REG - Oriole Resources PLC - Interim Results
28/09/2022 07:01
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RNS Number : 8910A Oriole Resources PLC 28 September 2022
Oriole Resources PLC
('Oriole Resources', 'the Company' or 'the 'Group')
Interim Results for the six-month period ended 30 June 2022
Oriole Resources (AIM:ORR), the AIM-quoted exploration company focussed on
West Africa, announces its unaudited Interim Results for the six-month period
ended 30 June 2022 (the 'Period').
Operational Highlights:
· Bibemi gold project ('Bibemi'), Cameroon - completion of a fourth
phase of diamond drilling has delivered best results of 14.8 metres ('m') at
4.26 grammes per tonne ('g/t') gold ('Au') and moved the Company towards a
JORC Exploration Target definition at the promising Bakassi Zone 1 prospect;
· Central Licence Package ('CLP'), Cameroon - completion of
semi-regional soil sampling over the five eastern licences ('Eastern CLP') has
yielded results of up to 838 parts per billion ('ppb') Au and identified
extensive zones of gold anomalism, including a c.12.5 kilometre ('km') zone at
the Mbe target;
· Senala gold project ('Senala'), Senegal - IAMGOLD's completion of an
initial US$4 million exploration expenditure to earn an initial 51% interest
('First Option'), and commencement of the second US$4 million expenditure to
earn an additional 19% interest ('Second Option').
Financial Highlights:
· The Group's pre-tax loss for the six months to 30 June 2022 was
£0.39 million (2021: loss of £0.87 million);
· Administrative expenses increased to £0.58 million (2021: £0.52
million) as the Company established full-time offices in Cameroon in order to
increase its in-country presence and improve its operational efficiency;
· Exploration expenditure of £0.66 million in Cameroon, mainly related
to three phases of diamond drilling at Bibemi and the completion of soil
sampling programmes over the Eastern CLP licences;
· The cash balance of the Group as at 30 June 2022 was £0.43 million,
ahead of a subsequent top-up equity raise of £0.34 million.
Tim Livesey, CEO of Oriole, said: "The first half of 2022 has been
characterised by global economic uncertainty in light of the war in Ukraine,
which has resulted in a difficult time for the share price performance of
junior companies across the sector. Nevertheless, we were able to execute our
H1-2022 exploration plans in Cameroon as planned and we are extremely pleased
with the excellent exploration progress being made.
"The diamond drilling campaigns at Bibemi have been a great success, with the
majority of holes intersecting orogenic-type gold mineralisation and providing
depth continuity to the multiple targets identified within the 12km-long
surface expression. The most recent results have confirmed the importance of
sub-horizontal (extensional) veins in terms of their potential for
significantly increasing the grade and width of the mineralised intervals. Our
widest intersection to date of 14.80m grading 4.26 g/t Au is attributed to the
interaction between these veins and the sub-vertical veins, confirming our
geological model at the Bakassi Zone 1 prospect.
"Work on our CLP project has progressed to soil sampling over the five eastern
licences, and results from this programme has delivered a number of highly
significant gold anomalies, including a 12.5km-long zone at the Mbe target,
confirming the early potential in this area.
"We have also advanced the development of our exploration with mapping and
ground-based geophysics, and results from these programmes have enabled us to
improve our targeting and will ensure we are maximising the chance of success
across all of our assets in Cameroon.
"In Senegal, we continue to be free-carried for all exploration at Senala,
where IAMGOLD has reached the end of its First Option period and has elected
to continue investment into the Second Option period. This will see a
further spend of US$4 million before 28 February 2024 for IAMGOLD, at its
election, to reach a final equity position of 70%. During the Period, IAMGOLD
has continued to explore the Faré prospect, where the Company has already
defined a maiden JORC-calculated Mineral Resource Estimate that is open along
strike and at depth. The most recent auger drilling programme has targeted the
possible extensions to the currently-defined system, including towards the
easternmost licence boundary, and results are awaited."
Interim Management Report
The first six months of 2022 comprise the second half of the 2021/22
exploration field season in Cameroon, as the rainy season covers the period
July to September. The work so far in 2022 has seen the completion of a
further diamond drilling programme at Bibemi, as well as early-stage
exploration over the Eastern CLP licences in central Cameroon. In Senegal,
IAMGOLD completed its First Option expenditure commitments at Senala and
embarked on its exploration programmes under the Second Option period.
