Member Info for Minesinthemine

Sheesh, Kutzz thinking of adding more! I forgot to ask you, was the GP good to watch live. I thought it was pretty entertaining considering the circuit, looking forward to this weekend too.

And Hunniford you did add! I seriously hope it comes off for you as it’ll work for me too. I played a blinder getting out of Avacta at 250+ a couple of weeks ago and plowed straight in here for some more at .88 too… My heart sank when the slide continued and we had no news, I perked up a little when I saw AVCT slide too, but really thought we would have had news by now.

I agree Kutzz too. It’s so backended now that I hope we get all Assays in one go. But what I really want is along with the results a quality resource map update with all the holes and a plan for post rainy season drilling. Be even better if based on that there is a little of bit of arrogance that we can’t really be bothered to drill anymore on Bibemi. Not because there’s nothing there, but that the results are so good we’re just going to wait for the phone to ring from Barrick and crack on with another one of our Cameroon licenses instead.

I expect that it might not quite go like that :) and at the moment would take any news to stop the slide and set up a good plan for 2H.

Keep looking and thinking wow…. Getting in now looks great. But for me I need a near bag to get even, not quite as bad as you Kutzz but I’m in for 18.3m now so must be a sitting on a similar £ loss but reckon it will come good. Not bothered about any big profit in 21. Wind back 6 mths and even though I planned to hold longer, I thought I’d be sat on a decent profit in 21. Now I would prefer to have a stable SP and be back with some small profit / break even in the next couple of months so I can re-evaluate.

Anyway, nearly weekend and to be honest I’m looking forward to a great couple of days of sport much more than I am bothered about an RNS on this. For me they can push it until after the Euro’s and Silverstone.

Good luck, and Kuttz at our levels I think I’ve got buyers remorse on the last purchase. Already had a stupidly large holding, never say never but I think that was my last buy.

Barrick are actualy going to buy us using funding from ING.

I'm sorry, today is so BORRING...

Sorry all for the waffly post...

GLA. Let's hope we get some news tomorrow to give us a great weekend, confirmation of AGM (Abundant Gold Masses) would be great!

Bottomline is that junior explorers need funding to exist as it is the exploratory work that increases the value of their assets. ORR can only go so far with their existing cash reserves and will need to sell an asset(license), support of a JV, or a raise (private or otherwise) to continue to exist i.e. continue to explore. They have managed the funds pretty well since Bob came in and have driven down costs so that the majority goes into their projects. Sorr

Their exploration costs now are for their Cameroon program as Senegal is funded by IAMGOLDs earn in agreement. They completed maiden drilling in Bibemi and very early stage sampling in other Cameroon lics. We don't have nailed on costs or targets yet for the next phase of Cameroon but know that there will be some information coming from the early stage work on other Cameroon lics and hopefully enough positive news from Bibemi to drive some refined drilling targets to provide more evidence of potential resource scale.

The company plan as I understand it for ORR, or any junior explorer is to do enough work and analysis that a better funded partner wants in on your license to help do more work and increase the value of the license(s) or wants to buy the license. The terms of the license sale or partnerships might mean royalty payments when the license/future mine starts producing or just cash.

Either way the plan is to do the initial/ground work to prove out a resource be that JORC or simply to the extent that potential interested parties accept a resource exists and put a value on it. Then negotiate the best terms, fund your next license, find another license and continue to go.

If there isn't enough money coming through the door, it's partner up, dilute or die.

If you find a solid resource the rewards can be exceptional, but if not, given the nature/time/cost it takes doing the work you run out of funds or investors then that's it.

These stocks are RISKY. ORR is not a mining company, though has a very small number of assets producing a small income but certainly not enough to fund a full multi year campaign in Cameroon.

My risk profile is such that I'm happy to take the pain of failure for the big rewards of success, but to some degree I agree and recent posts are right. Senegal is the license that will essentially pay the bills and Cameroon represents the reward.

I do feel that at the current marketcap, the potential we have, the fact we DO have funds currently in the bank to keep going, results imminent and IAMGOLD driving Senegal that there is upside from here. I also thought there was upside from well above 1p when I bought a chunk... Movements up or down on these types of stocks can be fast. It is painful looking at todays SP/Marketcap and seeing the days tick by without any more news, but I am sticking with it.

