Member Info for Minesinthemine

Very happy to agree with that position. But having seen so many false dawns and hopes dashed right the way back to the jokes with Kutzz about golden pipes when doing the first drills and nothing of note to come out of any other JV including Senegal, I’m happy to air on the side of caution.

But do 100% agree that having an exploitation license even if just for the narrow scope of Bibemi could change the game in Cameroon and hence our entire valuation.

Either way, it’s good to both be thinking positively about the future irrespective if it’s a couple of months or over a year.

I don’t disagree that a JV is the more likely option for Ndom/Pokor but we need to be able to negotiate better terms than giving away 50% when there’re is increasing evidence they could be similar in scale (hopefully bigger) than Mbe.

The warrants I believe could bring in more than £2.5m. Which would allow us a good run at drilling and proving out the licenses without giving a large chunk away under a JV and would by time that could get Wapouze closer to being revenue generating or at a potential to get some more money through the door. The obvious negative is tge 700m plus shares/~15% dilution, but maybe the market has already factored this into the current SP??

I guess my point is for several years we have not managed a big increase in company valuation from the explorers process of fund, drill, repeat.

The timeline could work out well if we manage to get enough of a rerate from ongoing triggers to accelerate the warrants. Then use that money to fund 2027 to prove out a gold district.

At that point we could negotiate much better terms for a JV.

However, as per others, I still feel a buyout is the path to a big payout for all shareholders including the board and particularly Eileen.

In short, I personally think we have an 18 month period to work through for a significant rerate but cause for hope and optimism throughout that entire timeline due to news flows and multiple tiggers and discussions some of which are absolutely fundamental e.g., Exploitation license.

So many things could be done, but without laser focus and a plan any investment could be burned through without increasing company value significantly.

There are some me arguments that could be made to focus ALL resource on Mbe to get that to a point of being apply to push through an exploitation license for a much bigger resource than Bibemi.

In summary, there are really only positives as funding and dilution no matter what form they take are ALWAYS part of an explorers life. Here for me at least, I believe we have more positive triggers and accelerators than negative/decelerators but think the major rerate could be 18 months away with some healthy spikes throughout that period. And for me, I am happy to be on and happy to hold have some strong opinions that this board need to prove they can lead us through this hugely, career and company making period.

After the gold retrace to under $4,000 I feel the SP has held up pretty well.

We haven’t seen any massive swings and certainly haven’t had any big volumes for a while and unlike the past where steady progress had resulted in a gradual walk back of the SP, we are maintaining it.

For me landmark event remains the exploitation license for Bibemi. However, growing Mbe isn’t exactly going to harm us, but nor do I think it will trigger anything, be that SP rerate or a $1m payment from BCM. To achieve the latter we are going to need infill drilling (or a lot more step out) as the payment is based on MRE grade % in higher category.

The limestone Wapouze announcement is in my opinion a good thing. Essentially the board are hunting for any revenue they can find that will support Eastern license exploration as ultimately we have no income and need to explore (and find gold) in order to increase the company value.

Nobody can predict any timelines or the future value of the company, but what we need is a trigger event to sustainably get the SP above .6 . This will allow us the call in the warrants which whilst dilutive will support funding for Ndom and/or Pkor exploration and drilling.

All the other work with existing or future JV’s can then run in parallel whilst we try and prove out a large gold district.

It’s frustrating that to achieve all this time needs to pass and luck needs to be in. And importantly this board needs to show they are able to actually progress something beyond a drill result.

In the life of an explorer it’s always that cycle of fund, drill, repeat in the hope that results from the exploration significantly outweigh the cost of the funding. Hence it’s a little stupid to say the next period is critical. But here, it really is. If the company manages to sensibly fund the next wave of exploration and we prove out a gold district, mid-tiers will come a knocking. If we either dilute the hell out of our business to do this either through share issues, or giving away too much of the license, or are unsuccessful in gaining an exploitation license then we may as well give up. ORR may continue but the value for LTHs has gone.

So many moving parts, so many ifs and buts, fingers crossed 2H26 lands nothing but success.

Note: We can still get some results in 1H….but they are going to have to be quick, tick tock….

