Member Info for Minesinthemine

Hi BIKWIK, Hunniford and any others going to the AGM. I unfortunately cannot make it, but have one open and very simple question that the board need to answer.

What are they going to do differently to demonstrate this is NOT a lifestyle company?

I could write a load more waffle, but for me it's that simple. Results out of the ground will be what they are, but everything else they are well paid to drive value and are accountable for doing so.

I can see both sides, and it's difficult not having all the information about their contracts etc... I agree that compensation needs to align with work and value to the company. If we trawled through all the salary sacrifce information with % of shares and values etc... I'm pretty certain we could calculate their salary's, but it's somewhat irrelevant. My point is bonus' should be performance related and I don't recall any RNS ever stating that getting a JV resulted in them receiving a bonus.

Why is this bonus not future performance related? If it were something tied to the value of the company or even gold reserves identified e.g., thresholds for Xm Oz, Ym Oz, Zm Oz MRE's. Or the MCAP of the company etc...

This is a bonus based on a look backwards when not a single shareholder knew that by getting a JV signed the board were entitled to a 4% bonus (or cash equiv??). Yes the options are in the future, but they are tied to a bonus for something in the past that was never disclosed. Why when they released the RNS for JV signings were we not notified of associated bonuses?

Yes, I can see we need to keep the team together, but this to me is a pat on the back when I certainly didn't know they were going to do it when I pumped in a load of cash over the last couple of months. I thought they would be rewarded like me as a current shareholder WHEN results are delivered. I would be happy to sign off an even bigger bonus package if it is tied to future performance, but am still in the camp of xxxxed off with this.

We obviously don’t have visibility of their contracts so don’t know what they were entitled to.

However, getting that contract is doing their job. Nobody knows what would have happened had they not secured the deal, but not having any JV deal would surely have crippled the company.

Do they deserve 4% of the company off the back of it when any measure that relates to company value surely hasn’t been met as we are still bobbing along at a ridiculously low MCAP?

Very much for rewarding people, but given how the market responded, I think I am on the side of pretty xxxxed off that they are rewarding themselves for doing their job and as shareholders we have seen very little change.

Why can these rewards not be linked to company value. Signing a deal means absolutely nothing unless that deal materially changes the company. Technically the material change is that we still exist and they are still in a job otherwise we’d have had very little funding to do any exploring.

Think this is a smack in the face to shareholders, particularly the day after we sank back to the .2s.

Not happy.

Agreed, these are great and give the team what they need to fully plan the drilling to build out an MRE.

Excitedly it is stated that drilling equipment is being mobilised to start drilling later this qtr.

And to remind people again, these are trenching results. They are solid results that help to define the drilling patterns to prove out the MRE. The drilling campaign is fully funded and in theory we should get results in Q1 and hopefully enough done to provide a resource estimate for Mbe.

GLA

Patience definitely being tested. At least we are another day closer to news, any of which could be game changing.

It’s also good that despite low volume we seem to be holding at a level.

Here’s hoping for a flurry of solid quality news on all fronts (exploitation license, Mbe results, Senala update, another JV etc…) before the end of the year.

GLA

I stand to be corrected by others Lethal. But we are trading above the Lanstead subscription deal so are getting over £90k per month at the current SP.

And according to the last accounts they’d managed to get costs down to ~£1.1m per year. Hence currently wash our face and need no extra cash.

Most of the current license work is being done as earn in by our JV BCM. Hence for at least the next 12 months I don’t think we have any issues at all.

If we manage to get the SP up over the next qtr, due to the Lanstead Subscription, that could push us on another chunk of time without any funding needs.

The big cash requirement will come from the exploitation license on Bibemi and if we decide to progress and become a producer. This was implied as a statement of direction by our CEO, but would expect this funding is much easier to find or equally a JV, even an extension of the partnership with BCM is possible.

But I personally don’t have any concerns over funding in the short term, just need to see some solid results and some other good news as financially are in reasonable shape for a junior explorer.

If I wasn’t already very deep into this I would have no hesitation in taking a gamble at this price.

Obviously with volumes so low though, a poor set of results or bad announcement could have a serious effect, but equally so a JV or stellar results could bring the volume and the associated SP rise. If the latter happens, that in itself will deliver more monthly fees from Lanstead to sustain us longer and provide some funds to do more work on the ground on the other licenses.

I’m just bouncing off the walls waiting for the next announcement and hoping it’s a big one. And if it’s not, we still have more news to come, so a good full qtr of news ahead.

Welcome back Lethal, I think this is different to GGP.

Here we are trying to create a gold district with first mover advantage on Cameroon.

Cekim, Kutzz, Hunniford and plenty of others are waiting as patiently as we can do for a whole bunch of RNSs, anyone of which could attract huge volume and propel our SP skywards.

