Member Info for OilNovice

Haha, yes, I'm also a large shareholder, similar to kutzzz and hunniford.

I was not expecting much of a reaction to these RNSs. Happy with the morning move / consolidation above 0.4.

It's the remaining 4 holes and MRE that will make or break us.

Ben - yes, the volume is still way, way above what it typically was. We were all begging for ORR to get noticed - we got our wish!

I'm also very happy with the sp as well - II is showing 0.435 / 0.46 on the spread.

Considering this morning's action, this is a strong recovery.

I agree, let's keep this board friendly and not dig at each other. There are too many bbs out there that resort to personal insults.

I can relate to what Lionel is saying, sometimes when you've seen an sp move sideways for so long long, spiking up and down occasionally, you just want to let it ride out.

We can hope that ORR is the next stock people take notice of (a la Wishbone or EEE), and then we may start to see the upwards movement we all want!

Welcome aboard gus0 !

Nice to see new shareholders coming on board.

Just out of interest - how did you hear about ORR?

Just checked II.

It's saying 0.21/0.22 !

Seems to be a more than average amount of selling today. Maybe another LTH getting bored.

Maybe Lanstead offloading more.

Maybe nothing.

I’m sticking with this to see what the MRE shows.

Then I’ll decide whether to stay or go.

The only slight positive was that the Bid moved from 0.195 to 0.2.

Agree with the comments that the sp should begin to re-rate soon.

If I was Martin, I'd be harassing Lanstead and as soon as they are out (or decide to stop selling), I'd release an RNS stating they are out + financing plan for next 12-18 months + strategic update with clear actions and timelines.

Previously, they've been focussed on operations. Which are now coming to a close.

Now, as a CEO, Martin needs to address the future. What actions is he going to put in place to add value to the company.

It's all well and good to state the company is undervalued, but as the CEO, he needs to demonstrate what he is going to do over the next 12-18 months to realise the value of Bibemi, Mbe, Wapouze, Turkiye, the other CLP packages etc...

It would be great if in his interviews instead of looking back and regurgitating news from a released RNS, he told us the vision for Oriole, a 5-step strategy for realising the value in this undervalued company, the near-term activities the senior leadership team - what will Bob be doing over the next 3 months, what will Eileen be doing, what will Clare be doing, what will David be doing...

Hawaii - that is interesting and hopefully by end of August / early September we will find out.

My other thought is that once Lanstead are out, which the BoD will know prior to any TR-1, I’d love to see an Operations Update which clearly shows how they intend to fund TopCo for the next 12 months.

If they can reassure there will be no dilutive fundraising, the share price must react positively.

We would then have a rich period of news flow - Mbe drilling results, MRE, PEA timelines; Bibemi licence; Senala JV; Wapouze update.

Surely then, Martin’s “we are undervalued” comments may show some market reaction.

Onwards and upwards.

An exciting end of year.

GOH

I've had a little more time to delve into this as I've been in two minds as to whether I sell or increase. I am going to increase my holdings soon.

The reasons being:

1. The Mbe MRE should give more confidence in the asset. I'd also expect the Board to confirm timescales for the next steps, namely a Preliminary Economic Assessment, which would include AISC (this will likely be higher than the typical West African average but should be c.$1,100/oz), optimised recovery rates (from 67% estimated up to over 70%), and IRR.

2. Cameroon is a favourable mining jurisdiction - with 5% royalty and low taxes. There shouldn't be any surprises.

3. I believe medium-term funding can be realised through balance sheet to get us through to Q1 2026 - when we should get the PEA.

4. An estimated NPV (5%) @ $1,850 gold would equate to ~£180m–£300M

5. MCAP could then be in line with similar Africa focused gold miners that have a completed PEA such as:

Newcore Gold - 1.4Moz - £69m MCAP

Omai Gold Mines - 2Moz - £171m MCAP

I just think the investment case here is great (albeit still speculative). And I do believe ORR is significantly undervalued.

All we need is the spark. Which I believe to be the Mbe MRE.

Hunniford, totally agree that healthy discussion is really important, and differing views are needed - and need to be explored / explained.

I'm coming around to the idea that when Lanstead are out, there may be more impetus for new investment. If you're an investor looking for an entry, and know there will be selling of another circa 200m shares by Lanstead (or however many shares they have left), you would wait - as you know they will have exited by September this year.

