REG - Oriole Resources PLC - Interim Results
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RNS Number : 3326A Oriole Resources PLC 23 September 2025
23 September 2025
This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended.
Oriole Resources PLC
("Oriole Resources", "Oriole", the "Company" or the "Group")
Interim Results for the six-month period ended 30 June 2025
Oriole Resources (AIM:ORR), the AIM-quoted gold exploration company focussed
on West and Central Africa, announces its unaudited Interim Results for the
six-month period ended 30 June 2025 (the "Period" or "H1 2025").
Portfolio Development including Post Period End
Eastern Central Licence Package ('Eastern CLP'), Cameroon
· Phase 1 drilling continued at its 90% owned Mbe gold project ("Mbe")
and was completed in September 2025 for 6,828.40m in 24 drill holes at the
MB01-S target.
· A total of 344 gold mineralised intersections reported, with broader
envelopes of lower grade material and narrower zones of higher grade,
including 86.50m at 1.36g/t Au from 22.00m (MBDD008) and 6.15m at 19.67g/t Au
from 113.50m (MBDD019).
· Maiden Exploration Target for the MB01 prospect ('MB01', encompassing
both the northern target, MB01-N and the southern target, MB01-S) of between
33Mt and 44Mt with grades ranging between 0.77g/t and 0.95g/t Au for between
0.82Moz and 1.34Moz contained gold published in July 2025, based on results
from the 2024 trenching programme and only the first 13 drill holes of the
maiden drilling programme.
· A maiden pit-constrained JORC MRE is currently being prepared for the
MB01-S target, which accounts for approximately 60% of the current Maiden
Exploration Target. It is anticipated that this will be published in Q4
2025.
· Early-stage exploration within the wider Eastern CLP has continued,
primarily on the Pokor licence where a 200m x 50m soil sampling campaign has
recently been completed for 2,490 samples including QAQC. The samples are
currently being analysed for multi-elements using portable XRF, as a
pre-screen ahead of potential gold analysis.
Bibemi gold project ('Bibemi'), Cameroon
· Completion of Phase 5 drilling at the Bakassi Zone 1 prospect for
approximately 6,900m in 56 holes.
· 23% increase in the Bakassi Zone 1 MRE published in May 2025, for
approximately 460,000oz gold at 2.06g/t Au, with 100,000oz Au in the JORC
Indicated Resource category and 360,000oz Au in the JORC Inferred Resource
category. Publication of an additional JORC Exploration Target range of 3Mt
to 5Mt at 1.50g/t to 2.50g/t Au for 145,000oz to 400,000oz contained gold for
the Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects.
· Further metallurgical test work has confirmed gold telluride
mineralogy. Mineral processing development work for a potential flowsheet
indicates that a gold recovery of approximately 85% could be obtained by
adopting flotation followed by pressure oxidation of a bulk concentrate and
cyanide leaching of the pressure oxidation residue.
· Commencement of a range of other technical studies, including
resource optimisation, Preliminary Economic Assessment and mine planning
studies to support the Company's Exploitation Licence Application.
· Since the end of the Period, the Company has received its certificate
of compliance in relation to the Environmental and Social Impact Assessment
('ESIA') study. Full approval of the ESIA is anticipated later this year.
Senala gold project, Senegal
· Updated JORC Exploration Target of 17Mt to 24Mt at a grade of 0.69g/t
to 0.84g/t Au for 380,000oz to 650,000oz contained Au published in June 2025,
covering all targets within the Faré prospect. The JORC Exploration Target
lies outside of, and is complimentary to, the 2021 Mineral Resource Estimate
envelope for Faré South.
· A joint venture agreement is currently being finalised with AGEM
Senegal Exploration Suarl ("AGEM"), wholly owned by the Managem Group
("Managem"), to manage further exploration at the Project, with the associated
work programme focused on mineral resource definition activities.
Wapouzé limestone project, Cameroon
· Licence renewed for a further term of two years, with an approved
work programme focused on limestone exploration. Work to find a commercial
partner, to take the licence to production, continues.