Bibemi
At Bibemi, a geophysics campaign was conducted at the beginning of the year
that enabled the completion of a further 531m of targeted drilling at the
Bakassi Zone 1 prospect, to test the theory that sub-vertical vein sets could
add significantly to the mineralised volume. The results from this drilling
(announcement dated 15 September 2022
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/rdn7q4w)
) confirmed the importance of these cross-cutting structures, delivering
enhanced intersection widths and grades compared to earlier phases. Best
results included 4.26 g/t Au over 14.80m, 2.74 g/t Au over 7.70m and 12.30 g/t
Au over 3m, significantly expanding the potential of Bakassi Zone 1 to deliver
a future mineable resource estimate. The results of this work will allow us to
update our geological model for Bibemi and formulate the next steps for the
project. A two-year extension to the licence is currently under application
and a positive outcome is anticipated in Q4 of this year.
Central Licence Package (CLP)
Work on the CLP has continued throughout the Period with exploration to date
focused on the five Eastern CLP licences. The confirmation of significant gold
in-soil anomalism over a pilot soil sampling grid (announcement dated 14 March
2022
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/wvndopx)
), led to a continuation of the programme over a further five sampling grids
(announcement dated 17 August 2022
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/xjjy3nx)
). Across the Eastern CLP licences, we have already identified a significant
12.5km gold-in-soil anomaly, as well as multiple other areas that merit
further follow-up work. On the basis of the results received to date, an
application has also been made for a further 487 km(2) licence, Maboum,
immediately east and adjacent to the existing Eastern CLP licence package.
Once granted, the licence will require a similar early-stage exploration
programme to enable target definition.
Follow-up programmes on the Eastern CLP licences will include detailed
mapping, an extensive geophysical survey and infill soil sampling, with the
aim of identifying initial reverse circulation ('RC') drill targets by Q3
2023. The three Western CLP licences are so far unexplored, after some access
issues that are being resolved at Ministerial level.
Having only been granted the licences in early 2021, this rapid progression of
previously unexplored, prospective ground in Cameroon has been conducted
professionally and economically, further de-risking the licences and
supporting the Board's proposal that the CLP offers the opportunity for the
discovery of a brand-new gold district.
The multi-element assay data collected through the programmes has also
identified some potentially interesting concentrations of other minerals and
further information will be provided on this in due course.
Senala
In Senegal, IAMGOLD confirmed it had met its first US$4 million commitment to
earn into an initial 51% interest in the 472.5 km(2) Senala Licence
(announcement dated 21 February 2022
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/xo71g9r)
). Following confirmation of that expenditure, a process is currently underway
to formalise IAMGOLD's 51% ownership position. It was also pleasing to see
that IAMGOLD continued with its exploration plans at Senala with an extensive
c.10,000m auger programme to further understand the wider surface footprint of
the Faré anomalism. With excellent drill results already received over a 6km
strike length, and a 280,000 oz Au JORC Exploration Target (open along strike
and at depth) already identified over 950m of that strike length (announcement
dated 23 August 2021
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/w1nl33x)
), the Board believes that the system at Faré has significant potential for
the delivery of a substantial open-pit mining target. It is hoped that the
auger programme will identify further targets proximal to the existing system
footprint that could further enhance the potential at Faré or provide
satellite targets. Results of the auger programme are anticipated shortly.
Senala sits within the heart of the Kédougou-Kéniéba inlier, host to an
exciting, multi-million ounce gold district that covers the border region
between Senegal and Mali. It is the focus for many mid-tier and major gold
companies, including IAMGOLD which continues to invest in its 2.5
million-ounce Boto gold project that is adjacent to Senala. With the region
being a hotspot for M&A activity (most recently with the sale of Oklo
Resources to B2Gold, for A$90 million) the Board remains convinced that the
Company's holding in Senala represents a significant driver of value for
shareholders.
Legacy Assets
During the Period, progress has continued towards unlocking value from the
Company's legacy assets. At the Muratdere copper-gold porphyry project
('Muratdere') in Turkey, in which the Company has a 1.2% royalty interest,
successful approval of the project's Environmental Impact Assessment ('EIA')
is anticipated shortly and will be a major step forward in the project's
progress. The project has an initial mine plan (covering only 16 million
tonnes of a total 51 million tonne resource) to deliver 68,000 tonnes of
copper, which at today's prices would give gross metal revenues in excess of
US$700 million. An update on this key phase will be provided in due course.
