REG - Oriole Resources PLC - Final Results and Notice of AGM
02/04/2025 07:04
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RNS Number : 2450D Oriole Resources PLC 02 April 2025
Oriole Resources plc / Index: AIM / Epic: ORR / Sector: Mining
Oriole Resources PLC
('Oriole' or 'the Company' or 'the Group')
Final Results and Notice of AGM
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focused on
West and Central Africa, announces its final results for the year ended 31
December 2024 (the 'Period').
Copies of the Company's Annual Report will be posted to shareholders on or
before 21 May 2025, together with the notice of the Company's Annual General
Meeting ('AGM'). The AGM will be held at 11:00am BST on Wednesday 25 June
2025 at the offices of Gowling WLG, at 4 More London Riverside, London, SE1
2AU.
Ahead of the AGM, the Executive Directors will be hosting an online
presentation and question and answer session at 1.00pm BST on Tuesday 15 April
2025 via the Investor Meet Company platform. Full details for this event
will be announced in due course.
Operational Highlights:
· Completion of two earn-in agreements with BCM International Limited
('BCM') in respect of the Bibemi ('Bibemi') and Mbe ('Mbe') gold exploration
licences in Cameroon. These agreements brought US$1.5 million (£1.18
million) in signature payments, plus the potential for future resource-based
success payments, and the option for BCM to spend up to US$4 million on each
licence to achieve a 50% ownership of those licences.
· Increase in the independently calculated maiden Australasian Joint
Ore Reserve Committee ('JORC') Code Inferred mineral resource estimate ('MRE')
at the Bakassi Zone 1 prospect at Bibemi, to a contained 375,000 Troy ounces
('oz') gold ('Au'), grading 2.30 grammes per tonne ('g/t').
· Commencement of a Phase 5 drilling programme at Bibemi, which was
subsequently completed in February 2025 for 6,915.40 metres ('m') in 56
holes. Results have delivered a number of new intersections including 4.10m
at 7.99g/t Au (BBDD059), 5.30m at 1.68g/t Au (BBDD092), 2.70m at 14.67g/t Au
(BBDD058), 2.00m at 12.50g/t Au (BBDD061), 2.15m at 9.95g/t Au
(BBDD063), 2.00m at 8.57g/t Au (BBDD075) and 1.00m at 25.54g/t Au (BBDD068).
Many of these fall outside of the current mineralisation wireframes but
within the existing MRE open pit design, providing scope for additional
near-surface resources. The Company anticipates reporting an updated MRE in
Q2-2025.
· In June 2024, the Company submitted an exploitation licence application
('ELA') to the Cameroon Government, supported by various technical studies,
including an Environmental and Social Impact Assessment and preliminary
economic studies. The ELA marked the start of an iterative negotiation
process to define and formalise the terms of a Mining Convention for the
project. This process is expected to be progressed more quickly during 2025,
now that the Phase 5 drilling at Bibemi is complete.
· Definition of two large gold-in-soil anomalies (MB01-N and MB01-S) at
Mbe, within the 3km-long MB01 prospect, and the identification of a further
three anomalies within the wider licence. Subsequent trenching over the MB01
anomalies, for 7,055m in 16 trenches, confirmed wide zones of gold
mineralisation, including 51.00m at 1.02g/t Au (MBT007), 88.00m at 0.71g/t Au
and 47.75m at 1.23g/t Au (MBT008), and 79.00m at 0.43g/t Au (MBT015).
· In late November 2024, the Company commenced a maiden drilling
programme at MB01-S for a planned 6,590m in 24 holes. Results from the first
four holes in the programme have delivered over 60 gold mineralised
intersections, including 29.75m at 0.82g/t Au, including 17.30m at 1.35g/t Au
and 26.30m at 0.65g/t Au, including 10.90m at 1.08g/t Au (MBDD002) and 8.00m
at 1.03g/t Au, and 4.24m at 8.12g/t Au, including 1.72m at 18.00g/t Au
(MBDD003).
· In Senegal, our partner on the Senala licence ('Senala'), Managem
Group ('Managem'), a Moroccan-based international mining group, has continued
to provide funding under the pre-existing option agreement and, following a
review of expenditure to the end of the option period, the Company confirmed
in February 2025 that Managem will hold an approximate 59% interest in the
licence. The Senala licence was successfully renewed for a new three year
term early in 2024 and a joint venture ('JV') agreement is being drafted to
manage the partnership going forward.
· Shortly after the end of the Period, an Environmental Impact
Assessment ('EIA') study was approved for the Company's legacy asset,
Muratdere, in Turkey. A forestry permit is now awaited and a buyer for the
Company's 1.2% Net Smelter Return ('NSR') royalty is being sought.
Financial Overview
· Exploration expenditure of £2.66 million (2023: £0.33 million)
following successful completion of earn-in agreements with BCM enabling an
expansion of activities in Cameroon.
· Administrative expenses, including our expanded team in Cameroon,
increased to £1.53 million (2023: £1.13 million), largely related to
increased activity compared to the prior year, and a need to increase the
workforce.
· Loss for the year of £0.30 million (2023: loss of £2.27 million)
due to gains on the £1.18 million of signature payments received from BCM,
the sale of of the Company's remaining interest in two Turkish assets for
£0.24 million, and £0.70 million positive revaluation of the receivable from
Lanstead Capital Partners L.P. ('Lanstead').
· Receipts of £1.07 million in the year under the Sharing Agreement
signed with Lanstead in 2023. The average share price achieved since inception
of the Sharing Agreement up to 31 December 2024 was 0.26p per share, compared
to the market price upon inception of 0.15p per share.
Martin Rosser, CEO of Oriole, commented:
"We are encouraged by the progress achieved on all fronts in 2024. After the
execution of the BCM earn-in agreements, and with the benefit of the monthly
Lanstead financing payments, the year started with the Company being in good
financial health and in a tremendous position to do justice to its core
exploration gold projects in Cameroon - Bibemi and Mbe. Mbe in particular
has gone from early-stage exploration to a demonstrable gold discovery
supported by the maiden drilling programme. Moreover, in Senegal, our new
partner at Senala, Managem, continued to provide funding for this exciting
prospect and we are now actively engaging on the terms of a joint venture
agreement.