News includes, approval of an exploitation license for Bibemi, plus hopefully a bigger MRE too, drilling results for Mbe to help prove out just how big a monster we may have, an update on Senala maybe a sale to help us do some work on our other licenses or help fund building a mine at Bibemi, more JV news could be on Bibemi to help build a mine, one of our other licenses (some good gold at surface results a couple of weeks ago).

Basically any one of the above could attract the volumes needed to get the SP skyward, all of them coming in quick succession we could make the moon.

All the while we are getting more money in than planned through the Lanstead deal (above .25) and if we can get where I personally think we belong with a good piece of news from ANY of the above that will sort funding out for another significant period of time.

In short, at this money I think it’s a great place to get in. I personally can’t take anymore as I’m already over exposed, but it’s a gamble I am willing to take as the news this qtr could be EPIC!

But like Cekim said, it’s sad to see the SP drift, but great solid news like Catbert mentioned and we could be off!!!

Agree Cekim and others.

Everything in life is always a gamble but the effort by the team to secure funding, partnerships, engage with the government and local companies . Even the great news last week to secure a better deal for both us and the local partners as we (hopefully) shift gears with an (again hopefully) increased MRE in Bibemi and confirmation of a monster resource in Mbe plus secure an exploitation license, everything seems to bode well.

Still risk but each day I feel we are walking towards something, rather than for LTHs will remember in the past it has felt like we’ve been running away from doom.

Patience is well and truly being tested but feel like things will turn out well. Just need some more patience whilst the volume is low and we wait for the next news to drop.

With solid news, surely there has to be a rerate and with the right news this could be very much around the corner.

GLA

Agree Ben H, Martin already said that getting the Expoitation license will then kick on the feasibility studies, social impact studies etc… so recognise it is sometime from actually getting gold out of the ground. But we are well on the way to proving up the potential with data to help grow the MRE with each set of results. It’s clear by however much the resource is greater than the already calc’d 375oz. It’s also ‘reasonably’ clear it will be near surface/cheaper mining and with an ever rising gold price ASICs of $1,000 per oz upwards are not out of the question.

That’s before any value being realised from Senala or other legacy asset.

Plus the game changer and what we are all hoping for the monster that is Mbe.

Not forgetting we have other licenses to go, but cannot boil the ocean and need to focus where we are today.

Foundations are really solid, for Bibemi, gold is proven and based on other mines the likely type of mining required and scale will work but need the exploitation license, studies etc…

Time is currently not the enemy here as we are well funded for the time being, but being patient is painful.

Would feel much better being patient on Mbe results and Bibemi studies if we were sat at £40m MCAP and hopefully the upcoming news will trigger that olive up to 1p.

Yup, looks like they are tidying everything up preparing for us being a producer. It’s possible this was a pre-req from the Cameroon government to get things in order and ensure local partners benefit accordingly before granting us the exploitation license.

I believe there is a spelling mistake right at the top. We don’t have an ‘exploitation’ license for Bibemi yet, I thought it was Exploration hence why we have applied for the Exploitation license.

Hence I think the correct position is that the Ministry of mines has agreed to our restructuring and allowing us to move our current Exploration license for Bibemi to the new structure. AND they have acknowledge receipt of our request for an exploitation license dated July 17th 2024.

Basically we are 3 months into our request for the exploitation license and this sounds like something we needed to do to prepare hence rightly mentioned this is GREAT NEWS.

Hopefully soon after this, we get our exploitation license approved.

Also before anyone spots it… I did make a slight mistake in my calcs yesterday that 4,600g is 162oz not 166oz hence at my $700 per day profit we are down $2,800, however todays RNS more than makes up for that, hence still strongly believe we are talking about $10-30m per year profit for 6 years or more on Bibemi alone.

In short, being bold, WHEN we get the exploitation license approved we should be at 1p and still have more to come at Mbe and to do something with Senegal hence plenty more real potential for growth.

More new please, keep it coming and let’s break the RNS SP goes down trend today!!

May be totally wrong as based on some googling and only having my phone….

Small/shallow open pit mining can do couple of tonnes per day.

At 2.3g per tonne that is 4,600g of gold per day. This is ~166 ounces. Assume profit margin is $700 per oz that’s $116k profit per day.

I think we had 93% of Bibemi and BCM are earning 50%. I’m on my mobile so hard to check back RNSs properly, but I also reckon Cameroon Govt would take 10% in any exploitation agreement.

Hence, let’s go ultra conservative and say we end up with 20% of it. That is ~ $12m per year and we’d have a rough mine life of ~6 years assuming only the 385k oz and 2 tonnes processing per day.

I believe I am being very conservative and the $700 profit could be much higher based on the growing gold price. We may also find more gold so have a longer mine life or potentially process more than 2 tonnes per day estimate. And could also have a bigger share than the 20% calc above.

