REG - Oriole Resources PLC - Further Gold Mineralisation at Mbe South Deposit

Oriole ResourcesAnnouncement

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RNS Number : 9828E  Oriole Resources PLC  20 May 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")

 

Step-out Drilling Intersects Further Gold Mineralisation at Mbe South Deposit

including 10.50m at 2.46g/t Au and 1.00m at 59.00g/t Au

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration and
development company focused on Central and West Africa, is pleased to announce
initial results from the Step-out diamond drilling programme (the "Programme"
or "Phase 3") at the MB01-S deposit at its 50% 1  owned Mbe orogenic gold
project ("Mbe" or the "Project") in Cameroon.  The total JORC Inferred
Mineral Resource Estimate ("MRE") at Mbe currently stands at 1.23 million oz
contained gold ("Au") across both MB01-S and MB01-N deposits.  Following
completion of the Programme next month, it is anticipated that an updated JORC
MRE will be reported for MB01-S in early Q3-2026.

 

Highlights

 

·    Results from the first three holes in the Programme, MBDD040 to
MBDD042, have returned 30 mineralised gold intersections, including:

 

o  MBDD041

§ 1.00m at 59.00g/t Au from 58.40m

§ 10.50m at 2.46g/t Au from 93.80m, including 3.10m at 7.56g/t Au

§ 1.10m at 5.64g/t Au from 88.30m

§ 2.00m at 3.00g/t Au from 133.40m, including 1.00m at 5.44g/t Au

 

o  MBDD040

§ 3.00m at 2.82g/t Au from 214.60m, including 1.00m at 7.38g/t Au

§ 3.00m at 2.54g/t Au from 40.50m, including 1.00m at 6.51g/t Au

§ 4.80m at 0.96g/t Au from 53.70m, including 1.10m at 3.07g/t Au

 

o  MBDD042

§ 1.00m at 2.53g/t Au from 134.10m

 

·    MBDD040 is the most northern hole drilled to date at MB01-S and has
extended the strike length of the system by a further 100m to approximately
600m

 

·   MBDD041, located 100m to the south of MBDD040 has confirmed the
northeastern extension of previously reported high-grade mineralisation in
Phase 1 hole, MBDD019, which included 6.15m at 19.67g/t Au from 113.50m,
including 1.00m at 119.10g/t Au.

 

·    The Programme, planned for 2,500m in 10 holes, is now approximately
70% complete.  Upon receipt of full results for the Programme, an updated MRE
will be prepared for MB01-S with a targeted publication date of early Q3-2026.

 

·    Transfer of the Mbe licence from Oriole Cameroon SARL to Oriole Mbe
SARL has been approved by the Ministry of Mines and the restructuring process
announced on 17 October 2026 is nearing completion.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The initial
assay results for a new drilling programme are always eagerly awaited and we
are extremely pleased with those from MB01-S.  They encompass thirty
mineralised gold intersections and show good mineralised widths, plus a narrow
high-grade intersection, as seen in previous results, and have extended the
mineralisation strike length at the deposit by some 20 per cent. to around
600m.  The Programme is currently around two-thirds complete and we are
encouraged that there should be a meaningful increase to the JORC MRE for the
MB01-S deposit once drilling is completed and the Company's independent
geological consultant has completed an updated estimate, which is expected to
be published early in Q3-2026."

 

 

Figure 1. Plan view of MB01-S showing the Step-out programme drilling
progress, selected best results from MBDD040 to MBDD042, drill collars from
Phase 1 drilling and gold mineralised wireframes for the 870koz Au MRE within
a US$3,200/oz pit shell.

 

Further Details

 

The Step-out diamond drilling programme at the MB01-S deposit, which commenced
in March 2026 (see announcement dated 31 March 2026), was planned for 2,500m
in 10 holes.  It was designed to expand the existing 870,000oz contained gold
JORC MRE at MB01-S, which is currently open in all directions and at depth, by
testing the potential extension of the mineralised system.  All holes were
planned to be drilled towards the west (at an azimuth of 270 ˚) and at an
inclination of -50 ˚, therefore in the same orientation as the majority of
holes in the Phase 1 drilling programme (see announcement dated 2 September
2025).

 

The Company today reports the first results from the Programme, for holes
MBDD040 to MBDD042, which targeted the northward extensions of MB01-S.
MBDD040 is located on a new fence line, N872982, approximately 100m north of
the Phase 1 drilling grid, and has confirmed an extension of the deposit's
strike length to approximately 600m.  Holes MBDD041 and MBDD042 were drilled
to the west and east respectively of previously reported hole MBDD018, on
fence line N872882.  MBDD041 in particular has delivered high-grade results,
including 1.00m at 59.00g/t Au from 58.40m and 10.50m at 2.46g/t Au from
93.80m including 3.10m at 7.56g/t Au.

