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RNS is good.

Mbe is big.

More news to follow soon!

R0x1 - last time it breached 0.6p there were far fewer shares in issue...

It will take a bit more of a push to get up to 1p+

Very possible if results are good!

So far so good.

The Bid is moving in the right direction!

I can only assume anticipation of all the news to be released... Or maybe 'rumours' in the background.

It is rather quiet Kutzz.

Considering the news flow over the coming weeks:

1. BCM results from 4,537 soil samples at MB-01 existing targets - due Q2

2. BCM results from new MB_Target A and MB_Target B - due Q2

3. Mbe trenching programme informed by results of soil sampling - commences Q2

4. Bibemi Phase 5 drilling programme 4,560m in 37 holes - commences Q2

5. Bibemi Phase 5 drilling programme 2,500m in 25 holes new target areas - commences Q2

Other news flow expected as mentioned in Final Results - these seem to fit well with Martin Rosser's credentials:

- The remaining 4 Eastern CLP licences - looking for project-level financing (including restructuring of Canadian Bank offer)

- Two-year licence extension at Wapouzé and change of use to Limestone is still awaiting approval

- Once new Wapouzé licence received, looking to secure an industrial minerals partner to develop the Wapouzé project through to exploitation

- Engaging with parties on the lithium anomalism previously identified within the Ndom licence (also part of the Eastern CLP) and the adjacent Gamboukou licence

- At the Faré prospect, Managem Options Agreement expired on 17 February 2024. Strategic approach TBC.

- Legacy assets e.g. Turkey royalties.

Exciting times.

The best way to deal with the Lanstead agreement is to push the share price as high as possible.

I doubt Lanstead would want to negotiate out of the agreement - they win whatever happens to the share price - other than bankruptcy...

Troajan, yes, understood.

My point (albeit longwinded) was Martin needs to be happy with the money coming in from Lanstead and not start placings at large discounts... And he needs to take a decent stake in ORR.

I'm trying to do due diligence on Martin Rosser.

Yes, he seems to have links with the City and financiers, which could be positive.

He took Alexander Mining from c.2p to c.17p from mid 2009 to mid 2011.

For Alexander Mining, after mid-2011, the share price went from c.17p down to c.5p in 2012, then stayed in the 3p-7p range until mid-2014 when it crashed down to 1p in 2015. It then slowly and consistently dropped to 0.04p until there was a RTO.

In mid-2011 there were 135,986,542 shares and a MCAP of c.£23m

At RTO, there were 4,382,480,149 shares and a MCAP of c.£1.7m

Most of the drops were due to placings to raise capital for operational expenses. Some placings raised up to the equivalent of 50% of share capital...

You can make your own conclusions, but I don't think he cares too much for shareholders.

The good news with ORR is that we have the Lanstead Sharing Agreement which provides for operational costs until Sep-2025. Unless things take an ugly turn, this should allow the Board to focus on mining / JVs / and adding value.

What come after Sep-2025 may be different!

I'd like to see him take a significant stake in ORR to give us confidence that he doesn't foresee dilution through placings - like Eileen.

It's the only true measure.

To be fair, the news today is speculative. So the share price was unlikely to move significantly - albeit I didn't think it would drop the sp... which is frustrating.

It is inferring that Mbe could have a larger corridor of gold than previously thought. Plus additional potential outcrops.

The rise should come on confirmation of these findings within the next couple of months.

Let's wait and see...

Kelly. Yes, we are saying the same thing.

I’m looking at it from an accounting / P&L / tax perspective (i.e. if it were a different company providing the Sharing Agreement).

You’re looking at it from a settlement perspective.

Either way, it doesn’t affect ORR and so I’ll stop the discussion and await the next RNS.

My understanding, and correct me if I'm wrong, is that the £1,767,000 that Lanstead paid to ORR in the placing of 930,000,000 new shares (Lanstead Subscription) was then used as the equity for the Sharing Agreement with Lanstead?

Cekim - maybe I'm being flippant.

But I doubt Lanstead would just leave the £1,767,000 sat in a bank account for 24 months to solely pay its ORR liabilities?

Surely as an institutional equity investor, they would look to deploy any equity in a high growth venture?

Exactly Kutzz.

Also, ORR gave them £1,767,000 in August as a lump sum which they can use for investing elsewhere...

