Good evening, and welcome to the Oriole Resources Investor Webinar. My name's Tim Metcalfe, and with us this evening, we've got Martin Rosser, Bob Smeeton, and Claire Bay from Oriole. Martin's going to run you through a presentation, and then after the presentation, we'll have the opportunity for a question and answer session. I'd like to thank those who've taken the time and trouble to submit questions ahead of the presentation, always very useful and helps hopefully color some of the things that Martin's going to say, and hopefully your questions will be answered through the presentation. If they're not, I will be putting them to Martin at the end, together with anything else that the people submit during the session. Okay. Well, it's time to go. Martin, I'll hand over to you, and take us through the presentation. Thank you, Tim, and thank you everybody for joining us. We appreciate your time, and we hope that we'll be able to give you a good overview and update on the company's activities at the beginning of an exciting year ahead for the company, and, importantly, answer your questions, and we look forward to it. Thank you. We are quite emphatically a high-quality African gold exploration and development company. Here's some of our fine team out in Cameroon on the first slide. If we can move on, please. We'll be showing you the lovely disclaimer very quickly. I'm sure you absorbed all that in a fraction of a second. Let's get down to the key slide at the beginning, which is why invest in Oriole? As I would like to emphasize with my colleagues, we have in the company some excellent gold assets. We're focused on Central and West Africa, in particular in Cameroon. What we've done is secured a very significant land position in Cameroon, which has highly prospective geology, and we've already made major discoveries for gold, significant resources under the company's belt. We've got a very supportive government in the country, and we're very confident that we're moving swiftly through the motions of adding value and delivering on our objective, which is a significant increase in the value of the company on the back of growing resources. As mentioned, we've been successful in going from early-stage exploration to making significant discoveries, specifically in Cameroon, and those are discoveries that we believe could become very attractive, profitable mines. We're operating mostly in Cameroon. We also have a very good quality project in Senegal. Those countries have good infrastructure when you compare them to other countries in Africa, and supportive governments, and good modern mining codes. We start the new year in a very strong position. We have excellent strategic partnerships on our assets, which we'll expand upon during the course of the presentation. We've got excellent upside to grow our resource base, particularly at our very exciting and attractive Mbe Gold Project. We have in the company, it's a small team, but it's a very high-quality team, significant expertise operating in the gold exploration sector, in gold mining, and specifically in Africa. Much of the presentation is going to focus on our activity in Cameroon, a country which we're championing as a very exciting new frontier for establishing a major gold industry. A country which has emphatically been underexplored, yet it has, as mentioned, good infrastructure, certainly in comparison to other African countries, a modern mining code, most importantly, has enabled us to get a very strong, substantial land position of highly prospective ground, which is starting to pay dividends with discoveries over the last few years, which we're growing rapidly into very exciting, significant resources. We're centered on a geological feature throughout the country, which has got significant potential for gold and other minerals, albeit our focus is on gold. The projects that we have cover a total area of just under 4,000 sq km, so it's a very large land holding by any measure. Certainly amongst those companies active in Africa, we feel we've got one of the largest land positions of highly prospective geology. The key project in terms of the scope of growing the resource is our flagship Mbe project, which sits within the district-scale Central Licence Package. More of that in a minute. We have advanced exploration and Cameroon's first JORC gold resource at the Bibemi project, which is further to the north, and surrounding Mbe in the other eastern Central Licence Package licenses. Excellent multiple follow-up targets, which we'll be talking about shortly. How do you value a gold exploration company? The key metric that analysts would use, and we certainly believe is valid in our case, is by looking at the gold resources that the company has as attributable to it, and work through the peer group and see how the company compares on the basis of each ounce that you have and what the market valuation for those ounces is. We currently have a significant attributable amount of gold to the company. It's just over 1 million oz made up of, in bulk, the material that we have contained at Mbe, followed by Bibemi and Senala. These bars here going from left to right show the current resources. In addition to the current resources, we have the exploration target range, which has been outlined in JORC exploration targets that our consultant has prepared for the projects in question, and effectively is additional material that may be converted into MRE ounces through active exploration work, which gives you a feel for the scope for additional gold that may come to the company