"At Bibemi, on the back of an updated MRE reported at the beginning of the
year, we prepared for the important Phase 5 exploration drilling programme.
Although the start was somewhat later than scheduled due to various
challenges, and as the wet season was approaching, the team was able to
admirably and effectively operate throughout. The programme was completed in
February 2025 for 6,915.40m in 56 holes. Importantly, soon after the start
of Phase 5 drilling, the Company submitted an ELA to the Cameroon Mines
Ministry (the 'Ministry'). The progression of the ELA to a granted mining
convention is an essential requirement to be able to proceed with any
commercial development of a potential gold mine and we look forward to
progressing this application during 2025.
"The start of a maiden drilling programme at the highly prospective Mbe gold
project, for a planned 6,590m on the MB01-S target, was eagerly anticipated
and was achieved in November, with extremely encouraging initial results
reported post period end. High hopes are held for the completion of the
programme and the reporting of a maiden MRE later in the year.
"Material success at Mbe should give significant credence to our view that
there is a mineralised gold corridor running through the other Eastern Central
Licence Package ("CLP") licences which may host significantly sized gold
deposits. This could generate attention from substantial international gold
mining companies which are looking for exposure to attractive and exciting new
frontier jurisdictions, such as Cameroon, as an alternative to several
increasingly off-limits countries in West Africa.
"In conclusion, as we finished 2024, the new year brought a heightened state
of activity at all of our exploration projects and licences in Cameroon and
Senegal, with significant fundamental progress expected and, supported by the
strong gold price, we look forward to 2025 with confidence."
Chair's Statement
Dear Shareholder,
I write this letter as the gold price reaches the heady heights of over
US$3,000 per ounce. At the start of 2024, the gold price stood at US$2,068,
which, in itself, was a significant increase over the previous year. I'm not
sure anyone expected to see such a meteoric rise over the last 12 months,
although perhaps with hindsight it should not have been so unexpected. The
reason I say this is that, in my opinion, the value of gold is closely linked
to both global instability and the value of the US dollar. This is perhaps
stating the obvious but if we look more closely at the fundamentals of the
gold price, we find the following: continued unrest in many regions of the
world, not least being the war in Ukraine and conflict in the Middle East; a
continued drive for de-dollarisation as countries perceive a risk in holding
dollar-backed assets; and a general 'right leaning' trend within western
countries, with the potential for economic uncertainty as countries adopt a
more insular approach to trade and relationships, which will no doubt lead to
an increase in inflation as tariffs take hold and impact prices. In these
circumstances, gold has always been seen as a 'safe haven' asset, and I
suspect this will continue for the foreseeable future. All of these factors
add to an increasing demand for gold. On the other side of the equation, we
see the surge in the price of gold re-igniting some governments' beliefs that
their natural resources are being mined with little domestic benefit, driving
them to renegotiate mining licences which, in turn, could lead to a reluctance
to invest in mining projects, which in itself will add to an eventual supply
issue. Will 2025 see an improvement in world affairs? So far, this looks
unlikely; indeed, the speed at which matters develop appears to have increased
since the beginning of the year, rather than diminish, and central banks
continue their purchase of bullion accordingly.
If we look at this backdrop dispassionately, it would be fair to imagine that
the world of the junior explorer/developer would have seen an uptick in
attractiveness to investors. Sadly though, that has not yet occurred, with
very little investment made into the junior sector of the AIM market in
London. However, we live to see better days and believe that this disconnect
will resolve itself in the foreseeable future. Certainly, this is a view
held by many esteemed 'experts' in the gold mining sector, who have weathered
many cycles over the years - let's hope they are right this time.
For Oriole, 2024 started on a high note with the announcement of the two
earn-in agreements signed with BCM International Limited ('BCM'), which agreed
to finance exploration expenditure on both the Bibemi and Mbe exploration
licences, up to an amount of US$4 million on each, plus pay signature bonuses
totalling US$1.5 million to the Company. This gave BCM the right to earn up
to a 50% interest in each licence, subject to also paying resource-based
success fees. During the year, the Company commenced a Phase 5 drilling
programme at Bibemi, which amounted to 6,915m in 56 holes. The purpose was
to test the existing JORC mineral resource estimate along strike and at depth,
and to complete some in-fill drilling in order to expand and upgrade the
resource from its current level of 375,000oz contained gold grading 2.30g/t,
which was calculated using a US$2,000 gold price. The drilling programme
encountered some logistical delays along the way but, due to advanced
preparation, the programme continued throughout the rainy season. The
drilling programme was finally completed early in February 2025 and we now
await the updated resource model from our independent consultants which should
benefit from the additional drill results. In addition to this, advanced
metallurgical and mineral processing test work has been undertaken in order to
assess better the processing route and those results are imminent. Once
armed with this information, our economic model will be updated which should
benefit from the significantly improved gold price and will enable us to
progress further our Exploitation Licence Application. Although to date other
companies have experienced quite a lengthy application process, we are hopeful
that, as Cameroon is eagerly awaiting its first commercial gold mine, the
negotiation timeline will be expedited and Bibemi will become the first
commercial gold mine in country.
Turning next to the Mbe licence, our drill programme commenced in late
November and it is already over 40% complete. Drilling was the most advanced
stage of the exploration work programme conducted during the year, with soil
sampling and trenching work preceding it, the results from which helped guide
the location of the drill holes. It should be noted this is a maiden drill
programme and the results from every hole will help provide information for
our geological understanding of the deposit which lies beneath the surface.
However, both BCM and Oriole have high hopes for Mbe. The Company is very
pleased with the results from the first two pairs of scissor holes, which
showed extensive widths of mineralisation and indicated a good correlation
with the trenching results. We await further results with eager anticipation
and note that this is the first of two large anomalies in the immediate area.
Due to these substantial work programmes at Bibemi and Mbe, work on the other
CLP licences has, by necessity, taken a back seat during the year.
Nevertheless, further exploration has been undertaken at some locations and we
hope to step up this work during 2025. The signature of the Wapouzé
limestone licence earlier this year also provides a potentially significant
opportunity to generate a local income stream, and we are currently looking
for a partner to help expedite the evaluation and development of that deposit.