 

Table 1. Calculated intersections from Phase 3 holes MBDD040 to MBDD042, using
a 0.20g/t Au lower cut-off grade.  Results greater than 1.00g/t Au are in
bold and 'including' intervals are in bold italics.

 

 Hole ID  From (m)  To (m)  Au Grade (g/t)  Intersection*
 MBDD040  40.50     43.50   2.54            3.00m at 2.54g/t Au
 incl.    42.50     43.50   6.51            1.00m at 6.51g/t Au
 and      46.10     47.35   0.95            1.25m at 0.95g/t Au
 and      53.70     58.50   0.96            4.80m at 0.96g/t Au
 incl.    56.30     57.40   3.07            1.10m at 3.07g/t Au
 and      85.30     86.30   0.83            1.00m at 0.83g/t Au
 and      100.90    102.10  0.45            1.20m at 0.45g/t Au
 and      108.50    111.60  0.20            3.10m at 0.20g/t Au
 and      171.50    172.50  0.65            1.00m at 0.65g/t Au
 and      180.50    181.50  0.29            1.00m at 0.29g/t Au
 and      186.80    187.90  0.30            1.10m at 0.30g/t Au
 and      193.65    194.80  0.21            1.15m at 0.21g/t Au
 and      214.60    217.60  2.82            3.00m at 2.82g/t Au
 incl.    214.60    215.60  7.38            1.00m at 7.38g/t Au
 and      236.30    237.30  0.22            1.00m at 0.22g/t Au
 and      238.30    240.20  0.21            1.90m at 0.21g/t Au
 and      242.20    243.20  0.30            1.00m at 0.30g/t Au
 MBDD041  4.00      7.10    0.70            3.10m at 0.70g/t Au
 incl.    4.00      5.10    1.49            1.10m at 1.49g/t Au
 and      58.40     59.40   59.00           1.00m at 59.00g/t Au
 and      88.30     89.40   5.64            1.10m at 5.64g/t Au
 and      93.80     104.30  2.46            10.50m at 2.46g/t Au
 incl.    99.00     102.10  7.56            3.10m at 7.56g/t Au
 and      107.60    108.70  0.44            1.10m at 0.44g/t Au
 and      110.90    113.20  0.33            2.30m at 0.33g/t Au
 and      127.50    128.60  0.88            1.10m at 0.88g/t Au
 and      133.40    135.40  3.00            2.00m at 3.00g/t Au
 incl.    134.40    135.40  5.44            1.00m at 5.44g/t Au
 and      141.70    142.70  1.37            1.00m at 1.37g/t Au
 MBDD042  14.20     15.40   0.65            1.20m at 0.65g/t Au
 and      38.90     40.10   0.72            1.20m at 0.72g/t Au
 and      66.30     69.30   0.38            3.00m at 0.38g/t Au
 and      88.60     91.70   0.37            3.10m at 0.37g/t Au
 and      134.10    135.10  2.53            1.00m at 2.53g/t Au
 and      154.10    155.10  0.24            1.00m at 0.24g/t Au
 and      230.00    231.00  0.94            1.00m at 0.94g/t Au

* Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off
grade and no more than 5.00m consecutive dilution or 35% total internal
dilution.  True widths are not currently known.

 

The 1.00m at 59g/t Au interval is related to a narrow but high-grade interval
that reflects a NNE-trending zone of vein breccia, with a near-vertical dip
towards the WNW.

 

Figure 2. Core box image of MBDD041 showing 1.00m at 59.00g/t Au interval at
58.40m depth, related to a NNE-trending brecciated silica vein with
significant sulphide-telluride mineralisation and epidote veinlets that
cross-cut orthogneiss basement rocks.

 

The 10.50m at 2.46g/t Au interval shows evidence of shallower-dipping (55-60
˚) mineralisation related to NNW trending (WSW dipping) sulphide-telluride
veinlets formed by the infill of brittle fractures within a broadly NE-SW
trending (SE-dipping) felsic dyke and as veins/veinlets within the orthogneiss
host rock.

 

Both mineralisation styles highlighted conform with the interpreted NNW-SSE
and NNE-SSW conjugate fault system interpreted at MB01, but highlights once
again the structural complexity within the deposits at Mbe.

 

The high-grade intersections in MBDD041 are interpreted to reflect the
along-strike extension of mineralisation observed in MBDD019, where 6.15m at
19.67g/t Au from 113.50m, including 1.00m at 119.00g/t Au was previously
reported (see Announcement dated 26 August 2025), and shows comparable
alteration styles.

