Oriole Resources (LSE:ORR) — Investor Presentation

0:00 Good morning, and welcome to the ORIOLE RESOURCES PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press end. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Tim Livesley, CEO. Good morning, sir.

0:32 Good morning. Thank you very much, Lily, and welcome everybody to this update presentation on the activities of ORIOLE RESOURCES. We have I'll just flick through the the obligatory, disclaimer. You can read that at your leisure once this goes out, or you can read it on our website. In in brief, the company we are a London listed aim listed exploration company looking predominantly at gold in Africa. We do have some what we call legacy assets, which includes some gold and some copper out in Turkey and in Djibouti. But our main focus is Cameroon, where we have a growing portfolio of assets, in the early exploration stage through to resource development definition and development.

1:23 And we also have a license in Senegal, the Sonala license, which is under an earning joint v joint venture agreement. Initially, it was with IAMGOLD, and at the end of twenty two twenty two, they announced that they were selling on their, position to manage them, a Moroccan based, mining company, which is focused in in, mainly predominantly in Africa. Our idea is to unlock, shareholder value by identifying new targets, new areas, new districts, in areas that previously been overlooked, and this is where our focus on Cameron has come from. We're a very, ethically focused group. We're a small company, but we do, address the a select number of the sustainable development goals which are relevant to our stage of exploration summarized on this slide.

2:17 Primarily, good governance and good sustainable exploration programs work best by really coordinating efforts with the local community, local partners, local government. And we've done this successfully and extensively in all of our programs And currently, some of the images on here and some of our engagement with a combination of undergraduates and graduates from Gowinderry, the university closest to our central license package where we have several recruited several geologists from there and also offered opportunities for undergraduates to to get field experience. So let's focus on Cameroon. This image really identifies the quite a dense network of infrastructure, power, and main road network, and also quite a good density or quite a good coverage rather of internal domestic airports.

3:17 Our main base is down at Yowndi, and we have bases at Gownderi near the CLP in the center of the central license block here and up at Bibomie, near the, Garawa Airport and the town of Garawa in the for the north of the country. We're predominantly focused on, the central, the the mobile belt between The Congo and, West African Kratons, and we have a 9%, interest in 11 licenses over this over the central portion, and then the licenses of Bivamim Wapuzi in the North. We have really identified after extensive work back in 2019, the opportunity in Cameroon, which has itself undergone a a real renaissance in exploration and mining in the last, eight to ten years or so, on the back of some World Bank, investment where the Cameroonian Ministry of Mines has developed a a prospectivity analysis of the entire country, remapping it, updating the mining code, updating the licensing structure, putting all the licensing system onto a web based cadastre, which is accessible to anybody.

4:31 So the opportunity here was identified by us quite early on, and we've been very pleased to have been able to pick up ground in in areas that we consider to be very prospective within Central Cameroon and with our partner, BRG three, up at Bimini and Wapuzi. We've had great success in the last couple of years despite the the delays forced upon everybody in the industry, because of the pandemic. We were able to carry out a a drilling program on the Bibami project in the north of the country, and we actually announced Cameroon's first ever jaw compliant gold resource on this project, at the end of twenty twenty two, where we had 305,000 ounces grading 2.19, nearly 2.2 grams gold, very high grades for typical open pit targets in these kind of terrains.

5:25 And an additional around about a 140,000 ounces in exploration target level at between sort of one and two grams a ton. So this is the first jaw compliant resource in Cameroon and the first for our our company in since the new management of board took over back in 2018. In addition to Bibami and the resource, which as I'll go on to show has much opportunity to grow, we also identified a number of gold targets within what we call the eastern CLP or the eastern central license package. And this includes the longest anomaly, 12 and a half kilometers on the avail license, which has returned rock chips up to a 134 grams a ton, but also a number of other targets along what we see as a corridor of mineralization in what we are calling a new gold district. And I'll again, I'll come on to why we think that, in a slide or two's time.

6:22 In in Sonala and Senegal, we've also had, the results back from IAMGOLE's twenty twenty two ten thousand meter auger drilling program, which has continued to highlight the opportunity of targets around the far right prospect in the north of our license where we already have a maiden initial resource, which is, again, ripe for development. Now in amongst all this gold, we also have identified anomalies in in lithium in a couple of our licenses in the Eastern CLP, and we have we identified it in one license that we've applied and being granted a second license contiguous with that package. So we don't quite know what the potential is for lithium, but don't look a gift horse in the mouth. And when you see a normalism like this coming out of your multi element analysis, well worth spending a little bit of effort chasing up on them.