Progress at the Senala licence in Senegal, which was extended for a further
three-year term in February 2024, has lagged behind our Cameroon licences.
The Company conducted some limited work during the year but we are waiting for
our partner, Managem, the operator of the licence, to begin the next stage of
the exploration work programme. In the meantime, we have audited the costs
and agreed the percentage earn-in with Managem, which stands at just over 59%,
and are busy agreeing a joint venture agreement to manage the partnership now
that the earn-in under the original option agreement has been achieved. We
hope to provide more information on this joint venture agreement, and the work
to be undertaken on this licence, as the year progresses.
Regarding our legacy assets, Muratdere is inching its way to full approval
and, once this is achieved, the value of our royalty will increase
substantially. Meanwhile, the debts due to us from former partners appear to
be forever stuck in the appeals process of the Turkish courts. Nevertheless,
the team continues to chase these in the hope of an eventual resolution.
Financially speaking, the Lanstead transaction undertaken in 2023 has funded
the general and administrative ('G&A') costs of the Company during the
year and was, until recently, tracking well above the benchmark price of
0.2533p. Unfortunately, the price has dropped below this since the start of
2025, which has negatively impacted the receipts but we expect that our
continued success in Cameroon will help to reverse this trend. We view this
as having been a beneficial transaction for both parties, although I do
recognise that this isn't necessarily the view of some of our shareholders.
In the last TR1, announced on 19 December 2024, Lanstead held 8.99% of the
share capital of the Company.
The Company's outlook for 2025 includes the progression of the formal
negotiations for the Bibemi Exploitation Licence, the completion of the maiden
drilling programme at Mbe, with the strong potential for a maiden Mineral
Resource Estimate, and the completion of a significant exploration programme
on the Senala Licence. In addition to exploration, I would hope that we will
have secured a partner for Wapouzé, added value to one or two other CLP
licence areas and seen Muratdere gain full mining approval with all its
permits granted.
This is a full work agenda and can only be achieved with the support of our
employees and partners in Cameroon, Senegal and the UK. The Company has a
small team and they are often called upon far in excess of normal working
hours; I thank them all for their continued hard work and dedication to the
team and the Company. Our partners, BCM and Managem, continue to work with
us, providing expertise and knowledge and I thank them for their goodwill,
belief and commitment. The British High Commissioner in Cameroon, Matt
Woods, deserves a special mention for his support in-country and recognition
also goes to the previous High Commissioner, Barry Lowen, who helped the
Company foster even stronger stakeholder relationships in Cameroon. A very
big thank you to Emmanuel Kouokam, our local partner and businessman who
provides high-quality technical and logistics support, as well as sample
preparation facilities, and last but not least the Minister of Mines, his
Excellency Minister Professor Fuh Calistus Gentry, and his team who are
passionate about the need to develop the mining sector in Cameroon.
I did finish last year's letter saying that I rather hoped 2024 would be a
turning point for the Company, which in many ways it has been, with the very
real progression of exploration at Bibemi and Mbe. However, as a
shareholder, I cannot deny that the share price performance has been anything
but stellar. In that regard, I can only promise continued hard work from the
Board and management and a resolute effort to present the Company to the wider
investor community and shareholder base as news emerges from Cameroon and
Senegal. I believe that we can build on the progress made in 2024, and that
2025 will see a resurgent share price based on fundamental progress and
results. I thank all of our shareholders for their patience and often sound
advice and will continue to work towards achieving real value for us all.
Eileen Carr
Non-Executive Chair
1 April 2025
Extracts from the Strategic Report
Principal Activities
The principal activity of the Group is the exploration and development of gold
properties with the scope to include base metals properties.
Strategic approach
The Board's strategy is to establish the Company as a successful exploration
company in its chosen mineral specialisations and in its geographic areas of
operation. The Board seeks to make and progress significant gold discoveries
through feasibility, development and into operating mines in highly
prospective regions and to create wealth for all stakeholders.
The Group's geographic countries of interest are primarily in West and Central
Africa, and it has developed a first-mover position in Cameroon, an exciting
new frontier for gold exploration. The Board aims to develop a portfolio of
projects that cover a range of mineral deposits across several jurisdictions,
thus mitigating, wherever possible, country, technical and operational risks.
The Group finances its activities through the monetisation of more advanced
projects, project specific investment agreements and periodic equity capital
raisings as necessary.
Business environment
The price of gold rose steadily through the year in a strong bull market,
ending 2024 at over US$2,600/oz, and it currently sits at around all-time
highs. The continued global uncertainty, with the ongoing conflict in Ukraine,
Middle East tension and central bank buying from China, India and Turkey et
al. are expected to provide continued strong demand for gold during 2025.
This provides firm support for Oriole as its projects progress through the
feasibility study stage and possible mine development. However, a gold price
bull market has been disappointing for the stock market ratings of listed
early-stage gold explorers, especially those traded on the London AIM. As a
result, it has been a challenging time for junior exploration companies
looking to raise funds via traditional equity placings at anything other than
very large discounts to the prevailing market share price.
The Board is optimistic that the strong current gold price and outlook will
ultimately be recognised by investors, supporting better market ratings. In
addition, there should be a stronger interest in acquisitions and joint
ventures by the major gold producing companies seeking attractive
opportunities in more welcoming and lower risk countries. This is especially
true in West/Central Africa where damaging developments in the gold sectors of
Mali, Niger and Burkina Faso have blighted those countries in the eyes of
investors and the mining industry.
2024 Operations and progress
The Group's main operations are split between active exploration projects in
Cameroon, partner exploration activities in Senegal, and the management of its
investment and royalty positions. The Company was able to start 2024 in a
good financial position having reached a two-year equity funding arrangement
with Lanstead in August 2023, and the signing, early in 2024, of two
agreements with BCM in respect of the Group's Bibemi and Mbe gold projects.
These two funding sources were deemed to be the most attractive in the
circumstances to support the inherent value and potential of the Group's
assets and the Directors are keen in principle to take advantage of project
level funding opportunities.
Active Exploration projects
The primary geographical focus for the Group's exploration efforts is its gold
exploration properties in Cameroon.