Hence could easily be $24m or more per year just from Bibemi. Hence ~$150m profit to ORR at the current 385k Oz estimate.

You then look at Mbe which could be 10x and the fact that even Bibemi is still being investigated and could grow to much bigger asset and suddenly our current market cap is completely bonkers…..

I’m sure someone will correct my calcs. Like I said I’m on the phone and just did some quick googles to see ASIC of open pit mining and number of tonnes per day capability.

Bring on the exploitation license and let’s get the Mbe monster properly drilled and scoped.

1p - £40m cap-ex seems fair for where we’d be with an exploitation license for Bibemi. Similar to what Chesser was bought for.

Then who knows when we get some drill results for Mbe.

Maths may be wrong, could be wishful thinking but I do think with the progress we have made both in the ground and in partnerships , BCM and the Cameroon Government we are on the verge of a reevaluation based on getting the exploitation license and a surge to 1p off that could be very achievable.

I wish everyone would just stop banging on about Lanstead.

Remember without Lanstead the only story that would be different is the possibility the company might not exist. We would have still needed a raise which would have had a similar if not worse effect (assuming we could have even got the money) in terms of dilution. The board themselves confirmed that both Lanstead and ORR both make more money if the SP is higher.

There is one reason and one reason only why the SP isn’t moving forwards and that is news related volume.

The reason we don’t have volume is the fact we haven’t had a constant (positive) news flow and any serious investors (hoping that there are actually some) are waiting for solid results from all the ongoing work.

News is what’s need. News drives volume. Volume then makes any Lanstead sells totally irrelevant.

I don’t care about an anomalous drop on tiny day trade volume as I’m not a day trader. I want major positive news. Something that pushes the likelihood that we are sat on a multi billion oz opportunity much further along. Something that triggers the big boys to take note so we can no longer be ignored.

If you are in this for the big time then the day to day prices on this tiny volume are totally irrelevant.

Hold for gold is the bet, it’s the risk that a lot of us are here for. If it doesn’t come off then we lost that bet. But that’s how it is with junior explorers.

Always lots of good posts musing over the next steps and the risk rewards, but can’t for the life of me see why people are still going on about Lanstead.

Completely agree Kutzz.

Results(good) and license confirmation are key.

The Lanstead talk is old news. Without that deal we likely wouldn’t still be here. The deal at the current SP works well for all parties. The board concerned Lanstead are better off with a higher SP, so let’s just forget it.

With news comes investors with investors comes volume, with volume comes SP gains. We could also pick up some more JVs for other licenses along the way too.

With some good marketing of the ‘potential’ we may pick up some new retail investors to steady the SP but the main thing we need is news and good news at that.

No point looking at the SP day on day, it will drift without news as without it we don’t have the volume or interest.

Some stellar RNS days in August and we’re flying.

Less than stellar and we’ll have some ‘fun’, but everyone investing should know that getting in at these prices you are buying potential and with that comes the associated risk outside of any geopolitical risks there may be as well.

For me the potential is so big the risk is worth taking and am hoping for a stellar RNS.

GLA

Crack race, loved it. Spotted the new Escapade trackside villa’s and reckon they are worth it for a celebration at next years GP after this thing rockets!

Plus two omens over the last few hours which some may say are wishful thinking, but I am going with omens..

1. Had a VERY vivid dream last night that I cleared £3m on this. I rarely dream and if I do remember nothing from it. This time I remember selling out over a crazy rise, everything from which account I sold the shares out of, my account, my ISA or wife’s ISA, what the sell prices were 4.8p through to 6.8p, working out how much CGT I owed, telling my team in our Monday meeting that I’ll close out the fiscal but after that I’m done. Was so real, I could feel it all.

2. My mum and dad popped round today. Asked my dad what he’s been up to and a Golden Oriole has be frequenting their garden and he’s setting up his camera to capture its visits.

Like I say the first one quite possibly wishful thinking, but am happy believe it’s an omen.

Get some great news out from the ground works this qtr, some more license JVs before the end of the year and some more results next year and no reason why my dream isn’t the reality.

GLA, hope we get another decent race next week aswell.

This is good news, we just need some (great) results to come through and some more JV deals on the remaining licenses.

Through the current BCM JV monies, Lanstead funding, Turkey ($80k) and any tax credits we might be able to get back, we have the topline company funded in line with the licenses and a xxxx load of work taking place by our JV partner, and the ORR team out trying to seek JVs for the other licenses.

As a reminder, we have Bibemi with a 375k oz inferred JORC at 2.3g/t and 7,060m of drilling across 62 holes and results expected soon which will hopefully increase this JORC. Last year, a local company Chesser had an indicated 625,000 oz at 1.9g/t and a further inferred at 235,000 oz at 1.5 g/t, basically 880,000 oz at ~ 1.7g/t. They were then bought by Fortuna for over £40m.