It’s clear the success of the company hinges on gaining the EL and importantly what happens after that, a sale, JV, project level financing etc.. but essentially demonstrating to the world that Cameroon is open and ready for gold mining at scale and in particular ORR’s license packages are ready too.

We have no income other than potential payments from BCM on hitting exploration targets that are unlikely in the near term until infill drilling increases confidence factor for the MRE. Remember 50% of the MRE needs to be of a higher confidence factor.

Hence, whilst the accounts showed we still have some money in the bank, over the next fiscal period we almost certainly need some funding.

For existing investors, how the company manages this is hugely important and it’s time the board demonstrated their value in securing the best deal for shareholders.

There are nearly 850m warrants(less than 100m retail investors) valid until Nov 27 at .36

The board are asking for approval to issue £2.5m more ~15% / 750m.

I am intrigued as to what gets us the most value given the above amounts to ~ 30% dilution but could progress some of the other eastern licenses.

However, investing all efforts in building out plans for Bibemi to the point where more traditional financing could be possible, or Mbe progressing through EL etc.. could do more.

The thing is exploration companies exist to explore, dilution is the operating model, whether through a JV reducing % of license in exchange for free carry exploration activities or through share issues.

However Oriole have NOT realised any long term share holder value.

The company is now worth 3-4x than is was in 2020, but the number of shares in issue has also increased.

There is always some element of luck involved with exploration companies but this AGM and the next few months are critical for ORR to prove they are not a lifestyle share and are building something that delivered real long term share holder value and something Cameroon can also be proud of.

BOD, show the world we me business with a real plan and path to value!!

Drilling for show - EL for dough

Put simply, we have gold, but until we have permission and prove real intent on all parties obviously including the Cameroon govt. via an approved EL there won't be any material change our value. Yes, it's Bibemi and much smaller in scale, yes there will be questions about how progression will be funded etc... but it shows intent and an increase in value of ALL our other Cameroon licenses would hopefully be applied, driving a total company rerate.

At the moment I couldn't care less about any more drilling results, ORR need to demonstrate that they have the wherewithal and permission to progress a license.

Equally, I couldn't care less if they actually do progress to actually building a mine, as I'd be happy to have a takeout offer, as I'm sure the ageing members of our board would be too.

Bang on Ben H.

Drilling for show, EL/JV for dough.

Unless we demonstrate an ability to progress getting gold out of the ground we go nowhere.

Apart from your caveat of unless we find a crazy gold g/width.

All the talk prior to the most recent presentation was about getting the EL in place 1st half/q2 2026, a message that was consistent since the ESIA approval in Nov 25.

The language has subtly changed on the most recent interviews and whilst I know we have circa 6 weeks of 1H left, this language change I feel has not gone unnoticed.

If the EL doesn’t arrive before any updated MRE for Mbe then the company is sleepwalking into the same scenario as Senela (something we also haven’t had any firm update on other than ‘working on a JV…)

It’s easy to drill when you keep stinging shareholders by dilution to get some funds through the door, but unless this board demonstrates they can progress a license we are all doomed.

No matter what work Clare, the geologists and the JV partners do with the drill, unless Bob and Martin with some help from Eileen get a proper deal done this will be a slot drift through solution to nothing.

I expect I have more skin in the game than nearly anyone on this forum and could respout a load of stuff about first mover advantage, a monster asset, fantastic drill results to support open pit mining, (??) great relationship with Cameroon govt., this is going to the moon etc…

But with so many shares in issue, a bunch of warrants still in play and no change from previous ability to progress a license, it will just be more of the same.

The change will be the EL and the change in perception of ORR to progress a project should bring the interest and investment needed to push on and ultimately sell on. (I know Martin has talked about a desire to be a producer but ……come on I don’t think anyone really believes that is Eileen’s exit plan for ORR, a nice sale and a much cushier retirement egg is the plan).

Come on board, light some fires and get a deal done. Change the brand and image of ORR, if Arsenal can lose the bottlers tag, there’s still hope for us!!

Not a deramp as everyone I think knows I have a SIGNIFICANT holding and don’t need to buy any more or move into ISA’s etc.. and am all about a rerate.

But (I believe I am correct but stand to be corrected) in the previous videos, Q&As etc… there was a consistent message of aiming for the Bibemi Exploitation License of Q2-26.