Financial Highlights:
· The Group's pre-tax loss for the six months to 30 June 2025 was
£0.57 million (H1 2024: profit of £1.15 million), primarily reflecting the
profit on change of asset ownership in the prior period, that was not repeated
in the Period.
· Administrative expenses increased marginally to £0.72 million in the
Period to 30 June 2025 (2024: £0.67 million) due to the addition of extra
staff members as the Group's operations continued to expand in Cameroon.
· Exploration expenditure by Oriole of £1.31 million in the Period
(2024: £1.13 million) in Cameroon, mainly relates to the maiden drilling
programme at the Mbe project. On the basis of amounts received to date and
direct expenditure on the licences, at the Period end BCM had met 79% and 68%
of its earn-in commitments for Bibemi and Mbe respectively.
· The cash balance of the Group as at 30 June 2025 was £0.53 million
(31 December 2024: £0.71 million). Following receipts of £0.62 million
from BCM after the Period end, there has been a net cash inflow after the
reporting period, with the cash balance of the Group standing at £0.68
million as at 31 August 2025.
Eileen Carr, Chair of Oriole, said: "At the time of writing, the price of gold
has reached the heady height of over US$3,700 per ounce which is positive for
gold exploration companies such as Oriole. I won't dwell on the reasons for
this rise in the gold price, but it is fair to say that many analysts and
forecasters have predicted these prices, and higher, to become the new 'norm'
based upon global uncertainty and renewed inflation.
"Against the backdrop of the stellar performance in the gold price, work has
continued apace within Oriole with significant progress made on all fronts.
At Mbe, we have, since the Period end, completed the maiden drilling
campaign at the MB01-S target and have been delighted with the results - not
only the recently announced 'bonanza' grade but also the consistency of wide
widths of mineralisation from close to surface. These results bode well for
the upcoming maiden MRE for MB01-S which is expected in Q4-2025 and which we
await with anticipation but also with the knowledge that this is the first
drilling programme over the anomaly and as a consequence we should be
realistic with our expectation of the ounces likely to be delivered in this
first MRE. It is also very pleasing to see that recent rock-chip samples
taken from an area to the west of our currently defined JORC Exploration
Target delivered further good grades, potentially expanding our resource
footprint even further. All in all, our exploration results are delivering
on our expectation for a significant gold deposit.
"At Bibemi, we completed our fifth drilling campaign; announced an updated MRE
and completed further work supporting our application for an Exploitation
Licence. The metallurgical test work which identified gold in tellurides has
continued and we have an expert consultant working with us to arrive at an
optimal and cost-effective gold processing method. Elsewhere in Cameroon, we
have appointed a new Country Manager, Stephen Chia, who has settled in very
well and has already demonstrated a high level of skill in navigating his way
around the complexities of working in a nascent mining environment.
"In Senegal, we announced a JORC Exploration Target over our Senala Licence,
which is in addition to the MRE previously reported and work continues with
our partner Managem to finalise the joint venture terms and agreement, with a
desire to start an exploration programme this year. However, as we are not
the operator of the licence, timing is frustratingly not in our hands.
"It's not my intention to mention our legacy assets other than to say, we
continue to push for their value to be realised and it will be a joy to us all
when this eventually occurs.
"In conclusion, I should just say that whilst bonanza grades in Cameroon are
exciting and grab the headlines, wider zones of lower grade mineralisation are
also extremely important and, from a potential open pit mining perspective,
may be even more valuable as they should lead to a lower strip ratio and
reduced operating costs. Consequently, I would urge our shareholders to
recognise that these results, from what is the maiden exploration programme,
are hugely encouraging in a country that, until Oriole's arrival, was unknown
for gold.
"We look forward to a very positive future for Oriole."
Interim Management Report
2025 started with Oriole working hard to progress its gold exploration
projects in Cameroon. At the Mbe MB01-S target, the planned 6,590m maiden
diamond drilling programme, which started in November 2024, was also
progressing well and at the Bibemi gold project, the Phase 5 diamond drilling
programme was nearing completion which was achieved in February.
