REG - Oriole Resources PLC - BCM Agreement, Fully Funded Mbe-N Drill Programme

Oriole ResourcesAnnouncement

05/11/2025 07:00

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RNS Number : 1960G  Oriole Resources PLC  05 November 2025

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR.  Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

Oriole Resources PLC

("Oriole Resources" or the "Company")

 

BCM Completion Agreement and Fully Funded Mbe-North Drilling Programme

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on West and Central Africa, is pleased to announce that it has signed
a completion agreement (the "Completion Agreement") with BCM International
("BCM") in relation to its 2024 earn-in agreements (the "Earn-in Agreements")
on the Bibemi and Mbe gold projects in Cameroon.  The Completion Agreement
includes the approval of a planned 2,950m maiden diamond drilling programme at
the MB01-N target (the "MB01-N Drilling Programme"), anticipated to start next
month, with a view to adding additional ounces to the recently announced JORC
resource of 870,000oz of contained gold on the MB01-S deposit.

Highlights

 

Completion Agreement Payment Terms

 

·    BCM will pay Oriole US$900,000 in three equal monthly instalments,
commencing in November 2025 (the "Cash Payments").

·    BCM will also contribute US$300,000 (the "Direct Drilling
Expenditure") to the costs of the 2,950m maiden MB01-N Drilling Programme.

·    In addition to financing the MB01-N Drilling Programme, the Cash
Payments will fund further detailed metallurgical test work at Bibemi, with
the balance of the Cash Payments being added to the Company's cash in hand of
£0.64 million (US$0.84 million), as of 31 October 2025, for general and
administrative costs and further exploration work in Cameroon.

·    The receipt of the Cash Payments and the completion of the Direct
Drilling Expenditure will meet BCM's financing commitments envisaged by the
Earn-In Agreements, and will earn it a 50% interest in both Bibemi and Mbe.

 

MB01-N Drilling Programme

 

·    A planned 2,950m diamond drilling programme, expected to commence in
December 2025, will focus on converting the existing Exploration Target, with
a range of 15 to 20Mt at 0.77 to 0.94g/t for 370,000oz to 605,000oz of
contained gold, into JORC Resources.

·    The MB01-N Drilling Programme follows the successful maiden drilling
programme at the MB01-S target, located 700m to the southwest, which last
month delivered a maiden JORC Inferred Mineral Resource of 24.8Mt at a grade
of 1.09g/t Au for 870,000oz contained Au.

·    The MB01-N Drilling Programme is anticipated to complete in late Q1
2026.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "Having
recently reported the excellent maiden JORC resource at MB01-S of 870,000oz of
contained gold, we are delighted that, with our partner BCM, we will be moving
swiftly to starting the maiden drilling of MB01-N, which has a significant
JORC exploration target range with a median of 488,000oz contained gold.  In
addition, the Completion Agreement with BCM will mean that the next phase of
important mineralogical and metallurgical testwork on selected Bibemi
representative samples can commence once they are delivered to the independent
testing laboratory.  Concurrently, we will intensify the exploitation licence
application negotiations with the Cameroon Government."

Further Details

 

Background

 

In January 2024, the Company signed two Earn-In Agreements with BCM in
relation to the Mbe and Bibemi projects (see Oriole's announcements dated 5
January and 19 January 2024), whereby BCM could earn a 50% interest in both
projects by meeting certain commitments, including US$4 million in exploration
expenditure at each project within two years, and future resource-linked,
success-based payments.

 

With the Earn-In Agreements both nearing the end of their terms, the Company
has signed a Completion Agreement with BCM to formalise the outstanding
exploration programmes and expenditure commitments under those Earn-In
Agreements.

 

The Completion Agreement

 

Under the terms of the Completion Agreement, BCM will pay the Company
US$900,000 cash in three equal monthly instalments starting in November 2025.
 BCM will also contribute US$300,000 to drilling costs of the MB01-N Drilling
Programme.

 

The receipt of the Cash Payments and the completion of the Direct Drilling
Expenditure will meet BCM's financing commitments envisaged by the Earn-In
Agreements.

 

Application of Funds

 

Bibemi

 

The November tranche of the Cash Payments will, in part, be used to fund
detailed mineralogical and metallurgical testwork on four further
representative samples at Bibemi.  Completion of this work is not expected to
affect the timelines for delivery of the Exploitation Licence, with submission
of an updated detailed technical report to the Cameroon Ministry of Mines
expected later this month.  This report will incorporate the updated JORC
resource, mineral processing studies and mine planning work the Company has
completed since the initial submission, as well as a preliminary economic
assessment ("PEA") model, and is designed to accelerate the Exploitation
Licence application process towards a positive outcome.  Further details on
the PEA will be announced later this quarter.