7:14 So we'll start with Bimini, which is our most advanced project. Excuse me. There's a timeline on here which really focuses on the drill program. We we took from mobilization of the rig to site to completion of this initial maiden drill resource was a period of, I think, nineteen months, and it really shows how aggressively we push our programs and how systematically we carry them out. We broke the drilling down into four phases. In each phase, going from prospect level level drilling where we identified the four prospects marked on the map here, because he's on one, because he's on two, Lower West and Lower East as potential targets. From initial drill testing on those, we went then went through, more definitive, sort of resource drilling or or heading towards resource drilling on the because it's on one target.

8:04 And there is, follow-up drilling to come on these targets to

8:09 expand what we have at Bimini, because it's a one, and to assess the opportunity for the other three prospects to give us the potential for a, a small operation, perhaps one to one and a half million ounces from multiple pits with a centralized processing facility. Now we are looking at a couple of kilometers between each of these prospects. So geographically, very much an easy sort of opportunity to develop this into a resource should the into a mine rather, should the resource continue to grow. Just looking at a bit more detail at the Bacassi zone one jock resource, you can see in the bottom left image here pit shells on the grade shells.

8:59 Essentially, two pits here. These are both open at depth and the system is open along to the Northeast. Very easy to transfer or to to rather to grow this resource by simply doing more infill drilling. The the the limitations on this model were lack of drilling, not the fact that we'd necessarily missed mineralization. So a little bit of drilling would quite easily translate into more resources we feel on both of these pits and along strike to the Northeast. And then as I said, we have the opportunity to to chase follow chase similar targets on the other four the other three prospects in this area. Excuse me. So the the key things here, you know, we are seeing grade in the other three prospect areas. The the latest the last phase of drilling we did, phase four, actually delivered three meters at at over 12 grams at Lower East.

10:00 We've got targets drilled up at at the capacity Zone 1 and down at Lower West. The the drill targets being put together now over the summer. We're just completing, an infill and extension, geophysical ground geophysical program in that area, and, we do this with our own teams and then we do the interpretation over to a group in Australia.

10:23 The the concept here at Bivamy is to be ready in the next dry season, in the next field season, be ready to have walk up drill targets to expand the resource we already have and to test and, hopefully, identify and develop new resources on those other three prospect areas.

10:43 Now if we look at the central license package, the map here shows licenses in different colors and, the western three the Western licenses in blue, what we call the eastern CLP in red, and then we've got, Gambuku and Mabun, which are in in purple. Gambuku, bottom right of the image, was added for lithium, last year oh, sorry, during 2022, and Maboom is, an extensional license to the to the east and north, between our license boundary in Bay and what is licensed forest reserve Northeast along the strike. So obviously, an area that we we can't and and don't wish to operate in. So what we see on this very simply is a number of boxes.

11:34 The the boxes that are outlined and don't have any fill in them are outlines of anomalous streams in in basins stream basins. So you can see broadly there's a trend of these and then the the the infill boxes are soils anomalies that have given us anomalous gold. So you can see that there's a there's a Northeast southwest trend here. We've tried to, outline it by putting sort of a dotted border on it and a bit of a pink shedding in the middle. This is what we call a corridor of mineralization. It's about 15 kilometers, 20 kilometers wide. It's about 70 kilometers, 75 kilometers long on our license, and really this is the core of gold mineralization in the Central Cameroon area.

12:20 This has been, consequently backed up by work by BRGM through the World Bank program where they also identified this area as the most prospective area for gold in Cameroon. So we picked up all of these licenses. We applied in 2019. We picked them up in in '20 beginning of twenty twenty one. And, essentially, what we have here is is the opportunity for multiple resource development forming a new district for gold exploration. Now we focused initially in the Bay anomaly in the Northeast here. Two reasons. First of all, it gives the large largest solar anomaly, 12 and a half k's. A lot of these other ones are in the two to three kilometer anomalous gold range.

13:08 So 12 and a half kilometers significant anomaly, and it's extremely easily accessible. The main North South, tar road through the country runs right across the in Bay license, and you can be on the on the ground here, you know, in a matter of, half an hour to forty minutes from the, from flying into Angadiri Airport, the local domestic airport. Now what we've identified at the bay is, a a a trend that crosscuts the main 12 kilometer, 12 and a half kilometer goal anomalism trend crosscuts it at a slight angle, and we've got, we've done some rock chipping on there. We've obviously mapped it. We we've carried out geophysics on it, which we're busy interpreting, and we've got a significant wide zone over three kilometers long between 70 and about 500 meters wide of gold anomalism tied into some vein systems both