Restructuring work to formalise the Company's 90% interest in Bibemi was
undertaken, pending completion of the BCM Earn-in, when both parties will move
to a 50% equity holding.
In late January, the Company was notified that the Wapouzé licence has been
renewed for a further term of two years, with an approved work programme
focused on limestone exploration.
In February, the Company reported encouraging results from the first Mbe drill
holes, which showed a significant gold discovery. Indeed, throughout the
Period there was a regular flow of good drilling results reporting multiple
gold mineralisation intersections from Mbe. Meanwhile at Bibemi, an updated
JORC MRE for the BZ1 zone was announced in May, together with an additional
JORC Exploration Target for the wider licence. The MRE of 460,000oz of
contained gold, using a US$2,750/oz gold price, marked a 23% increase on the
BZ1 MRE published in January 2024.
The Exploitation Licence Application progress for Bibemi, which was lodged in
June 2024, was paused pending the publication of the updated MRE.
Nevertheless, positive dialogue was maintained with the Cameroon government,
and supporting technical and other studies advanced.
At Senala in Senegal, the drafting of a joint-venture agreement to cover
continued exploration was progressed, and the exact earn-in percentage split
was finalised with the Company's joint-venture partner, Managem. In June, an
updated JORC Exploration Target estimate for Faré South was published for all
targets within the Faré prospect.
Funding
The Company's exploration activities in Cameroon have been funded by way of
the BCM earn-in agreements for the Bibemi and Mbe licences, with £1.41
million received in the 6 months to 30 June 2025.
Plans are currently being drawn up for the most appropriate use of the
remaining funding from BCM in order to support current exploration plans at
Mbe and the completion of technical studies and the exploitation licence
application process at Bibemi.
The BCM funding was supplemented by the receipt of £0.37 million under the
Lanstead Sharing Agreement, which has now ended, with the last payment
received in August 2025. As noted at the prior year end, Oriole's aggressive
exploration plans had outstripped available funding from BCM and an arrears of
funding had built up, a situation that had improved at the half year end with
£1.41 million received in the Period. Furthermore, subsequent to 30 June
2025, £0.62 million has been received from BCM, providing Oriole with
additional working capital.
Efforts to realise value from the remaining legacy assets continue but, in all
cases, progress is outside of the Company's control.
Central Licence Package (CLP)
Mbe
A fully funded maiden diamond drilling programme commenced in November 2024 at
the MB01-S target for a planned 6,590m in 24 holes, to follow-up on previously
reported highly encouraging results from soil, rock-chip and trench
sampling. Results in early February 2025 from the first of two scissor hole
pairs at MB01-S delivered multiple gold mineralised intersections. The
results correlated well with the previous trenching results, with narrower
zones of higher grade (>1g/t Au) gold mineralisation occurring within
broader envelopes of lower grade material. Especially notable was hole
MBDD002 which was a discovery hole with multiple significant gold mineralised
intersections over substantial widths.
The drilling programme was completed earlier this month for 6,828.40m in 24
drill holes at the MB01-S target. Results have returned a total of 344 gold
mineralised intersections, including 86.50m at 1.36g/t Au from 22.00m
(MBDD008) and 6.15m at 19.67g/t Au from 113.50m (MBDD019). In addition,
there were some bonanza (>31.1g/t (i.e. 1oz/t)) intersections reported,
including 1.00m at 119.10g/t Au (MBDD019) and 1.00m at 51.30g/t Au (MBDD009).
Post Period end, the Company reported a maiden JORC Exploration Target range,
produced by independent consultant Forge International Limited, for the MB01-N
and MB01-S targets of 33 to 44Mt at 0.77 to 0.95g/t Au for 0.82 to 1.34Moz
contained Au. Approximately 60% of this range is attributable to MB01-S.