Cameroon
Bibemi, gold
In January 2024, the Company reported an increase in the inferred mineral
resource estimate ('MRE') for the Bakassi Zone 1 prospect ('Bakassi Zone 1' or
'BZ1'), one of four prospects at the Bibemi project, and in accordance with
the Australasian Joint Ore Reserve Committee ('JORC') Code, to 375,000oz gold
contained in 5.1Mt grading 2.30g/t Au (using a gold price of US$2,000/oz;
announcement dated 15 January 2024). This was approximately a 23% increase
in the contained gold resource estimate. The MRE remains open at depth and
along strike, with the potential to expand the MRE at Bakassi Zone 1 and to
identify additional resources at the other three prospects on the licence,
Bakassi Zone 2, Lawa West and Lawa East, which are all located within a few
kilometres ('km') of Bakassi Zone 1.
After executing, on 5 January 2024, an earn-in agreement with BCM, Oriole
received a US$0.5 million signature payment enabling BCM to earn up to a 50%
ownership position upon completion of US$4 million of investment into the
project, and with additional payments due as gold resources are defined.
This investment enabled the Group to commence a Phase 5 drilling programme at
Bibemi in 2024, designed to increase the existing MRE and support the
submission of an exploitation licence application ('ELA').
The ELA was supported by relevant technical studies, including an
Environmental and Social Impact Assessment and preliminary economic studies.
The ELA marks the start of an iterative negotiation period to define and
formalise a Mining Convention for Bibemi. As well as the now completed Phase
5 drilling programme, mineralogical and metallurgical test work on
representative mineralised material, other mining technical studies and
preliminary economic modelling progressed during the year and will be used to
agree various key inputs to the Mining Convention.
The Phase 5 drilling programme was completed in February 2025 (announcement
dated 13 February 2025) for a total of 6,915.40m in 56 holes at Bakassi Zone
1, over three sub-prospects: BZ1-MRE, BZ1-NW, and BZ1-SW. Results have
delivered a number of new intersections including 4.10m at 7.99g/t Au
(BBDD059), 5.30m at 1.68g/t Au (BBDD092), 2.70m at 14.67g/t Au (BBDD058),
2.00m at 12.50g/t Au (BBDD061), 2.15m at 9.95g/t Au (BBDD063), 2.00m at
8.57g/t Au (BBDD075), and 1.00m at 25.54g/t Au (BBDD068). Many of these
fall outside of the current mineralisation wireframes but within the existing
MRE open pit design, providing scope for additional near-surface resources.
An independent structural review has recently been completed to help refine
the geological and mineralisation model. This information will now be used
to generate an updated MRE and it is anticipated that the Phase 5 drilling
results will enable a partial upgrade of the existing JORC Code Inferred MRE
to the measured and/or indicated categories. The MRE should also benefit
from significantly improved gold price assumptions.
Mbe, gold
Mbe is the Company's flagship gold exploration project within the
district-scale Central Licence Package (CLP) in central Cameroon. It is
underlain by approximately 312km(2) of previously unexplored Paleo-Proterozoic
to Pan-African age rocks that are highly prospective for a range of
commodities, including orogenic-style gold mineralisation. Mbe is located to
the west of the regional capital, Ngaoundéré, and is one of five licences
that make up the Eastern CLP block of licences.
BCM is earning up to a 50% interest in Mbe in return for a US$1 million
signature payment, US$4 million in exploration expenditure and additional
payments as gold resources are defined. In October 2024 (announcement dated
17 October 2024), Oriole agreed to purchase its local partners' (BEIG3 SARL
and Roxanne Minerals Limited) combined 10% equity position in the Mbe
project. Once this has been finalised, it will increase Oriole's beneficial
interest in the Mbe project to 90%, with BCM currently holding the remaining
10%.
In 2024, two phases of trenching were completed at MB01 for 7,055m in 16
trenches that provided three-dimensional data through geological and
structural mapping and geochemical sampling of the rocks underlying the soil
anomaly.
Phase 1 trenches across MB01-N returned best intersections of 50.00m at 1.11
g/t Au, 68.00m at 0.77 g/t Au, and 38.00m at 0.55 g/t Au. These
intersections correlated well with the previously reported gold-in-soil
anomalism. Phase 1 trenches across MB01-S returned best intersections of
51.00m at 1.02g/t Au, 47.75m at 1.23g/t Au, and 88.00m at 0.71g/t Au. These
intersections also correlated well with the previously reported gold-in-soil
anomalism.
With the highly positive trenching results, a decision was made to commence a
maiden diamond drilling programme at Mbe. The drilling commenced with two
pairs of scissor (at 180 degree apart bearings) holes, to be drilled first and
designed to provide as much geological and structural information as
possible. The maiden programme (announced 19 November 2024) started at
MB01-S, deemed to be the larger and more immediately prospective target, for a
planned 6,590m in 24 holes.
As of 24 March 2025, a total of 2,543m had been completed, being approximately
38% of the total programme. Results from the first four holes (two pairs of
scissor holes) in the programme (MBDD001-004) have delivered over 60 gold
mineralised intervals, including 29.75m at 0.82g/t Au, including 17.30m at
1.35g/t Au and 26.30m at 0.65g/t Au, including 10.90m at 1.08g/t Au (MBDD002)
and 8.00m at 1.03g/t Au, and 4.24m at 8.12g/t Au, including 1.72m at 18.00g/t
Au (MBDD003). Results for a further three holes (MBDD005-007) are
anticipated during Q2 2025.
Central Licence Package (gold and lithium)
Eastern CLP, gold
Covering Paleo-Proterozoic to Neoproterozoic (including Pan-African) age
rocks, well-known hosts for orogenic gold deposits both in West Africa and
worldwide, the CLP licences were initially targeted by the Company's technical
team due to their apparent proximity to the dominant regional shear corridor
associated with the Tcholliré-Banyo Shear Zone ('TBSZ'), a major
southwest-northeast-trending splay off the larger-scale Central African Shear
Zone. The TBSZ and its associated shears, thrusts and faults are thought to
be one of the most significant structural controls for gold and other
mineralisation in the region.