The wider portfolio of receivables in Turkey totals approximately US$1.7
million and, although progress to date has been slower than anticipated, their
collection is anticipated over the next year.
In East Africa, the Company continues to monitor its investments in Djibouti
and Egypt. In Djibouti the drilling programmes have been delayed due to
ongoing licence renewal discussions with the Ministry of Mines but Thani
Stratex Djibouti ('TSD') remains confident of successful renewal. The Company
currently has a 9.21% interest in TSD's assets. In Egypt, Red Sea Resources
Limited ('RSR') has continued its earn-in to Thani Stratex Resources' ('TSR')
Hodine licence (announcement dated 16 March 2021
(https://polaris.brighterir.com/public/oriole_resources/news/regulatory_news/story/xlqd57w)
) and it has met its initial US$1.2 million expenditure. The Company currently
holds a 24.92% in TSR and looks forward to RSR's further progression of these
licences in 2022.
Finally, the Company also continues to monitor its 0.68% holding in Elephant
Oil Limited, which relates to a fully written off holding in Rift Resources
Limited. Elephant Oil Limited, an oil company that holds a c.4,600 km(2)
onshore exploration licence in Benin is currently working towards a listing on
NASDAQ. At what is a time of significant global stock market uncertainty, this
process is taking longer than anticipated. Whilst the Board remains confident
in an eventual successful listing, there has not been a revaluation of the
investment balance in these financial statements, although the potential
remains for the holding to be revalued and for the asset to become liquid.
Results
The Group has posted an operating loss for the Period of £0.39 million (2021:
loss of £0.72 million). A significant component of this reduced loss is the
unrealised exchange movement on the Senala asset, which is denominated in
Euros. A gain of £0.17 million in 2022 compares to a loss of £0.23 million
in the comparative period, to give a favourable foreign exchange swing of
£0.40 million, which accounts for most of the reduction in operating loss. At
the administrative expenses level, costs increased from £0.52 million to
£0.58 million, reflecting the recruitment of a local team in Cameroon. With
10 existing licences, more under application and continued successful
exploration, the Company is fully established and operational in Cameroon
throughout the year, having addressed the need to have a dedicated and visible
team on the ground, liaising regularly with all stakeholders including
officials in the key government departments.
The receipt of another research and development tax credit during the Period,
this time for £0.40 million, reflected the higher level of exploration work
undertaken in 2021. The Board is monitoring proposed changes to the research
and development tax credit scheme and is hopeful that the Group's activities
will continue to be supported. Current guidance confirms the scheme will
continue to be open in its current format for at least the current financial
year. As a result of this tax credit, the Group reports a profit after tax of
£0.01 million (2021: loss of £0.83 million).
At 30 June, the Company had £0.43 million in cash and, a few weeks later,
completed a top-up equity raise of £0.34 million. Earlier in the Period, a
€166k bank guarantee was issued to the Customs department in Cameroon to
cover the potential import duties on the diamond drill rig being used at
Bibemi, payable should that equipment be retained in Cameroon permanently. A
process is currently underway to re-export that rig, on the basis that the
next programmes would be for reverse circulation drilling, and as a
consequence the guarantee should be cleared shortly.
Additionally, over the Period, and since the Period-end, the directors have
continued to invest and increase their own personal equity in the Company via
a salary sacrifice scheme, as well as through the aforementioned capital raise
and on-market buying when permitted.
At Senala, the Company will be free-carried until February 2024 should
IAMGOLD, at its election, advance its Second Option to earn a 70% interest.
Results from the recently-completed auger drilling programme are awaited and
the Company looks forward to the next phase of work at the project.
In Cameroon, the Company's operational strategy remains heavily focussed on
delivering quality, capital-efficient exploration to identify resources with
economic potential. The next phases of work are currently being planned and it
is clear that significant progress can be made across the portfolio, with
relatively low, cost-controlled budgets. The early-stage work programmes in
the CLP are, by default, relatively inexpensive and will be focussed towards
identifying drill targets in late 2023. In order to deliver meaningful and
cost-efficient results at the CLP, the timing of drilling is critical and so,
over the next year, the team will focus strongly on de-risking the anomalies
identified to date in order to rank and prioritise them effectively ahead of
that targeting.
