Member Info for schiehallion

There are 833M warrants held by participants of November’s placing & offer. I expect that, in the absence of substantive news, a lot of these holders will be selling, or considering selling, shares at or around 0.36p. This is the second time that the price has tried to break through this ‘resistance’ since the placing/offer.

If you hold these warrants then it’s a sensible de-risking strategy to sell some, or all, of the associated placing/offer shares at this price. Remember that one 0.36p warrant was issued for each of the 0.24p placing (750M) and offer (83M) shares. So that’s a tidy 50% profit and the funds can be set aside to exercise the warrants if the share price increases further, without the risk of continuing to hold the shares. This obviously reduces upside potential but it’s certainly prudent to take this profit and de-risk.

So, I expect to see quite a lot of churn at this level until any such shares move into stickier hands or there is substantial news which creates further demand and / or persuades the warrant holders to continue to hold their placing/offer shares.

I think the recent rise back to this level was down to a slight change of sentiment as well speculation following the CEO’s recent trip to Yaoundé. I also think that this is an indication that there are plenty of investors on the side lines waiting for the right news to get involved. Hopefully that news will be forthcoming.

I don’t think spending more money on PR and marketing is the solution to the company’s share price performance. Value adding deals will attract the attention that is required. Managem appear to know how to do a deal - check out Sound Energy Plc (SOU).

Hopefully ORR will get something signed and announced soon..

Some of the exchanges below remind me why I now only read this board occasionally. Here’s my tuppence worth anyway.

Agree with the sentiment that todays RNS is incremental good news. I think we can certainly expect an increase to the inferred resources given in the MB01-S maiden JORC. Perhaps Oriole’s share of inferred resources across all assets will increase beyond 1M. Maybe even in Cameroon alone…. although that depend on the company actually buying BEIG3 and Roxanne’s 10% share which as far as I’m aware is one of the many outstanding deals… more on this below.

The company has found gold, potentially a lot of gold, but the market cap has not responded. I see three key issues putting investors off here:

1) Company appears incapable of doing deals.

2) Company has not yet demonstrated that Bibemi, let alone Mbe, can become a commercially viable open pit mine. Metallurgical and other studies still ongoing. Flowsheet to be finalised with detailed costings etc. (I think the metallurgical work is really important).

3) Cameroon government willingness to support and cooperate with an industrial gold miner still unknown - need Bibemi EL to be granted with favourable terms.

.. actually there are four things..

4) Funding. Given the glacial progress (excluding exploration which has been quite impressive) and cash burn it doesn’t seen unreasonable to expect more dilution before any value adding event.

I view the company’s inability to get deals across the line as the biggest obstacle to share price (market cap) progress. Why invest in a company that finds gold, as they have always been good at, but fails to add value or even recover exploration costs. Historically, any share price increase has soon been lost through dilutive fund raises (deals that they can do). I see Senala as a microcosm of the company’s modus operandi… raise funds, explore and find gold, add no value… and potentially loose the licence, which in this case expires in February next year. Will Senala end up as one of the company’s ‘legacy assets’. Will Managem/Barrick engineer full ownership…. or will they get a JV over the line.

I’ve been following Oriole for a long time and the only sentiment shifting deal I’ve seen done was the company saving agreement(s) with BCM back in 2023. They had a different CEO then and, as I recall, the deal was generally credited to the Chair’s rolodex. Thank God for the Chair!

There are so many outstanding deals that have been reportedly progressing for ages..

Purchase of local partner at Mbe, as above.

JV partnership with Managem for Senala, as above.

JV partnership agreement with BCM for Mbe project.

JV partnership agreement with BCM for Bibemi project.

Negotiations with the MoM /Sonamines for Bibemi EL.

continued….

…continued.

… and deals being sought for ages..

Project level funding for Eastern CLP exploration.

Industrial minerals partner for limestone extraction at Wapouze.

EOI’s for ‘potential collaboration from companies that have the requisite attributes to realise this at Bibemi’.