With the grant of the initial eight licences in the package in February 2021,
follow-on work to the early stream sediment sampling programmes focused on the
five licences designated as the Eastern CLP (Tenekou, Niambaram, Pokor, Ndom,
and Mbe).
In 2022, semi-regional soil sampling over the five Eastern CLP licences
identified multiple 2-3km long anomalies across the Ndom, Pokor, and Niambaram
licences. In 2022, an adjoining licence, Gamboukou, was added to the
portfolio as an extension of the Eastern CLP.
The results to date appear to support the team's hypothesis that the Eastern
CLP area is host to a wide (15km to 20km) corridor of gold mineralisation,
stretching along an approximate 70km-long segment of the TBSZ.
It is anticipated that significant exploration success at Mbe will further
enhance investment interest in the other five licences in the Eastern CLP and
the Group intends to progress these licences during 2025, whilst seeking
further project-level funding arrangements.
In 2024, a stream sampling programme was also completed across the Gamboukou
licence area with the samples analysed for gold at an internationally
accredited laboratory and a suite of 43 elements using a portable X-ray
Fluorescence (pXRF) piece of equipment to investigate potential lithium
pathfinders. Results of the gold values were combined with the Eastern CLP
stream data to investigate the potential for gold at Gamboukou by applying a
watershed ranking value, the same methodology employed for the Eastern CLP
streams to define the prospectivity of the area. Gold-in-stream values at
Gamboukou were recorded up to 39 parts per billion ('ppb') and the watershed
ranking system showed comparable rankings with those at Mbe providing target
areas for follow-up work.
Eastern CLP, lithium
In November 2022, the Company reported that geochemical data from its soil
sampling programmes had identified a lithium-in-soil anomalism at the Ndom
licence (part of the Eastern CLP), with two parallel zones, each extending
over an approximate 9km strike length and associated with units mapped
regionally as porphyritic granitoid. In the same month, the Company secured
the Gamboukou licence, immediately to the south of Ndom based on it having
similar lithium-prospective geology.
A reconnaissance visit to Gamboukou was conducted, confirming the presence of
similar pegmatite and granitoid outcrops to those at Ndom. A first-pass
stream sediment campaign was completed in 2024, with a suite of 43 elements
tested by a pXRF, which included a range of lithium (Li) pathfinder elements
such as rubidium (Rb) and casesium (Cs). Whilst the pXRF data is not
comparable to laboratory assays in terms of accuracy and precision, it can be
highly useful in giving an indication of relative abundance. A full review
of the pXRF multi-element data will be used to select a range of stream
sediment samples that will be sent for laboratory based multi-element analysis
including Li and other Li-related pathfinder elements. A review of stream
and soil multi-element data has also identified the potential for lithium
within the Ndom licence. Two lithium-in-soil anomalies trending east
northeast, parallel to the regional shear, and extending up to around 9km in
length were identified in the south-eastern Ndom licence area with
lithium-in-soil values up to 84ppm.
Western CLP, gold
At the Western CLP, the structural control is interpreted to be dominantly
north-northeast-south-southwest, associated with more recent (Cenozoic)
bimodal volcanism that is believed to overlie the older Paleo-Proterozoic to
Pan-African rocks and may represent a reactivation of older structures.
Variably deformed orthogneiss units dominate the licence package, intercalated
with amphibolite, quartzite and migmatite units and shearing and quartz vein
development is parallel to the TBSZ, with the veins typically forming at the
contact zones between the granite and amphibolite. Locally these units are
cut by younger, basaltic rocks, supporting the interpretation for bimodal
volcanism. In addition to the orogenic mineralisation being targeted within
the licence package, this more recent volcanism highlights the potential for
other styles of gold mineralisation (e.g. high-sulphidation), which may
overprint the older system locally. Following an agreement with the Ministry
of Mines in 2023, work has been suspended at these licences pending the
successful conclusion of access issues.
Wapouzé, limestone
Wapouzé is in north-eastern Cameroon, approximately 100km NE of Garoua and
20km north of the Company's Bibemi project, with good infrastructure
connections for water, power, and transport. It was initially an early-stage
gold exploration project; however, Oriole noted the presence of large
quantities of carbonate (predominantly metamorphosed limestone or
'limestone'). In 2022, 14 rock-chip samples were collected for XRF analysis
to assess the suitability of the carbonate for industrial use. Out of the 14
samples collected across Wapouzé, thirteen samples were classified as
high-grade carbonate material, potentially suitable for use in cement
production.
Commercially, a significant limestone deposit at Wapouzé could be highly
suitable for use within Cameroon's cement industry, which is believed to be
worth several hundred million pounds per year, largely supported by expensive
imports. Oriole believes that there is a significant demand for cement (for
concrete) within Cameroon and neighbouring Chad (with its capital, N'Djamena,
located approximately 250km NNE of Wapouzé).
Further work is required to determine accurately if there is a substantial
limestone deposit at Wapouzé, including delineation drilling and obtaining
further geochemical analyses to confirm the material's high-grade carbonate
classification that would make it suitable for use in the cement industry.
Approval for a change of substance at Wapouzé, from gold to limestone, was
given in September 2023 but the aforementioned exploration work was awaiting
the renewal of the licence. This was granted in January 2025 (announcement
dated 29 January 2025). As a result, Oriole intends to secure a suitable
industry partner to develop the Wapouzé project through to exploitation on an
expedited basis, from which Oriole would look to secure a royalty-stream.
As part of corporate restructuring in 2024, Oriole agreed that it would retain
an 85% ownership of the project, dependent on the licence renewal and
confirmation of the change in commodity. The remaining 15% is held by its
local partners BEIG3 Sarl and Roxane Minerals Limited.
Senegal
Senala, gold
The Senala gold project is held by Oriole through its 85% owned
Senegal-registered joint-venture company Stratex EMC S.A., formed in
partnership with private local company Energy & Mining Corporation S.A.
(EMC), that holds the remaining 15%. Since 2018, firstly IAMGOLD Corporation
and latterly Managem Group ('Managem') have been earning into the licence and
a final earn-in position has recently been agreed upon, with Managem owning
59.1225% and Stratex EMC S.A. owning 40.8775%.