in due course. The valuation, as I mentioned, that's most often used or the method is one based on looking at the enterprise value, the market capitalization for the company for each ounce of gold that the company has attributable to it. This graph, which we've been given by our investment research provider, Greenwood Capital Partners, most recently shows that Oriole is located on the far left of the graph, with an enterprise value per ounce. When we talk about the ounces, we're talking about those ounces under MRE, which are in the Measured, Indicated, and Inferred categories or the M&I&I, and you'll see that we are very lowly valued on the left-hand side there compared with our African peer group. Now, that is something that we are not content with. We certainly are working this year on a very intensive basis to correct that anomaly, and we're going to be doing that on the back of arguing and presenting the position that the company has at the moment in terms of the upside and the growth potential to move us up that curve and get a better and more reflective valuation that's appropriate for a company of our status and current position. At the bottom of that graph, we've put in what we hope is a useful matrix to give you some feel for the upside case potential for the flagship Mbe project. It effectively looks at a range of assumed ounces contained under MRE, and is on the basis for our attributable share, assuming a 50% ownership post our partner BCM International's earn-in, which will be effected quite soon. More of that in a minute. It gives you a feel for the different scenarios that may arise if we come up with a range of figures in the gray boxes there, from 500,000 up to 3 million oz, and what that would mean in terms of a valuation if we were accorded the average figure in our peer group. This is just for your guidance. You have to decide whether that's a valid argument or not. We certainly put forward our view that we are undervalued. You have to take a view on how undervalued we are on the assumptions that you'd like to make. I think whichever way you look at it, there's a significant disconnect between the current valuation and the upside on the back of what we think are realistic scenarios. Let's talk about the flagship project, which is Mbe, where we've gone from early stage exploration a few years back where a significant anomaly was identified, which had some very impressive anomalous soil samples that was followed up with significant trenching, which returned very good intersections of mineralization, justifying a maiden drilling program, which has resulted in reporting last year the maiden MRE for the southern area. Mbe consists of Mbe South and Mbe North. We focused on the southern area because it was the bigger anomaly, and we were delighted with the outcome when the independent consultant published the maiden MRE in October last year, which gave us 870,000 oz of contained gold. Truly excellent, in our opinion, at just over 1 g / ton. From a standing start of a maiden drilling program to realize that figure, in our opinion, is a very impressive outcome. This is just the start of what we have at Mbe. We have other targets within the wider license, and of course, we have the very attractive and currently being drilled northern prospect area, which we'll expand upon in a minute. Our very valued partner, BCM International, is earning up to a 50% interest in the Mbe license. That's on the back of a significant expenditure commitment, which they will have fulfilled very shortly on the completion of the ongoing drilling program at Mbe North. This gives you a good plan view in the top right-hand corner of the conceptual open-pit design for Mbe South, and a nice section there, and a bit more information on the JORC resource that was reported in terms of the breakdown by tons and grade. The bulk of the material is contained in fresh material, and what we see there is a grade that's probably in line with the average that prevails throughout West Africa, Central Africa for typical open-pittable gold mining operations. We think that this is certainly a project that has excellent potential to become a significant open-pit gold mine in due course. The initial drilling results that we've reported at the beginning of this year, which we were very delighted with on the back of the maiden drilling program at Mbe North, which started late last year in November. It's going very well in terms of the pace of the drilling. It's been conducted by our partner BCM. They've got a great team working out there with our colleagues. First results from the first two holes came out very recently, and we had a very significant set of intersections, noteworthy at just under 22 m at just over 3 g/ ton. Similarly, we also reported, which we've seen in the southern deposit, some high-grade narrow intersections. We're seeing a similarity at the north so far between what we saw in the southern deposit, which is wide zones or wide envelopes of low-grade mineralization, with significant narrower higher-grade zones within those envelopes. What we've seen in the first two holes is very encouraging, and we're looking forward to the next set of results over the next few weeks, to the conclusion of the program. What we've seen currently is a similarity between the lithology, the structure, mineralization in the southern area deposit to that in the north prospect. This gives you a bit more of the target that we have from the work that was done by the consultant in the bottom table, the exploration target, and that shows you a range that gives