In both the recent results and the Vox presentation the language has changed to say “in 2026”…

That narrative shift and the fact there have been recent director dealings moving shares into ISA’s etc.. to avoid any questions about timing of information being released etc…

It now feels like the next significant news is going to be 2H of this year. I think Martin referenced the Mbe step out drilling results will be Q3 in this mornings interview.

Hence both Mbe Step out results and Bibemi Exploitation License seem to be 2H.

Not negatives, but just feels like a slight drift and reset of expectations that remain MASSIVELY POSITIVE for 2026, but that 2H is where the action will be?

Did I mishear anything, just putting on my armour for another barrage of abuse as a deramper despite me owning near 2% of the company and just wanting to align on expectations.

Also to be clear based on all the evidence to date, even without any more news until 2H there is still plenty of opportunity for a rerate as I along with the ORR board and 3rd party analysts believe we are undervalued when compared to African peers.

Complete aside, I see many of the same names on this board and people who have obviously been invested for a long time.

The board whilst heated and a bit quirky at times is on the whole a really healthy fun place to be, particularly in the post Lanstead days.

Is anyone up for committing to a post 1p or an exploitation license agreement get together?

I’d kind of like ORR to step up to something like that too, a few grand behind the bar hardly going to break the bank and I’m sure they would want to celebrate with the long term holders who have remained through the journey and the incoming investors.

Only a thought at the end of the week that both the news flow and the board have been pretty pleasant and positive despite some disagreements.

I am all for dreaming but again, a dose of realism.

ORR’s own paid for research paper by Greenwood released in January 2026 pegged the Average EV for an African explorer after accounting for ORR’s 50% ownership at $52.5 per oz.

The company are undertaking step out drilling to increase the Mbe resource size and will no doubt do infill drilling in the future to increase the confidence in the resource to hit some payout targets in the BCM contract and also further demonstrate the realistic amount of gold we are sitting on to potential partners or buyers.

$250/oz is in my opinion based on the current position, size, confidence level of MRE, share of license and jurisdiction is fanciful, particularly when the company and third parties themselves are pegging us at nowhere near that.

There are lots of triggers that can dramatically increase the $52.5/oz EV and drive us above the average, such as the scale and potential we have and are continuing to show from this weeks Eastern CLP RNS, jurisdictional improvements through confirmation of the exploitation license etc…

I also don’t disagree with the various comments that the likely exit is a takeover and it will be significantly more than the current SP.

Today however, based on the companies own assessments, we should be near 1p.

But nobody is paying a 3x premium to that fair market value for us based on the current state.

It will come but will take time, lots more work and we may even get taken out before that value is realised.

For now my dare to dream is that the step out drilling increases the resource size on Mbe beyond 2m oz and we get the exploitation license and these triggers drive a solid rerate.

At 3p I would be over the moon, but I do not think this size of rerate is coming in the near term.

As per GoH retail investors particularly on AIM can get a little too excited so we may see a 3p spike but I’d be similarly excited to see a rerate to 1p that is stable, ready for another growth wave based a plan which I hope the BoD share more of in the coming weeks.

Lots of great positive posts and don’t really want to temper enthusiasm but do want to bring a dose of realism.

The companies own assessment of Mbe fair value for 1moz factoring in 50% ownership was $52.5m in the chart they shared comparing average value of African peers.

Aligning this to 1.23m oz, converting back into GBP aligns to just under 1p per share.

We obviously have MANY other licenses but ALL are far from production and getting resources out of the ground.

Our value in Cameroon is driven by proving our a new gold district and partnering together with the government to demonstrate the country is ready, willing and importantly has the reserves to be a significant gold producer.

Further exploration costs money, we are good with Mbe for step out, to progress the great results out of Ndom will be dilutive, either project based in license through a JV or through a raise as despite I am assuming still a decent amount of reserves in the bank, as previously mentioned we are top heavy when it comes to admin costs so I personally don’t expect further ‘significant’ CLP progress in the near term without some further agreements, which I might add I would see as positive.

If we take Bibemi, the Exploitation license is the signal, and our CEO in the last presentation referenced a desire to move to be a producer. But in doing so needs funding. Traditional funding based on the current Bibemi MRE whilst not impossible is unlikely and further investment would likely be needed, Mbe are however a great partner that certainly add credibility to this and could further support the partnership in that regard, but it won’t be for free.

