Member Info for OilNovice

BSR - why are you just repeating what I'm saying.

Not sure you understand what Mineral Resource "Estimate" means - until it is mined, nobody knows how much gold is in the ground. All the Bibemi numbers are estimates on the trenching and drilling done to date. The JORC Inferred / Indicated figures merely have a higher attributable confidence.

Again, I'm unsure what your expectation is here or where you're going with this thread??!

BSR

You're conflating Bibemi as the project with Oriole's percentage share.

My maths are correct - Oriole 'own' 50% of the project - 230,000oz + up to 200,000oz additional exploration target. Bibemi has 460,000oz JORC resource + up to 400,000oz additional exploration target. Simple.

If you are going to contribute to this board, please can you be polite and respectful.

BSR

50% is 230,000oz for Oriole + whatever the additional resource is (say 200,000oz).

We don't know how many oz will be mined per year - Oriole has submitted an outline PEA, so all assumptions currently.

Again, the reason for the PEA was to expedite the licence application. To unlock the jurisdiction.

Not sure why you believe Bibemi is a 'small gold find' - most explorers on AIM would be very happy with c.860,000oz of gold in the ground!

Oriole is a micro-cap explorer on AIM - you're in the wrong place if you think a junior AIM explorer would get 10m+ oz. Not sure what your expectation is...

BUYSELLREPEAT - please explain how Bibemi is a "small gold find".

It has 460,000oz JORC Inferred / Indicated + exploration target for an additional up to 400,000oz.

You're right that Mbe will need its own licence, but the point is - the first licence is always the hardest / slowest as the government need to set the standard and minimum requirements. Getting the Cameroon government to agree and set the 'template' is a massive achievement.

Of course Mbe will take time to get to that stage - we know the steps required (EISA, PEA, etc.).

It's the precedent that Bibemi sets that is critical here. Not Bibemi's "small gold find".

Totally agree with you RAF31. I have been trying to do comparisons of ORR against similar gold explorers - so far only JAN and started WSBN and HAMA but didn’t finish. ORR has easily been undervalued in comparison.

The only potentially bigger value disparity I’ve found is NEO - but that has its own challenges / hurdles.

GoH - I will be more positive, haha.

You're right, HNWI like Ivor Jarman...

I have a bad feeling you may be right.

Expectation was a target of 370,000 to 605,000 oz.

We got 360,000. Although the grade was at the higher end of target. Medium term, Oriole is a great play, today may provide a very nice top-up / entry price. I have some cash to invest if it does drop - but I hope it doesn’t. Ultimately, this is good news and shows a huge resource of gold. The good will out.

Karl - we need the mining permit to be granted. That is the major de-risking event. Oriole is holding up quite well considering the reduction in liquidity in markets. Many other precious metals stocks are lower today. We just need to let the fundamentals play out.

Antibacterial - the visa ban is only for study visas to prevent 'fake' asylum. It's a bit far fetched to link this to Oriole as a UK listed business working in Cameroon!

GoH

The other major point of the BIbemi asset is proving that Cameroon will grant a Mining Permit. Unlocking the jurisdiction. Legitimising the process. De-risking the country. Substantiating feasibility. Establishing a viable presence. Trailblazing the frontier. Pioneering a legacy.

Exactly right GoH.

Just to provide clarity responding to recent posts, the Exploitation Licence (Mining Permit) for Bibemi is expected H1 2026, not Q1 2026. But I'm hoping to see speculation intensify as we move closer to this approval. It really is the major barrier to creating value for Oriole shareholders.

What I would love to see from Martin Rosser and the gang is a Strategic Update / Operational Update detailing what's been achieved this year to date, what they are doing over the coming weeks / months, and a re-iteration of the activities planned over 2026 - I was pleased with the strategic vision provided with the Placing RNS back in 14 November 2025, so let's have an update on achievements to date and milestones for 2026.

I think you’re on the wrong bb mrdigit.

Nick - they've calculated the AISC for Bibemi to be c.$1,234. The geology is similar so you could assume a similar AISC for Mbe.

There is one gold mine in operation and producing in Eastern Cameroon - Codias SA's Colomine underground mine. It has circa 423,000oz of gold. But it is the only one with a mining permit, granted in 2022 and for a 5-year period.

Hi Ben

There is one gold mine in operation and producing in Eastern Cameroon - Codias SA's Colomine underground mine. But it is the only one with a mining permit.

Another interesting piece of news is that as part of its gold traceability strategy, the government will from today start to revoke artisanal semi-mechanized mining permits held by operators that fail to meet administrative and environmental requirements...

Thanks VikR - I'll have a look on the JAN board.

I agree with the majority on here that it is the exploitation licence that unlocks the value here. The inflection point. And then hopefully we get to the valuation the assets deserve. Good luck with JAN.

VikR - I did an analysis of ORR vs JAN and cannot understand how the market cap of JAN is now higher than ORR... It is irrational.

Correct me if I'm wrong, but JAN has 210,000oz under CBRR not JORC (70,000oz owned by JAN); Total Additional Exploration Target Resources of 140,000oz (46,667 owned by JAN) but their ownership can increase from 33% to 50%.

No exploitation licence yet but being in Brazil means lower risk. Funding shouldn't be an issue with their asset base and warrants.

And they have the Vanadium and Titanium asset ($96m NPV in 2022).

My comparison was that ORR's Senala asset is similar to the Vanadium and Titanium asset, providing a baseline valuation.

But additional to this, ORR's assets and potential are significantly better.

I'd love to hear your thoughts on JAN and its prospects, as I just can't understand these valuations...

Minesinthemine - the other value adding news will be the results from the infill soil sampling campaigns for the Ndom, Pokor and Tenoukou licences.

I'm unsure of the timing of these, whether they are progressing concurrently with the Mbe-N drilling. Hopefully they are.

GG is right. This is a longer term play now. We're in an uptrend which has seen the sp move from 0.15p to 0.35p in less than a year. The daily volume is also higher. These are all good omens.

If the news continues to be good, and we get more and more attention from IIs and retail, and the volume continues, we should keep moving upwards. You cannot expect a 500% return in a month. Patients is required for the bigger gains.

Yes, and hopefully we will get hole 32 - this is the hole that Clare and the team in Cameroon were so excited about!

Hopefully it won't disappoint...