Located in south-eastern Senegal, the 354.5km(2) Senala licence is in the
centre of the Birimian-age Kédougou-Kéniéba Gold Belt that extends from
eastern Senegal into western Mali and has already seen multiple major gold
discoveries, including Terranga's Massawa (3.4Moz Au) and Sabodala deposits
(3.0Moz Au) in Senegal, and Barrick's Loulo (12Moz Au) and Gounkoto projects
(5.8Moz Au) in Mali.
To date, four main geochemical targets, Faré, Baytilaye, Konkonou, and Madina
Bafé, have been confirmed by drilling, and in February 2024, the Senala
licence was renewed for a 3-year term and reduced by 25% to 354.5km(2).
Faré is the most advanced prospect within the Senala licence and the Company
believes it has the potential to host a significant size deposit. After
diamond and reverse circulation ('RC') drilling at the Faré South anomaly,
the Company completed a MRE for Faré South (independent of previous owners
IAMGOLD), that delivered a maiden JORC-compliant Inferred Resource of
155,000oz Au contained grading 1.26g/t Au, based on a 0.3g/t Au cut off and
within a US$1,800/oz pit shell. This Resource sits within a larger
JORC-compliant Exploration Target estimate for Faré South of up to 280,000 oz
Au grading 1.10g/t Au.
Currently, the Company expects to agree a new joint venture ownership and
partnership with Managem, and Managem is in the process of designing a work
programme for review.
Investment and royalty positions
The Company has a long history of gold and base metals' exploration success.
This has left it with a potentially valuable portfolio of legacy assets, which
are the subject of an ongoing asset realisation programme.
One of these assets, a 7.60% holding in Thani Stratex Djibouti ('TSD'), arises
from a legacy JV agreement between the Company, whilst under previous
management, and Thani Ashanti. Whilst the project is still active, and
highly prospective, progress under the new arrangements has been slow and with
funding for the exploration industry as a whole proving to be very difficult,
in 2023 the Board made full provision against the value of this investment,
whilst still remaining hopeful of an eventual return to its shareholders.
The Group remains committed to realising value from its interests in Turkey,
with active court cases against former partners aiming to recover debts due.
At the Group's former Karaaǧaç gold project in Turkey, pursuit of the
US$425k owed by the operator, Anadolu Export ('Anadolu'), is still ongoing,
although progress through the courts is painfully slow.
The Group is also awaiting news of a debt owed by NTF Insaat Ticaret Ltd Sti
('NTF'), a former partner in Turkey, who defaulted on tax payments that were
originally due in 2017. Further depreciation of the Turkish Lira against the
Dollar has now reduced this receivable to US$0.1 million.
In June 2024, the Group was pleased to announce that it had received a total
of £0.24 million in relation to its interest in the Hasançelebi and Doğala
mining projects in Turkey (announcement dated 11 June 2024). The amounts
received cleared all outstanding amounts due to the Group.
At the Muratdere copper project in Northern Turkey, the Company holds a 1.2%
net smelter return royalty. In late 2024, Oriole was informed that an
environmental impact assessment study had been approved, with a forestry
permit awaited as the final regulatory step. The Group is seeking a buyer
for its royalty.
Financial Review
The Group came into 2024, after a very challenging 2023, with BCM secured as
an earn-in partner on two key licences and with a regular funding mechanism
courtesy of the agreement with Lanstead signed in August 2023. These features
allowed the Group to progress its exploration projects at a rapid rate, with
£2.7 million of exploration expenditure focused mainly on Bibemi, where Phase
5 drilling has been recently completed, and an exploitation licence
application submitted, and Mbe, where four early stage programmes were
completed, culminating in a maiden drilling programme which commenced in late
2024.
The funding from BCM has been regular and ample, with £2.4 million of
receipts included in the balance sheet as a long term creditor, pending
conversion to an equity interest once the earn-in is complete. In addition,
BCM as drilling contractor has incurred £0.61 million of expenses directly
which contribute to the earn-in target but are not reflected directly in these
accounts. In addition, such was the Board's determination to push ahead
quickly, Oriole's own working capital has been used to fund parts of the
exploration in advance of funding being received from BCM. This was driven
by the desire to progress Mbe as quickly as possible, which was achieved with
the aforementioned start of the maiden drilling programme. The signature
payments received from BCM also contributed to working capital, and are
reflected as a £0.8 million capital gain in these financial statements.
Progress on the earn-in agreements has been rapid and at the year end, BCM
had funded 70% of the US$4 million required under the Bibemi agreement, and
27% of that required under the Mbe agreement, with significant extra funding
received since year end.
The Lanstead agreement, signed in 2023 and based on monthly payments from a
'Sharing Agreement', is calculated against a reference price of 0.253p per
share. The accounting treatment, adopted in 2023 and continued in 2024, is
to value the forthcoming proceeds on the prevailing share price at year end.
Whilst this had led to a negative fair value adjustment of £0.65 million in
2023, the same policy in 2024 saw a positive fair value adjustment of £0.70
million. With 11 of the 12 payments in the year calculated at a share price
in excess of the reference price, the brought forward asset of £1.0 million
yielded £1.1 million of cash, and still had 8 months to run at the year end.
In addition to the signature payment profit and the gain on the Lanstead
receivable, the £0.2 million profit on disposal of the Group's interest in
the Hasancelebei project in Turkey contributed to a much-reduced loss before
taxation, from £2.4 million in 2023, to £0.3 million in 2024.
Administrative expenses increased to £1.5 million from £1.1 million in
2023. This reflected a return to a very busy year in the field, with a
necessary strengthening of the in-country administration, and a return to
contractual terms for the head office team. Included within the 2024
administrative expenses is an accounting charge of £0.3 million for 'share
based payments', up from £0.2 million in 2023, reflecting option awards in
2023 and 2024. On a cash basis, cash outflows from operational activities
increased to £1.4 million (2023: £0.5 million), reflecting the increased
operating costs and an unwind of the opening creditor figure.
The Group intends to reclaim research and development tax credits where
possible, although it should be noted that the BCM funding falls within a
'funded exploration' regime, which will limit the cash benefit available.
