REG - Oriole Resources PLC - Preliminary Economic Assessment for Bibemi Project

Oriole ResourcesAnnouncement

16/12/2025 07:00

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RNS Number : 6578L  Oriole Resources PLC  16 December 2025

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')

 

Preliminary Economic Assessment for the Bibemi Gold Project, Cameroon to
support Exploitation Licence Application Process

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on West and Central Africa, is pleased to provide an update on its 50%
owned Bibemi potential open pit gold mine project ('Bibemi' or the 'Project')
in Cameroon, including results from its internal Preliminary Economic
Assessment ('PEA').

Highlights

 

·    Amended detailed technical report (the 'Report') submitted to the
Cameroon Ministry of Mines, Industry, and Technological Development ('Ministry
of Mines') to expedite the Exploitation Licence Application ('ELA') process
and which incorporates comprehensive technical progress achieved by the
Company during 2024/25.

 

·    The Report includes an internal PEA that focuses on an optimised open
pit mine scenario for exploiting approximately 89,000oz in situ contained gold
grading 2.20g/t Au, largely centred within the 100,000oz contained Indicated
Resource at the Bakassi Zone 1 ('BZ1') MRE deposit, published in May 2025.

 

·    Summary base case parameters using a US$3,200 per ounce gold price
(unless otherwise stated), 85% treatment plant recovery and costs to scoping
study levels of confidence, are tabulated below (see 'Further Details' section
for expanded table):

 Bibemi Gold Project Preliminary Economic Assessment Base Case Summary (1)
 Production
 Life of Mine ('LoM')                              7 years
 Total gold production                             72,000oz
 Average annual gold production                    10,000oz
 Average all-in sustaining cost ('AISC') over LoM  US$1,243/oz
 Initial capital expenditure ('CAPEX')             US$60.4m
 Gold price used                                   US$3,200/oz
 Estimated pay-back period                         4 years
 NPV @ 8% after tax @ US$3,200/oz                  US$12.8m
 Equity Internal Rate of Return ('IRR') after tax  19% (3)
 Total after tax free cash flow @ US$3,200/oz      US$39.8m
 NPV @ 8% after tax @ US$4,000/oz                  US$34.9m(2)
 Total after tax free cash flow @ US$4,000/oz      US$72.7m(2)

 

(1) Costs to scoping study levels of confidence (+/-30%) and all figures are
rounded

(2)Does not include any price-based increase in Resources.

(3) Subject to final agreement on taxation and utilities pricing during the
negotiation period.

 

·    Productive meetings took place in Cameroon's capital Yaoundé last
week between the Company and the relevant government authorities responsible
for the ELA negotiations.

 

·    Following the negotiation period to finalise the Cameroon
Government's tax and customs regime for the potential open pit mine, the
Company hopes to receive an Exploitation Licence in the first half of 2026.

 

·    Future production expansion and mine life extension potential through
the conversion of the wider JORC Mineral Resources (additional 371,000oz Au
contained) and Exploration Target (range of 3 to 5Mt at 1.50 to 2.50g/t Au for
145,000oz to 400,000oz contained gold, covering Bakassi Zone 1 and three
further prospects) offers significant upside to the overall Project economics.
 The Exploration Target is conceptual in nature and additional exploration
work will be required to determine whether it can be converted to a Mineral
Resource.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
pleased to have submitted the amended detailed technical report to the
Cameroon Ministry of Mines, which is an important milestone as the Company
seeks to be granted an Exploitation Licence for the Bibemi Project.

"The Preliminary Economic Assessment for the selected Bibemi gold project mine
scenario, which formed part of the technical report, shows that, based on the
work completed to date, the Project has mine development potential.

"The mine plan has focused on extracting the bulk of the gold contained in the
Indicated Resource using an expandable modular skid-mounted treatment plant
design which would offer future operational flexibility, and potential for
treatment plant capital intensity economies of scale.  This flexibility to
expand potential production is supported by the fact that less than 20% of the
Project's total contained gold resources are incorporated into the PEA.
Accordingly, there is encouraging scope for upgrading the existing Inferred
Mineral Resources and Exploration Targets for all prospects, including those
within and in close vicinity to the main BZ1-MRE zone.

"We look forward to the results from further technical studies, including more
detailed metallurgical test work, to determine more accurate PEA parameters."