The model, which was based on results from the 2024 trenching and the first
13 drill holes, has been limited to 200m vertical depth, and uses a lower
grade cut-off of 0.30g/t Au. The Exploration Target is considered
provisional, is likely to have increased following the recent results from
holes MBDD018 and MBDD019 and remains open in all directions and at depth.
Drilling results have confirmed that the sub-surface mineralisation system at
MB01-S extends for a strike length of approximately 500m, up to 550m wide and
has a vertical depth of at least 290m. With the full results now received, a
maiden pit-constrained JORC MRE is being prepared for the MB01-S target. The
Competent Person site visit has already been completed and it is anticipated
that the MRE will be published in Q4-2025.
Detailed metallurgical testwork studies were also completed on drill core
samples from within the fresh ore zone (hole MBDD002) and confirmed that the
gold predominantly occurs as fine-grained tellurides, similar to that
identified at the Company's Bibemi gold project. Further testwork is being
planned to inform the optimal processing route from the various potential
options available.
Other Eastern CLP licences
The Company considers the Eastern CLP presents a district-scale opportunity,
with the potential to identify multiple further prospects in the other four
licences: Pokor, Ndom, Tenekou and Niambaram. Like Mbe, all four licences
are within the first term of their first renewal, and are valid until 2026,
with the opportunity to extend for two more 2-year periods.
To date, regional scale stream sampling and multiple regional scale soil
sampling grids have been conducted within each licence area, identifying
multiple km-scale gold anomalies. Follow up work, primarily focused on
Pokor, is underway with a 200m x 50m soil sampling programme recently
completed for 2,490 samples (including QAQC). We are currently completing
multi-element analysis of those samples, using pXRF, to help identify any
pathfinder elements and to act as a screening of those samples ahead of
potential gold analysis.
Bibemi
In June 2024, a fully funded Phase 5 diamond drilling programme commenced at
Bakassi Zone 1 to further test the BZ1-MRE zone, and two along-strike targets,
BZ1-NE and BZ1-SW. This programme was completed for a total of 6,915.40m in
56 holes in mid-February 2025.
In May 2025, the Bakassi Zone 1 MRE was updated to include data from the Phase
5 drilling, and now stands at 6.96Mt grading 2.06g/t Au for approximately
460,000oz Au contained gold, with 100,000oz Au at 2.05g/t Au in the JORC
Indicated Resource category and 360,000oz Au at 2.06g/t Au in the JORC
Inferred Resource category. The Resource was calculated using a 0.40g/t Au
cut off and within a US$2,750/oz gold price pit shell. This resulted in an
approximate 23% inventory increase from the 2024 MRE and also increased the
confidence level of the MRE. The Indicated Resources, which are currently
capped to 150m depth below surface, 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 5Mt at 1.50 to 2.50g/t Au
for 145,000oz to 400,000oz contained gold was published for the Bakassi Zone
1, Bakassi Zone 2, Lawa East and Lawa West prospects, highlighting the upside
potential of the wider licence area.
In parallel to the Phase 5 programme and thereafter, certain technical and
other work to support the Exploitation Licence Application ("ELA") was carried
out, including metallurgical testwork and an ESIA and the latter was finalised
for approval by the Ministry of Environment, Nature Protection and Sustainable
Development (MINEPDED). Since the end of the Period, the Company has
received its certificate of compliance in relation to the ESIA and full
approval is anticipated later this year.
In addition, a comprehensive assessment of the mineralogy of two
representative samples from the centre of the BZ1-MRE zone confirmed the
presence of tellurides. As a result, detailed scouting metallurgical
testwork was undertaken by SGS and CS Solutions in South Africa, and
supervised by consultant Stirling Process Engineering Ltd. This enabled the
development of a provisional mineral processing flowsheet which indicated that
approximately 85% gold recovery could be achieved by employing bulk flotation
followed by pressure oxidation of a bulk sulphide concentrate and cyanide
leaching of the pressure oxidation residue.
A range of other technical studies, including resource optimisation,
preliminary economic assessment and mine planning studies are ongoing.