This is not that same a GGP or others in established countries, we have what on current data looks like a FANTASTIC set of licenses and whilst a shoot up to 3p would mean an immediate resignation and early retirement, I see steady progress this year, a rerate around the 1p mark, hopefully more with more news on our other licenses and JVs like Senala but my nervousness increases the longer we don’t get the Exploitation License. These things are massively complex, challenging and more so given African politics and particularly those in Cameroon.

Summary:

Dare to dream, if EVERYTHING aligned £300m+ is a reality but it’s not a 2026 one in my opinion.

But exiting the year with an exploitation license, a committed partner, a funded position JV or otherwise to explore more of our license package and an SP north of 1p is progress, which in 2027 could lead to a multi pence takeover.

To be clear I have no more insights than anyone else on here, possibly less knowledge than a lot of you, but a damn sight more invested than most of you and need this to be a success.

GLA, let’s keep positive healthy dialogue going on the board and give them both a tough time asking what’s the plan and a pat on the back for a good few months in the upcoming investor presentation.

It was me moving stuff to ISA’s.

Taking VERY SMALL positives that the SP being low means the got to move more to my ISA than earlier in the year.

A fierce but healthy and necessary debate that the company needs to deliver actions that are different.

In my opinion, and based on the SP that of many others, Drill results unless completely out of this world are unlikely to change the company value.

Having a team that demonstrates they can progress geological potential in this jurisdiction is what will change the company’s future.

Actions so far have not given much evidence that they are the right team to lead. On one hand they have paid for analysts to demonstrate that the company is massively undervalued and in almost the same breath have announced a placing that adds .75Bn warrants at a value less than what they say we are worth. Even previous warrants that were due to expire were extended.

Their actions betray their voice, I was angry as hell when the warrants were issued at such a low value. I know we needed the funding but it felt like a real betrayal.

With a history of failure to deliver on ANY potential what are they going to do that is different?

I’m still waiting for the Senala update that was mentioned soon after Martin joined… if the best deal Martin’s contacts in the city and industry is another 15%+ dilution from warrants that pegs us below what his paid analysts say should already be worth then what value exactly has he brought??

In the recent live Q&A it was said again they are working on a JV in Senala… what exactly does that mean, they have delivered nothing of any tangible value or it would be reflected in the company value.

We say we have a great relationship with the Cameroon government, but surely they must be questioning if this team are the ones that will help Cameroon deliver Tax revenue, jobs and prosperity they desire.

The shining light is the geology and the work Claire and our local team and partner BCM are executing on. However all of that good work is being let down by those above them.

I and friends around me have enough shares to make this a VERY DIFFICULT position for Martin and Bob to defend at the next AGM.

What are the team going to do differently and achieve in the next 3 months??

And to be clear I don’t mean coiling the spring anymore with geological activities, that work is a given and the results will be the results irrespective of who is it at the top.

So in short, unless this company breaks the trend, and actually delivers against

Minimum expectations for Mbe are largely set now regarding drill results, I.e. unless everything back is ‘bonanza grade’ we’ve already proven a significant sized resource. Yes if it is in the right JORC category it gets us $1m, but so what, I can’t see a rerate coming from drill results. Or at least a spike we hold onto.

We’ve been in a position where we have proven gold to a certain JORC level for some time and we haven’t triggered a market cap rerate.

For me the next trigger is the Exploitation license and how we execute on that.

The road is long, we will need to move on from just the preliminary assessment and build a detailed plan, in parallel no doubt do a load more infill drilling, prove out the gold resource as best we can and with these and a solid plan unlock some reasonable finance options. I am assuming we do all that with our partner BCM, given their stake.

The $1m payment that I am confident will be unlocked shortly will help to support the length of time these things will take, but at some point I really hope we get the recognition that this isn’t some fanciful dream, but a great resource in a country primed and supportive to become a producer.

It’s painful as I’ve been here years, buying on a spike and sitting on a loss, but also feel based on history that a trigger other than drilling is what’s needed.

What the company needs to demonstrate is that they are capable of delivering a mineable resource up to and potentially including the building of the mine, and hope we get market cap recognition along that journey that brings us in line with where the CEO and some analysts believe we should be.

