REG - Oriole Resources PLC - Total Resources at Mbe increased to 1.23m oz gold

Oriole ResourcesAnnouncement

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RNS Number : 0811A  Oriole Resources PLC  13 April 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")

 

Total JORC Resources at Mbe increased to 1.23 million oz contained gold

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration and
development company focused on Central and West Africa, is pleased to publish
the maiden JORC Mineral Resource Estimate ('MRE') for the MB01-N deposit at
its 50% 1  owned Mbe orogenic gold project ("Mbe" or the "Project") in
Cameroon.  Together with the MRE for the neighbouring MB01-S deposit, which
was published in Q4-2025, the total JORC Inferred Resource at Mbe is now 1.23
million oz contained gold ("Au").

 

Highlights

 

·    Independent consultant Forge International Limited ("Forge") has
produced a pit constrained Inferred MRE for MB01-N of 10.5Mt at a grade of
1.05g/t for 360,000oz contained gold, using a US$3,200/oz gold price and a
lower cut-off grade of 0.40g/t Au.

 

·    The MRE extends over a strike length of approximately 723m, a width
of up to 125m, a maximum vertical depth of 270m and remains open in all
directions.

 

·    Combined with the existing Inferred Resource at MB01-S (870,000oz),
located 700m to the southwest of MB01-N, Mbe now has a total Inferred Resource
of 1.23 million oz contained Au, with both deposits remaining open in all
directions and with further potential satellite targets within the wider
licence area.

 

·    A ten hole 2,500m step out diamond drilling programme at MB01-S
commenced earlier this month, with the aim of expanding the existing Inferred
MRE at that deposit later this year.

 

·    The Company believes there is excellent potential to increase
significantly the size of the cumulative Resource across the Project.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
delighted to receive this maiden resource for the northern deposit on our Mbe
licence in Cameroon.  This together with the maiden MRE at MB01-S, brings our
total resource to almost one and a quarter million ounces of gold at Mbe
within the North and South area deposits, both of which are still open in all
directions and at depth.  For any gold exploration project reporting a more
than 1 million oz contained gold deposit is a major achievement and Mbe
continues to build upon its status as not only Cameroon's leading gold
project, with highly encouraging potential to become a significant open pit
gold mine but is also of a size that already bears favourable comparison with
other major discoveries in Africa and the rest of the world.

 

"Work continues unabated with the recently commenced 2,500m step-out diamond
drilling programme at the MB01-S deposit going well and with good potential to
add more resources as we test the potential extensions of that system.  The
months ahead are eagerly anticipated for the project."

 

 

Figure 1. Plan view of the total JORC Inferred Resource for Mbe, with
pit-constrained MREs for MB01-N and MB01-S, showing the block models and
US$3,200/oz pit shells.

 

Further Details

 

A maiden JORC MRE for the MB01-N zone has been prepared by Forge and is
presented in Table 1.  The estimate is based on a combination of drill hole
and trench assay data acquired by the Company since 2024.  The estimate has
delivered a total Resource for MB01-N of 10.5Mt at a grade of 1.05g/t for
360,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and within a
US$3,200/oz gold price open pit shell.

 

Table 1. JORC MRE for MB01-N

 

 JORC Classification                    Gross                                                Net Attributable (50%)

                      Oxidation Level
                      Tonnage (t)                   Grade (g/t)  Total Contained Gold (oz)  Tonnage (t)  Grade (g/t)  Total Contained Gold (oz)
 Inferred             Oxide             800,000     0.75         20,000                     400,000      0.75         10,000
                      Fresh             9,700,000   1.07         340,000                    4,850,000    1.07         170,000
                      Total             10,500,000  1.05         360,000                    5,250,000    1.05         180,000

 

Notes:

·      Effective date of the Mineral Resource is 20 March 2026, being
the date the Oriole data room was shared with Forge.

·      The Resource has been estimated by Robert Davies, EurGeol, CGeol,
a Competent Person as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code).  Mr. Davies is a Director of Forge International and has sufficient
experience relevant to the style of mineralisation, type of deposit, and
activity undertaken to qualify as a Competent Person.  Mr. Davies consents to
the inclusion of this information in the form and context in which it appears.

·      The Operator of the Mbe Project is Oriole.

·      The Mineral Resource Estimate is based on total of 5,197 samples,
collected from 4,453m of trenching and 2,983m of diamond drilling from 15
holes, with gold grades estimated using Inverse Distance Weighting within
hard-boundary mineralisation wireframes, based on length-weighted composited
assay data.

·      The Mineral Resource extends over a strike length of
approximately 723m, up to 125m width and to a maximum depth of 270m.  To
define the blocks with reasonable prospects of eventual economic extraction
(RPEE) as required under the JORC Code (2012 Edition), the estimate has been
constrained within a Lerchs-Grossman optimised pit shell generated in Datamine
NPVS, using a gold price of US$3,200/oz and the application of reasonable
mining parameters.