I actually think gambling at this SP is a good place, but I personally need to see a multibag from here and I think that is some time off....
S

Brilliant, thanks rcgl2 appreciate the confirmation. I thought this was standard, and seem to remember TL admitting that they had a relationship with an investor who took the shares the last time they needed some support and that these resolutions were in previous AGMs. I think they were £270k, but sure it is on an RNS somewhere.

As someone else posted, one of the main things Bob has done since coming on board is get a hold of the finances, and I wouldn't expect this to be used as a 'trough to feed themselves' as may have been the case in other companies, but will be used to support continued exploration activities if needed.

Will certainly spend some time later in the week to listen to the AGM, and look forward like the rest of us to the real thing at hand which are the Bibemi results and the not too far off Fare results.

GLA

Kutzz, Outside of some other more simple resolutions e.g. confirm accounts, auditors etc.. The vote today is for two special resolutions. I got the figures wrong, it's two lots of £235k.

To authorise the Directors to allot equity securities under section 551 as if section 561(1) of the Act did not apply to any such allotment, up to an aggregate nominal amount of £235,000 as specified in the Notice of Annual General Meeting.

To authorise the Directors to allot further equity securities under section 551 as if section 561(1) of the Act did not apply to any such allotment, in addition to resolution 5 above, up to an aggregate nominal amount of £235,000 as specified in the Notice of Annual General Meeting.

My assumption (correct I think) is that they are basically asking permission to issue £235k of new shares/equity twice. The 2nd one only in case the first one isn't enough.

This is outside of any formal raise/open offer etc..

Agree, at today's current SP it is ~5% dilution, but at the same time my opinion is to trust the board that they wouldn't ask for it if it wasn't needed.

Annoyingly I didn't receive a Proxy vote which I assumed I would have got in my HL account as HL typically roll up the votes and issue one I believe. I am sure other posters will correct me.. I am not too up on this.

Either way, I haven't voted but would have voted yes.

Hunniford, agree this will be a largely 'nothing' AGM to pass resolutions as the Q&A already happened. I like many are keen to see the results and the subsequent strategy that will drive the shareholder value and 2nd your request for another Crux interview!

AGM is at 11 today. Honestly don't believe we'll get anything new out of it today other than likely confirmation of the ~ £270k x 2 potential dilution.

However the only AGM I'm waiting for is confirmation of Abundant Gold Masses in both Senegal and Cameroon.

No conspiracy theories in why we haven't got all the results yes as it's not the end of Q2 yet.... But it is very much close....

There is potentially a level of caution being shown by the team in releasing the results and putting more effort into grouping holes and providing more explaination on what the results mean in terms of the next stages of exploration. Rather than an RNS titled "High Grade Intersections" that to the layman don't fully appreciate why low single digit gram and small widths is good and hence where we find the current SP. Being honest I am one of those people that doesn't fully understand, but recognise that the scale of the license, strike lengths and the fact it's a maiden drill which has hit gold is a positive and allows for further analysis to better plan the structure of mineralisation and form the required follow up drilling.

Hoping for better width and grades from the next batch of Bibemi, and a solid plan for the next phase of work and if there are any new nuggets ;) shared in the AGM.

GLA, and please lets see an SP bounce too. The SP reflects what people think the company is worth, it doesn't matter if I or the board think it is worth more but hopefully there will be more evidence to support that as the last few months have been painful.

. Maybe just maybe they will be using the AGM today to allow Clare to explain more about the next phase of Bibemi, implying what the results are, then get the RNS confirming the structure later

Come on Kutzz/Leathal,JTB/ all the usual crew.

My glass is definitely half full because half of it has been flushed away at this SP…. But come on. It always was a gamble but the reasons why we gambled haven’t changed much….

Yes the results from the first batch aren’t what I had opted for. But at the same time there have been reasoned, non-rampy posts explaining that to hit at least some of what you are targeting in all your holes in a MAIDEN drilling campaign is a great start.

This is not over, this isn’t written off, this company is on the verge of confirming a set of results that will define its future.

I am still in for that gamble.

I also believe that based on the other assets and the Senegal license that this is way over sold.

