REG - Oriole Resources PLC - Completion of MB01-N Maiden Drilling Programme

Oriole ResourcesAnnouncement

20/02/2026 07:00

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RNS Number : 7265T  Oriole Resources PLC  20 February 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")

 

Completion of MB01-N Maiden Drilling Programme and BCM Earn-In at Mbe

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on Central and West Africa, is pleased to provide an update on the Mbe
gold project in Cameroon ("Mbe" or the "Project"), where it has completed the
maiden diamond drilling programme at the MB01-N target for some 3,000m (the
"Programme").  Following this the Company's partner, BCM International
Limited ("BCM"), has now earned a 50% beneficial interest in the Project.

Highlights

 

o  The Programme has been completed for a total of 3,000.40m drilled in 15
holes.

o  BCM has now earned a 50% beneficial interest in Mbe and the administrative
work to formalise that interest, including the drafting of a joint venture
agreement, is underway.

o  Results for six holes are outstanding and are expected later in Q1-2026.

o  On receiving these final results, the Company's consultant will prepare a
maiden JORC Resource for the MB01-N target to add to the existing 870,000oz
contained gold JORC Resource at the nearby MB01-S deposit.

o  A fully funded step-out drilling programme is scheduled to commence at
MB01-S in Q2-2026.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
delighted that the maiden drilling programme at the MB01-N target has been
completed.  The drilling crew and support personnel have worked tirelessly to
achieve this on time and with excellent core recovery, and we thank them for
their efforts.  We look forward to reporting the remaining drill holes
results and the consultant's maiden MRE report."

Further Details

 

The Programme, which commenced in November 2025, was planned to test the
MB01-N target, which is located 700m to the northeast of the MB01-S deposit,
where the Company has previously reported a maiden JORC Inferred Mineral
Resource Estimate of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained
gold (see announcement dated 21 October 2025).  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.  The Programme was designed to maximise
conversion from an Exploration Target to a JORC Resource.

 

The Company today reports that the Programme has been completed for 3,000.40m
drilled in 15 holes (MBDD025-039), of which 17.60m was abandoned and redrilled
so the total being sampled is 2,982.80m.  In accordance with the Completion
Agreement (see announcement dated 5 November 2025), the Company can confirm
that BCM has now earned a 50% beneficial interest in the Mbe gold project.
 The administrative work to formalise that interest, including the drafting
of a joint venture agreement, is now underway.

 

Notable results from the first nine holes in the Programme (using a 0.20g/t Au
lower cut-off grade) have included 21.70m at 3.13g/t Au including 7.20m at
8.19g/t Au (MBDD026), 16.10m at 2.49g/t Au and 14.80m at 0.73g/t Au (MBDD027),
16.20m at 0.77g/t Au including 10.10m at 1.08g/t Au (MBDD025), and 1.02g/t Au
over 7.00m (MBDD031).

 

Results for a further six holes (MBDD034-39) are anticipated later in Q1-2026,
after which the Company's consultant will prepare a maiden JORC Resource for
the target to add to the existing 870,000oz contained JORC Resource at the
nearby MB01-S deposit.

 

In addition, a fully funded step-out drilling programme is scheduled to
commence at MB01-S in Q2-2026.  Further details on this programme will be
announced in due course.

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
 Company           Oriole Resources PLC
 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

 

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 was completed in
February 2026 at MB01-N with the aim of converting the existing Exploration
Target to a Resource.  Whilst final results are outstanding, completion of
the programme has seen BCM meet its contractual commitments and earn a 50%
interest in Mbe.

 

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 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, and will be tested via
a step-out drilling programme due to commence in Q2-2026.

 

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.  An approximate 3,000m drilling programme has recently
been completed which has seen BCM earn a 50% interest in Mbe.  A maiden MRE
for MB01-N is anticipated in Q2-2026.

 

 

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

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