·      The Mineral Resource has been reported above a cut-off grade of
0.40 g/t Au and filtered by the pit shell constraint.

·      The Resource Estimate is shown on a gross (100%) basis.  After
the on-going restructuring process (see announcement dated 17 October 2024) is
completed, Oriole will increase its holding from 40% to a 50% net attributable
beneficial interest through the licence holding company, Oriole Cameroon SARL
 The remaining 50% interest is held by BCM International Limited following
its recent earn-in (see announcement dated 20 February 2026).

·      All figures are rounded to reflect the relative accuracy of the
estimate.  Differences may occur due to rounding.

·      Mineral Resources are not Mineral Reserves and have not
demonstrated economic viability.  Further exploration, sampling, and economic
studies are required before any potential conversion to Ore Reserves can be
considered.

·      A site visit to the Mbe Project was completed by Mitko Ligovski,
a Competent Person representing Forge International, who verified the
geological and sampling data used in this estimate.  No environmental or
social impact studies have yet been undertaken at the site.

 

The MRE replaces the July 2025 Exploration Target for MB01-N, which was
exclusively underpinned by trenching data.  The maiden drilling programme
(~3,000m in 15 holes) has resulted in a reasonable portion of the Exploration
Target being converted to a Resource, with the contained gold being broadly in
line with the lower end of the Exploration Target range for overall ounces,
albeit exceeding the upper grade estimate.  The MRE remains open in all
directions.

 

 

Figure 2. Plan view of the pit constrained MRE model for MB01-N, showing the
block model and US$3,200/oz pit shells.  The black line denotes cross section
line presented in Figure 3 below; note that is it orientated slightly oblique
to the east-west orientated drill fence lines.

 

 

Figure 3. Cross section approximately along drill fence line N8743992 at
MB01-N (viewing approximately north) showing the assay results from both
trenching and drilling, the US$3,200/oz pit shell, and mineralised wireframe
model.

 

The grade-tonnage sensitivity analysis in Table 2 demonstrates that the
deposit is not particularly sensitive to cut-off grade.

 

Table 2.  Grade tonnage sensitivity for MB01-N zone MRE

 

 Cut-off Grade (Au g/t)  Tonnes (t)  Grade (g/t Au)  Contained Metal (Au troy oz)
 0.1                     26,000,000  0.51            430,000
 0.2                     11,000,000  1.02            360,000
 0.3                     10,700,000  1.04            360,000
 0.4                     10,600,000  1.05            360,000
 0.5                     10,100,000  1.07            350,000
 0.6                     9,100,000   1.13            330,000
 0.7                     7,100,000   1.27            290,000

Note:

·    All figures are rounded to reflect the relative accuracy of the
estimate.  Differences may occur due to rounding.

·    The grade-tonnage sensitivity information is presented for
illustrative purposes only and does not constitute a separate Mineral Resource
estimate.

 

The MRE for MB01-N is in addition to the 870,000oz contained Inferred MRE
published for the MB01-S deposit in Q4-2025, which is restated below and takes
into account Oriole's revised net attributable interest following BCM's recent
earn-in to a 50% interest in the Project.  For full disclosure notes related
to the MB01-S MRE, please refer to the Company's original announcement dated
21 October 2025.

 

Table 3. JORC MRE for MB01-S

 

 JORC Classification                    Gross                                                Net Attributable (50%)

                      Oxidation Level
                      Tonnage (t)                   Grade (g/t)  Total Contained Gold (oz)  Tonnage (t)  Grade (g/t)  Total Contained Gold (oz)
 Inferred             Oxide             2,400,000   0.91         70,000                     1,200,000    0.91         45,000
                      Fresh             22,400,000  1.10         800,000                    11,200,000   1.10         400,000
                      Total             24,800,000  1.09         870,000                    12,400,000   1.09         435,000

 

The MRE at MB01-S remains open in all directions and a 10-hole 2,500m step out
diamond drilling programme is currently underway to test the potential
extensions of the system to the south, west, northwest and northeast.  Once
the programme is completed, the results will be integrated into the existing
MRE for MB01-S and should add further ounces to the global resource base at
Mbe later this year.

 

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/)

 

In addition, work is still underway to formalise BCM's 50% beneficial interest
in Mbe, with the drafting of a joint venture partnership agreement in
progress.

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
 Bibemi            Bibemi orogenic gold project
 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
 km                Kilometre
 km(2)             Square kilometre
 Mbe               Mbe orogenic gold project
 m                 Metres
 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 exploration company, with projects
in Central and West Africa.  It is currently focused on 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 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 underway 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 in progress.

 

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 target, 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 on-going, 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 using a US$3,200/oz gold price and
a cut-off grade of 0.40g/t Au.  This has 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
and work remains underway to formalise this interest.

 

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, BCM
International has achieved a 50% beneficial interest in Mbe and work to
formalise this interest in underway.  Oriole now has a 40% interest but is
currently undertaking a restructuring process that, once completed, will see
it increase its interest in the Project to 50% (see announcement dated 17
October 2024).

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