… the company has less influence but unlocking value trapped in legacy assets has also been dragging on…

0.68% stake in Elephant Oil. (The company haven’t mentioned their modest stake in Elephant oil since 2023 so may have written this off. Ok it’s not worth much but as far as I’m aware the IPO is just on hold while Matt Lofgran pursues some opportunities in the Ivory Coast… which if successful could increase the ELEP IPO value.)

7.6% stake in Thani Stratex Djibouti’s projects. (Chinese company Tze Kuen are reportedly sniffing about the TSD assets in Djibouti)

1.2% NSR royalty at potential copper mine at Muratdere. (This could be worth quite a chunk. I understand that the forestry permit is the final regulatory hurdle and the General Directorate of Forestry have granted ‘partial forestry permitting’)

… and others I’ve probably forgotten about.

Clearly some of the items above are more impactful than others but I really hope that the company finalises some of this stuff very very soon and if they get some big ones over the line then the share price may finally start to respond. If the company are close to making some announcements then all well and good, but if they aren’t then I think some changes are required in the team.

I can’t take them seriously anymore when they say something is very close. They have been saying that for over a year about the Senala JV.

The company has publicly provided some pretty granular information about the location of the gold anomalies at Mbe.

The information provided for Bibemi was less detailed and, as far as I can make out, there is a lot less artisan activity up there. Although it is more remote.

Might have been better to keep the detailed information in the data room, I say with hindsight.

If the Apple Maps link from my previous post doesn’t work then this should take you to a pin on the MB01-S workings. May have to paste into a brower.

https://maps.apple.com/?address=Mbe,%20Cameroon&auid=4575738395691920161&ll=7.892958,13.607148&lsp=7618&q=Dropped%20Pin&_ext=EiYpOIfGbvpGHkAxYMTjR6GRKkA5tv3hnTLlH0BBmY2EbA/FK0BQDA%3D%3D

Apple’s satellite imagery is more up to date that Google’s - can’t find a date but it has been updated since last time I looked a few months ago. See link below. Artisan activity at MB01-N is pretty much the same as the Google imagery from November 2023 but you can also see significant activity at MB01-S. I’m actually quite encouraged by this as the team have obviously been able to crack on with the drilling programme even with all these pits and trenches in the way. Hopefully they’ll be able to do the same at MB01-N.

Apple maps link -

https://maps.apple.com/frame?map=satellite¢er=7.899781708442301,13.61622096700853&span=0.03551914577418547,0.045167090447563396

Compare the above satellite image with the company’s published ‘Mbe trenching programme showing both Phase 1 and infill Phase 2 trenchlines at MB01, in relation to gold-in-soil anomalism and on Maxar satellite imagery’ and it appears that this has been used as a guide by the artisans. Link below -

https://wp-orioleresources-2020.s3.eu-west-2.amazonaws.com/media/2025/02/09-08-24-Mbe-updated-soil-contours-scaled-1.jpg

If anyone has access to any other satellite imagery then the coordinates at MB01-S are approx 7°53'28.1"N 13°36’30.1"E.

I think a couple of British company directors rocking up would probably have made this situation worse. We have a in-country team and they seem to be doing a good job.

There is a clear land access conflict created by issuing artisanal exploitation licences in parallel with industrial exploration licenses. I guess this is a disadvantage of the first mover advantage and I hope the BoD are discussing this with the MoM. We don’t have an indication of the extent of the artisanal works at MB01-S, but there’s apparently enough to cause some friction. Access to MB01-N may be complicated given the scale of the artisanal works that can be seen in the last satellite image (2/11/23).

This is an issue created by the company’s success and I think the authorities have perhaps been caught out because they haven’t been in this position before. They are clearly supportive of artisanal mining - which creates work and the gold that is sold through official channels will provide funds for the state. They will of course be very aware that a licensed industrial mine will provide the state with significantly more income. As I said before, it was good to see the local authorities intervening here and allowing drilling to continue. Very interesting to hear the regional governor talk about ‘initiatives aimed at developing the mining sector in the Ladamawa region*’. I think the more that the government, MoM and local authorities are seen to support Oriole, and the development of industrial gold mining, the more the company’s first mover position will be see as an advantage. Approval of the Bibemi exploitation licence would be a huge signal in this regard.