Wapouzé
In late January, the Wapouzé licence was renewed for a further term of two
years, with an approved work programme focused on limestone exploration.
Approval for a change of substance, from gold to limestone, was given in
September 2023 but exploration work had been on hold pending this critical
renewal.
Although initially explored for gold, samples from outcropping limestone
showed suitable chemistry to be classified as high-grade carbonate material,
potentially suitable for industrial use predominantly within the cement
industry in Cameroon.
The cement industry in Cameroon is of significant economic size and
importance. It is largely dependent upon the import of clinker, a raw
material made from cement-quality limestone. Oriole is continuing to
investigate potential industrial minerals partners to develop Wapouzé through
to commercial exploitation on an expedited basis. If this were possible,
then securing a royalty-based payment on potential material extracted could
provide a valuable income stream for Oriole in Cameroon.
The Company has also identified that there may be a significant use for a
potential limestone product in Cameroon's nascent gold mining sector.
Limestone products such as hydrated lime and quicklime are utilised to adjust
the pH levels during ore processing, reduce cyanide use in leaching
operations, and as an acid water neutraliser for wastewater to prevent
deleterious acid mine drainage.
Senala
In 2018, the Company signed an option agreement with AGEM, formerly owned by
IAMGOLD Corp, but now a wholly owned subsidiary of Managem, to fund further
exploration at Senala.
In June, the Company reported that its independent consultant Forge
International had produced an updated JORC Exploration Target. This was for
a range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for 380,000oz to
650,000oz contained gold estimated for all targets within the Faré prospects,
incorporating all drilling completed by AGEM during its earn-in. The
Exploration Target lies outside of, and is complementary to, the 2021 Resource
for Faré South of 155,000oz contained gold grading 1.26g/t Au in the Inferred
category.
A joint venture agreement is currently being finalised with AGEM to manage
further exploration at the Project, with the associated work programme focused
on mineral resource definition activities. Progress on this has been
frustratingly slow, as Managem remained heavily focused on the imminent
opening of its Boto gold mine in Senegal, which achieved first gold pour
earlier this month. However, the final points of negotiation are well
understood, and cannot be rushed if adequate contractual protections are to be
secured for the Company.
Legacy Assets
At the Muratdere copper-gold porphyry project ('Muratdere') in Turkey, the
Company has a 1.2% royalty interest. The long-awaited Muratdere
Environmental Impact Assessment ('EIA') was approved in 2024; however, a
necessary forestry permit has yet to be received, delaying further progress.
The project's initial mine plan covered 16Mt (of a total 51Mt resource) and,
once in production, is expected to deliver 68,000 tonnes of copper, and a
significant multi-year royalty for the Group.
Results
The Group has posted a loss before and after tax for the Period of £0.57
million (2024: profit before tax of £1.15 million). The main components of
this swing are the one-off recognition of a profit on disposal in relation to
BCM's Signature Payments in the prior year of £0.77 million, and a £0.13
million loss on revaluation of the amounts due under the agreement with
Lanstead, compared to a £1.01 million gain in the prior year. In addition,
an impairment of £0.13 million was recognised in respect of the intangible
asset reflecting work done on the Gamboukou permit. Exploration results at
Gamboukou have not been as encouraging as first hoped, when this licence was
acquired as a lithium opportunity, and consequently the licence has now been
relinquished.
These adverse variances were offset somewhat by a £0.41 million favourable
swing (2024: £0.23 million adverse movement) on foreign exchange reflecting
Sterling's weakness against the Euro, favourable to our Euro denominated
assets.
Subsequent to the Period end, in August 2025, the Company received the final
payment due under the Lanstead Sharing Agreement. Overall, the agreement
delivered £1.69 million over its two-year term, equivalent to issuing equity
at an average price (before fees) of 0.182 pence per share, a premium of 21%
to the share price at the time of entering into the agreement on 1 August
2023.
At the administrative expenses level, there was a modest increase in costs
from £0.67 million to £0.72 million, reflecting a number of factors
including continued investment in the Cameroonian team.
