REG - Oriole Resources PLC - Start of Fully Funded Mbe-N Drilling Programme

Oriole ResourcesAnnouncement

24/11/2025 07:00

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RNS Number : 6221I  Oriole Resources PLC  24 November 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')

 

Commencement of Fully Funded Mbe-North Drilling Programme

 

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
90% 1  owned Mbe gold project in Cameroon ('Mbe' or the 'Project'), where it
has now commenced a 2,950m maiden diamond drilling programme at the MB01-N
target (the 'Programme').  The programme follows the recently announced JORC
resource of 870,000oz of contained gold at the MB01-S deposit, located 700m to
the southwest, and aims to deliver additional Resource ounces for the Project.

Highlights

 

·    A fully funded 2,950m diamond drilling programme, in 13 planned
holes, has commenced at the MB01-N target, focused on converting the existing
Exploration Target 2 , with a range of 15 to 20Mt at 0.77 to 0.94g/t for
370,000oz to 605,000oz of contained gold, into JORC Resources.

 

·    The Programme at MB01-N follows the successful maiden drilling
programme at the MB01-S deposit, located 700m to the southwest, which
delivered a maiden JORC Inferred Mineral Resource ('MRE') of 24.8Mt at a grade
of 1.09g/t Au for 870,000oz contained gold last month.

 

·    The Programme is expected to complete in late Q1 2026.

 

Figure 1. Maiden diamond drilling at the MB01-N target

 

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
delighted that soon after announcing the tremendous maiden MRE at MB01-S, we
have swiftly started the maiden drilling programme at the nearby MB01-N
prospect.  I would like to thank my hard-working colleagues and our partner
BCM International very much for all the preparation work and the fast drilling
team mobilisation.  With the precedent of the JORC Exploration Target
conversion success rate at MB01-S, the potential for a similar achievement at
MB01-N and the reporting of drilling results are eagerly anticipated."

 

Further Details

 

Following the recently announced Completion Agreement with BCM International,
whereby the Company will receive a total of US$900,000 in cash and an
additional US$300,000 in direct drilling expenditure (see announcement dated 5
November 2025), the Company today reports that it has commenced its second
diamond drilling campaign at the Mbe project.

 

The 2,950m Programme has been planned to test the MB01-N target, which is
located 700m to the northeast of the MB01-S deposit, where last month the
Company published a maiden JORC Inferred Mineral Resource Estimate of 24.8Mt
at a grade of 1.09g/t Au for 870,000oz contained gold.

 

MB01-N has a JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au
for 370,000oz to 605,000oz contained gold, and offers significant upside to
the total JORC Resource potential of the Mbe project.  The Programme
comprises a planned 13 holes and has been designed to maximise conversion from
Exploration Target to JORC Resource; all holes are planned at -50˚
inclination and 270˚ azimuth (therefore in a westward direction).

 

 

Figure 2. MB01-N drill plan, with the Exploration Target outlines and
gold-in-soil anomalism on Maxar satellite imagery. Drill fenceline IDs are
shown in blue.

 

Upon completion of the Programme, targeted for late Q1-2026, BCM will acquire
a 50% interest in the Mbe licence.

 

MB01 is one of four prospects identified to date at Mbe.  The other three
targets (MB02 to MB04) were identified by soil sampling in 2024, a campaign
focused on identifying further parallel systems within the broader 12.5km
corridor.  All three prospects are underlain by the same geology, and MB02 in
particular shares the similar structural controls as MB01-S.  These targets
offer further upside at the Project.

 

Figure 3. Results from 2021-2024 soil sampling programmes at Mbe, showing the
location of prospects MB01 (including MB01-N target and MB01-S deposit), and
MB02 to MB04

 

Competent Persons Statement

 

The technical information in this release that relates to Exploration Results
and any 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.

 

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 6630
 Tim Metcalfe / Graham Herring / Florence Staton       oriole@investor-focus.co.uk

 

Glossary and Abbreviations

 Au                Gold
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 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
 km                Kilometre
 km(2)             Square kilometre
 Mbe               Mbe orogenic gold project
 m                 Metres
 MRE               Mineral Resource Estimate
 Mt                Million tonnes
 Oriole Resources  Oriole Resources PLC
 oz                Troy ounce of gold
 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 15 to 20Mt
at a grade of 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N zone.  A maiden drilling programme is underway at MB01-N to
convert the existing Exploration Target into JORC Resources.

 

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 90% owned
Bibemi project, where it has applied for an exploitation licence.  BCM
International is currently earning up to a 50% interest in the Bibemi and Mbe
projects, with the interest to be formalised following the satisfaction of the
requirements outlined in the Completion Agreement (see announcement dated 5
November 2025).

 

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 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for
380,000 to 650,000oz contained gold for all prospects at Senala.  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 in the Adamawa Region of central Cameroon.
 Since 2022, the Company's systematic exploration programmes have identified
four geochemical targets, MB01-MB04.

 

At the 3km long MB01 prospect, increased dilation at the sites of structural
intersections (steeply dipping NNE and NNW trending shear structures) is
believed to have resulted in enhanced levels of gold deposition at the
northern target, MB01-N, and the southern target, MB01-S.  Gold
mineralisation at these targets comprises high-grade, sulphide- and
telluride-rich quartz veins, veinlets and breccias within wider envelopes of
pervasive, lower-grade gold mineralisation.

 

After highly encouraging results from infill soil sampling, rock-chip
sampling, and trench sampling, a fully funded maiden drilling programme
commenced at the MB01-S target in late November 2024 and was completed in
September 2025 for 6,828.40m in 24 holes.  Best drilling results included
86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole
MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au
from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).

 

In October 2025, a maiden MRE was published for the MB01-S target 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.  At
the MB01-N target, approximately 700m to the northeast of MB01-S, an
Exploration Target range of 15Mt to 20Mt at 0.77g/t to 0.94g/t Au fo
 370,000oz to 605,000oz contained Au was published in July 2025, based on
trenching data and the interpretation of geophysical and geochemical anomaly
maps.  The Exploration Target remains open in all directions and at depth,
and it is anticipated that drilling of the target will result in a conversion
to Resource ounces.

 

BCM International has acquired an initial 10% interest in Mbe and is earning
up to a further 40% interest by spending up to US$4 million on exploration.

 

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

 

 1   Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding from 80% to a 90% interest in the
Project (announcement dated 17 October 2024).  Upon completion of the
Programme, Oriole will then revert to a 50% interest in the Project
(announcement dated 5 November 2025).

 

 2  The potential quality and grade of the Exploration Target are conceptual
in nature.  There has been insufficient exploration to estimate a Mineral
Resource, and there is no certainty that further exploration work will result
in the determination of a Mineral Resource.

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