you from 370,000 oz to just over 600,000 oz as a possible total contained gold resource. These are for guidance, obviously based on the consultant's work. What we can say is that when we looked at the exploration target figure for the south deposit, we had a very good conversion from the target to the contained gold in the MRE. We're optimistic that we'll get similarly good results from the outcome from the drilling program when we get around with the consultant's work to reporting the MRE for the northern prospect. If we get a similar conversion success, then potentially we could add several hundred thousand ounces to the existing 870,000 oz in the southern deposit. More to do, but we're looking forward to the conclusion of the program and reporting that maiden MRE. Now, whilst we've focused on Mbe, because of course that's where we had the most success with the ground-based work and then the subsequent trenching and a very significant anomaly, we've also got a very significant land position surrounding in the eastern Central Licence Package half. As you can see, contiguous to Mbe, we have a very large land holding there, and you can see these ellipses, these diamond shapes, I mean golden shapes, which show that we have other target areas to follow up, which we're actively looking at at the moment. The potential, in our opinion, is that there's a significant regional trend where other deposits are highly likely, and that Mbe is just the beginning, let alone within the Mbe license where outside of MB 01, we have other target areas to add to that which we have already found, had the success for the south and north. We've got a lot to do, but a lot of exciting upside on the back of the work that we've done to date. The eastern Central Licence Package is a priority for the company to leverage off the success at Mbe. Currently our main work is focused on the Pokor license, which is immediately to the west, the left of the Mbe license. Now on to Bibemi, which is the most advanced asset in Cameroon that we have because it's at the status of applying for an exploitation license. It's also the one that we reported the country's first JORC gold resource, and where we've gone through more advanced technical work to bring it up to a preliminary economic assessment. We have a resource figure that contains 460,000 oz of gold. 100,000 oz of that is in the Indicated category. To support our application for an exploitation license, we have looked at a scenario that is going to focus on the Indicated portion of that resource. We want to move swiftly through the exploitation license application process, and then we'll be in a good position to consider the next steps with our partner once we have that approved, and look forward to that in the months to come. We reported late last year the results of the economic assessment, the Preliminary Economic Assessment that we did. We decided that the best way forward was to look at an initial small-scale operation producing 10,000 oz/year of gold with an initial seven-year life of mine on the back of the Indicated material that we had there. We were pleased with these numbers and the economics that came out as a result of the analysis. We've used a conservative gold price in this table here, of $3,200 /oz. It probably doesn't need me to tell you that the current gold price is significantly higher, and so therefore it gives you a feel for the significant upside if you factor in current gold prices or even significantly higher gold prices than that. We think that this forms the basis for a good potential for economic development. Bibemi, as I mentioned, is going through an exploitation license application. We have recently engaged with the government late last year, where we had very positive planning meetings with the key government entities that are responsible for moving the exploitation license forward with us. That is the Ministry of Mines and also the state mining company, SONAMINES, where both of them were very enthusiastic about our application and were very positive about moving it forward with us on a swift as possible basis. We feel that they're completely aligned with mutual interest to see the license approved and to enable us to, therefore, thereafter, consider the next steps. In parallel to this work that we're doing, that I've just set out, from the license application point of view, we're doing additional technical work, including significant metallurgical test work, which is underway, designed to support the robustness of the flowsheet design that we've selected, and also, importantly, geometallurgical domaining, which is effectively making sure that we've covered the various zones, potentially that exist within the ore body, so that we have thorough representative input into the model and the assumptions that we've used for the processing flowsheet. We're looking forward to a positive conclusion for the exploitation license application in the months to come. In parallel, as I said, we're also doing other technical studies to assist us with mine design and planning, and look forward to reporting on that in due course. Finally, changing country, we move to Senegal and our Senala project, which is a joint venture with Managem. Managem is a significant gold mining company with a major mine already in Senegal, so a lot of operating experience in the country, and a lot of enthusiasm to advance this with us to determine exactly what we've got there. We're in the stages of finalizing a joint venture agreement with them and the next phase of exploration work. The project has