Step-out Drilling Completed at Mbe South
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 Completed at Mbe South Gold Deposit
Latest Intersections Include 27.20m at 1.69g/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 further results from the Step-out diamond drilling programme (the "Programme" or "Phase 3") at the MB01-S deposit at its 50% 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 the MB01-S and MB01-N deposits. The Programme has now been completed for 2,476.80m in 10 holes and results for the remaining five holes are expected later this month. Thereafter, it is anticipated that an updated JORC MRE will be reported for MB01-S in early Q3-2026.
Highlights
· Results for holes MBDD043 and MBDD044 have returned 23 mineralised gold intersections, including:
o MBDD044
▪ 27.20m at 1.69g/t Au from 96.00m depth, including 6.00m at 5.81g/t Au, 1.00m at 2.19g/t Au and 1.00m at 2.09g/t Au
o MBDD043
▪ 27.60m at 0.58g/t Au from 53.30m depth, including 1.10m at 4.08g/t Au and 2.80m at 1.20g/t Au
· Hole MBDD044 appears to represent the along strike extension of the 29.80m at 0.79g/t Au intersection in MBDD024, located 180m to the SSE.
· The Programme has been completed for 2,476.80m in 10 holes, with results for the remaining five holes expected later this month.
· An updated MRE for MB01-S is anticipated in early Q3-2026.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The latest two drill hole results for the step-out drilling programme at the MB01-S deposit are over significant widths, and hole MBDD044 has a pleasing best intersection of 27.20m at 1.69g/t Au.
"The completion of the 10-hole drilling programme has been achieved in good time, and we thank the BCM drilling crew and Oriole's field team for all their hard work. We very much look forward to the results from the remaining holes later this month and the revised independent consultant's updated MRE for MB01-S thereafter in early Q3-2026."
Figure 1. Plan view of MB01-S showing the Step-out programme drill hole collar locations, selected best results from MBDD043 and MBDD044, previously reported best intersections from MBDD040 to MBDD042, drill collars from Phase 1 drilling and gold mineralised wireframes for the current 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), has now been completed for 2,476.80m in 10 holes. It was designed to expand the existing 870,000oz contained gold JORC MRE at MB01-S, by testing the potential extension of the mineralised system. All holes were 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 results for holes MBDD043 and MBDD044, which targeted the western extension of MB01-S. Both holes were completed to the west of Phase 1 drilling on fence line N872582 but are offset approximately 25m to the north (i.e. on a Northing of N873607) due to access constraints.
Table 1. Calculated intersections from Phase 3 holes MBDD043 and MBDD044, 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 Au
Intersection*
MBDD043
12.10
14.30
0.99
2.20m at 0.99g/t Au
including
12.10
13.20
1.76
1.10m at 1.76g/t Au
and
26.30
27.30
1.11
1.00m at 1.11g/t Au
and
36.50
37.50
0.39
1.00m at 0.39g/t Au
and
53.30
80.90
0.58
27.60m at 0.58g/t Au
including
54.30
55.40
4.08
1.10m at 4.08g/t Au
including
78.10
80.90
1.20
2.80m at 1.20g/t Au
and
89.50
90.50
0.27
1.00m at 0.27g/t Au
and
94.50
95.50
0.42
1.00m at 0.42g/t Au
and
113.60
114.70
0.98
1.10m at 0.98g/t Au
and
117.70
118.80
0.21
1.10m at 0.21g/t Au
and
129.70
130.80
0.51
1.10m at 0.51g/t Au
and
169.50
170.50
0.27
1.00m at 0.27g/t Au
and
197.40
200.40
0.32
3.00m at 0.32g/t Au
and
203.40
204.40
0.44
1.00m at 0.44g/t Au
and
215.70
216.80
0.41
1.10m at 0.41g/t Au
and
224.90
226.20
0.40
1.30m at 0.40g/t Au
and
229.50
230.50
0.26
1.00m at 0.26g/t Au
and
235.90
237.90
0.99
2.00m at 0.99g/t Au
including
235.90
236.90
1.64
1.00m at 1.64g/t Au
and
240.05
241.05
1.23
1.00m at 1.23g/t Au
MBDD044
20.40
22.60
0.36
2.20m at 0.36g/t Au
and
42.50
43.50
0.57
1.00m at 0.57g/t Au
and
47.90
49.90
1.06
2.00m at 1.06g/t Au
and
54.90
56.90
0.88
2.00m at 0.88g/t Au
including
54.90
55.90
1.45
1.00m at 1.45g/t Au
and
96.00
123.20
1.69
27.20m at 1.69g/t Au
including
98.00
104.00
5.81
6.00m at 5.81g/t Au
including
108.00
109.00
2.09
1.00m at 2.09g/t Au
including
113.20
114.20
2.19
1.00m at 2.19g/t Au
and
143.70
144.70
0.22
1.00m at 0.22g/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.