 

Receipt of the November 2025 tranche of the Cash Payments will see BCM earn a
50% interest in the Bibemi licence.

 

Mbe

 

The Cash Payments will primarily be used to fund the MB01-N Drilling
Programme.  BCM will also fund the Direct Drilling Expenditure for this
programme.  The MB01-N prospect is located 700m to the northeast of the
MB01-S deposit, where last month the Company published a maiden JORC Inferred
Mineral Resource Estimate of 24.8Mt at a grade of 1.09g/t Au for 870,000oz
contained gold.

 

MB01-N has a JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for
370,000oz to 605,000oz contained gold, and offers significant upside to the
total JORC Resource potential of the Mbe project.  This fully funded drilling
programme has been designed to maximise conversion from Exploration Target to
Resource and is expected to commence in December 2025.

 

Upon completion of the MB01-N Drilling Programme, targeted for late Q1-2026,
BCM will acquire a 50% interest in the Mbe licence.  The potential
resource-linked, success-based payments due under both agreements are not
impacted by the Completion Agreement and will still become payable by BCM
should the conditions be met in the future.

 

Cash Balance

 

Since 31 August 2025, BCM has paid Oriole US$600,000 in cash, largely related
to the recently completed MB01-S drilling programme and technical studies,
giving the Company a cash balance of £0.64 million (US$0.84 million) as at 31
October 2025.  These funds will be used to cover the Company's general and
administrative costs and to complete follow-up exploration at the Company's
Pokor and Ndom Eastern CLP licences, which are contiguous with the Mbe
licence, but are outside of the agreements with BCM.

 

 

Competent Persons Statement

 

The information in this announcement that relates to the Mineral Resource
Estimate and the Exploration Target is based on data compiled by Mr. Robert
Davies, EurGeol, CGeol, an independent consultant to Oriole.  Mr Davies is a
Director of Forge International Limited.  Mr Davies has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the JORC Code.  Mr Davies consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.  The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate or
the Exploration Target, and that all material assumptions and technical
parameters underpinning the MRE and the Exploration Target continue to apply.

 

The technical information in this release that relates to Exploration Results
and any planned exploration programme has been compiled by Mrs Claire Bay
(Executive Director).  Claire Bay (MGeol, CGeol) is a Competent Person as
defined in the JORC code and takes responsibility for the release of this
information.  Claire has reviewed the information in this announcement and
confirms that she is not aware of any new information or data that materially
affects the information reproduced here.

 

Enquiries:

 Oriole Resources Plc                                  Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 Strand Hanson Limited (Nomad & Broker)                Tel: +44 (0)20 7409 3494
 Christopher Raggett / James Spinney / Edward Foulkes

 IFC Advisory Ltd (Financial IR & PR)                  Tel: +44 (0)20 3934 6630
 Tim Metcalfe / Graham Herring / Florence Staton       oriole@investor-focus.co.uk

 

Glossary and Abbreviations

 Au                Gold
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 Forge             Forge International Limited
 g/t               Grammes per tonne
 JORC              Joint Ore Reserves Committee
 JORC Code         2012 Edition of the Australasian Code for Reporting of Exploration Results,
                   Mineral Resources and Ore Reserves
 km                Kilometre
 km(2)             Square kilometre
 Mbe               Mbe orogenic gold project
 m                 Metres
 MRE               Mineral Resource Estimate
 Mt                Million tonnes
 Oriole Resources  Oriole Resources PLC
 oz                Troy ounce of gold
 t/m(3)            Tonnes per cubic metre

 

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in West and Central Africa.  It is focused on early-stage exploration in
Cameroon.

 

At its district scale Central Licence Package, the Company has identified
multi-kilometre long gold anomalies including at its flagship Mbe project.
 At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at
1.09g/t Au for the MB01-S zone, and an Exploration Target range of 15 to 20Mt
at a grade of 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N zone.

 

The Company has also reported a Resource of 460,000oz contained gold at
2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned
Bibemi project, where it has applied for an exploitation licence.  BCM
International is currently earning up to a 50% interest in the Bibemi and Mbe
projects in return for a combined investment of US$1.5 million in signature
payments, up to US$8 million in exploration expenditure, as well as JORC
resource-based success payments.

 

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
("AGEM"), a wholly owned subsidiary of Managem Group, has completed a six-year
earn-in to acquire an approximate 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  The Company has reported a
Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred
category for the Faré South prospect, and an additional, complementary
Exploration Target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for
380,000 to 650,000oz contained gold for all prospects at Senala.  Discussions
on the formation of a joint venture company are currently underway.  The
Company also has several interests and royalties in companies operating in
East Africa and Turkey that could give future cash payments.

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) ,  @OrioleResources on X

 

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