Oriole Resources: Q&A in advance of Shareholders General Meeting
Join us for a great event!
Tue, October 20, 2020 at 10:00 AMendedReplay
Investor webinar replay
Meeting Overview The meeting was a live Q&A session held by Oriel Resources in anticipation of their shareholder general meeting scheduled for October 27th. Key topics included the company's fundraising efforts, upcoming drilling campaigns in Cameroon, and responses to shareholder inquiries regarding asset management and exploration timelines. Key Discussion Points - Introduction of key company executives and the purpose of the Q&A session. - Discussion on a £1.87 million fundraising initiative aimed at supporting a drilling campaign at Bibimi, Cameroon. - Insights into the exploration challenges in the industry and the importance of drilling results for market valuation. - Updates on the timeline for exploration results in Cameroon and the mobilization of drilling rigs. - Clarification on the asset disposal program and its impact on company dilution. - Information regarding ongoing projects with IAMGOLD and expected news flow from these initiatives. Decisions Made - No explicit dec...
John McGloin is a geologist and graduate of Camborne School of Mines. John worked for many years in Africa within the mining industry before moving into consultancy. He joined Arbuthnot Banking Group following four years at Evolution Securities as their mining analyst. He is also the former Head of Mining at Collins Stewart.
More recently, John served as the Chairman and Chief Executive Officer of Amara Mining plc until 2016 when it was sold for US$85 m. He is currently a non-executive director to Caledonia Mining Corporation plc and to Perseus Mining Limited.
A geologist enjoying over 32 years experience in gold and base metals, with a distinct focus on Africa, Europe and Asia. Tim has worked at all stages of exploration, project development and mine operations, and has a strong track record of delivery, both at the technical and commercial level.
Some of his more notable roles whilst with Barrick Gold Corp (2000-2014) include Exploration Manager (Eurasia), CEO of Tethyan Copper Company Pty Ltd (a Joint Venture between Antofagasta Minerals and Barrick Gold Corp) and Managing Director Middle East. After leaving Barrick, Tim retained a Board role in Tethyan Copper Company and supported the Company through successful International Arbitration against the Government of Pakistan.
Moving in to the junior mining space, Tim had roles as COO of TSX.V-listed Reservoir Minerals Inc. (which was sold in June 2016 to TSX-listed Nevsun Resources Ltd for US$365 million) and Managing Director of Rakita d.o.o. Serbia (the operating company of the Cukaru Peki project) before joining the company in March 2018.
Bob is a member of the Institute of Chartered Accountants in England and Wales. He trained as a chartered accountant with Price Waterhouse, qualifying in 1992, and has a BSc in geography from Durham University. Bob has extensive experience working for AIM-quoted companies, where he has been heavily involved in turnaround situations, fundraisings and acquisitions.
In partnership with three different CEOs, Bob was instrumental in the turnaround and subsequent growth of AIM-listed Universe Group Plc as Group Finance Director, seeing its market capitalization increase from £1.5m to £25m during his tenure.
Prior to the Universe Group, Bob was European Finance Director for OpSec Security Limited, where he was heavily involved in formulating and implementing a very successful reconstruction plan. The restructuring plan stemmed annual operating losses of £2.5million and moved the Company to a profit situation in the first year of its implementation.
Replay transcript excerpt
Speaker 1: Hi, everyone. Welcome to Oriel Resources live Q&A session today, hosted by 6. Speaker 1: We're joined today by John McGloin, Speaker 1: non-executive Speaker 1: chairman, Speaker 1: Tim Livesy, chief executive officer, Speaker 1: Bob Spenton, Speaker 1: chief financial officer. Speaker 1: We're here to answer your questions in advance of the shareholder general meeting held next Tuesday, October 27th. Speaker 1: As a reminder, you can submit your questions in the Q&A panel in the right-hand side of the screen. Speaker 1: Without further ado, I'm going to hand it over to John to kick things off. Speaker 2: Thanks, Jane. And thank you, everyone, for attending this virtual session Speaker 2: question and answers in advance of the general meeting scheduled for the 27th of October. Speaker 2: The general meeting has been called to put resolutions to the members of the company which if passed would allow the company to complete a 1.87 Speaker 2: million fundraising which we announced on the 7th of October. Speaker 2: It's become clear to us that the industry is becoming resource challenged through a lack of exploration and discovery, so our move into new frontiers Speaker 2: is timely and we believe our approach offers an exciting opportunity to be part of a growth phase in the exploration industry. Speaker 2: The fundraiser is intended to primarily support a maiden drilling campaign at Bibimi in Cameroon, Speaker 2: where our early stage exploration work during 2018 Speaker 2: and 2019 has identified excellent rock chip grades of up to 135 grams per tonne gold and encouraging trenching results, including 9 metres at 3.14 Speaker 2: grams per tonne gold. Speaker 2: It's the board's view that these results drive the need for drilling to understand the vertical ex...