As noted above, the recent work at Bibemi has demonstrated the potential for
mineable widths of mineralisation at the project and delivery of a maiden JORC
Exploration Target is anticipated in Q4 2022. This is extremely exciting given
that the project, and indeed country, is completely virgin territory with
respect to hard rock gold resource definition.
The results received from the latest drilling and sampling programmes in
Cameroon continue to endorse the Company's belief that Cameroon has an
enormous, untapped potential to host significant endowments of gold and other
commodities. The team looks forward to building on these results and
developing the next phases of exploration that will bring the Company closer
to defining an economic resource in Cameroon.
Eileen Carr
Non-Executive Chair
On behalf of the Board
27 September 2022
Condensed Consolidated Interim Financial Statements
Statement of Consolidated Comprehensive Income
Notes 6 months to 6 months to
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Continuing operations
Revenue - -
Administration expenses (583) (524)
Other gains/(losses) 191 (196)
Operating loss (392) (720)
Share of losses of associates - (21)
Loss on change of ownership interest - (130)
Loss before income tax (392) (871)
Income tax credit 403 46
Profit/(loss) for the period 11 (825)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 15 (2)
Items that will not be reclassified subsequently to profit or loss
Change in fair value of other financial assets 48 -
Other comprehensive income net of tax 63 (2)
Total comprehensive income for the period 74 (827)
Profit/(loss) for the period attributable to:
Owners of the Parent Company (4) (751)
Non-controlling interest 15 (74)
Profit/(loss) for the period 11 (825)
Total comprehensive income attributable to:
Owners of the Parent Company 65 (753)
Non-controlling interest 9 (74)
Total comprehensive income for the period 74 (827)
Earnings per share - continuing operations:
Basic (pence) (0.00) (0.05)
8
Diluted (pence) (0.00) (0.05)
8
Statement of Consolidated Financial Position
At 30 June 2022
Notes 30 June 30 June 31 December 2021
2022 2021 Audited
Unaudited Unaudited £'000
£'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 38 56 48
Intangible assets 4 10,182 8,460 9,376
Investments in equity-accounted associates 5 1,449 1,449 1,449
Other financial assets 6 836 773 789
Deferred tax asset - 12 -
12,505 10,750 11,662
Current assets
Trade and other receivables 65 212 137
Cash and cash equivalents 432 870 1,361
497 1,082 1,498
Total assets 13,002 11,832 13,160
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 6,200 5,774 6,200
Share premium 24,758 23,512 24,758
Other reserves 1,673 1,593 1,606
Retained earnings (19,681) (18,938) (19,838)
Total equity attributable to owners of the Company 12,950 11,941 12,726
Non-controlling interests (279) (325) (133)
Total equity 12,671 11,616 12,593
LIABILITIES
Non-current liabilities
Employee termination benefits - 3 22
Current liabilities
Trade and other payables 331 213 545
Total liabilities 331 216 567
Total equity and liabilities 13,002 11,832 13,160
Statement of Consolidated Changes in Equity
For the 6 months ended 30 June 2022
Share Share Other Retained Total
Capital Premium Reserves Earnings equity
Total Non-controlling interests
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 January 2022 6,200 24,758 1,606 (19,838) 12,726 (133) 12,593
Comprehensive income for the period:
- Profit/(loss) for the period - - - (4) (4) 15 11
- Other comprehensive income - - 63 6 69 (6) 63
- Transfer between reserves - - - 155 155 (155) -
Total comprehensive income for the period - - 63 157 220 (146) 74
Share based payments - - 4 - 4 - 4
Total contributions by and distributions to owners of the parent recognised - - 4 - 4 - 4
directly in equity
As at 30 June 2022 6,200 24,758 1,673 (19,681) 12,950 (279) 12,671
As at 1 January 2021 5,667 22,862 1,591 (18,187) 11,933 (251) 11,682
Comprehensive income for the period:
- Loss for the period - - - (751) (751) (74) (825)
- Other comprehensive income - - (2) - (2) - (2)
Total comprehensive income for the period - - (2) (751) (753) (74) (827)
Issue of share capital net of expenses 107 650 - - 757 - 757
Share based payments - - 4 - 4 - 4
Total contributions by and distributions to owners of the parent recognised 107 650 4 - 761 - 761
directly in equity
As at 30 June 2021 5,774 23,512 1,593 (18,938) 11,941 (325) 11,616
Statement of Consolidated Cash Flows
6 months to 6 months to
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Cash flow from operating activities
(Loss)/profit before income tax (392) (871)
Share based payments 4 4
Depreciation 11 3
Share of losses of associates and loss on change of ownership interest - 151
Impairment write offs/(write backs) on intangible assets - (211)
Foreign exchange movements on operating activities (129) 345
Changes in working capital:
Trade and other receivables 72 (62)
Trade and other payables (236) (69)
Net cash flow from operating activities (670) (710)
Cash flows from investing activities
Purchase of property, plant, and equipment (1) -
Purchase of intangible assets (note 4) (661) (974)
Tax received 403 46
Net cash flow from investing activities (259) (928)
Cash flows from financing activities
Net funds received from issue of shares - 757
Net cash flow from financing activities - 757
Net decrease in cash and cash equivalents (929) (881)
Cash and cash equivalents at beginning of the period 1,361 1,751
Cash and cash equivalents at end of the period 432 870
Notes to the consolidated interim financial statements for the six months
ended 30 June 2022
1. General Information
The principal activity of Oriole Resources PLC ('the Company') and its
subsidiaries (together, 'the Group') is the exploration for, and development
of, precious and high-value base metals. The Company's shares are quoted on
the AIM Market of the London Stock Exchange. The Company is incorporated and
domiciled in the UK.
