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Yankee - who is the $8m incoming investor? And how will this be accounted for on the balance sheet?

And yes, Martin needs to run the company, which I believe he is doing. Could be better for sure. The Bibemi drilling was completed. The Mbe drilling continues. News is released when ready.

Personally, I think the dropping share price is due to uncertainty over financing - even with £700k in the bank (as of Dec 2024), this won't go very far when their general and administrative costs are over £1m per annum.

Let's see what the Investor Presentation brings...

Thanks Tommy - that's good if the annual costs are lower.

I just want Martin Rosser to demonstrate his expertise in gaining financing.

I don't want a placing. I definitely don't want convertible loan notes.

So this is one avenue for potential investment.

Looking at their website, they have a lot of activity - and seem to have access to wealth managers and some institutional investors. But in my opinion, this is very low hanging fruit. No guarantee of any investment.

It does start to make Oriole more visible to the wider investment community I guess.

The challenge, and in my opinion the reason for the descending share price, is the Lanstead Agreement is coming to an end. TopCo need to find funding.

There is no guarantee of milestone payments from BCM, and ORR's other assets don't seem to be cash generating.

I'm hopeful that Martin Rosser, with his extensive links to the City, can come up with more than this.

Assuming c.£1.5m operating expenses for TopCo per annum, and current MCAP of c.£6.5m. If there is a placing, and depending on discount given, we're looking at best case 20% dilution, worst case... 50%.

Chris1979 - in your calculations, I believe the 35% entitlement to Mali is not quite right.

Mali central government can take up to 10%.

They can offer up to 20% for purchase by private sector companies in Mali.

Then the government can take another 5% at its discretion.

So 20% will need to be purchased - hopefully at market value...

A quick Google search for 'typical time to approve mining licenses Mali' has your answer... source is EITI dot org.

"Mali, Africa's third-largest gold producer, saw industrial gold production rise by 23% in 2018 due to new mineral discoveries. Between 2010 and 2022, approximately 1,700 exploration licenses were granted in the country’s mining sector.

As the sector expanded, the licensing process became more streamlined. Using systematically disclosed data from Mali's Ministry of Mines, Energy and Water, the EITI International Secretariat examined the time taken to process exploration licenses, from application submission to approval.

The analysis reveals a sharp decline in the time required to process exploration licenses between 2010 and 2022. In 2010, the average processing time was 507 days, compared to just 25 days in 2022."

Although this is for Exploration licences, I'd guess the figures are similar for Exploitation licences.

This was prior to the moratorium, and things may have changed.

Also, the article mentions that with the rise in rapid processing, there was a potential risk of vulnerabilities in the process, and more governance may be needed.

Better grades.

Better intersections.

Let’s see what the market thinks.

There is another point to consider.

When Lanstead deal ends, where will the TopCo get their funding?

The BCM signature payments were spent on exploration (rightly), but there needs to be a plan for future funding come September...

Will they have any production? I believe Martin Rosser ruled that out.

Are they working on more JVs? Probable.

Is there an acquisition in the works? Possible.

Maybe that is why the market is not too fond of ORR?

Although this could be seen as a filler RNS until we start to see drill results, there are some good things going on behind the scenes.

- Restructuring of the Managem JV for Senegal

- Turkey EIA approval and focus on sale

- Bibemi and Mbe drills progressing and lots of news to come Q1

Let's see how we get on this week and hopefully the excitement / anticipation of Mbe gets reflected in the sp!

My thoughts. The drilling was intended to do two things here.

1. To firm up the existing MRE and move it firmly into the 'Measured' category from 'Indicated'. This reduces risk and brings more confidence in the resource and therefore value.

2. To widen the area of resource outside existing wireframes and increase the MRE scale (and therefore value).

It looks like they have achieved both.

Number 2 is what will push the share price higher - and we will have to wait until Q1 for the final holes.

Taking aside your opinion of whether the BoD deserve a bonus or not.