reported some impressive intersections in the past, has, although modest currently, JORC resource. We think that there's significant scope for adding more ounces through ongoing exploration work, and we're hopeful that that will be something that we can talk about quite soon. As I mentioned, this is a very important year for the company. We've started with some very good results at Mbe North. We've got significant work programs taking place. In summary, once we've completed the Mbe North drilling program, we'll be looking to move forward with the consultant on reporting the maiden MRE, and then with our partner BCM discussing and planning a step-out drilling program at Mbe South, which remains open in all directions. We also have plans afoot to complete the buyout of our local partner's 10% interest and finalize the joint venture agreement with BCM International. Moving to Bibemi, we have the various work streams that I've just mentioned in terms of technical work, finalizing the exploitation license, and finalizing a joint venture agreement with BCM also. Very importantly, looking to work up the exploitation license. The Eastern Central Licence Package rather, where we're conducting specifically good work, currently at Pokor, and also we're looking at Ndom, with what we believe is great potential to find another Mbe. We've got good work taking place there, and we'll be talking about that again soon. At Senala, we look forward to reporting on progress there, in due course. In summary, what we have in the company, we have a good team of people, we have great results already, we have one of the largest and most prospective exploration land holdings of any company in Africa, let alone junior. Africa is certainly attracting significant interest from intermediates and major mining companies. We think we have a very particular distinction of having a dominant position in a country with great geology, which is totally underexplored. We know from our engagement with various companies in the mining sector. We are highly appealing to them because there are very few countries which have the characteristics that Cameroon has that they can see has great potential. We think that as we grow our resources, we keep talking the story about Cameroon's potential and demonstrate the exciting, outstanding opportunity there, more and more companies will be very interested in what we're doing. We see that what we have at the moment is perhaps people don't understand Cameroon so well because it's a country that's hitherto not had a lot of activity. We don't have other companies that are also active there to generate a lot of noise in the market. That's our job. As we do that, we will see that we can correct the misunderstanding perhaps about Cameroon's potential, and start to see the valuation for the business reflect the fundamentals that we have at the moment. What that will be based on is what we have now and a significant increase in attributable gold resources on the back of the very significant exploration work that we're doing now and throughout the rest of the year. The Mbe license in particular and the wider Central Licence Package have fantastic potential, and we look forward to delivering the results that we believe we're going to have there and determining what we've got. Finally, we're ready to sort of leverage the successes both from the point of view of getting the message out there and addressing the fact that we have our shares, in our own mind, trading at a significant undervaluation. Thank you very much for listening. Obviously, I shouldn't neglect to mention the fine people in the company, not to blow our own trumpet, but to demonstrate our credibility and experience to handle what we've got. I think our record speaks for ourselves in our achievements. We're in very strong hands as a team. We've got a first-class capability, both based out of the U.K. and in country, and we're very excited about the potential. Some statistics which you can read at your leisure on the market capitalization, major shareholders. Perhaps I should just highlight that we have strong support from Shard, which was a significant supporter in the placing that we did last year with their clients, strong management participation and involvement as shareholders, and we thank our advisors for their support, and we appreciate our shareholders' support. Of course, as always, they're the most important people. Thank you. Well- Okay, I'm done on the presentation. Thank you very much, Martin, for an excellent presentation. We'll now move on to Q&A session. If anybody's got any further questions, please don't hesitate to type them in. Use the Q&A button at the bottom of your screen. Unfortunately, we've got too many people on this evening to go to people individually and ask them to unmute and put their questions. Further questions, you do have a little bit of time while I go through the ones that we've received ahead of time if you've got anything. Thank you for those who submitted questions in advance. A number of the topics, Martin, I know you have covered in the presentation. I'll try and bring out some of the points that I think may need a bit more amplification. If we start with Mbe, I've had a number of people comment that obviously the Mbe North initial drilling results have been excellent. It may be too early to say, but what is this really telling you about the structure as a whole, Mbe South, Mbe North, the connections? Do we see potential for sort of one large, continuous, 3 km long strike here, or is the geology a bit different? Thank you. Well, I'm