivered strong grades — 5m @ 2.78 g/t (including 1m @ 6.89 g/t and 1m @ 6.39 g/t) plus a wider 14m @ 1.14 g/t from 178m. This confirms the gold system continues at depth and matches the team’s model perfectly. With five more DD holes still to come, today’s results show MILA’s current SP isn’t reflecting the growing scale here.

Being recognised alongside a major FTSE 100 company (Endeavour Mining) further validates Empire’s significant progress and increases the project’s industry credibility.

What it means for Empire overall:

• Strong industry validation of the Pitfield discovery

• Increased visibility and credibility among investors and mining peers

• Reinforcement that Pitfield has the potential to become a globally significant titanium project

If you just take Mbe where we are drilling 2,950m at Mbe-N (targeting 370–605 koz). Add that to the 870 koz already at Mbe-S and we’re now looking at a potential 1.24–1.48 Moz combined resource. Consider that to the market cap:

Conservative case (1.0 Moz total) → £30–35m valuation = ~0.9p/share

Base case (1.3 Moz total) → £45–55m valuation = ~1.2–1.5p/share

Bull case (1.5 Moz total) → £65–75m valuation = ~1.7–2.0p/share

With the market cap still only ~£12–13m, ORR looks so seriously undervalued and with funding secured.

This is indeed undervalued and probably worth a quick reminder what we have here to newbies:

• Bibemi (Cameroon) – 177 km²; ~460,000 oz gold JORC resource; Oriole 50% (after BCM earn-in).

• Mbe – MB01-S (Cameroon) – part of CLP; ~870,000 oz gold JORC resource; Oriole ~50% (after BCM earn-in).

• Mbe – MB01-N (Cameroon) – part of CLP; exploration target ~370,000–605,000 oz gold; Oriole ~50%.

• Central Licence Package – other licences (Cameroon) – ~3,600 km²; multiple gold and lithium anomalies; Oriole majority holder (~90% before earn-ins).

• Wapouzé (Cameroon) – 88 km²; gold anomalies plus large limestone potential for quarrying; Oriole ~85%.

• Senala (Senegal) – 354.5 km²; 155,000 oz JORC gold resource + 380,000–650,000 oz exploration target; Oriole ~35% economic interest via JV.

Expect this recent drop to turnaround swiftly

Brilliant - Bibemi’s ESIA approval is a major unlock — it clears the way for the PEA, the updated technical studies and the ELA negotiations, all pointing toward a potential licence win around summer 2026. Cameroon clearly wants its first gold mine, and ORR is front of the queue. With Bibemi already at ~460koz and another potential 400koz still to be drilled out, you’re looking at a future 600–800koz asset with real development optionality.

Over at Mbe, 2025/26 is all about growing ounces fast. Expansion drilling at the Mbe-North zone is about to start (around 3,000m, cheaper and more efficient), with step-out drilling to follow at Mbe-South. Hit the high end of the North target (365–605koz) and ORR could be sitting on ~1.5Moz combined at Mbe alone — exactly the kind of number that attracts industry attention. They’re also moving toward completing the last 10% partner buyout, giving ORR full control over a district-scale system.

Eastern CLP quietly adds even more upside: surface sampling at Pokor and Ndom could reveal another Mbe-scale discovery, with infill programmes planned and project-level funding talks underway. Senala is close to finalising its JV, with the first work programme at Fare ready to go.

The Q&A confirmed the government relationship is strong, the agencies want this to work, and financing routes (banks, HNW, small-mine income) are being lined up. Drilling strategy is disciplined and data-driven, infrastructure is already on the ground, and BCM’s ongoing support is another major tick.

In short: ORR now has the ounces, the momentum, the government alignment, and a very switched-on CEO. With Bibemi entering the home stretch toward ELA and Mbe targeting 1Moz+ territory, the next catalysts could be the most value-shifting the company has ever had.

Remember not small grades with 1.00 m at 119.10 g/t Au found in drill hole MBDD019. Looking very good.

Brilliant - BCM deal signed + fully funded Mbe-N drilling next month! Exactly what we wanted — BCM paying $900k cash + covering the $300k drill cost for 2,950m at Mbe-N (targeting 370–605koz). Add that to the 870koz already at Mbe-S and we’re now looking at a potential 1.24–1.48Moz total resource.

Conservative case (1.0Moz total) → ~£30–35m = ~0.9p/share

Base case (1.3Moz total) → ~£45–55m = ~1.2–1.5p/share

Bull case (1.5Moz total) → ~£65–75m = ~1.7–2.0p/share

With the market cap still only ~£12–13m, ORR looks seriously undervalued. Funding secured ✅ Drilling imminent ✅ Growth runway massive ✅

Next leg up coming — rerate incoming 🚀

Now that’s a strong show of support — £7m raised from existing institutional shareholders, taking total cash to £11m. Funds will fast-track development at the Pitfield Titanium Project, including pilot-scale production and an ASX dual listing in 2026. Nicely done Shaun !

The fact that all the trades today are buyers but the price is still stuck at 0.335p means our plane (Oriole) is taxiing, engines humming, thrust building — but the tower hasn’t waved us into the airspace yet.

We’re ready to lift off, wings trimmed, flaps out. The runway is clear — the signage (maiden MRE, upgraded Bibemi numbers, wide intervals) is flashing green.

Maybe we just need one final push of fuel (another drill result, another resource upgrade, maybe more market recognition) to hit throttle full and lift off into climb.

Once the tower gives clearance, we’ll ascend through the clouds (higher valuations, market re-rating, resource expansion). Until then, we’re coasting with engines hot and flight plan filed — just waiting for ATC final communication to confirm.

Wow this is exceptional !!

The grade (1.09 g/t) is above the earlier exploration target grade range (0.77–0.95 g/t) — showing better than expected mineralisation.

The contained ounces (870,000 oz) already approach or exceed the lower bound of the previously-stated 0.82 Moz for the ENTIRE MB01 prospect.

The fact this is just one zone (MB01-S) and it significantly beats initial expectations is huge — and crucially it “remains open in all directions and at depth.”

This MRE comes from only 24 drill holes, and reminds us that the neighbouring zone (MB01-N) has an even larger exploration target range (15–20 Mt at 0.77–0.94 g/t for 370–605 koz) ready for drilling.

Significant update !

Shaun reminded Proactive that the company’s Pitfield project is unique because “we’ve got a titanium system that doesn’t have ilmenite — and that’s a huge positive.” He explained that the absence of ilmenite means “we don’t have to go down a very expensive, polluting process to extract titanium dioxide,” giving Empire a “massive competitive advantage.” Bunn added that the ore is “simpler, cleaner, and much cheaper to process,” producing high-purity TiO₂ with minimal waste and a far smaller environmental footprint than traditional ilmenite-based titanium projects.

We know this but the market needs this reminder

Estimate from AI

Contained TiO2 = 2,200,000,000 t × 0.051 = 113,000,000 t

Recoverable TiO2 = 113,000,000 t × 0.60 = 67,800,000 t

Net revenue per t = $3,050 – $2,316 = $734

Total net value = 67,800,000 t × $734 ≈ $49.8 billion USD