However you I also can’t forget that this was at .2p not long ago and had largely the same assets and potential.

Kutzz bollxxxs to breaking even, we need to smash it.

I agree that spreading risk makes more sense but I am still of an age that I can have a few more gambles before having to remove the ‘fun’ chip.

Come on ORR, a whopping great RNS in the morning followed by the AGM.

But even without the above, do not worry about the things you can’t control, the roulette wheel is slowing, we have quite a few numbers covered, we can still lose it all but I’m feeling lucky.

Give me a pitcher, my glass is getting full again!!

Kutzz, I’d happily go and watch an international paint drying qualifier if it meant I could have a laugh and few beers with mates in the sun.

After Covid lockdown any social activity gets my vote. (Except any form of shopping with Mrs Mine…. That is still very much a punishment not a pleasure).

The vote is for two lots each of £235k. Total £470k.

Based at the current SP would be circa just under 5% dilution in total.

With the 18.4% of Warrants and Options outstanding that would take us to potential dilution of over 23%.

However there are rules and expirations on the warrants, we obviously make progress each day, which assuming leads to good results continues to add value to the company.

It’s down to Bob/team to manage the finances such that we the shareholders realise value from any fund raises rather than just filling the pockets of the board.

I personally see Bob’s financial mgmt as a positive of ORR. I also don’t see the board diverting funds to their salaries, but see them used to drive our projects forwards. Look at the cost reduction, salary sacrifice etc.. and the boards share options meaning they need the company to succeed in order to gain significantly.

Basically for me, previous actions show integrity and I am happy that if they believe they need some buffer to see out the next phase I am fine.

What would be more concerning is if after this resolution is voted for they immediately come back to the market for a much larger raise. Not all raises are bad if they use the capital wisely, but would lead me to question the leadership if they knew of the requirement for funding but failed to mention it at the AGM.

Do your own research and vote with your own confidence, but I would support.

I just need to wait for the form to come through HL which I think is what happens for Proxy votes….? Nothing yet on my account though.

Kutzz, I truly hope you dreaming about soaking up the sunshine somewhere on a boat rather than the current reality.

I said before I blame no one, I took the gamble and anyone who claims they knew what was going to happen, didn’t.

Speculating is the name of the game. We have all done a lot of it. I still well and truly believe that first mover advantage in Cameroon will pay off. I would really love to see some stronger grades, but the point as someone else made is that it’s not just about grade. It’s about how easy it is to get the stuff out of the ground, processed and sold. If it’s open pit, requires lower cost processing and subject to the fun on interest rates etc.. the gold price goes up. Then just getting some more maiden holes proving gold will be great. Refine the targets next time around and then JV or sell the license.

At the same time, God I wished we had the fabled and long forgotten ‘gold pipe’…..

Mrs Mine is definitely on a need to know basis and she definitely won’t know anything ‘life changing’ for a good 12 months. Maybe 6 mths if they pull some gold bars out of Fare.

Anyway, timeline for me hasn’t really changed, just a bit daunting looking at todays numbers.

One small issue. My little voice hasn’t been telling me results are going to be poor, I still have to tell it to be quiet though as it’s telling me to average down!! Christ I’ll have to put out a TR1 soon if it drops much more as I expect I’ll have a nibble at anything under .5

Anyway, every day is a day closer to something. What I’m not quite sure, but still ‘enjoying’ the ride and smiling. (UK weather and Euro 2020 is helping that though. Can’t promise I’ll be as up beat next week post Fridays match and the weather breaking).

Hunniford, my RNS guess is next Thursday then Tuesday 6th July with an RNS in between confirming Madina Bafe drilling has started but unfortunately the last Bibemi batch is delayed and expected in July.

I’m not sure who else sent in questions or if we all had the same ones but they certainly went through all of mine.

There does appear to be a lot of confidence from the board. You always think you are undervalued, but there genuinely seems to be a lot of value realisation possible from existing/better progressed assets to stabilise the company value before Senegal and Cameroon come into the mix. It doesn’t appear to be any smoke and mirrors.

I feel more confident in letting the specialists build out the map of resource based on the drilling rather than me just reading 1g and think that it’s poor. Again, it didn’t seem fake or exaggerated, to me they seem genuinely enthused by what they have seen and therefore given their background so am I.