14:13 opposing vein systems from compression and extension, and alteration that's gone out from those vein systems into the hoax rock. So broadly similar to what we're seeing at Bibami, the difference being that at Bibami, the host rock is not necessarily carrying much mineralization. It's all constrained to the subvertical and subhorizontal veining. Whereas here at In Bay, we do see the mineralization pervasive out into the host rocks and mineralization and following alteration out there. And we're getting

14:43 grades in those in those wall rocks of, you know, well over a gram in a lot of the wall rocks and the grades in the vein system themselves, as I said, going up to over a 130 grams. So effectively, you know, sort of three ounce material in the vein sets with two or three gram material in the in the wall rocks. Very significant grades and a very

15:10 excuse me. And a very important target area for identification of a significant potential resource. We've just had a crew out just finalizing some some work most recently, and this is a photograph that was taken literally a week ago showing one of these veins and showing the alteration in the in the wall rocks alongside it. This is a working that we we see a small amount of artisanal work in the area, but typically following the the very high grade veins where they can they can get free gold,

15:50 free milling gold out of the veins. And it gives you an indication of the the scale of some of the systems we're seeing here. You know, potentially, you're looking at widths with the mineralization drifting into the side walls. You're looking at widths in excess of 10 meters potentially. And these are targets that we're working up for a drug program in the in the second half of this year. This geophysics image is one of the updates that we took from from the geophysics program we did earlier this year earlier this dry seat this earlier in 2023 rather. And we've identified some we we've now got these licenses up to a stage where we've identified groups willing to do some project level funding on these these license targets.

16:41 Now the the lithium that I mentioned earlier on, you know, we we came across some lithium anomalism in our sampling programs when we were doing the regional scale work, and we've been following up on that. We also took on the Gambuku license, this new license to the Southeast of the Eastern CLP primarily because it has some significant target areas in there that that could be or could also be hosting lithium mineralization, hard rock lithium. We've got a bunch of samples taken on this already in process. We're doing some petrography on these. The key thing with hard rock lithium is understanding not only the volume and what's there, but understanding where the lithium is, how it's hosted, the the mineralization of the of the actual lithium itself because that obviously dictates how easy it is to process and extract.

17:34 So we're busy working on that. We have ongoing discussions with several groups that are interested in in lithium in Cameroon and specifically in these targets, that we've identified up in the, in the central license package. Now I'm gonna hand over to Bob, to run through some of the financial highlights on 2022, and then we'll, we'll do a wrap up at the end. Okay. Thank you, Tim. So, we've got a few slides on on the numbers. It's worth bearing in mind this presentation is is pre AGM. The AGM is, June 8 at Grandfontein in London. And and at that, AGM, the annual report will be proposed and approved, by shareholders.

18:22 So some of the financial highlights, referring back to the press release in in March, when we announced those numbers. Incoming funds were largely spent on direct exploration work in Cameroon, the $99,000 from grazers going to 840,000 of of underground work in Cameroon. The operating loss of just over 500,000 marked 900,000 improvement in year on year largely as a result of a swing on foreign exchange around the Sonal project, is denominated in euros. So the the key numbers for me around that are obviously administrative expenses, which were up slightly year on year mainly because we've we've gone a little bit more independent in in Cameroon.

19:18 We've got our own team on board. We've had geologists for a little while employed, but we we put in a finance and admin team late in 2021.

19:32 And this is me out out in Cameroon with Emmanuel and Frank who who fulfilled that role for us. And it's very important, you know, we've now got interest in 12 licenses in Cameroon and a couple of subsidiaries. There's a there's a little bit of admin to do. There's a bit of progress chasing through the ministry. And then there's work around the exploration, customs importation, things like that. So, yeah, we're delighted to have Emmanuel and Frank on board.

19:59 And then, you know, that contributed a little bit towards a small raise in the administrative expenses. Total loss for the year of 1,560,000 was actually, inflated large by your write down of our legacy asset tiny strategic resources where basically the Egyptian license they've been looking at working on for a number of years expired without resulting in a gain. So the loss was largely down to that, small operating loss boosted by, 400,000 r and d tax credit we got in early in 2022. And they're they're the sort of p and l highlights for for last year.

20:46 And I think there's a bit more analysis on the next slide, which just categorizes some of the spend. You know, the the large green segment is the direct exploration spend, which clocked in at 44% last year, which is it's less than we would like, but it sort of reflected reflected the early stage exploration work we're doing on central license program. I think in in the previous year, we were well over 66% because we were drilling at.

21:17 We we did slightly cheap work at the CLP, and and that percentage fell off. But it's it's worth bearing in mind that the the board cost which is is represented in yellow, we're very geology heavy board in in Tim, Claire, and Dave. So a lot of that expenditure is is, you know, looking at the projects, working out what to do next, the technical reviews around it. So, you know, we're very much the the segment of direct separation, you know, a lot of the rest of the cost is around geology management planning technical. Probably the the only, you know, I'm I'm probably the only main cost outside of in the company that is not focused, wholly on the geology.