In terms of chronology I think it’s pretty clear that Oriole announced their initial exploration findings before the artisans arrived. Although, I’m sure plenty of the artisans will be convinced otherwise! Oriole made their first gold-in-soil finds at Mbe in March 2022. Look at the satellite image below of Mbe in January 2023 - I can’t see any artisanal pits. Compare and contrast with the most recent image from November 2023. Extensive workings and a new settlement (miners village?) to the North East. We seem to be overdue another satellite fly past, which will be very interesting.

Mbe 12/1/23 -

https://earth.google.com/web/search/mbe,+cameroon/@7.90058311,13.61306332,629.92314668a,5461.26876061d,35y,0h,0t,0r/data=Cj4iJgokCfDkfDf6i0xAEflC8tbfhUxAGf3PpTme4g3AId5HPUQ66Q7AKhAIARIKMjAyMy0wMS0xMhgBQgIIAUICCABKDQj___________8BEAA

Mbe 2/11/23 -

https://earth.google.com/web/search/mbe,+cameroon/@7.90058311,13.61306332,629.92314668a,5461.26876061d,35y,0h,0t,0r/data=CjQiJgokCfDkfDf6i0xAEflC8tbfhUxAGf3PpTme4g3AId5HPUQ66Q7AKgYIARIAGAFCAggBQgIIAEoNCP___________wEQAA

Reference map -

https://wp-orioleresources-2020.s3.eu-west-2.amazonaws.com/media/2025/02/09-08-24-Mbe-updated-soil-contours-scaled-1-724x1024.jpg

(*google translation French to English).

Google translate of the trascript -

'In Nyanga, where the largest mine of this horrific deposit is located, the indigenous and halogen populations work in synergy, although the situation sometimes escalates. This is partly the reason for the working visit of the governor of Laadamawa to the site. There were misunderstandings between Oriol, a company holding a research permit on this site, and the local artisans. This could not leave us indifferent, as we are the guarantors of public order and the safety of people and property, with the aim of preserving peace and stability in the locality. Kildaj Tagekebooka invited both stakeholders to the negotiating table and demanded a return to calm. We believe that the message of reconciliation and collaboration has been conveyed. From now on, a monitoring committee for these activities will be developed. Recommendations will be well received by both stakeholders. are now committed to working hand in hand to implement joint initiatives aimed at developing the mining sector in the Ladamawa region.'

… also, looks like Abdoul is doing a great job.

Https://www.youtube.com/watch?v=DEImErr9gIw

Interesting. I had wondered if there would be any issues with the artisanal miners during the drilling programme. I think it’s a positive that the regional authorities were quick to intervene and smooth things over.

Part 1 of 2

I enjoyed Tuesday’s Q&A session and found it pretty useful. Some quite excruciating questions but all handled well I thought. Lots to look forward to over the coming months.

I’m also more relaxed about the short/medium term funding situation given the information provided in the 2024 results and subsequent presentation.

This is what I’ve gleaned from the recent updates…

Mbe -

Maiden MB01-S MRE expected Q4/25. Results from maiden drilling programme to be reported in an on-going basis and expected to be completed in Q3/25. 6 out of 24 holes reported so far. 9 complete and 10th underway. Progress of the remaining activity is expected to be faster as initial holes were deeper and time consuming drilling orientation studies are complete.

Maiden MB01-N drilling programme has been designed. Commencement date to be agreed with BCM - discussions ongoing but ‘likely’ before the end of 2025.

All exploration work fully funded.

Bibemi -

Updated MRE expected Q2/25. Company optimistic of ‘significant’ upgrade to resources and resource category based on Phase 5 data and current price of gold. (Previous update January 2025 to 375,000 oz grading 2.30 g/t gold inferred.)

Exploitation licence to be progressed with government when updated MRE is available and affected technical studies revised (mine planning and economic model mentioned). Government apparently keen to do this as quickly as practicable.

Mine development. Company looking to hear from parties interested in collaboration. All options still on the table for mine development with BCM and possibly other interested parties.