I have said it before that 2021 is a year for work and 2022 is when value will start to be realised and drive the SP and from the session nothing has really changed that for me. We may (and I hope) that we will see some reversals of the current SP direction shortly based on the next batch of results and some good news from IAMGOLD, but it’s clear we need to do a lot more work to get some more interest and buzz going for either some of the other Cameroon licenses or more work in Bibemi to get proof/feasibility of an asset.

Whilst I am not on as much of a % loss than some on here, I still am at a significant loss both £ and %. However, I remain comfortable and confident in the future. It may have been nicer to hold off on some of my more exuberant buys, but no such thing as hindsight trading and looking forward to more results through June.

The only thing that irked me was TL’s response about my query on news ‘throughout Q2’. The question they asked didn’t use the word ‘throughout’ like their RNS did and as O asked and I am not naive enough to assume Q3 means 1st July.

That being said, we are news rich and will have some plans formed for Q4 work to keep the news coming. We also look to have reasonable finds and the potential share issues weren’t excessive if needed so all good as we move into 2022 and will be a LOT better with some further news behind us in Bibemi, Fare and Madina Bafe over the next few weeks and months.

GLA, hold and hope for more positive news soon.

Kutzz, completely agree and seriously hope they put the wrong RNS headline on the wrong results.

Let’s hope we get another zone later this week that matches up to the title.

Still in and still backing the team.

Agree Hunniford. We’ve been here long enough we may as well get to see the full picture.

The results are poor, however gold is in the ground.

Hopefully in the other zones, there is significantly better volume.

Remember nobody posting negative comments knew any more than any one else. It’s really easy to say “I told you so”.

The bit that is disappointing from the team is the title of the RNS as it isn’t true. That is very much misleading.

Unless they got mixed up when announcing the next zone……

Anyway, strap in, certainly going to be a red day, but equally we still have 3 more zones and Fare coming soon, so would hope this isn’t a bloodbath.

GLA. 3 more zone!

I can’t say I don’t think about why the results seem to be held back. But maybe there have been other Covid impacts or they got a lot of cores back at once and want to map them out to present a better picture to the market.

Either way, we have couple of weeks and we’ll have had a Q&A session, an AGM and in all likelihood some results.

An equal mixture of excitement and apprehension but confident in the team, whether this set of results or the next batch ORR will come good for us.

Don’t worry Kuttz, plenty of ways to do beans on toast whilst wait, I’m hoping you won’t need to eat it for much longer!

I am really excited being invested here.

I’ve sent my questions in. Hopefully I’ll get some answers back and also answers to questions I hadn’t even thought of so really looking forward to that.

Then we have the AGM where I’m hoping the board will be laying out the strategy for the coming fiscal and putting more meat on the bone.

And aligned to both of these we have assay results coming in June for Cameroon and hopefully not long after Fare/Phase 1 in Senegal.

To top it all off, our JV partner IAMGOLD shifted their Phase 2 drilling of this years earn in to a site 15km from where they have committed $60m in spend.

Everything is reliant on good results but come on, it feels good to take the risk here abs place to be looking forward playing the game rather than standing on the side lines.

Yes we get twitchy when the SP is sliding and the news isn’t communicated as we’d like, but we certainly aren’t bed wetters, we’re investors who are nervously excited about imminent news and I for one am looking forward to the next few months.

No ramping about what the SP will be, just that with TL leading, some strong results and hopefully a strong plan laid out for asset realisation to deliver share holder value, today is a good day to hold ORR stock.

Yes if results are poor, I’ll be disappointed and will be xxxxed off but that’s life and I’d rather take a risk and get a bit twitchy than take no risks at all.

Good luck Hunniford/Kutzz and all. Trojan, keep chucking your £4k’s in and sit back. The ride will not be over quickly (I hope) but at least you’ll feel like you’ve been on one by the end!

Thanks HGW for digging out the warrant details. It’s only a small amount, but with the low volumes currently will likely have an SP drag. That being said, by the time they hit we may have had BIG news.

I’m less bothered about the warrants and more bothered about what the results prove.