Obviously we will be diluted to 50% by BCM completing the $4m of work, but still, if we get the JORC up to 1m oz+ which is quite possible given the scale and size of the license, then that alone is worth double the current share price, hence the importance of the upcoming results

Then we have all the work on MBE, with infill soil sampling results already announced should be in Q3, and a 5,500m trenching programme ongoing as well to set us up for the future exploration of the license, which again is all free carried to the tune of $4m by BCM our JV partner.

In summary, with strong results in Bibemi growing the JORC and some more strong results in MBE we can get to a point as a company where we have well over 1m oz JORCs across these two licenses alone, then with some more JV partnerships going on the other licenses, and at any point we could hear of a surprise offer for Senegal, the next few qtrs could be very exciting and drive our MCAP towards three figures and who knows a decent offer from someone....

Still a gamble, but one I think is relatively derisked for the short term with the current JV and funding deals, but all could change one way or another with results... As they say you have to be in it to win it, and I'm very much in.

Either way, I think a good stable SP at these levels, with some new investors coming on board from the various activities the team are doing to promote will be very welcome whilst we wait for the news that will take us to the next level.

Long term holder along with Kuttz but not posted for a long time.

Do people not remember why we needed Lanstead. We needed cash. We couldn’t raise, we couldn’t get a buyer for Senala, we haven’t had any money from Turkey, no cash from Elephant oil etc… the coffers were empty. We went down a route that like it or lump it was needed to ensure we survived as a business.

With the top line company funded, we managed to get BCM on board for two opportunities.

We now need to wait for the results relating to BCM’s work on our licenses.

If the results are as hoped, Lanstead becomes an irritation but our proven value would play out.

For people like Kuttz and I who are in deep and have been here a long time, it’s painful waiting but we are now used to it…. The potential in Cameroon for why we invested in the first place is still there and we finally have a significant drilling program to prove it out.

If they find nothing then we lose. If they find solid results then everything is great and Lanstead was just a necessary evil to our survival and part of our history.

We just need to wait for what the results are. The volumes are low and will not change without news.

Patience is needed and it’s still a big risk, but forget Lanstead, if we get rid of them the top line company still needs to be funded… and we’d need to place.

That is the world of a junior explorer, it’s gambling with a bit of science and we have a partner to prove out the science to the extent that we prove out Cameroon can be a major gold District and the big boys and girls all want a piece.

Until then, sit tight, the top line company is funded via Lanstead, BCM are helping us evidence the value of our Cameroon gamble and we need to hope the results are great and we are all off to the races.

Does anyone know what happens to the Cameroon licenses?

The Feb-21 RNS stated:

All licences have an initial exploration term of three years and are renewable three times for a term of two years each.

Hence Feb-24 is a renewal date. (Believe there were some other licenses agreed in Nov-21 as well).

I would assume the Cameroon government want to work with companies that can progress the licenses to drive local benefits/opportunities. If we don’t have money, what happens? Assuming they can deny the renewal as there must be some clauses in the contract otherwise it would have just been a 9yr license??

At the current SP, even with the Lanstead deal, we have no money to continue exploring and even continuing admin operations will not be without compromise.

I too have been in contact with Bob. He was even responding whilst out on leave. (Every one deserves a break).

They like the rest of us are frustrated but it’s clear they are working hard and like Kutzz has mentioned have sunk a lot of time and have significant monies invested. Either personal or salary sacrifice.

There are still plans to realise value from legacy assets and of course tax refunds that will support significant work on the CLP.

I am still clearly disappointed in their performance. However, the fact that the first point Bob made was that there are lots of people that talk about contacting the BoD, but very few do it and they welcome the opportunity for any and all interactions and are looking to improve engagement on a wider level on the future is a good response.

Only time will tell if their efforts and our patience pays off, but has provided some level of reassurance that it’s not just a lifestyle company and without ORR success they are impacted the same if not worse than fellow LTHs.

Bob, Not going to retract any of my previous statements as performance has been poor, but can’t argue that you do seem committed to driving company value.

Looking forward to market updates and comms to show what progress gets made over the coming months.

Aye.

Wholly agree.

Jackbal, I completely agree. Bob’s comments on PIs and dilution were derisory at best.

Whilst the economic situation is mad, he personally cannot be excused from what he has said in the past and sheer callousness the company are dealing with PIs.

There are always if, buts and maybe’s and everyone investing in a junior explorer should understand the risks and the funding options. However this BoD have not achieved ANY shareholder value. The company is worth next to nothing compared to what has been spent and there is no sign of it or the model to keep paying their wages changing.

This raise to me is simply to pay for ORRs Christmas and the BoDs heating bills.

At the very least Bob needs to get out into an open forum and explain himself. The reality is, he should not be in post. He’s had his time and delivered nothing but waffling on about PIs not understanding and the initial talk of realising value from legacy assets…Total joke!