22:08 Obviously, we have the the corporate compliance and PR necessary for being a named company.

22:16 And the other key factor I think was the director's contribution through salary sacrifice and through contributing through raises to actually putting money into the company to get work done in the field. So for example, the salary sacrifice scheme, we ran heavily from June all the way through to December, meant basically about a quarter of our costs went directly into saving money for use in the field. So that's where the money was spent. Tim moves on. This is this is our funding strategy going forward. And I I think I think the important factor we're seeing in the work we've done is we've been in Cameroon for four or five years now, and and we're now getting to the point where people are interested, industry groups and and and specialist investors are interested in project level funding.

23:14 It's taken a bit of work to get to this point on on certainly on the gold projects. The lithium project's a little a little bit different. But now we have this opportunity to fund at the project level and and and, you know, stop the dilution that so many shareholders don't like. So our strategy is being is very much focused on finding partners for the projects we do have, Bibomite, Eastern CLP, and lithium opportunity, whilst trying to fund Topco from, sale of investments, basically. So, you know, we we keep talking about AlphaBio and and, you know, hopefully at some point, AlphaGoil will complete its IPO. And we the board itself has contributed quite heavily to the raises and solid sacrificing into Topco to, you know, avoid those dilutive equity raises.

24:13 But very much we see it at, you know, an awakening of interest in Cameroon amongst mining groups, interest in our projects. We we, you know, we we announced the, the Canadian Investment Bank who are looking for project level funding for the Eastern CLP, and we'd hope to update the market, sometime in June on that. In lithium, I mentioned, there's a little bit of a a an outsider in the you know, we've done a little bit of work. We found we found it in the multi element analysis. And lithium being such a hot topic at the moment, the the level of interest in people wanting to talk to us about JV ing and project funding is is, you know, is is pretty significant.

24:59 And we've had a number of approaches. You know, our view on this is we need to qualify it a little bit more maybe before we actually sign something up, but we're not know, we we will probably be bringing in lithium partner faster than we would have done on the girl side. Yeah. So it's not necessarily our direct area of expertise. So it makes sense to understand what we have first before we negotiate, to bring a partner in with with the skills to, to push the projects forward if if they, if they pan out. Thanks, Bob. So, the year ahead, you know, the question that's on everybody's lips usually in these things are okay. So what are you gonna do? What how are gonna advance your projects, and what are you planning to do? Well, Bibomi, the infill and extension of ground mag is almost complete.

25:50 So we'll do some interpretation of that hopefully over the summer, which is our sort of quiet period during the rainy season. And we'll be using that data to compare with our existing information, our mapping, our drilling, our trenching to put together a series of of drill ready targets for, first of all, for extension of the existing resource at the capacity zone one, and then also to test those other three prospects, because it's on two, Lower West, Lower East, to test them and see whether any or perhaps all of them have the the potential to add ounces to a a small multi pit mine operation in that area, open pit mine operation in that area. But you can see from the image on the top right there, know, bitumen is very benign to to rain.

26:39 It's very flat, low shrub, very easy access during the dry season. And looking at the spread of of potential targets, you know, two, three kilometers apart, it it's very easy to get your mind around the idea of three, four, five open pits of various sizes in operation feeding into a central processing plant for a million million and a half perhaps ounce project. And if the grades continue to show be as robust as we see at the Cassis are one, you know, in excess of two grams a ton in a resource. That's that's a significantly high grade for an open pit mine in in Africa in West Africa. Certainly, probably close to double grade of many that are currently under development in in in West Africa. So we're we're very confident Bibimy has a lot of legs to to deliver exactly what we need.

27:34 The Eastern CLP will be continuing to do a little bit of work at a bay. The idea being, you know, we've done the geophysics now in 2023. We're processing on that and again identifying from the mapping, from the photography work, from the the soils, the streams, the rock chipping, the the recent field visits, all of this data, pull it all together, assess it over the over the wet season, over the summer, and again, put together a series of, drill ready targets for that first pass drilling at Bay. Now we we've really focused on Bay. It's the biggest anomaly we have in in the area, but remember we have we have more we have five licenses for gold in this Eastern CLP, and we have multiple targets like in Bay over that whole district, 75 k's by fifteen twenty k's.

