Member Info for YankeeDoodler

Hunniford,

The other licences are owned outright by ORR.

Mbe is / will be only 50% owned by ORR.

They should be progressing work on their other licences to:

Show the potential of the wider area.

Prepare to capitalise on any good news from Mbe.

If they believed in their projects and team, that’s what they would be doing.

Not drilling with a single rig, one hole at a time.

They’re dragging out the programme and this doesn’t excite anyone, which is why the sp keeps drifting down.

It ‘seems’ that they’re holding on to cash to make sure they can pay themselves wages.

They should be doing a Musk, moving fast and breaking things.

A 1 MOz MRE would be a good trigger point for an sp rise, IF the grade is appropriate and people believe it could lead to a mine.

Very, very often, grade drops as JORC status improves. So if the start with a sub 1g/t MRE, it may not ignite the markets.

Tying everything to the Mbe MRE is dangerous, if it fails to ignite a fire in the analysts and investors when published, it will kill off all interest in ORR.

Jam tomorrow.

When will they actually deliver?

There is a lot of repetition in the presentation online, lots of reminding the investors of the potential, but very little (if any) new information.

A whole pile of spelling and grammatical mistakes as well.

But that is just me being pernickety

Hawaii, I’d be interested in your thoughts after the meet, as would others I’m sure.

Who turns up/how may?

What ‘new’ news do they have, other than the usual patter about undervalued sp?

Thanks

Bikwik,

Any management team worth their salt would be communicating exactly the issues listed as a matter of normal business.

ORR seem to be very poor at communicating these days, despite the expectation of news on many different fronts.

Oilnovice, the rules are quite strict with regard to hurdles for classification. The hope is that as they have an independent group providing the resource work, they will be strictly adhered to, for the reputation of ORR and the resource group.

Google JORC and have a read yourself.

Oilnovice, the Exploration Target is a much earlier definition, and is a separate category to Inferred etc.

The JORC system goes:

Exploration Target

Inferred

Indicated

Measured

Each step reflects an increase in data density and a consequent decrease in risk.

Bikwik,

If half of the JORC has to be Indicated or Measured I struggle to think they will meet the criteria at Mbe right now.

Which would lead one to assume they will need to raise more funds soon.

GG, I am not sure of your maths, I assume you are saying they will meet the hurdles to guarantee the £1m bonus payment on Mbe?

My maths, if they do get this payment, says:

Cash at end August = £680,000

Admin expenses = £120,000 per month (based on their £720,000 spend for the first half of the year)

Admin until year end therefore = £480,000

Balance at year end = £200,000

Let us assume they get £1,000,000 bonus

Balance at year end £1,200,000

Administrative expenses/spend for 2026 (at 2025 levels and without any funding for exploration) = £1,440,000

Therefore £240,000 short, before they think about additional work or funding Senala etc.

If they are considering any additional work programmes on other licences, including Senala, then they will need more. Of course at Senala they could just dilute down even further, if Managem ever signs a deal and starts work there?

So they are in a fair position, not tenuous, but I would not say a particularly strong one. Of course, if they do not hit the 1m Oz target, or if their partner is slow to pay, they are toast.

GG, I think you’ve been at the booze again. Despite the inflow of cash from BCM after the end of the period, they only have £0.68 in the bank and their expenses for the first half of the year was £0.72, so they are staring down the barrel unless they can offset more administrative costs to their partner, or trigger a cash bonus payment on ounces identified in an MRE. Mbe may do this, as their exploration target had a range in excess of 1 mozs, but if it will be at a grade and with recovery characteristics amenable to production is yet to be seen.

It is good to see some work on their other licences, although minimal. Let us hope they come to deliver something. The Partners ownership levels on Bibemi and Mbe are reaching their spend limit, so the ‘90%’ ownership at both licences will soon be changing to 50%

Bibemi ESIA is good to see progressing. Though the lift in MRE was only driven by a revised gold price, it is still high grade ounces, and as such a nice target to have.

Stock watchers may suggest ‘Hold’.

It is continuing to build, and with the structure of the company right now, it’s no wonder.

Plenty of space to grow here, positive news flow and positive sp reaction. Back on track.

What are they doing?

“Early Q4” MRE at Mbe?

I think they may regret saying that, the results to date have not been stellar, they may have an underwhelming announced resource, which will surly lead to yet further depression of the sp?

What’s happened with Senala JV deal (promised in Q1 this year I believe)?

Or Wapouze?

Or the Turkish stuff?

Or any additional work outside of Mbe? (They have other licences which are 100% Oriole, rather than Mbe which is only 50% Oriole)

Or the Bibemi Resource and development pathway?

Unless they can bring some positive news from somewhere else, I suspect they will be destined to drift ever lower.

Absolutely hunniford, looking forward to it. You show me yours and I’ll show you mine.

It will be very interesting to hear everyone’s feedback from the meeting with Board/Management.

Please be sure to share positives and negatives from the evening.

Delivery timelines are front and centre in everyone’s minds I suspect.

1.) Senala deal with Managem and progress on licence. Cost implications and possible dilution of ORR position.

2.) Turkish royalty sale.

3.) Wapouze.

4.) Mbe MRE.

5.) Bibemi MRE and Explotation Licence.

6.) Remaining central licences exploration plans and progress.

7.) Any other developments.

Is anybody going to attend the ORR evening event in early October?

It would be a good opportunity to meet the team and get some up to date information.

Touchy GG?

All charts are somewhat irrelevant in these types of stock, where newsflow drives rise and fall.

When are we expecting the next batch of results?

Touchy GG?

All charts are somewhat irrelevant in these types of stock, where newsflow drives rise and fall.

When are we expecting the next batch of results?

Some really ill informed posters on here

All small market cap companies try to put RNS out in first half of the week, so stock has time to react.

Only bad news burrows on Fridays.

Not sure what GoldGeezer is smoking.

Vernetles,

They’ve been talking about Senala for over a year.

It’s time they actually delivered on something.