I personally think it’s ok to get excited about drill results as it all helps, but converting a drill result into a mineable resource is what we are going to need to deliver against before we get any real uptick.

Love to be proved wrong and the sooner the better as far as I am concerned, and do believe with each drill result we are inching close, but feel we are still running a marathon.

I agree.

Not going to say drill results are irrelevant, but what we need is an updated JORC based on solid drill results. More infill drilling results and hopefully both an improved #oz’s and increasing #oz’s in higher JORC categories.

But for me, like you say, it’s the Exploitation license and subsequently derisking of Cameroon as a country with infrastructure and resources capable of supporting Gold mining at multimillion oz scale.

We have somewhat proven there is gold in the ground, it’s just a question of how much and based on the mineralisation the ease and process needed to extract, e.g., PEA on Mbe which will come in time.

But getting the exploitation license on Bibemi and the actions taken after that is received will be the next significant driver for ORR market cap.

All the above takes time and past experience with ORR just tells me drill results aren’t going to get this moving.

We need the team to provide more than words and presentations or it’s just Groundhog Day, we’ve had Senela now with proven gold for years with nothing happening.

We need to avoid all of our Cameroon potential going the same way, get a license, derisk Cameroon and hopefully in parallel continue to increase and convert potential Oz to proven Oz.

At least if the SP keeps at the levels through the 6th April, we’ll be able to get our shares ringfenced in an ISA ready for the EL hopefully sometime later in Q2.

I don’t have L2 but could sell 20m shares in one go at just above .34

Not been able to do that for a while, most days when I check a dummy sell I’d struggle to get over 3M

Feels like someone might be building a position. What would be great is if this is an II and not just a flush PI.

As others have said though, the rerate for this doesn’t really come from more drill results (albeit if good we should see an uptick), it’s the Exploitation license and gradually removing the risks of ever being able to get the gold out of the ground. If we get the license and then start proving out the path to actually mining then we’ll see a rerate.

I have no crystal ball, if we prove out 1.5m oz of which we have ~ half of it, and people feel it’s derisked enough to be worth $100 per oz, then that puts us at 1p.

After that we could and should continue to increase in value as we grow our resources by moving up the JORC scale through infill drilling, or continue to remove risks and get close to actual mining.

The risk reduction will then be the MAJOR multiplier for any gold found in our other licenses and with circa £3M of funding from warrants we could do quite a bit of exploring on those.

At that point if we start getting to 3M Oz and demonstrating a good path / solid viability to actually getting gold out of the ground then we could be 2p or more ~£100m+ with IIs joining us on the way and a mid tier wanting to buy us.

Everything is hypothetical but for me, couldn’t really care less about the next drill results, it’s the activities on the exploitation license and subsequent proving out viability of the mine and proving it can realistically be got out of the ground overcoming infrastructure and resource limitations in Cameroon.

I am hoping for a rerate up to 1p sooner rather than later and hopefully just off the exploitation license being issued, but think beyond that there is a lot more work to do to in what is a new gold frontier.

Today over 40% of the company changed hands…

Over 3000 trades.

Just let that sink in… >40%… obviously with this kind of rise there will be a lot of day traders and fair play to them. But do not let anyone go pushing around any pump and dump nonsense.

For me as an LTHer who is still under water, nothing much has changed other than more people are hopefully seeing the same potential I and others did a long long time ago.

This is not a pump and dump this is reminding the market that ORR have been quietly qualifying the potential they believe exists in Cameroon.(I wish they would make more noise)

The bonanza grades for me weren’t the key for today’s RNS. Even with much lower grades we have the scale to be a wholly viable openpit mine and as such were already on track to deliver a significant MRE in Q4.

For me, the excitement is that the rock chip sampling shows the potential just keeps coming, this scale is BIG.

What we need the ORR leadership team to do now is explain that potential to ensure we maintain the momentum in the build up to the MRE and build the confidence that they will be able to unleash that potential and realise value for both shareholders and Cameroon alike.

Today was a fantastic day, but it is NOT the first step on this journey and it isn’t the last, but we really do have a LOT to be excited about through the end of the year.

Will not be disappointed for anyone deciding this isn’t for me them and taking a profit, hence the fall back, but will be disappointed if the ORR team do not grasp this momentum with both hands.