28:33 So whilst we are pushing in Bay forward most aggressively to a drill ready target later this year, or rather drill ready targets later this year, as we get into that, we'll also then be bringing up some of those other targets during the second half of twenty twenty three into 2024. So effectively, we have a pipeline of of exploration targets through the next sort of eighteen months. And, hopefully, we'll be we'll be seeing the same sort of hit rate as we did when we did our four phases of drilling at Bibamine where, you know, the the the majority of the holes we drilled intersected gold mineralization. Drilling is the most expensive program, part of any exploration program, and so at both Bibami and at Eastern CLP, we want to be certain that our targeting is absolutely spot on to maximize the value from the drill programs that we start later this year.

29:27 The lithium, you can see the team there in front of one of the outcrops on the Dom license. Continued work through this year on on lithium. We've done some sampling. We've done quite a bit of work already in in early twenty twenty three. And as Bob mentioned, you know, it's a different model for us for lithium discussion with with groups interested in it. And, you know, hopefully, that will deliver something that's gonna add some value to the company as well, bring some value back into the shareholders. So that's pretty much it. I will hand over to hand back to Lily and I believe we've we're ready for the q and a session. Is that right, Lily? Tim, Bob, thank you very much for your presentation.

30:15 Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the top right hand corner of your screen. As you can see, we've received a number of questions throughout today's presentation, and thank you to all investors for submitting their questions. Could I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. Thanks very much, Lily. Okay. Well, let's there are quite a few questions come in, which is great to see. Know, this is one of the rare opportunities we we we get to interact with our shareholders. So we really do appreciate you giving us, your questions so we can try and address what's on your mind as well as ours. I'll start off with, well, there's probably a couple here actually, Bob, that that I can I can get you to, to chime in on? So question first question, will any more of the board and management be following Eileen and investing further in the company?

31:17 Yeah. Sure. I mean, the board have been consistently, investing into this company via salary sacrifice from, June 22 onwards, pretty much every month. We've we've when we've been open, we've been able to invest, cash directly into shares in the company. And that that's been good from, minimizing the cash outflow and, you know, further aligning directors' interest without the company's shareholders. And that, you know, those two aims will remain a very key topic for the board. What I would say is we're we're looking at different ways of doing that. Whilst, issuing shares has been very helpful, It does it does give a pay as you earn implication, which which slightly reduces the, the cash that's actually retained in the company.

32:07 And so we're looking at a more tax efficient way of doing that. But, you know, this this, you know, salary sacrificing and investing in this company will remain a key theme going forward. Thanks, Bob. And I think it it really does indicate the the the level to which the the entire management and board have been doing that does indicate our confidence in the company and and the assets we've got in the management at the moment. Looking at this, there's there's three questions which which all focus on the same sort of topics. I'll read all three out, and perhaps I'll ask you to answer those as well, Bob. It's it's again around financing. So the three questions are, what is the status of project level funding for the Eastern CLP licenses? Why have we now moved to a project level funding after previously, diluting the Topco?

32:58 And how will project level funding benefit the shareholders? Okay. I'll I'll jump into them. I mean, the the very specific one at the start, the the project level funding for the Eastern CLP. The Canadian Investment Bank is continuing to work through its process. It's got an extensive underlying client base, and we'll be looking to update the market later this quarter on the results of that process. Why we've moved to project level funding after previously diluting a topco? As I mentioned earlier, basically because it it it starts to become available to us. You know, early stage exploration needs to advance the assets to a certain point before people will come in and project level fund.

33:47 You know, this it varies on the asset. It varies on the jurisdiction. And, you know, you can see that on the Eastern CLP where, you know, we've managed to get this Canadian investment bank to come in and have a look, and and and and then lead a fundraising charge on the Eastern COP, which is actually less advanced than bitumen. You know, we would not have got that funding three years ago from Cambria at all. Yeah. Definitely. So, that's that's why it's now available because we've advanced the assets, and that's why we're very interested in it. And think, Bob, perhaps also it's it's a measure of the derisking we've done of Cameron as a country. Yeah. Not only our assets, but but also the work we've done to prove to the investors who are now approaching us and the other investors that are coming into Cameroon that despite being sort of off the radar screen for a long time, Cameroon is now a mining district that's attracting attention. It is. And it's attracting attention from, you know, a a number of sources. I mean, if you look at the mining catastrophe in Cameroon, when we went in there and put put the central licenses in, you know, there's hardly anything in that area. And now we're surrounded.

34:58 I mean, centralized is is open ground, doesn't it? We People are seeing the success we're having and they're coming into Cameroon and and and and and trying to join it. And that that in itself is bringing in, equipment providers and and contractors. So, when we talk about drilling the CLP later this year, drilling Bimini meant finding someone who'd bring a drill in to Cameroon. That is no good an issue. You know, there there is equipment in Cameroon that we can, you know, potentially use on the CLP. So we've generated the interest, you know, across the industry, and we're now getting, funding opportunities in that way. How it benefits shareholders? I mean, I think it's no no secret that we're, as a board, we believe Topco is undervalued, ORIOLE RESOURCES the value compared to the assets we have in the underlying business.