going to ask Claire to answer that because she's by far and away the best qualified person to do so. Yeah. All right. Thanks, Martin. Essentially, as Martin discussed in the presentation, the drilling that we've done to date, noting that we're just over halfway through the program there, has encountered very similar host rocks and similar structural controls as we saw at the southern target. In a broad sense, it's part of the same overall system. However, the two targets are 700 m apart, the north target being 700 m to the northeast. The surface expression is 700 m apart. Whether they're directly contiguous is yet to be established. We would have to do drilling in between those two, drilling the gap essentially, before we can determine either way. As Martin mentioned, both targets are open in all directions, so there is certainly potential to close that gap. As I say, whether they're contiguous is yet to be established. We're more focused on finding the limits of each of those individual targets at this stage. Excellent. Well, thank you. Obviously, an awful lot of potential there. The initial grades we've seen from the North have been obviously on the higher side. Again, probably too early to say, but do you see it broadly similar to Mbe South? Is it expressing in the same way? We're gonna see roughly the same sort of grade range? We have had high-grade hits in the south as well. Slightly, I suppose, bearing in mind we've only reported results from two holes from the North so far. It's quite a limited perspective at this stage. Essentially, we are getting the broader envelopes of lower grade mineralization with higher grade sweet spots within that, very similar to what we're seeing in the south. Potentially, we are seeing slightly different structural rotation in there. We're also looking at possibility of folding within the system. At this stage, it is as we were expecting. That's great. If we move on to some questions on Bibemi, obviously, people are looking at the current gold price, and the headline 10,000 oz /year production profile looks modest for what's there. Would you like to make any comments on that? Is that just a start to something that could be bigger? Thank you. What we wanted to do was to make sure that we are able to get an exploitation license approved on the back of a scenario that was clearly supported by technical studies, and was not going to mean that we would have to spend more time and money doing a lot more work. We had to crystallize a scenario around the Indicated material, which is the only material that you can use to support feasibility studies once you want to get to the definitive study stage, and earlier. We wanted to be able to come up with something that was a manageable size project, something that the government wanted to see happen swiftly in terms of a potential mining development. It was driven by various factors. It's not to diminish the potential for a bigger scale operation dependent upon which way we go. It could be something that you would certainly look to grow as a mine in terms of production in the future on the back of cash flow and additional work. We didn't want to prevaricate and delay any longer because the government, not unreasonably, is very enthusiastic to see the first significant size gold mine established in the country. Our job is to determine whether that's something that's going to be feasible and deliverable. We wanted a manageable scale to that scenario. No, that makes perfect sense. Thank you, Martin. Number of questions on funding, and possibly these are for Bob. Obviously, BCM achieving their milestones to earn their 50% earning, can you just set out how the projects are funded once that 50% earning is reached? Is it pro rata 50/50 between Oriole and BCM? Take that. Yes, that's right. We announced in November when we talked about the completion agreement earlier, that Bibemi had reached the 50/50 level. We'd accepted that the earning was complete on Bibemi. Completion of the Mbe North drilling will complete the 50/50 JV arrangement on Mbe. Now, beyond that, we do go into a joint funding scenario where it's contribute or dilute. I think we're all pretty comfortable we want to contribute, and as do BCM. It's likely that those percentages will stay the same for the foreseeable future. The recent fundraise we did in November was obviously done with an eye on funding programs within the JVs. Immediate funding requirements we're comfortable we've got covered. Obviously the current period, the Mbe North drilling is all funded by BCM. Yes, we will. Short answer is yes, we will go to a 50/50 contribute or dilute position. Okay. Thank you. A supplementary that's probably slightly more for Martin on that, when you get to 50/50, who retains the driving position? Who's steering the project forward? Is that still Oriole or do BCM suddenly have more of an input? It will be on an equal basis. There'll be a joint venture management committee, and we've enjoyed working with BCM to date. We get on very well with them. They've got a very strong technical team to complement our team, especially obviously as a very significant mining contractor. We're just finalizing the joint venture agreement with them to account for the way forward, post their 50% earning. We certainly look forward to working with them on a mutual basis of what's best for the project. Thank you. Something that I've seen people show concerns over, obviously 50/50 today, but as Bob says, contribute or dilute, we're hopefully not diluting. In the joint venture agreements, if there was some