 

Further Details

 

Background

 

The Company has submitted an updated Report to the Ministry of Mines, to
support the ELA process.  The Report has incorporated the updated JORC
Resource and Exploration Target, published in May 2025, mineral processing
studies, all of the mine planning work and other technical studies that the
Company has completed since the initial submission, and a PEA model.

 

The PEA focuses on an optimised open pit mine scenario with approximately
89,000oz contained in situ gold grading 2.20g/t Au, which is largely centred
within the 100,000oz Indicated Resource published earlier this year (see
announcement dated 15 May 2025).

 

Using a US$3,200 gold price, 85% treatment plant recovery and costs to scoping
study levels of confidence (+/-30%), the PEA has estimated a seven-year LoM
producing, on average, 10,000oz Au per annum.  The initial CAPEX of US$60.4m
is expected to be paid back in four years, with the selected optimised pit to
150m depth generating an NPV at 8% of US$12.8m and an equity IRR of 19%,
subject to final agreement on taxation and utilities pricing during the
negotiation period.  The LoM average AISC is estimated at US$1,243/oz.  A
higher gold price of US$4,000 gives a marked increase in the NPV(8%) to
US$34.9m.

 

 Bibemi Gold Project Preliminary Economic Assessment Base Case Summary (1)
 Production
 LoM                                                       7 years
 Treatment plant design throughput                         190,800tpa
 Head grade                                                2.09g/t
 Processing plant recovery                                 85%
 Total gold production                                     72,000oz
 Average annual gold production                            10,000oz
 Total run of mine material ('RoM') to plant               1.3Mt
 Total waste mined                                         16.8Mt
 Total rock mined                                          18.1Mt
 Average waste : mineralised material strip ratio          13.3
 Operating costs
 Mineralised and waste mining costs                        US$2.4/t
 Processing cost per tonne treated                         US$30.1/t
 G&A cost                                                  US$5.0/t
 Total cost per tonne processed                            US$69.6/t
 Total cash cost per gold ounce sold                       US$1,218/oz
 Average AISC over LoM                                     US$1,243/oz
 Capital expenditure
 Treatment plant                                           US$35.8m
 All others Capex including 10% contingency and pre-strip  US$24.6m
 Initial CAPEX                                             US$60.4m
 Sustaining Capex                                          US$1.8m
 Mine closure costs                                        US$3m
 Total LoM Capex                                           US$65.2m
 Base case economics
 Gold price used                                           US$3,200/oz
 Pay-back period                                           4 years (est.)
 NPV @ 8% after tax                                        US$12.8m (2)
 Equity IRR after tax                                      19% (3)
 Total after tax free cash flow                            US$39.8m (2)

 

(1) Costs to scoping study levels of confidence (+/-30%) and all figures are
rounded

(2)Using a US$4,000 gold price gives an NPV(8%) of US$34.9m and a total after
tax free cash flow of US$72.7m, not including any price-based increase in
Resources.

(3) Subject to final agreement on taxation and utilities pricing during the
negotiation period.

 

Note that the Equity IRR is after SONAMINES', the Cameroon state mining
company, 10% free-carried interest, but has been calculated using certain
assumptions around the treatment of other taxes and utilities costs.  These
taxes and costs will be finalised during the negotiation period.

 

The technical work completed to date is considered to be of a scoping study
level in terms of mining industry standards.  All metrics are therefore
provisional in nature and are considered to be within +/-30% accuracy and
subject to revision as a result of additional studies and modelling.

 

Negotiations to secure the Exploitation Licence, and agree the commercial
terms are ongoing, with a targeted completion date of Q2-2026.

Competent Persons Statement

The information in this announcement that relates to mineral processing and
certain economic parameters is based on data compiled by David Lunt, an
independent consultant to Oriole.  Mr Lunt is a Director of Stirling Process
Engineering and has senior and technical management experience within the
extractive metallurgical consulting/contracting industry, including as
Technical Director GRD Minproc (now Wood Ltd), General Manager of Minproc's
Sydney office and Process Manager (Minproc and Kvaerner).  Mr Lunt consents
to the inclusion in the report of the matters based on his information in the
form and context in which it appears.

 

The information in this announcement that relates to Mineral Resource
estimates, Exploration Targets and resource pit optimisation is based on and
fairly represents information compiled by Robert Davies (EurGeol, CGeol), an
independent consultant to Oriole Resources.  Mr Davies is a Director of Forge
International Limited and 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 (2012 Edition). Mr Davies consents to the inclusion in this
announcement of the matters based on his information in the form and context
in which it appears.