I'm sure they have made a solid return and will continue to make profit on this agreement.

Hunniford - I read the Sharing Agreement slightly differently, in the mechanics.

Or maybe I've misunderstood your thinking...

1st Aug 2023: Lanstead pay ORR £1,767,000 and receive 930,000,000 shares

Lanstead can sell these shares in open market at any time.

1st Aug 2023: ORR enter into a Sharing Agreement whereby ORR give Lanstead £1,767,000

13th Sep 2023: Lanstead start paying ORR 24 monthly payments that are linked to share price.

The monthly payment is the cash equivalent value of selling 29,066,324 shares at the VWAP.

No shares are actually sold - Lanstead are just paying ORR directly in £.

ORR get a 'good' deal if VWAP is over 0.2533p benchmark share price.

ORR get a 'bad' deal if VWAP is under.

1st Aug 2023: Lanstead receive 83,700,000 Value Payment Shares as a 'bonus' for entering the Sharing Agreement.

Lanstead can sell these shares in open market at any time.

This is a great negotiation by Lanstead. They have based their worst case scenario on a share price of 0.2533p. BUT, can hedge their position by simply selling monthly tranches of shares at the same time as making the monthly payment to ORR... They also mitigate exposure through the Value Payment Shares (c.9% premium).

Essentially, Lanstead have a risk-free position - unless ORR go bankrupt.

my musings...

Lanstead would have known about the BCM negotiations and would have factored this into their calculation of the benchmark share price.

I think the share price will have a constant pull towards the 0.2533p benchmark until the Lanstead Sharing Agreement ends (in mid-Sep 2025) or we get more transformational news on resources, JV partnerships, etc...

After digging, here's what I've found - caveat - these are 'inferred' resources so are at the lowest confidence level, yet a critical first step in exploration...

Bibemi

- Currently 82.2% ownership

- 375,000oz @ 2.3 g/t

- Current drilling campaign to expand resource potential

Mbe

- Currently 90% ownership

- TBC size and grade, but looking like it is bigger than Bibemi

- Further exploration ongoing with BCM

Senala

- Currently 41% ownership

- 155,000oz @ 1.26 g/t Au

Assuming Mbe is similar size to Bibemi, running a comparison to the previous acquisitions...

Total current Oriole enterprise value = c.$63m

Or 3x where we are now.

Lastly, there could be more discoveries along the way, which seems likely from the previous drilling and narrative.

Just reading through an RNS for Cora Gold (gold miner in Senegal and other places), and they provided some interesting previous takeover figures for gold prospects in Senegal:

1. Chesser Resources purchased by Fortuna Silver Mines Inc. in May 2023 for US$60m, 860koz @ 1.77 g/t Au

2. Oklo Resources purchased by B2Gold Corp. in May 2022 for US$66m, 668koz @ 1.83 g/t Au

I'm trying to calculate the total koz of gold that Oriole has, and the grade... But should give an idea of enterprise value - plus, the gold price has increased 10-15% since these acquisitions.

The likely news flow over the coming months:

1. BCM results from 639 samples + 68 QAQC samples collected at Mbe - last update 26th Feb

2. At Senala, a renewal for a further three year term has been submitted with approval awaiting

3. The remaining 4 Eastern CLP licences - looking for project-level financing (including restructuring of Canadian Bank offer)

4. Two-year licence extension at Wapouzé and change of use to Limestone is still awaiting approval

5. Once new Wapouzé licence received, looking to secure an industrial minerals partner to develop the Wapouzé project through to exploitation

6. Engaging with parties on the lithium anomalism previously identified within the Ndom licence (also part of the Eastern CLP) and the adjacent Gamboukou licence

7. At the Faré prospect, Managem will not be completing any more work. The Options Agreement expires on 17 February 2024. Managem own 60% with the option to pay c.$2.3m for additional 10%. Oriole are looking at either JV with Managem or sale - I would estimate Oriole's 40% interest at Senala is worth c.$9.2m.

8. Legacy assets e.g. Turkey royalties.

Exciting times indeed.

I was at a casino the other night, having a furious argument with the floor manager about what I considered to be an 'odd' number...

With the share price higher than the average 0.2533p "Benchmark Price", maybe Lanstead are beginning to sell some of their 83,700,000 "Value Payment Shares"?

It could be a good way to hedge against volatility in the share price...

0.35 / 0.37 now.