CLP Other -

A number of work programmes developed internally and to be announced ‘soon’. (Working capital used for Mbe - being replenished by BCM - had an impact).

Lithium at Ndom and Gamboukou. Some addition work complete following Micon fieldwork. Company has liaised with a number of groups regarding partnering but nothing agreed.

Wapouze -

Change of substance at the Wapouzé licence area from gold to industrial minerals has been approved. Licence has been renewed for a further term of two years (January 2025).

Industrial minerals partner being sought with view to securing a royalty-based payment on (cement grade) limestone extraction. Company has had discussions with ‘various interested parties’. There has been ‘significant interest’. Demand for product identified in Cameroon and countries adjacent to Northern Cameroon.

Senala -

Exploration licence renewed for as second term and valid for a period of three years from 17 February 2024.

JV agreement drafted and being agreed. Draft currently with the Company.

Multi year work programme drafted. To commence ‘this current year’.

No decision yet as to whether the Company (Stratex-EMC) will contribute to the work costs or dilute percentage ownership.

Part 2 of 2

Muratdere -

EIA approved for the Copper Project at Muratdere in Turkey. Now awaiting approval of a forestry permit. No one has any idea when forestry permit may be approved.

A buyer for the Company's 1.2% Net Smelter Return royalty is being sought. Company has engaged with interested parties. Most enquirers require forestry permit approval as prerequisite.

Other Legacy Assets - 

Assets in Turkey and in Djibouti. No timescale provided for realising value (Oriole website - investments page). No recent updates.

Funding -

£700k in bank at year end. Since then BCM provided $1.1M to replenish Mbe exploration expenditure that had been paid from working capital.

Lanstead agreement expires August 2025. Lanstead held 193,975,484 shares on 2 April 2025. (My estimated) average payment VWAP20 to date is 0.2594p (Benchmark Price is 0.2533p). Next payment in a couple of days then 4 more payments (pessimistically, if the VWAP20 remains the same is it is today (~0.175p) then the remaining 5 payments will bring in around £0.25M).

70% of BCM’s $4M spent on exploration at Bibemi (at year end).

27% of BCM’s $4M spent on exploration at Mbe (at year end).

Possible Bibemi success-based payment from BCM per HoT RNS. Unlikely is my uneducated guess.

Possible Mbe success-based payment from BCM per HoT RNS. Reasonable chance is my uneducated guess.

My Lanstead thoughts..

No Lanstead then no income to fund TopCo. It’s the lack visibility of post Lanstead funding that I’m concerned about and I suspect that that is, at least partly, weighing down the SP. Having exploration funded doesn’t help without the TopCo bills being paid.

My understanding is that the last Lanstead payment will be in August and they will retain a reducing holding (as a hedge) whilst continuing to sell down until this payment is made.

Even at the current SP I think the Lanstead deal still brings in around £55-60k per month. How will that income be replaced after August. I assume the default alternative is a fund raise at the prevailing SP and if that looks likely the SP will be driven a lot lower than it is now - unless something significantly value adding happens in the meantime.

I really hope there are some deals being worked in the background. Some more signature payments would be nice, along with more project funding. This years Indaba was described as being ‘productive’ on twitter. But then last years was ‘successful’.

My feeling is that if the next phase of TopCo funding was taken care of then the market would settle down until, hopefully, value is seen to be added to the companies assets - later this year or next. But you never know what is round the corner.

…. to borrow and distort James Carville’s catchphrase.

Other than Bibemi and Mbe there it's no money for exploration of the licence packages in Cameroon and Senegal. We haven’t been made aware of any additional partner interest other than the bottom feeding Canadian investment bank back in 2023.

Company overheads are funded via the Lanstead deal. But that is not working very well now and expires later this year. BCM signature payments and the final payment from Hasançelebi and Doğala will have provided one of boosts. A BCM success (resource) based payment for Bibemi seem unlikely in the short to medium term, following the phase 5 drilling. A BCM success based payment for Mbe seems more likely but at the current rate of progress (4 drill results after three and a half months of drilling) that is a very long way off.

