REG - Oriole Resources PLC - Commencement of Step-out Drilling at Mbe South

Oriole ResourcesAnnouncement

Today 07:00

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RNS Number : 6809Y  Oriole Resources PLC  31 March 2026

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")

 

Commencement of 2,500m Step-out Drilling Programme at Mbe South Deposit

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on Central and West Africa, is pleased to provide an update on its
50%(( 1  (#_ftn1) )) owned Mbe gold project in Cameroon ("Mbe" or the
"Project"), where it has commenced a 2,500m step-out ("Phase 3") diamond
drilling programme in 10 holes at the MB01-S deposit (the "Programme").  The
Programme aims to expand the existing 870,000oz contained gold JORC Mineral
Resource Estimate ("MRE"), which is currently open in all directions and at
depth.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The
commencement of the step-out drilling programme at the MB01-S deposit swiftly
follows on from the recent completion of the maiden drilling programme at the
MB01-N target.  Our ongoing and recent drilling activities at Mbe are all
designed to build upon the substantial maiden MRE reported at MB01-S last year
and to continue to grow the Project's enterprise value."

Figure 1. Commencement of step-out drilling at MB01-S.

 

Further Details

 

The Programme follows maiden ("Phase 1") drilling at MB01-S, which delivered a
maiden JORC Inferred MRE of 24.8Mt at a grade of 1.09g/t Au for 870,000oz
contained gold (see announcement dated 21 October 2025).  This MRE is
currently open in all directions and so the Programme has been designed to
target the potential extensions of the MB01-S system to the south, west,
northwest and northeast.  It is expected to add further gold ounces to the
global resource base at Mbe later this year.

 

Figure 2. Planned drill collar (in red) map for MB01-S step out programme,
with the drill hole collars from Phase 1 drilling (in blue), interpreted
geology and the US$3,200/oz gold pit shell of the existing MB01-S MRE, over
satellite imagery.

 

Meanwhile, following the recent completion of Phase 2 drilling at the nearby
MB01-N target, the Company's consultant is currently completing a separate
maiden JORC Mineral Resource Estimate for that target, which will be published
in early Q2-2026.  MB01-N already has a published JORC Exploration Target of
15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold,
and therefore offers significant upside to the global JORC Resource potential
of the Mbe project.

 

In addition, work is still underway to formalise BCM's 50% beneficial interest
in Mbe, with the drafting of a JV partnership agreement in progress.

Competent Persons Statement

 

The technical information in this release that relates to exploration results
and any planned exploration programme(s) has been compiled by 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 6632
 Tim Metcalfe / Graham Herring / Florence Staton       oriole@investor-focus.co.uk (mailto:oriole@investor-focus.co.uk)

 

Glossary and Abbreviations

 Au                Gold
 BCM               BCM International Limited
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 E-W               East-west
 ENE-WSW           East northeast-west southwest
 ESE-WNW           East southeast-west northwest
 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
 N-S               North-south
 Oriole Resources  Oriole Resources PLC
 oz                Troy ounce of gold
 QAQC              Quality Assurance Quality Control
 t/m(3)            Tonnes per cubic metre

 

Notes to Editors:

 

Oriole Resources

 

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in Central and West Africa.  It is currently focused on 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 deposit, and an Exploration Target range of 15Mt to 20Mt at
a grade of 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N target.  A fully funded maiden drilling programme commenced in
November 2025 and was completed in February 2026 at MB01-N, with the aim of
converting the existing Exploration Target to a Resource.   Following the
completion of the MB01-N drilling programme, and by meeting various financial
commitments, BCM has earned a 50% interest in Mbe.  Drafting of a JV
partnership agreement is in progress.  Mineral Resource Estimation work for
MB01-N has commenced.

 

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 50%* owned
Bibemi project, where it has applied for an exploitation licence.  In
November 2025, BCM completed its earn-in to give it a 50% interest in Bibemi
by meeting certain payment conditions, including spending US$4 million on
exploration.

 

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 (using a gold price of
US$1,800/oz)  in the JORC Inferred category for the Faré South prospect, and
an additional, complementary Exploration Target range of 17Mt to 24Mt at a
grade of 0.69g/t to 0.84g/t Au for 380,000oz to 650,000oz contained gold for
all prospects at Senala.  Best results to date include 20.00m grading 31.13
g/t Au including 10.00m grading 60.98 g/t Au from RC drilling and 59.60m
grading 2.20 g/t Au from diamond drilling.  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.

 

Background on Mbe

 

Mbe, with a licence area of 312km(2), is an orogenic gold project located
within the broader 2,266km(2) 'Eastern CLP' package of five contiguous gold
focused exploration licences mainly in the Adamawa Region of central
Cameroon.  Since 2022, the Company's systematic exploration programmes have
identified four geochemical targets, named MB01-MB04.

 

At the 3km long MB01 prospect, increased dilation at the sites of structural
intersections (steeply dipping NNE and NNW trending shear structures) is
believed to have resulted in enhanced levels of gold deposition at the
northern target, MB01-N, and the southern deposit, MB01-S.  Gold
mineralisation at Mbe comprises high-grade, sulphide- and telluride-rich
quartz veins, veinlets and breccias within wider envelopes of pervasive,
lower-grade gold mineralisation.

 

After highly encouraging results from infill soil sampling, rock-chip
sampling, and trench sampling, a fully funded maiden drilling programme
commenced at the MB01-S target in late November 2024 and was completed in
September 2025 for 6,828.40m in 24 holes.  Best drilling results included
86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole
MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au
from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).  In October 2025, a
maiden MRE was published for the MB01-S deposit of 870,000oz at 1.09g/t, using
a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au.  Mineralisation
at MB01-S remains open in all directions and at depth.

 

At the MB01-N target, approximately 700m to the northeast of MB01-S, an
Exploration Target range of 15Mt to 20Mt at 0.77g/t to 0.94g/t Au for
370,000oz to 605,000oz contained Au was published in July 2025, based on
trenching data and the interpretation of geophysical and geochemical anomaly
maps.  The Exploration Target remains open in all directions and at depth,
and it is anticipated that drilling of the target will result in a conversion
to Resource ounces.  A 2,982.80m drilling programme was completed in February
2026 in 15 holes.  Now that the full assay results have been received the
Company's consultant will prepare a maiden MRE for MB01-N to add to the
870,000oz Au at MB01-S.  Following completion of the MB01-N drilling
programme, and the meeting of various financial commitments, BCM has acquired
50% interest in the project and work is underway to formalise this interest.

 

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

(( 1  (#_ftnref1) ))  Following the completion of the MB01-N drilling
programme, BCM International has achieved a 50% beneficial interest in Mbe and
administration to formalise this interest in underway.  Oriole now has a 40%
interest but is currently undertaking a restructuring process that, once
completed, will see it increase its interest in the Project to 50% (see
announcement dated 17 October 2024).

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