The address of its registered office is 180 Piccadilly, London, W1J 9HF.
2. Basis of preparation
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared
on a going concern basis in accordance with the recognition and measurement
criteria of UK-adopted international financial standards. The accounting
policies applied in preparing the interim financial information are consistent
with those that have been adopted in the Group's 2021 audited financial
statements and are expected to be applied in the preparation of the 2022
financial statements. Statutory financial statements for the year ended 31
December 2021 were approved by the Board of Directors on 8 March 2022 and
delivered to the Registrar of Companies. The report of the auditors on those
financial statements was unqualified.
The Board of Directors approved this Interim Financial Report on 27 September
2022.
The condensed consolidated interim financial statements have been prepared on
a going concern basis. At the date of the financial statements the Directors
expect that the Group will require further funding to cover corporate
overheads and its operational plans in Cameroon. Operational expenditure
includes a significant discretionary component which the Directors may adjust
depending upon circumstances. The Directors are confident that the Group will
be able to raise further funds as required to meet these plans over the next
12 months, in cash, by asset disposals, debt funding or share issues.
There can be no assurance that the asset sales or other means of cash
generation will be successful and this may affect the Group's ability to carry
out its work programmes as expected.
Should the Group 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 was unable to continue as a going concern.
Cyclicality
The interim results for the six months ended 30 June 2022 are not necessarily
indicative of the results to be expected for the full year ending 31 December
2022. Due to the nature of the entity, the operations are not affected by
seasonal variations at this stage.
Financial Risk Management
The key risks that could affect the Group's short and medium term performance
and the factors that mitigate those risks have not substantially changed from
those set out in the Group's 2021 Annual Report and Financial Statements, a
copy of which is available on the Company's website: www.orioleresources.com
(http://www.orioleresources.com) . The Group's key financial risks are the
availability of adequate funding and foreign exchange movements.
Accounting Policies
The condensed consolidated interim financial statements have not been audited,
nor have they been reviewed by the Company's auditors in accordance with the
International Standard on Review Engagements 2410 issued by the Auditing
Practices Board. The figures have been prepared using applicable accounting
policies and practices consistent with those adopted in the audited annual
financial statements for the year ended 31 December 2021.
Critical accounting estimates and judgements
The preparation of condensed consolidated interim financial statements
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 2021 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period. The Directors believe that
the overall value of these assets has been maintained during the period.
The condensed consolidated interim financial statements have been prepared
under the historical cost convention as modified by the measurement of certain
investments at fair value.
No dividends have been paid in the period (2021: £nil).
3. Operating Segments
Operating segments are reported in a manner which is consistent with internal
reports provided to the Chief Operating Decision Makers, identified as the
Executive Directors who are responsible for allocating resources and assessing
performance of the operating segments. The management structure reflects these
segments. The Group's exploration operations and investments are based in
three geographical areas, namely Turkey, East Africa and West Africa. The
Group's head office is located in the UK and provides corporate and support
services to the Group and researches new areas of exploration opportunities.