The Group entered 2025 with ongoing drill programmes at Bibemi, since
completed, and Mbe, and with funding still due through the earn-in agreement
with BCM. Year-end cash of £0.7 million has been supplemented by US$1.1
million of payments from BCM received since the year end, unwinding the
working capital that Oriole had chosen to fund and, with incoming funds from
the Lanstead Sharing Agreement for eight more months, gives the Group a good
opportunity to progress the projects through the remainder of the current
field season. The Board remains committed to identifying project level
funding and realising non-core assets in preference to equity funding.
Martin Rosser
Chief Executive Officer
1 April 2025
Financial Statements
Statement of consolidated comprehensive income
Year ended 31 December 2023
£'000
Year ended 31
December 2024
£'000
Continuing operations
Administration expenses (1,529) (1,129)
Other profits/(losses) 458 (1,304)
Operating loss (1,071) (2,433)
Financial income 12 6
Profit on change of ownership 770 -
Loss before income tax (289) (2,427)
Tax (charge)/credit (15) 158
Loss for the year (304) (2,269)
Other comprehensive income for the year
Items that may be subsequently reclassified to profit or loss
Exchange differences on translating foreign operations 117 36
Change in fair values of other financial assets - (395)
Other comprehensive income for the year, net of tax 117 (359)
Total comprehensive loss for the year (187) (2,628)
Loss for the year attributable to:
Owners of the Parent Company (225) (2,221)
Non-controlling interests (79) (48)
Loss for the year (304) (2,269)
Total comprehensive loss for the year attributable to: (108)
Owners of the Parent Company (108) (2,580)
Non-controlling interests (79) (48)
Total comprehensive loss for the year (187) (2,628)
Earnings per share for losses from continuing operations attributable to the
equity holders of the Company (expressed in pence per share).
- basic and diluted (0.01) (0.07)
Statement of consolidated financial position
As at 31 December 2023
As at 31
December 2024
£'000 £'000
ASSETS
Non-Current Assets
Property, plant and equipment 69 8
Intangible assets (note 4) 13,133 10,766
Financial assets at fair value through profit or loss (note 3) - 395
Total Non-Current Assets 13,202 11,169
Current Assets
Financial assets at fair value through profit or loss (note 3) 616 593
Trade and other receivables 125 132
Cash and cash equivalents 705 114
Total Current Assets 1,446 839
Total Assets 14,648 12,008
EQUITY
Equity attributable to owners of the Company
Share capital 8,102 8,070
Share premium 25,850 25,804
Other reserves 1,713 1,336
Retained earnings (23,745) (23,520)
Total equity attributable to owners of the Company 11,920 11,690
Non-controlling interest (39) (289)
Total Equity 11,881 11,401
LIABILITIES
Current Liabilities
Trade and other payables 324 607
Total Current Liabilities 324 607
Long-term Liabilities
Amounts received under Earn-In 2,443 -
Total Long-term Liabilities 2,443 607
Total Liabilities 2,767 607
Total Equity and Liabilities 14,648 12,008
Statement of consolidated changes in equity
Attributable to owners of the Company Non-Controlling Interest
Share Premium Retained earnings
Share Capital Other Reserves Total Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 6,929 24,980 1,513 (21,299) 12,123 (241) 11,882
Comprehensive income for the year:
- loss for the year - - - (2,221) (2,221) (48) (2,269)
- other comprehensive income - - (359) - (359) - (359)
Total comprehensive income for the year (359) (2,221) (2,580) (48) (2,628)
- -
Issue of share capital net of expenses 1,141 824 - - 1,965 - 1,965
Share-based payments - - 182 - 182 - 182
Total contributions by and distributions to owners of the Company 1,141 824 182 - 2,147 - 2,147
Balance at 31 December 2023 8,070 25,804 1,336 (23,520) 11,690 (289) 11,401
Comprehensive income for the year:
- loss for the year - - - (225) (225) (79) (304)
- other comprehensive income - - 117 - 117 - 117
Total comprehensive income for the year - - 117 (225) (108) (79) (187)
Issue of share capital net of expenses 32 46 - - 78 - 78
Non-controlling interest introduced - - - - - 329 329
Share-based payments - - 260 - 260 - 260
Total contributions by and distributions to owners of the Company 32 46 260 - 338 329 667
Balance at 31 December 2024 8,102 25,850 1,713 (23,745) 11,920 (39) 11,881
Statement of consolidated cash flows
Year ended
31 December 2023
Year ended
31 December 2024
£'000 £'000
Cash flow from operating activities:
Net cash used in operating activities (1,439) (531)
Cash flow from investing activities:
Purchase of property, plant and equipment (81) -
Purchase of intangible assets (2,662) (329)
Payments received in respect of intangible asset 1,184 -
Cash received from earn-in partner 2,443 -
Tax (paid)/received (15) 158
Interest received 12 6
Net cash used in investing activities 881 (165)
Cash flow from financing activities:
Net funds received from issue of shares 1,149 303
Net cash generated from financing activities 1,149 303
Net increase/(decrease) in cash and cash equivalents 591 (393)
Cash and cash equivalents at beginning of the period 114 507
Cash and cash equivalents at end of the period 705 114
Notes to the consolidated financial statements
1. Basis of preparation
The financial statements have been prepared in accordance with IAS-adopted
international accounting standards, IFRIC interpretations and those parts of
the Companies Act 2006 applicable to companies reporting under IFRS. The
financial statements have been prepared under the historical cost convention
as modified by the measurement of certain investments at fair value and have
been prepared on a going concern basis.
The financial information set out in this announcement does not constitute the
Group's statutory accounts for the year ended 31 December 2024 or the year
ended 31 December 2023 under the meaning of Section 434 of the Companies Act
2006 but is derived from those accounts. Statutory accounts for the years
ended 31 December 2024 and 31 December 2023 have been reported on by the
Independent Auditors. The Independent Auditors' Reports on the Annual Report
and Financial Statements for 2024, was unmodified and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006. The Independent
Auditors' Reports on the Annual Report and Financial Statements for 2023, was
unmodified and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
The statutory accounts are available at www.orioleresources.com and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting. The statutory accounts for the year ended 31 December 2023 have been
filed with the Registrar of Companies.