35:53 The market cap of of kind of 5 to 6,000,000 does not reflect the value we've generated in in Cameroon, let alone the legacy portfolio. And so we're interested in, project level funding because we believe it gives us a much better chance to reflect the value of those assets in bringing in the funds we can bring in, which will obviously impact, favorably for the top co investors. So that's that's why I'm very much interested in it at the moment. Okay. There's a couple on the more technical side here. I'll I'll grab these. What is the company's focused on lithium? Is there more value in lithium than gold? Well, our our focus as as we recent as we just mentioned, you know, lithium is it it was a commodity which we came across, shall we say.

36:45 We we weren't specifically looking for lithium, but we do as part of general, grassroots greenfields exploration, you carry out multi element analysis to see whether there are any other indicators that that would help you to find more gold, but also to see what else is in the area. The this is a the the central license package sits on top of a mobile belt zone. It's it's likely to host multiple commodities to some degree. And when we came across the lithium, we thought it's currently a a hot commodity in the markets. It would seem to be able to bring in some value quite quickly, and we can obviously look at ways to to maximize the value from it and give us we can put any money we any value we bring in from it into the rest of our of our expression development.

37:35 So is there more money in lithium than gold? Certainly, the investor side at the moment, it seems to be simpler to pull in cash to support, excuse me, to support lithium exploration than than gold exploration, but, you know, these these phases change over time. So we I know, I don't know whether the you necessarily said there was more value in the actual commodity or not at this stage. Next question is on the CLP. When will the company be in a position to declare a resource on the CLP? Well, not right now. We haven't yet done any drilling there at all. We are, you know, we're looking to, drill test the first of seven really main targets, the Sombei North target, later this year after the rainy season.

38:30 We've shown at Bimini that from mobilization to resource given funding and access to the ground, we're not stuck with with COVID lockdowns and so on anymore, thankfully. We can move these things forward very, very quickly. You know, it was nineteen months at Bibomie from the the very first rig ever to drill in that area to us announcing the the main resource of of 300 over 300,000 ounces. So we don't hang around when we have the opportunity to test these things and the results indicate that we should we should do more work on them. So practically, if we had good funding and a fair following wind and a reasonable amount of success in our early stage of the early phases of drilling, potentially we could be looking at, you know, a similar sort of time period, eighteen to to twenty four months on that Mbei target.

39:24 But remember, Mbei the Mbei target is one of, you know, a number of areas of significant golden soils and novelism. So this is not the only this is not the only thing for the CLP. It's one of multiple targets in this new district for for new potential district for gold mining. Do we have any idea on the of scale on how the resource at Bibami can be grown? Yeah. I mean, we we we immediately looking at the capacity zone one, we we already know areas that we can drill to extend the the two pits that have been identified already in the in the original resource, maiden resource, simply by doing infill drilling and extension drilling next to to filling gaps where it was the the reason that the mineralization was closed off in the model was simply because there was not additional drilling beyond that that boundary to stretch it out to. Not that there was no mineralization there. We just hadn't drilled it. We didn't have enough drill holes in the ground. So very, very quick to to, extend at Bibomie and scale wise, you know, I I personally have the opinion that the the Bikassi Zone 1 targets could easily take us up to we're already potentially sitting around about half million ounces with the with the exploration target combined.

40:45 You know, six, seven hundred thousand ounces is is I think well within our grasp of the Cassisone one without too much work. And then the other three prospects are similarly mineralized. If they add in even just a couple 100,000 ounces each, all of a sudden you're looking in excess of a million ounces at hopefully similar grades, you know, 2.2 grams. So I really think that the Bibomite project has really got strength to grow very quickly. Again, it's just a matter of putting the rig on the ground, putting putting holes into it. How sizable is the opportunity at CLP to create new gold district? Again, you know, I I think I've addressed that. We we are very, confident that the CLP is a new gold district.

41:34 And, remembering that our license holding here, I I think that the phrase that's been used before by ORIOLE that it's it's it's the size of the ground packages, like, within the M 25 Ring Road in London. It's it's the size of going to London. The the license package here is is huge. And importantly, we have a corridor mineralization, anomalism identifying gold on the northern boundary of that corridor, on the southern boundary, and internal to it. So this is definitely what, you know, the the larger gold mining groups of the world look for in identifying new districts is deep seated structures like we have at the CLP with evidence of multiple gold zones within that that corridor of mineralization.