The company’s stated funding strategy is to ‘… identify project level funding and partnerships to minimise the need for PLC Shareholder dilution’. So, with no signs of any new partner interest or news of funds coming from elsewhere I can see this increasingly holding the share price back.

In addition to funding uncertainty, the failure to attract sufficient volume to absorb Lanstead’s relentless selling is really dragging the share price down.

Of course this could all change in a flash.

A bumper drill result at Mbe could make the resource potential more obvious and increase the likelihood of success based payments, which I would hope would be reflected in the share price and increase remaining Lanstead payments.

News of new partners - Bibemi and Wapouzi mining, CLP exploration.

Funded exploration in Senegal.

The sale of the company’s stake in Muratdere.

Other random and unexpected news.

We should get the annual ‘Final Results and Notice of AGM’ RNS soon. Perhaps tomorrow or Thursday. I’m hoping it provides some certainty about the current and future funding situation, which I think would be rewarded by the market.

My view and understanding.

Thanks for your reply Kutzz

Agree with regards to the RNS of 15/1/24 and the cut-off sensitivity guidance. My speculation is that the additional results thus far from Phase 5 BZ1-MRE holes (RNS 28/11/24) seem to have a more low grade (0.2 - 0.45g/t) intersections than the previous drilling results, so the sensitivity could have changed which may help the next MRE update. Maybe not. Can’t see it being massive if it does but every little helps…

Comparing Phase 5 (so far) with -

Maiden - RNS 14/6/21

Phase 2 - RNS 20/12/21

Phase 3 - RNS 9/2/22

Phase 4 - RNS 15/9/22

I’m also hoping we don’t have to wait too long for an update to the BZ1 MRE. Could be key to unlocking the exploitation licence and mining partner interest.

The last MRE used a pit shell based on a gold price of $2k/oz. The price of gold has increased by 50% so that has to make a significant difference. It would be really interesting to know what this is…. especially in the current news / volume famine.

The phase 5 drilling programme included infill and extension drilling at BZ1 which must also have had a positive impact. The pending 7 results are from infill holes so we will have to wait for this.

I’ve also been having a think about the minimum cut-off grade used for the MRE. The first MRE used a cut-off grade of 0.3 g/t. The updated MRE used a cut-off grade of 0.45 g/t - the RNS explained that the resource was not particularly sensitive to the cut-off grade - so presumably it was increased to sound more conservative as it made little difference.

If you look at the results up to and including phase 4 there wasn’t a huge amount of gold found between 0.3 - 0.45 g/t, so the above makes sense. However, the results so far from Phase 5 seem to include quite a lot of intersections between 0.2 (the phase 5 reporting cut-off) and 0.45 g/t (which seem to have been considered disappointing by the market). Anyway, where I’m going with this is that the economics of the current gold price might allow the MRE cut-off grade to be reduced to 0.2 g/t which could provide a further boost. Even just going back to 0.3 g/t could help following phase 5. Hopefully find out soon.

Https://x.com/OrioleResources/status/1899762321376804976

For what it’s worth I think they should have been clear that the stated Bakassi Zone 1 MRE hasn’t been updated following the 37 infill holes that have been completed as part of the Phase 5 Drilling Programme.

I think this pin is round about the middle of Fare South (usual artisan activity). The northern part of the Senala package extends about a further 20km south from here.

https://maps.app.goo.gl/FkNLZo7WHMgp7HTj6

If you zoom out slightly you’ll see the village of Faraba to the south west. I can’t find any information about the actual Faraba package area but I assume its pretty close to the northern Senala block.

Interesting to see a Managem & Barrick strategic alliance for gold exploration in Senegal. Just a shame that the three licence areas don’t include Senala. Two of the licence areas are far from ORR’s interests but (the village of) Faraba is only about 5 or 6km (as the Oriole flys) from the northern part of the Senala package. I’d like to think there had been some discussions about this.

Press release from 12/2/25 -

https://www.managemgroup.com/sites/default/files/2025-02/CP%20BARRICK%20X%20MANAGEM%20VUK%201202.pdf