Oriole Resources PLC’s Post

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Operational highlights include the signing of two agreements with BCM for the Bibemi and Mbe projects. #ORR received $1.5 million on signing, which gave BCM a 10% interest in each licence, potentially rising to 50% by funding up to $4 million in exploration per licence. The MRE for #Bibemi was upgraded to a contained 375,000 Troy oz in 5.1 Mt grading 2.30 g/t Au for Bakassi Zone 1. The Phase 5 drilling programme also commenced at BZ1 and, in June, an ELA was submitted to the Cameroon government. Infill soil sampling was completed at Mbe, and a follow-up trenching programme at the MB01 target delivered initial results up to 50m at 1.11g/t gold, including 20m at 2.23g/t (MBT001). The results support ORR’s opinion that Mbe is a potentially significant discovery. Managem Group completed its earn-in at Senala and confirmed it had spent ~$5.8 million on exploration, giving it a ~59% interest. The remaining % is held by an ORR subsidiary. The licence was renewed for a further three-years, and discussion on the next steps are ongoing. Pre-tax profit for the period was £1.15 million, and the cash balance of Oriole as at 30 June 2024 was £0.84 million.

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