Also, if I were the Board thinking about attracting new investors, I would provide an operational / business update in late August stating how ORR TopCo will be funded going forward 12-18 months.

You then have the remaining Mbe drill results, the MRE, and any other updates re. Senegal / Turkey / Wapouze...

If, and it's a big IF, TopCo can be funded through the balance sheet and/or another non-dilutive means, we could see the re-rate we want. Oriole is likely sitting on 2m oz of gold, with open pit mining, and maybe some tricky extraction, but ultimately, the AISC won't be prohibitive. It would be great to compare this with other juniors and see what the MCAP is of its peers!!

All

Please can we refrain from personal attacks.

Let's agree and disagree amicably.

There are too many BBs on LSE that resort to trash talking and it is not productive.

* Eileen excluded (not Claire).

Mines, H50

When you talk about milestones, it would be good to explore the detail. For example, let's say they all reduce their salary by 50%, but then link say 200% bonus payments (share options) to milestones - what could they be:

1. Resolve Turkiye court case by Q4 2025?

2. Agree JV with Managem for Senala / or agreeing another exit strategy by Q3 2025?

3. Complete drilling of Mbe South on time?

4. Complete drilling of Mbe North on time?

5. Publish MRE / JORC by Q3 2025?

6. Submit application for exploitation licence(s) by Q3 2025?

7. Sign contract for Wapouze cement partner by Q4 2025?

The challenge then would be, they would likely focus on the 'big bonus' milestones or the low hanging fruit.

If they know they'll not hit a milestone, there's zero incentive to achieve it.

And milestones for a junior explorer can't really be based on quality of discovery as they cannot commit to that - it's exploration.

Milestones would have to be black and white - binary.

So, you end up with a dis-incentivised, disenfranchised BoD and it becomes even more of a lifestyle business!

Personally, I believe the junior mining space is about getting the right leadership and lots of luck.

It seems ORR may have got some luck with Cameroon, so I'd agree with hunniford that the onus is now on leadership.

And if we don't think the company is moving in the right direction, or is failing in some way, we can have our say at the AGM and through voting rights.

Or sell your shares.

We have to make the change happen.

I'm still a little unsure about Martin, he MUST prove himself this year or he will have to go.

The same with the other Directors, Clare excluded.

H50 - I voted against on that.

I agree with you GG and GoHF.

This is not the main event, clearly that is Mbe.

But Senala has got value, and if the JV gets signed, it will de-risk the asset for ORR - no cost of exploration / drilling.

And as mentioned, ORR would still retain a % of ownership plus royalties. TBC.

The alternative would have been to either drill ourselves (at a significant cost) or do nothing with it.

New JV to be signed with AGEM.

Looks like Fare could have c.1m oz of gold in North and South.

AGEM will drill more to further define the deposit. At their cost.

Trying to ascertain what % Oriole would own…

You should definitely bring this up at the AGM.

Also, they could sweeten the deal by including Share Options.

Hunniford

I agree it’s unlikely ORR will be acquired. At this stage.

The assets need to be de-risked first.

And Cameroon government needs to support ORR in getting mining going. This will take time.

Once an exploitation licence is in place, and we know what the Cameroon government are expecting in % payments, and we have a better understanding of reserve estimates - then the big miners may be interested in a purchase.

But that journey will (should) add value to ORR. Every event that de-risks this will (should) increase MCAP.

I’m optimistic.

This is very positive.

Let’s see how the market reacts.

If you compare MCAP rather than share price, over the same period that Hawaii talks about, then the picture paints a slightly different story. Still not 'great', but definitely not awful.

2013 - MCAP of c.£15m

2016 - MCAP of c.£10m

2018 - MCAP of c.£5m

Jan 2024 - MCAP c.£20m (recent peak)

Now - MCAP of c.£7.8m

Junior miners need to raise funds - typically through placings / CLNs. This inevitably increases shares in issue and therefore decreases share price.

Timing is important with juniors as MCAP / share price increases on news or speculation (drilling campaigns, investments / partnerships). Getting in before an inflection point is difficult. And risky.

I increased my holdings when the Mbe drilling campaign was announced. I thought this would push the share price higher due to speculative investment and buzz. It didn't.

If you think the company, assets, and BoD are worth investing in, then average down.

There are positives and negatives moving forwards, if you've got conviction then this is a very good opportunity at a low MCAP.