42:21 So, you know, we will be we will be working hard to, to do that. When will drilling begin at the CLP? Well, Bob's talked about the, the group, looking to fund us on that. The reality is that we can't mobilize rigs over the wet season easily. CLP is a bit easier than than others because the toll road drives right across right very close to the in bay target. But, basically, once the money comes in, we start drilling. Most likely during second half of the year, the rainy season stops end of September. So I would imagine we'd be looking to get rigs up on to get a rig up on-site and getting program running after that. Couple of other here.

43:12 What conversations have you been having with development partners at Bibami? We've we've had discussions, and we have ongoing discussions, with groups that are, excuse me, looking at at Bibami as we are, as potentially, hosting a new mining development area. So, that's all we can really say about that at the moment. As this is a new frontier and considering the recent changes in government roles, are there any political barriers to entry for bigger players to JV with, and is there a smaller pool as a result? I I assume this is referring to the the sad passing of the ministry. The minister back in in January this year, Gabriel and Doki, who was a great supporter of the project and who, along with the rest of the team at the ministry, really worked hard to help us deliver for ORIOLE, but also for Cameroon.

44:11 You know, we we discussed with the ministry when we first came in, you know, back in 2018, 2019. We discussed that opening the doors to investment in a country like Cameroon that that hadn't had a lot of recent history of mining. It's all about derisking, and part of that derisking is to show to the international community how companies such as ours can operate very simply, very easily, and with the, cooperation and support of the ministry can operate in the country to deliver exploration results. Now I don't think anybody can can criticize the results we've delivered over the last four years. We've consistently delivered on every single target that we've talked that we've gone in on, And the ministry recognizes that. We have an interim minister at the moment, and Callistus used to be the secretary of state for mining. Again, we have a really good relationship there, and he's also very supportive of what we're trying to do in Cameroon for ORIOLE, but also for Cameroon as a mining destination.

45:13 Bigger players, we already see bigger players in Cameroon, not necessarily on the gold side, but Eramet, French, industrials company, is in country and has been doing, quite a lot of work there. Erovet is also interestingly applied for and being granted some gold licenses Southwest of us along strike, but not in its perspective an area as we're in, we believe. I I don't think it's necessarily a restriction. You know, we have ongoing discussions. As you can imagine, we have ongoing discussions with mid tiers, majors, and also juniors looking to come into Cameron, and it's all about derisking. As the projects get to a certain stage and as the country confidence in the country gets to a certain stage, you see more and more and more people coming in. And I think we're really you know, as Bob mentioned earlier on about the project financing, this we're at that we we've we've we've hit the top of that that curve now. We're starting to see the interest up. We're starting to see a lot of people interested in coming in for the opportunity that Cameron offers.

46:15 We're trying to pick up some of the questions that are coming while we've been talking. Yeah. Yeah. Sure. So we've got one in. Do you have you received any updates on the EIA approval in Turkey, which I'll take if you like? Yeah. Please. I mean, this is referring to our our interest in the Muadaya copper gold porphyry system in in Turkey, which is a pretty significant system. You know, multi our royalty on it would be worth multimillions, and it's been held up in the EIA for quite some time. Now it it it has actually, if you like, passed the IA, but it's going through an appeals process. We initially expected this to be concluded by the end of May, but I think the Turkish election processes has got in the way of that timeline.

47:07 But, you know, we're not at the end of May yet, and that I believe the election process concludes next week sometimes. So we do we do keep fairly close eye on what's going on there. You know, whether whether we're successful or not in that EIA appeals process, they're out of the roots for both parties. So, you know, we it's unlikely it's gonna start mind building in June, whatever happens in May, but it's making positive progress. You know, it we believe it's in the interest of the country to get it moved forward, and we look forward to, you know, seeing that happen. But it's also important to know we keep, you know, contact with the potential, buyers of that royalty. We talk quite regularly to a number of royalty groups about it.

48:01 They are watching the the EIA process with interest. And and once we have certainty, think it will move quite quickly. Yeah. Yeah. Thanks, Bob. Perhaps we'll just take two more, and I'll start off with another one maybe for you, Bob. How undervalued is ORIOLE now and what would be the main catalysts, to get the share price past this point? And we can both answer it, but let's get your your opinion on it first. Okay. I mean, let's let's you know, we've got a market cap, which I I guess is bounced between 5 and 6,000,000 over the last few month months. So this is highly investment came in. You know, a small part of our portfolio, we currently have a Canadian investment bank notionally valuing at $10,000,000.