It is the prime responsibility of the Board to ensure the Company and the
Group remains a going concern. At 31 December 2024 the Group had cash and
cash equivalents of £705,000 and no borrowings. The Group's activities in
2025 continue to be supported by the agreements signed with BCM International
Limited in January and February 2024 (the 'BCM Agreements'), which are
providing up to US$8 million of exploration funds across two licences. In
addition, in August 2023, the Group signed an equity funding agreement with
Lanstead Capital Investors L.P (the 'Lanstead Agreement') that provides
monthly income until August 2025, based upon the prevailing monthly share
price.
Having considered the funds received and expected to be received from the BCM
Agreements and the likely funds to come from the Lanstead Agreement, together
with the prospects for asset disposals, the Group's ability to implement cash
preservation measures, as was done in 2023, and having considered the Group
budgets which include significant discretionary expenditure, the Directors
consider that they will have access to adequate resources in the 12 months
from the date of the signing of these financial statements. As a result,
they consider it appropriate to continue to adopt the going concern basis in
the preparation of the financial statements. There can be no assurance that
the cash received from the Lanstead Agreement and asset sales will match the
Board's expectations, and this may affect the Group's ability to carry out its
work programmes as expected. Should the Group and Company be unable to
continue trading as a going concern, adjustments would have to be made to
reduce the value of the assets to their recoverable amounts, to provide for
further liabilities which might arise and to classify non-current assets as
current. The financial statements have been prepared on the going concern
basis and do not include the adjustments that would result if the Group and
Company were unable to continue as a going concern.
2. Segment reporting
The Group's main operations are located in West Africa, Turkey and East
Africa. The Group's head office is located in the UK and provides corporate
and support services to the Group and research for exploration opportunities.
The management structure and the management reports received by the
Directors are used to make strategic decisions and reflect the split of
operations.
a) The allocation of assets and liabilities by segment is as follows:
Exploration Group
UK support West Africa Turkey Total
& other
£'000 £'000 £'000 £'000
At 31 December 2024
Intangible assets - 13,133 - 13,133
Property, plant and equipment 3 66 - 69
Cash and other assets 1,325 95 26 1,446
Liabilities (284) (2,483) - (2,767)
Inter-segment 8,574 (5,458) (3,116) -
Net assets/(liabilities) 9,618 5,353 (3,090) 11,881
Exploration Group
UK support West Africa Turkey Total
& other
£'000 £'000 £'000 £'000
At 31 December 2023
Intangible assets - 10,766 - 10,766
Property, plant and equipment 6 2 - 8
Cash and other assets 1,118 98 18 1,234
Liabilities (559) (47) (1) (607)
Inter-segment 7,010 (3,697) (3,313) -
Net assets/(liabilities) 7,575 7,122 (3,296) 11,401
b) The allocation of profits and losses for the year by segment is as follows:
Exploration Group
UK support West Africa Turkey East Africa Total
& other
£'000 £'000 £'000 £'000 £'000
2024
Administration expenses (1,375) (125) (25) - (1,525)
Depreciation charge (2) (2) - - (4)
Other income/(losses) 714 770 254 - 1,738
Exchange losses (4) (496) 2 - (498)
Inter-segment charges 412 (412) - - -
Tax charge - - (15) - (15)
Profit/(loss) for year (255) (265) 216 - (304)
Exploration Group
UK support West Africa Turkey East Africa Total
& other
£'000 £'000 £'000 £'000 £'000
2023
Administration expenses (1,047) (61) (13) - (1,121)
Depreciation charge (7) (1) - - (8)
Other income/(losses) (639) - 6 (416) (1,049)
Exchange losses (33) (216) - - (249)
Inter-segment charges 274 (274) - - -
Tax credit 158 - - - 158
Profit/(loss) for year (1,294) (552) (7) (416) (2,269)
3. Financial assets
Group
2024 2023
£'000 £'000
Financial assets at fair value through profit or loss recoverable after more - 395
than one year
Financial assets at fair value through profit or loss recoverable within one 616 593
year
At 31 December 616 988
Financial assets at fair value through profit and loss reflect the amounts due
under the Lanstead Sharing Agreement, valued at the year-end share price.
4. Intangible assets
The Group's Intangible assets comprise entirely of exploration assets.
Group
2024 2023
Cost £'000 £'000
Cost at 1 January 10,766 10,559
Exchange movements (311) (139)
Additions 2,678 346
Disposals (329) -
Non-controlling interest introduced 329 -
At 31 December 13,133 10,766
The capitalised cost of the principal projects and the additions during the
year are as follows:
Capitalised cost Additions in year
2024 2023 2024 2023
£'000 £'000 £'000 £'000
West Africa
Senala 6,086 6,363 - -
Cameroon 7,047 4,403 2,678 346
Total Intangible assets 13,133 10,776 2,678 346 10,490,725
** ENDS **
Competent Persons Statement
The technical information in this release that relates to Exploration Results
and the 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.
The information in this announcement that relates to Mineral Resources and
Exploration Targets 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 2012 Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves". Mr Davies consents to the
inclusion in this report of the matters relating to the Mineral Resource
Estimate and Exploration Targets in the form and context in which they appear.
The Company confirms that the material assumptions and technical parameters
for the resource estimates continue to apply and have not materially changed.
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.
For further information please visit www.orioleresources.com
(http://www.orioleresources.com) , @OrioleResources on X, or contact:
Oriole Resources PLC Tel: +44 (0)23 8065 1649
Bob Smeeton / Martin Rosser / Claire Bay
BlytheRay (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ciara Donnelly / Elliot Peters
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Jen Clarke
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company, with projects
in West and Central Africa. It is focused on early-stage exploration
in Cameroon, where the Company has reported a Resource of 375,000oz contained
Au at 2.30g/t in the JORC Inferred category at its 90% owned Bibemi project
and has identified multi-kilometre gold and lithium anomalies within the
district scale Central Licence Package project. 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 recently completed
a six-year earn-in to acquire an approximate 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million. Drafting of a joint
venture agreement to manage the programme going forward is currently underway.
The Company also has several interests and royalties in companies operating
in East Africa and Turkey that could give future cash payments.
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