At 30 June, the Company had £0.53 million (30 June 2024: £0.84 million) in
cash, having spent £1.31 million on exploration work and having received
£1.41 million from BCM under the earn-in agreements and £0.37 million from
Lanstead during the Period. £0.62 million has been received from BCM and
£0.12 million from Lanstead subsequent to the Period end. The Company's
cash balance at 31 August 2025 was £0.68 million.
Move to SETSqx Trading Platform
The Company also announces that with effect from 24 September 2025, trading of
the Company's ordinary shares of 0.1p each ("Ordinary Shares") will be
migrated to the London Stock Exchange's SETSqx trading platform. The Company's
Ordinary Shares have, since September 2023, been traded via the London Stock
Exchange's SETS trading platform.
Summary and Outlook
With the impressive success at Mbe and the magnitude of the discovery still
unfolding, we are now even more optimistic that the Eastern CLP licences have
excellent potential to become a lucrative new gold district. Now that the
maiden drilling programme at Mbe is complete, the Company eagerly looks
forward to the independent consultant's maiden MRE in Q4-2025 and to
finalising a plan for the next round of exploration, whilst also continuing
its investigation of the wider licence package.
At Bibemi, with a 23% increase in gold contained in the MRE we look forward to
proactively progressing the lodged ELA and associated negotiations with the
government.
The Company was pleased to receive the renewal of its Wapouzé Licence,
located to the north of Bibemi, where commercial quality limestone has been
identified. It is actively endeavouring to secure an industry partner and
generate an economic return for the efforts to date.
At the Senala licence in Senegal, the Company is hopeful that it will be able
to conclude finalising the joint venture agreement with Managem and the
commencement of the next stage exploration work.
The Board's priority is to maximise the potential of the Company's assets and
to grow the market capitalisation of the Company. In addition, the Company
remains focused on and determined to realise value from the Group's remaining
legacy assets.
With the existing discoveries made and JORC resources therein, the substantial
exploration acreage, especially in underexplored and highly prospective
Cameroon, and with the expected news in the months ahead, especially the Mbe
maiden MRE, the Board is optimistic that the strong and growing valuation
fundamentals will be reflected in the Company's share price.
Martin Rosser
Chief Executive Officer
On behalf of the Board
22 September 2025
Condensed Consolidated Interim Financial Statements
Statement of Consolidated Comprehensive Income
Notes 6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£'000 £'000
Continuing operations
Revenue - -
Administration expenses (721) (668)
Other gains 4 147 1,039
Operating (loss)/profit (574) 371
Finance income 7 6
Profit on change of asset ownership 8 - 770
(Loss)/profit before income tax (567) 1,147
Income tax charge - (15)
(Loss)/profit for the Period (567) 1,132
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (160) 55
Other comprehensive income net of tax (160) 55
Total comprehensive (loss)/income for the Period (727) 1,187
(Loss)/profit for the Period attributable to:
Owners of the Parent Company (611) 1,157
Non-controlling interest 44 (25)
(Loss)/profit for the Period (567) 1,132
Total comprehensive income attributable to:
Owners of the Parent Company (771) 1,212
Non-controlling interest 44 (25)
Total comprehensive (loss)/income for the Period (727) 1,187
(Loss)/earnings) per share - continuing operations:
Basic (pence) (0.02) 0.03
10
Diluted (pence) (0.02) 0.03
10
Statement of Consolidated Financial Position
At 30 June 2025
Notes 30 June 30 June 31 December 2024
2025 2024 Audited
Unaudited Unaudited £'000
£'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 58 74 69
Intangible assets 5 14,535 11,751 13,133
Financial assets at fair value through other comprehensive income - - -
6
Financial assets at fair value through profit and loss 7 - 293 -
14,593 12,118 13,202
Current assets
Financial assets at fair value through profit and loss 7 119 1,172 616