dilution, you went to 49/51, for example, does that suddenly change the management dynamics of the project? I'll let Bob answer that because he's working hard on the JV as we speak. That's true. I am working on the JV agreements. The JV agreements, to be honest, were enshrined in the original earning agreements. We had a big section on what the JV would look like. In reality, we'll have control with agreement with BCM throughout the period we're talking about. We don't anticipate diluting for the foreseeable future, possibly ever. It would be nice. I don't think we have an issue working with BCM. Certainly, the technical committee that's been in place for the last two years have had some robust discussions, but have basically put together some very good programs in cooperation. BCM have geological advisors who have agreed with what our team wanted to do. I can see us continuing to take a lead, certainly, on the geological way forward. BCM's expertise is more in towards the mine development, mine build side. I very much expect us to be fully involved all the way through. Okay, thank you. Should you be able to achieve the various milestone payments, are those funds to go toward further exploration in the existing portfolio, or would you look to work to move even further and add additional projects to Oriole's portfolio? The resource payments, the resource success payments. Both of the earning contracts include milestone payments where an Indicated resource is defined 1 million oz, 2 million oz, 3 million oz, so on and so forth. In terms of when they're likely to fall due, we don't know. Indicated is an earn-in. 60% of it needs to be in the Indicated. Yeah. Yeah. 60% needs to be Indicated. It's a hurdle we haven't got to yet certainly on Mbe. We would need to understand, as that would be in the JV, the costs of actually achieving that. Certainly in terms of what we'd use those funds for, I think we'd probably agree, let's find the funds and then at that point we'll work out how to spend them. Be a nice position to have. Yeah. Yeah, indeed. A high-quality position to be in. We've got a slightly different question here, actually, from somebody who's attending who's Cameroonian. Maybe for you, Claire. You're going to be recruiting hopefully. Where does he go to join the Oriole team? Our web address is info@orioleresources.co.uk. Those emails go through the office where I'm based, and we review every application that comes in. Thank you. Yeah. Excellent. Well, there's an answer there. Sounds good. He sounds a very entrepreneurial chap or lady. Looks good. No, he's very welcome to have somebody who's Cameroonian joining us this evening. I'm sorry, just while we're on that note. I should just flag that all of our team out in Cameroon is Cameroonian except for our Exploration Manager, who is Senegalese. We do have a very strong local workforce. We're developing a skill set there, so it's really strong. Wonderful. Well, thank you for that, Claire. I think we're getting through most of the questions that have either been covered in the presentation or submitted in towards the sort of three-quarters of an hour that we've set aside for this. One sort of general question that I had emailed through just a few minutes ago, more sort of long-term, does Oriole see itself as purely an exploration company, or do you see it moving through to actually be into production at some point later in its life? No, we definitely see our capability and objective to move towards a producing company. We have people in the company who've been involved in operating mines, building mines. We certainly realize that it's important obviously to make discoveries and add value for exploration, but it's also critical that you have the wherewithal and the desire and objective to move them through to the point where they could become mines, and indeed, become a mining company with production. Emphatically, yes, we want to have the full available range of adding value to the corporate entity. Excellent, thank you. As you were saying that, Martin, somebody's just typing in a question. Bibemi in the first instance, but other mines in the future, how would you see those funded? Well, obviously, wholly dependent upon the amount of capital that's required. A range of options exist. Clearly, most mines are funded through a combination of project finance by way of debt and equity. This day and age, you've got all sorts of additional spicier financing sources, whether they're royalty streams, off-take agreements. Importantly, if you're a gold producer, you probably have more options available than any other metal product. It's certainly the case that hopefully, and I'm sure it will be, we'll have a lot of options to consider. Excellent. Well, I think that's a good note to end things. I'd just like to say thank you very much, Martin, Claire, and Bob for your time this evening, most of all to everybody who's attended. If you've got any further questions, please don't hesitate to get in touch at any time, Oriole at investor-focus.co.uk. Come straight through to me, talk to the team, we'll come back to you with answers as soon and as we can. Thank you very much and enjoy the rest of your evening. Thank you. Just from all of us here, we appreciate this opportunity. We're always happy to engage with our shareholders, potential shareholders. Thank you, Tim. We're very upbeat and enthusiastic for the months to come for the company. We've made a great start to the new year. There's a lot of excitement that we want to build on. Excellent. Well, thank you, everybody. Good night.