 

The technical information in this release that relates to the PEA has been
compiled by Mr Martin Rosser (Chief Executive Officer).  Martin Rosser (CEng)
is a Competent Person as defined in the JORC code and takes responsibility for
the release of this information.  Mr Rosser has reviewed the information in
this announcement and confirms that he 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

 

Glossary and Abbreviations

 AISC              All-in sustaining cost
 Au                Gold
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 ELA               Exploitation Licence Application
 g/t               Grammes per tonne
 JORC              Joint Ore Reserves Committee
 JORC Code         2012 Edition of the Australasian Code for Reporting of Exploration Results,
                   Mineral Resources and Ore Reserves
 km                Kilometre
 km(2)             Square kilometre
 LoM               Life of Mine
 Mbe               Mbe orogenic gold project
 m                 Metres
 MRE               Mineral Resource Estimate
 Mt                Million tonnes
 Oriole Resources  Oriole Resources PLC
 oz                Troy ounce of gold
 PEA               Preliminary Economic Assessment
 RoM               Run of Mine
 tpa               Tonnes per annum
 t/m(3)            Tonnes per cubic metre

 

 

Notes to Editors:

 

Oriole Resources

 

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in West and Central Africa.  It is focused on early-stage exploration in
Cameroon.

 

At its district scale Central Licence Package, the Company has identified
multi-kilometre long gold anomalies including at its flagship Mbe project.
 At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at
1.09g/t Au for the MB01-S zone, and an Exploration Target range of 15Mt to
20Mt at a grade of 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained
gold for the MB01-N zone.  A fully funded maiden drilling programme commenced
in November 2025 at MB01-N with the aim of converting the existing Exploration
Target to a Resource.  BCM is nearing completion of US$4 million in
exploration expenditure at Mbe, which will see it earn a 50% interest.

 

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 International completed its earn-in to a 50% interest in
Bibemi by meeting certain payment conditions including spending a further
US$4m on exploration.

 

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year
earn-in to acquire an approximate 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  The Company has reported a
Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred
category for the Faré South prospect, and an additional, complementary
Exploration Target range of 17Mt to 24Mt at a grade of 0.69g/t to 0.84g/t Au
for 380,000oz to 650,000oz contained gold for all prospects at Senala.  Best
results to date include 20.00m grading 31.13 g/t Au including 10.00m grading
60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au from diamond
drilling.  Discussions on the formation of a joint venture company are
currently underway.  The Company also has several interests and royalties in
companies operating in East Africa and Turkey that could give future cash
payments.

 

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

 

Background on Bibemi

 

At the 177km(2) Bibemi orogenic gold project in the North region of Cameroon,
the Company's exploration to date has identified shear-hosted gold
mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa
West and Lawa East - within an approximately 12km long mineralised
hydrothermal system at surface.

 

Between 2021 and 2022, the Company completed four phases of diamond drilling
at the Project for a total of 6,685.40m in 54 holes, with the majority of that
drilling focused on an approximately 1km long section at the BZ1-MRE zone.
 Following a maiden MRE published in 2022, and an updated MRE published in
2024 (using Phase 1-4 data), the Company completed a Phase 5 diamond drilling
programme in February 2025.  This programme targeted the Bakassi Zone 1 to
further test the BZ1-MRE zone, and two along-strike targets, BZ1-NE and
BZ1-SW, for 6,915.40m in 56 holes.

 

These additional Phase 5 drill results enabled independent consultant Forge
International to deliver an updated MRE for the BZ1-MRE zone of 460,000oz
contained gold at over 2g/t Au, based on a 0.40g/t Au lower cut-off grade and
within a US$2,750/oz gold price open pit shell.  In addition to this being an
approximate 23% increase on the 2024 MRE, the confidence level of the MRE was
improved, with 100,000oz Au falling into the JORC Indicated category and the
remaining in the Inferred category.  The Indicated Resources occur as a
unified block in the centre of the deposit and could provide a suitable
location for a starter pit if mined.  An additional JORC Exploration Target
range of 3 to 5 million tonnes at 1.50 to 2.50g/t Au for 145,000oz to
400,000oz contained Au has been estimated for the Bakassi Zone 1, Bakassi Zone
2, Lawa East and Lawa West prospects, highlighting the significant upside
potential of the wider licence area.

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