Unfortunately Hunniford, I don’t think we are on the last lap. We are when it comes to getting Cameroon results we are certainly close, but then it’s about driving value from a de-risked license. Is it de-risked enough to get a mid-tier interested, if not enough for a JV to come in for an earn in or do we need to keep exploring to de-risk further. If it’s the latter how much exploration/mapping is required and how will it be funded?

For Senegal, the Phase 1 drilling in Fare assets are too far to be trucked to Boto hence require strong results as mining operations/infrastructure will need to be formed. Obviously Phase 1 will be the earlier of the Senegal results in Q3. We need some confirmation of Phase 2 Madina Bafe drilling. The last RNS on this implied IAMGOLD were gearing up for the Phase 2 drilling and it was early enough that some could be completed before the rainy season hence could still get results in 2021, but these may not come until Q1 22. It is these results that are of more interest to both IAMGOLD and us as it is truckable to Boto. I think TL mentioned just 15km away.

All my opinion but obviously we are close to Cameroon and some positive SP movement based on good results, but more work needed to increase asset realisation and get partners on board/some talk of a sale.

Senegal, Phase 1 results will de-risk Fare and Phase 2 results may trigger IAMGOLD to make an offer as it ties in neatly with Boto.

For me this isn’t going to rocket on either results but should get the SP to a level reflective of further de-risked licenses and for TL to leverage his network to maximise SH value in 2022.

Again, all my opinion but still happy with my holding just painful eating and seeing the inevitable drift.

@JTB of course I’m asking questions of the team. I raised the opportunity last week and am certainly taking my chance.

JTB, I'm just frsutrated due to the 'Further results from the programme are expected throughout Q2-2021' sentence in the April 12th RNS and from TL on various interviews positioning a strong news flow.

Outside of the 'visible gold' RNS in April, we have had NO RESULTS in Q2.

The 'as previously indicated' line about getting results out by end of Q2 simply not true. I agree that in their presentation that positioned all the results for Bibemi were targeted by end of Q2, but the April 12th RNS clearly stated 'Further results from the programme are expected throughout Q2-2021' the key word for me being 'throughout'. I.e. Not one big drop.

I am certainly not the only ORR investor who assumed that with confirmation of assays packaged up in March, the lab back to 14 day turn arounds and the previous position of 'results throughout Q2' that we'd have something by now, but am still happy to wait.

I wholly recognise that we are in a pandemic and that delays are inevitable, just hoped for better/clearer comms. What I don't want to see is another IAMGOLD debarcle where we announce one thing and then the actual position is something completely different.

Anyway, nobody is going to change my opinion which is:
1:- Comms isn't as good as it should be, whether it is RNS's or Social Media
2:- We have a fantastic opportunity with TL's background and assuming we find the gold the team will deliver good shareholder value over the next X-XX mths.

It will take some time, patience and good fortune to realise the full value and whether results come in one drop June 30th or even slip into July, or come out in batches we know there are results coming imminently.

GLA, who knows, maybe we'll get some results tomorrow or Friday!

JTB, just to provide balance. I remain disappointed with the company in terms of news flow as they also said ‘more than once’ also that news would be throughout Q2. It was never until recently positioned that news would be by the end of Q2. And we have had nothing other than an unconfirmed email that they will batch up the results.

All other points I agree with and no longer have any conspiracy theories that results are poor so need to keep working through building a full picture before release etc…

But myself and other holders have been waiting what seems like a very long time since the March RNS’s for the details on holes 2 and 5 amongst others. We also haven’t had much of in the way of media presence building up the results etc… and the March RNS and early May RNS did nothing to imply results wouldn’t be ‘throughout’ Q2.

Either way l remain confident in TL and team that we are on to something good. The IAMGOLD communication seems better than previous and we have lots of news to come in the next few months.

Just really wish they spend more time on the RNS language and leverage social media to highlight our opportunities a bit more. Even from the recent EMEA mining conference a few tweets explaining it was going on, good meetings etc…

Don’t want them turning into a pumping crew, but some quality and regular news flow would get my vote.

Bridgedogg1, I believe the latest Tax Credit was £165k. (From RNS 2541T 24th March 2021).

Bob presented on this April 29th, 2min video clip below:
https://twitter.com/i/status/1387770027869356037