They have all taken the bonus in shares at a price of 0.33p. And won't get allocated all the shares until Jan 2027.

This shows significant confidence in the company and its pipeline / prospects. They are insiders and know far more about what's coming than us.

Many of us are long term shareholders, or significant shareholders, and want the share price to increase. With a 4%+ stake in the business, and a long wait until they receive all their shares, the BoD are now also significant shareholders. They will also want to see the share price increase for their own personal benefit.

Again, whether or not you believe they deserve a bonus or not, the fact is they now have significant 'skin in the game' and are more aligned with us shareholders.

Good news.

Bonus taken in shares with phased future vesting.

This shows commitment.

Especially at 0.33p per option.

Solid commitment from the company.

Let’s see how the market responds.

Hunniford, Martin Rosser did state in a recent interview that the BoD were going to focus on Mbe and Bibemi and the current assets, rather than the new licence prospects.

I agree with you that it would be great to get some movement on these - but I would assume that this will have to wait until we get Mbe drilling campaign planned and underway.

The really exciting thing for me, as Kutzz has stated, is the drilling has now moved to the BZ1-NE target for 18 holes and then 7 holes at the BZ1-SW target - these are new targets, and could expand the scale and density of gold in this district.

Really, really exciting.

And, let's not forget, final trenching results from Mbe.

Followed by drilling programme details for Mbe.

I feel it's going to be an exciting January again for Oriole!

Wolfie868

I see Lanstead more favourably now. As do the BoD.

I did have my reservations but have changed my mind. I'd rather have certainty over fear of placings.

Oriole is now a well funded and well managed business. We are in a great position in Cameroon with excellent prospects.

The sp will move on news and speculation. The biggest driver will be the Mbe drilling results next year, which should be delivered Q1 2025.

My money is on the sp up-trending from mid-Jan in expectation of the results.

At least 100% rise.

And I'd really want to see some marketing and PR to spread the word - we need to be seen!

£70k worth of buys from yesterday. That's significant.

Maybe Director buying?

Kutzz - the key now with ORR is proving up resources.

The value of the company increases initially with exploration resource discoveries - which we have found - and are continuing to explore. The bigger and higher grade the better. Again, ORR have a very large area and some excellent grades so far. As we've seen from the recent updates, finding more gold has not made the share price move. We'd need to find significantly more gold for the share price to move up.

Additionally, ORR has been further de-risked through the partnership with BCM (but this also decreases the potential reward as BCM will take equity).

The major re-rate will come when we start to prove up resources - moving from resource classification to probable and proven reserves - drilling.

And the spot Gold price will then have a bigger impact on the value of the reserves.

My opinion is that as we move closer to the Bibemi drill results in Q3/Q4, we will start to see an increase in share price. I'd also expect the Board to be sharing good news stories / snippets from the drill campaign to stir up some positive PR.

The hope is that we see a similar response to what we had in Q1 2021 with the hype. But this must be driven by communications and PR from the Board, and is the sole responsibility of the Board.

Good news is that the 'Bid' is moving up.

Hopefully we can get some more buys at 0.3.

Hi hunniford

Some of the things I'm curious to know:

1. Are there any future senior appointments that the company are looking at?

2. Do any of the Board have any intention to invest further in the open market?

3. Would it be possible to have a regular (say monthly) update on Lanstead stock ownership?

Regards

SmallTackel, it's a strange one...

The open was positive, with a move into the 0.4s, albeit briefly.

The Ask has remained high, just a large spread.

I'd class the news as neutral and expected, rather than positive.

Which explains why we've not seen volume.

I'm hopeful we'll stay in the high 0.3s at close.

Just got round to reading the RNS properly.

What is interesting is that there are 27 remaining samples which are to be reported in Q3…

Why were these samples not processed and reported within this RNS??!

“ The remaining 27 samples (including QAQC) will be reported in Q3 2024 “

We’ll likely also get the Mbe Target A and Target B results at the same time. These are new targets. Could be transformational…