48:46 You know, they're trying to raise a million dollars for 10%. You know, so so that gives you an idea of what a a part of our portfolio is. Bibamy is more advanced than that. And then we've got the Sonata asset in, Senegal, you know, which is is just down straight from Chester Resources, which has just been sold for I think it was $8,089,000,000, Aussie dollars, 47,000,000 sterling. Now Chesser was a lot more advanced than Sonata, but, you know, we we would say Sonata's got great potential a la the Chesser resource at Yeah. Dumpster. Yeah. We we've got five target prospects. Yeah. Farai is very advanced and a lot of answers potential there. Much bigger license. Yeah. So so yeah.

49:34 So you could argue our interest in in Farai is, you know, is probably worth the market cap of the company itself. So, you know, the reason we're so focused on project financing is we think there's a huge disconnect between, the value of the assets and the value of the company. I wouldn't really wanna put a number on it. All we can do is keep advancing those project level financing discussions, get the money in, push the assets forward, and and and, you know, develop. And as Tim alluded to, everything we do in Cameroon has been successful from a geological perspective. It just needs to get recognized in the market. So No. Thanks, Bob. And we'll I'll just take I'll take one more, last question here.

50:21 What is your view on the security of Cameroon, particularly Bibami being close to the border? Okay. So Cameroon is is quite a stable country. Obviously, people will refer back to some internal, issues in between the Francophone and the Anglophone regions of Cameron in the Southwest, long way from us. And, you know, the government is really working to stabilize any any potential internal conflict. But Cameron's been absolutely no problem for us. We've got, you know, a decade ago, over in Nigeria, the the there was beginnings of rumblings of, instability in some areas with with hijackings and kidnappings and so on, and, that's trickled on to some degree in Nigeria, but there's nothing really happening like that in in Central Cameroon where we're operating.

51:23 Bibami is it is close to the border with Chad. We've been operating there since 2018, and prior to to ORIOLE, I was COO at a company called RESOURCES and we had the Bimini licensing JV back we did the original gold discovery there back in 2012, and we've we've never had any security issues in that area at all. You know, the Cameroonian government, Cameroonian police, Cameroonian military, they're all supportive of stability in the country, and I think, you know, there's always risk in border areas. That's a given, but we certainly don't see anything up there that's anywhere out of the ordinary for any other sort of stable jurisdiction in Africa.

52:13 So we're pretty comfortable there. We do have obviously some very good support and intelligence and communication and so on with we have a a professional services group that provides oversight on our plans, travel plans, and so on. And, you know, we're we're cautious about our team, but primarily, we're we utilize local teams. We utilize people from the local area. And, you know, I've been doing this for thirty four years now in in various jurisdictions, mainly Africa, Europe, and The Middle East. And the the the first thing that you do in a new area is get to know the people, get to know what what's what the problems are, what you can assist with if possible, and engage with them and talk to them.

53:01 And at the end of the day, you know, they have the same concerns as anybody else anywhere in the world. They want opportunity. They want education for the kids. They want health care, and they want stability. And, you know, if the community is working with you as they are on on all of our projects in Cameroon, then, you know, you're in a good place. So we're we're we're pretty confident that, Cameroon doesn't have any issues, that we should be concerned about. And, certainly, if you look at other gold jurisdictions in West Africa at the moment, I think Cameroon actually comes out on top as as a very stable jurisdiction for exploration and development. So I'll I'll wrap up the, the q and a session there. Thank you very much. Tim, Bob, thank you, and I think you addressed all those questions you have from investors. And, of course, the company will review all questions submitted today. We'll publish those responses on the investor meet company platform.

53:52 Before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, Tim, could I please just ask you for a few closing comments? Certainly. Well, first of all, thanks for those who've managed to to stay all the way through, nearly an hour. Apologies for that. Thanks again for the questions. It it's good to give the feedback. It's also good to get the questions so we can understand what your concerns are and make sure we try and address them more regularly in our normal communications. We hope that you, as we do, feel that ORIOLE great opportunity to deliver on these these targets in in Cameroon and the rest of the value in our in our legacy assets. And we hope that you continue to support us. The company is is really held up on the on the the backs and shoulders of our investors, and we really appreciate those of you who are committed and recognize as the management team and board do the opportunity that exists here. And we hope you'll continue to to feel that way as we continue to have successful exploration in Kemory. Thank you very much. Bob, anything from you? No. Just a reminder about the AGM on the June 8. You know, I did this presentation just to help people with their voting, but also to remind them to turn to to come and turn up at the AGM by all means, 11:00 at GT.

55:12 So, other than that, thank you. Thanks very much. Tim, Bob, thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure we will be greatly valued by the company. On behalf of the management team of ORIOLE RESOURCES PLC, we'd like to thank you for attending today's presentation.