These holes have identified two distinct and substantial zones of mineralisation punctuated by higher grading intervals, which is consistent with other notable zones at Mbe.
The 27.20m at 1.69g/t Au intersection from MBDD044, which includes 1.00m at 25.00g/t Au (within the reported 6.00m at 5.81g/t Au 'including' interval), is associated with a zone of brecciated and altered orthogneiss. The orthogneiss in this sequence is highly deformed, evidenced by visible parasitic folding, and the brittle fractures within the breccia zone have been infilled to form NNW-SSE trending sulphide-telluride veinlets that dip steeply to the southwest. The geometry of these veinlets is comparable with the overall mineralised trends identified throughout MB01-S.
Figure 2. Core box photograph showing the higher-grade portion of the 27.20m at 1.69g/t Au intersection in MBDD044, including 1.00m at 25.00g/t Au.
Figure 3. Simplified cross section of fence line N872582 with newly reported results from holes MBDD043 and MBDD044 (noting the ~25m offset to the north compared to the other holes presented). Previously reported best results from holes MBDD010 to MBDD013 and trench line MBT015 are also presented. MBT015 is located approximately 15m to the north of holes MBDD010 to MBDD013, and 10m to the south of holes MBDD043 and MBDD044.
The geometry of the veining implies that the mineralisation in MBDD044 is the along-strike continuation of the 27.80m at 0.79g/t Au intersection previously reported in hole MBDD024 (see announcement dated 22 September 2025), located 180m to the SSE. This, together with other structural data acquired during the Programme, supports a slight rotation of the mineralised wireframes at MB01-S from the current N-S trend to a NNW-SSE orientation, which will be factored into the next MRE update.
Results for the remaining five holes in the Programme are anticipated later this month. Thereafter, Oriole will engage its independent consultant to prepare an updated JORC MRE for the deposit, which currently stands at 870koz contained Au and remains open in all directions, with the publication of the updated MRE expected in early Q3-2026. Any increase to this MRE will also increase the 1.23Moz total resource base at Mbe.
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/
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
Glossary and Abbreviations
Au
Gold
BCM
BCM International Limited
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
koz
Thousand troy ounces
km
Kilometre
km2
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
NNW-SSE
North northwest - south southeast
N-S
North-South
SSE
South-southeast
Oriole Resources
Oriole Resources PLC
oz
Troy ounce of gold
QAQC
Quality Assurance Quality Control
t/m3
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 step out drilling programme has recently been completed at MB01-S with the aim of further increasing the total resource at Mbe, where an update MRE is expected in Q3-2026. 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, and Oriole has recently completed a corporate restructuring to confirm the Company's and BCM's respective 50% interest in Mbe. 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 312km2, is an orogenic gold project located within the broader 2,266km2 '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.
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.
Mineralisation at both deposits remains open in all directions and at depth. MB01-S has recently been targeted by a step out drilling programme which, once all results are received later this month, is expected to lead to an updated MRE in Q3-2026.
For further information please visit www.orioleresources.com, @OrioleResources on X
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