The allocation of profits, losses, assets and liabilities by operating segment
is as follows:
Loss for the period:
Turkey East Africa West Africa UK Total
£'000 £'000 £'000 £'000 £'000
6 months to 30 June 2022
Administrative costs (18) - (58) (505) (581)
Inter-segment charges - - (148) 148 -
Depreciation - - - (2) (2)
Exchange gains - - 172 - 172
Other income/losses 17 - - 2 19
Loss before Income Tax (1) - (34) (357) (392)
6 months to 30 June 2021
Administrative costs (33) - (44) (444) (521)
Inter-segment charges - - (152) 152 -
Depreciation - - - (3) (3)
Exchange losses - (60) (392) 15 (437)
Other income/losses 30 211 - - 241
Share of losses of associates and loss on change of ownership - (151) - - (151)
Loss before Income Tax (3) - (588) (280) (871)
Assets and liabilities:
Turkey East Africa West Africa UK Total
£'000 £'000 £'000 £'000 £'000
30 June 2022
Intangible assets - - 10,182 - 10,182
Property, plant and equipment - - 29 9 38
Equity-accounted associates - 1,449 - - 1,449
Cash and other assets 24 836 219 254 1,333
Liabilities (2) - (58) (271) (331)
Inter-segment (2,951) - (2,298) 5,249 -
Net Assets (2,929) 2,285 8,074 5,241 12,671
30 June 2021
Intangible assets - - 8,460 - 8,460
Property, plant and equipment - - 45 11 56
Equity-accounted associates - 1,449 - - 1,449
Cash and other assets 34 773 90 970 1,867
Liabilities (63) - (14) (139) (216)
Inter-segment (3,243) - (2,985) 6,228 -
Net Assets (3,272) 2,222 5,596 7,070 11,616
Cash and other assets include cash and cash equivalents amounting to £432k at
30 June 2022 (2021: £870k). Against that amount the Group have issued a
financial guarantee of £143k covering the potential import duties and taxes
on equipment temporarily imported into Cameroon. No liability is expected to
arise on this guarantee.
4. Intangible assets
2022 2021
£'000 £'000
At 1 January 9,376 7,771
Exchange movements 145 (285)
Additions 661 974
At 30 June 10,182 8,460
5. Investments in equity-accounted associates
2022 2021
£'000 £'000
At 1 January 1,449 1,449
Exchange movements - (60)
Share of losses - (21)
Reduction due to change in ownership status - (130)
Provision for impairment - 211
At 30 June 1,449 1,449
Oriole's shareholding interest in Thani Stratex Resources Limited ('TSR') was
maintained during the period at 24.92%. TSR has been notified that RSR has met
the first stage of its earn-in allowing RSR to move to a 51% ownership of the
vehicle that holds the Egyptian licence. TSR would then continue to hold the
remaining 49% interest in the licence vehicle.
6. Other financial assets
2022 2021
£'000 £'000
Financial assets at fair value through other comprehensive income 395 395
Receivables at amortised cost 441 378
836 773
The Group holds a 9.21% investment in Thani Stratex Djibouti Limited ('TSD'),
and an associated loan note payable by TSD, valued at £441,000.
7. Related party transactions
Directors of the Company received total remuneration of £216k for the six
months ended 30 June 2022 (six months ended 30 June 2021 - £194k).
8. Earnings per share
The calculation of earnings per share is based on the following:
2022 2021
Loss attributable to equity holders (£'000) (4) (751)
Weighted average number of shares basic 1,994,021,336 1,544,702,511
Earnings per share basic (pence) (0.00) (0.05)
Weighted average number of shares diluted 1,994,021,336 1,544,702,511
Earnings per share diluted (pence) (0.00) (0.05)
Competent Persons Statement
The information in this release that relates to Exploration Results has been
compiled by Claire Bay (Executive Director, Exploration & Business
Development). 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 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.
** ENDS **
Oriole Resources Plc Tel: +44 (0)20 830 9650
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / George Grainger / Ciara Donnelly
Shard Capital Partners LLP Tel: +44 (0)20 7186 9900
Damon Heath / Erik Woolgar / Isabella Pierre
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating in West
Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé
and Central Licence Package projects) and the more advanced Senala gold
project in Senegal, where IAMGOLD has the option to spend US$8 million to earn
a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently
met its first commitment by spending US$4 million within an initial four
years and will shortly acquire a 51% interest in Senala. The Company also has
several interests and royalties in companies operating throughout Africa and
Turkey that could deliver future cash flow.
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