Trade and other receivables 169 101 125
Cash and cash equivalents 525 843 705
813 2,116 1,446
Total assets 15,406 14,234 14,648
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 8,102 8,102 8,102
Share premium 25,850 25,850 25,850
Other reserves 1,546 1,415 1,713
Retained earnings (24,292) (22,363) (23,745)
Total equity attributable to owners of the Company 11,206 13,004 11,920
Non-controlling interests 5 15 (39)
Total equity 11,211 13,019 11,881
LIABILITIES
Current liabilities
Trade and other payables 343 339 324
Long term liabilities
Amounts received under Earn-in 8 3,852 876 2,443
Total liabilities 4,195 1,215 2,767
Total equity and liabilities 15,406 14,234 14,648
Statement of Consolidated Changes in Equity
For the 6 months ended 30 June 2025
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 2025 8,102 25,850 1,713 (23,745) 11,920 (39) 11,881
Comprehensive income for the Period:
- Loss for the Period - - - (611) (611) 44 (567)
- Other comprehensive income - - (160) - (160) - (160)
Total comprehensive income for the period - - (160) (611) (771) 44 (727)
Share based payments - - 57 - 57 - 57
Share options lapsed or expired - - (64) 64 - - -
Total contributions by and distributions to owners of the parent recognised - - (7) 64 57 - 57
directly in equity
As at 30 June 2025 8,102 25,850 1,546 (24,292) 11,206 5 11,211
As at 1 January 2024 8,070 25,804 1,336 (23,520) 11,690 (289) 11,401
Comprehensive income for the Period:
- Profit for the Period - - - 1,157 1,157 (25) 1,132
- Other comprehensive income - - 55 - 55 - 55
Total comprehensive income for the Period - - 55 1,157 1,212 (25) 1,187
Issue of share capital net of expenses 32 46 - - 78 - 78
Non-controlling interest introduced (note 8) - - - - - 329 329
Share based payments - - 24 - 24 - 24
Total contributions by and distributions to owners of the parent recognised 32 46 24 - 102 329 431
directly in equity
As at 30 June 2024 8,102 25,850 1,415 (22,363) 13,004 15 13,019
Statement of Consolidated Cash Flows
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£'000 £'000
Cash flow from operating activities
(Loss)/profit before income tax (567) 1,147
Add back/(deduct):
Share based payments 57 24
Depreciation 5 2
Loss/(gain) on financial assets held at fair value 127 (1,008)
Profit on change of asset ownership - (770)
Intangible asset impairment 135 -
Foreign exchange movements on operating activities (398) 227
Changes in working capital:
Trade and other receivables (37) 12
Trade and other payables 24 (376)
Net cash flow from operating activities (654) (742)
Cash flows from investing activities
Purchase of property, plant, and equipment - (76)
Purchase of intangible assets (note 5) (1,312) (1,129)
Payments received in respect of interest in intangible asset - 1,184
Cash received from Earn-in partner 1,409 876
Interest received 7 6
Net cash flow from investing activities 104 861
Cash flows from financing activities
Net funds received from issue of shares 370 610
Net cash flow from financing activities 370 610
Net decrease in cash and cash equivalents (180) 729
Cash and cash equivalents at beginning of the Period 705 114
Cash and cash equivalents at end of the Period 525 843
Notes to the consolidated interim financial statements for the six months
ended 30 June 2025
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 Steel House, 4300 Parkway, Whitely,
Fareham, Hampshire, PO15 7FP.
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 2024 audited financial
statements and are expected to be applied in the preparation of the 2025
financial statements. Statutory financial statements for the year ended 31
December 2024 were approved by the Board of Directors on 1 April 2025 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 22 September
2025.
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 may require further funding to cover corporate overheads
and its operational plans in Cameroon within the next 12 months. 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 2025 are not necessarily
indicative of the results to be expected for the full year ending 31 December
2025. 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 2024 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 2024.