If for any reason the next drill results aren’t bonanza grade, nobody should forget the scale we have and the fact that after today we are still valued at less than £20m with a significant MRE on the way.

Hence welcome to the newbies, good luck to the LTHs, there will be more twists and turns to come no doubt but let’s keep moving forward towards that MRE. (Oh and some news about Senala wouldn’t go amiss either).

I watched it on LinkedIn but it’s basically a Proactive interview.

https://www.linkedin.com/posts/proactive-investors_oriole-resources-says-high-grade-gold-results-activity-7365996776174022656-A3JY?utm_source=share&utm_medium=member_ios&rcm=ACoAAAJZD60Bd9JqjHarYJ9fk3PRqAm8q_dPsr8

I’d urge everyone who is interested in this to go and listen to Claire’s interview.

The phrase used when explaining the site is still open in all directions and the context of the rock chip sampling was “demonstrates we’ve only just scratched the surface here”

Also talks about how these results ‘could’ impact the tonnage and grades of the estimate.

Fantastic results, 5 more drill holes to come “over the next month or so” and an MRE on track for release in Q4.

In short beyond solid drill results, but let’s see some strong and constant news flow from the team as we build up to the MRE in Q4.

Drill results drive the spotlight and short term share movements, but it's the boardroom that drives the business and long term share value.

Irrespective of what Claire and team pull out of the ground, there is very little evidence to date that this boardroom knows how to drive shareholder value.

We cannot solely point the finger at Lanstead for the depressed SP, as if the board were visible and explaining our licenses, putting the results into context and showcasing that what we are doing has the potential to change the fortunes of Cameroon. (yes a bit salesy) things may already be different.

It was inferred by Martin many months ago that we'd have Senala news, what about the cement stuff, let alone any bullish promotion of Bibemi and Mbe, where is the news??

We deserve so much more, we are like it or lump it a lifestyle company as the boards actions and activity demonstrate absolutely ZERO evidence to infer otherwise.

In a number of months, 3,6,9,12 ?? Bob and Martin will be coming with their hand out for more funding as that is the model for a prospector. Anyone invested should know that as that is the game we play, in this sector. Even if we don't need funding due to a JORC payment from BCM, they will be no doubt be rewarding themselves with a lump of shares.

Without change at the top, I can't see anything to get excited about with or without Lanstead. Next set of results may drive an SP spike, but we need and deserve a leadership that is going to turn potential into a solid business/partnership and I don't think we have it. News flow is king, clear articulate business planning is key and given the current state, the leadership should be falling over themselves to explain everything they are doing to drive the business forwards. Not in a desperate way, but to demonstrate to new investors that what we have is an amazing opportunity in our hands and they'd be mad not to get on board.

In short, lets hope for some stellar drill results, but lets also hope for some change at the top, either in attitude or heads.

I stand with you H50. I am in big (1.8%/71M shares) not quite as big as Kutzz and dived in many many years ago because of the potential of the licenses. Not sold out because I do still believe in the potential and not up for crystallising my massive losses just yet.

But this BoD has NOT delivered. They are overpaid vs. results and peers,and the feedback from the AGM and BoD actions does absolutely nothing to dispel the fact this is a lifestyle share. Show us that it isn’t!! So far not a single action has demonstrated otherwise.

I have no issue giving themselves significant compensation driven by results but they get big remuneration already. In fact I’d agree to bigger share option deals for them based on the company MCAP growth. Their pay should be pegged to results. And by results I do not mean giving themselves a bonus because they signed a deal with BCM… it should be a maintained growth in MCAP. Not a spike in the SP and a retrospective award of shares after a deal is done.

The BoD can’t be held to account for drilling results as that is the gamble, but what exactly are they doing, what milestones have been achieved?

I am sure dealing in Cameroon is difficult particularly when you are breaking new ground, but the clock is constantly ticking and it doesn’t seem like the BoD have a plan, they will just happily pick up their pay come what may.

I am not a keyboard warrior that is hidden, I’ve spoken to them before, they have my email details but being honest I see certain members of the board happy to sit back and take their money every month. If I wasn’t down a significant amount I would have jumped ship a long time ago.

Potential does not move the needle, action and outcomes do. Commitments from the team above and beyond what they feel entitled to.