 

 

Figure 3. Core box image showing the higher grade portion of the 10.50m at
2.46g/t Au intersection, from 93.80m in MBDD041.  Broadly NNW trending (WSW
dipping) sulphide-telluride veins and veinlets within a NE-SW trending
(SE-dipping) felsic dyke are highlighted by the red boxes.

 

Figure 4. Simplified cross section of fence line N874882 with newly reported
results from MBDD041 and MBDD042, selected results from previously reported
MBDD018, and interpreted mineralised zones.  Previously reported results are
also shown for trench MBT006, located approximately 30m to the north.

 

 

 

Figure 5. Simplified cross section of fence line N874982 with newly reported
results from MBDD040 and interpreted mineralised zones.

 

The Programme at MB01-S is currently 70% complete.  Once all results have
been received, Oriole will engage an independent consultant to prepare an
updated JORC MRE for the deposit, which currently stands at 870koz contained
Au and remains open in all direction.  Any increase to this MRE will, also
increase the 1.23Moz total resource base at Mbe.  Publication of the updated
MRE is expected in early Q3-2026.

 

Further information can be found in the Mbe JORC Table 1 disclosure on the
following page of the Company's website:
https://orioleresources.com/projects/mbe/
(https://orioleresources.com/projects/mbe/)

 

Work is underway to formalise BCM's 50% beneficial interest in Mbe, with the
drafting of a joint venture partnership agreement nearing finalisation.  In
addition, transfer of the Mbe licence from Oriole Cameroon SARL to Oriole Mbe
SARL has been approved by the Ministry of Mines and the restructuring process
announced on 17 October 2024 is nearing completion.  The last outstanding
step is to acquire the 10% interest in the licence held by Oriole's local
partners, BEIG3 Sarl and Roxanne Minerals Limited, for US$100,000, which will
formalise the Company's 50% interest in the Mbe licence.

Competent Persons Statement

 

The information in this announcement that relates to the MREs are based on
data compiled by 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 MREs, and that all material assumptions and technical parameters
underpinning the MREs continue to apply.

 

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
 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
 koz               Thousand troy ounces
 km                Kilometre
 km(2)             Square kilometre
 Mbe               Mbe orogenic gold project
 MB01-N            The north deposit at the MB01 prospect within the Mbe project
 MB01-S            The south deposit at the MB01 prospect within the Mbe project
 m                 Metres
 Moz               Million troy ounces
 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 and development exploration
company, with projects in Central and West Africa.  It is currently focused
on projects 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 global JORC Inferred MRE of 1.23Moz
contained gold at MB01, consisting of 870koz at 1.09g/t Au for the MB01-S
deposit, and 360koz at 1.05g/t Au for the MB01-N deposit.  A fully funded
2,500m step out drilling programme is on-going at MB01-S with the aim of
further increasing the total resource at Mbe.   Following the completion of
the MB01-N drilling programme, and by meeting various financial commitments,
BCM has earned a 50% interest in the Mbe project.  Drafting of a JV
partnership agreement is nearing completion.

 

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 deposit, 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 at the
MB01-S target 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 is in part being targeted by the ongoing, fully funded,
MB01-S step out drilling programme which commenced in March 2026.

 

At the MB01-N target, 700m to the northeast of MB01-S, a 2,982.80m drilling
programme in 15 holes was completed in February 2026.  Best drilling results
included 21.70m at 3.13g/t Au including 7.20m at 8.19g/t Au (from hole
MBDD026), 56.20m at 0.99g/t Au, including 14.60m at 2.03g/t Au and 24.00m at
0.37g/t Au, including 2.00m at 2.21g/t Au (from hole MBDD039), and  16.10m at
2.49g/t Au including 1.00m at 28.60g/t Au, 2.00m at 6.57g/t Au and 14.80m at
0.73g/t Au (from hole MBDD027).  The maiden MRE was published in April 2026
and stands at 360,000oz at 1.05g/t, using a US$3,200/oz gold price and a lower
cut-off grade of 0.40g/t Au.  This increased the total resource at Mbe which
currently stands at 1.23Moz contained Au.

 

Following completion of the MB01-N drilling programme, and the meeting of
various financial commitments, BCM has acquired 50% interest in the project.

 

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

 1  Following the completion of the MB01-N drilling programme in February
2026, BCM International has achieved a 50% beneficial interest in Mbe and
work to formalise this interest in underway.  Oriole currently has a 40%
interest but is undertaking a restructuring process that, once completed, will
see it increase its interest in the Project to 50% (see announcement dated 17
October 2024).  The transfer of the licence, to Oriole Mbe SARL, has recently
been approved by the Ministry of Mines, enabling Oriole to commence the final
steps to complete the process.

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