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 2024 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 (2024: £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 West Africa, Turkey and East 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:
Profit for the Period:
UK West Africa Turkey Total
£'000 £'000 £'000 £'000
6 months to 30 June 2025
Administrative costs (651) (59) (6) (716)
Inter-segment charges 233 (229) (4) -
Depreciation (5) - - (5)
Exchange gain (21) 430 - 409
Other income/losses (127) (135) 7 (255)
Loss before Income Tax (571) 7 (3) (567)
6 months to 30 June 2024
Administrative costs (553) (95) (18) (666)
Inter-segment charges 164 (164) - -
Depreciation (2) - - (2)
Exchange loss 7 (234) - (227)
Other income/losses 1,010 770 262 2,042
Profit before Income Tax 626 277 244 1,147
Assets and liabilities:
UK West Africa Turkey Total
£'000 £'000 £'000 £'000
30 June 2025
Intangible assets - 14,535 - 14,535
Property, plant and equipment 27 31 - 58
Cash and other assets 551 242 20 813
Liabilities (4,113) (82) - (4,195)
Inter-segment 8,719 (5,618) (3,101) -
Net Assets 5,184 9,108 (3,081) 11,211
30 June 2024
Intangible assets - 11,751 - 11,751
Property, plant and equipment 6 68 - 74
Cash and other assets 2,248 118 43 2,409
Liabilities (1,121) (79) (15) (1,215)
Inter-segment 8,214 (5,265) (2,949) -
Net Assets 9,347 6,593 (2,921) 13,019
Cash and other assets include cash and cash equivalents amounting to £525k at
30 June 2025 (2024: £843k).
4. Other gains and losses
2025 2024
£'000 £'000
Exchange gains/(losses) 409 (227)
(Loss)/gain on financial assets held at fair value (note 7) (127) 1,008
Impairment of intangible fixed asset (135) -
Other income - 258
At 30 June 147 1,039
5. Intangible assets
2025 2024
£'000 £'000
At 1 January 13,133 10,766
Exchange movements 225 (144)
Disposal - (329)
Acquisition by introduction of non-controlling interest - 329
Additions 1,312 1,129
Impairment provision (135) -
At 30 June 14,535 11,751
6. Financial assets at fair value through other comprehensive income
2025 2024
£'000 £'000
Financial assets at fair value through other comprehensive income - -
At 30 June - -
The Group holds an 7.60% investment in Thani Stratex Djibouti Limited ('TSD'),
and an associated loan note payable by TSD. Full provision against these
assets was made in the year ended 31 December 2023.
7. Financial assets at fair value through the profit and loss account
On 1 August 2023 the Company arranged a conditional subscription to raise
£1.767 million following the issue of 930 million new shares at 0.19 pence
per share to Lanstead Capital Investors L.P. ('Lanstead'). The Company entered
into an equity swap price mechanism (the 'Sharing Agreement') with Lanstead
for these shares, with consideration payable on a monthly basis over a period
of 24 months. The Company also issued 83.7 million shares to Lanstead in
consideration for the equity swap agreement.
The consideration due from Lanstead has been treated as a derivative financial
asset and its fair value has been determined by reference to the Company's
share price at the balance sheet date as measured against a benchmark price of
0.253 pence per share. If the actual share price exceeds the benchmark price
during any of the 24 settlement months, the Company will receive more than
100% of the expected monthly settlement on a pro rata basis. The Sharing
Agreement with Lanstead completed post Period end in August 2025.
2025 2024
Total Non-current assets Current assets Total Non-current assets Current assets
Group £'000 £'000 £'000 £'000 £'000 £'000
Value at 1 January 616 - 616 988 395 593
Capital repayments (370) - (370) (531) - (531)
Fair value adjustment at 30 June (127) - (127) 1,008 874 134
Recategorisation - - - - (976) 976
Fair value recognised at 30 June 119 - 119 1,465 293 1,172
8. Earn-in transactions with BCM International Limited
During the prior period the Group entered into two agreements with BCM
International Limited ('BCM') relating to the Bibemi and Mbe projects in
Cameroon.
Both deals reflected initial signature payments which gave BCM a 10% interest
in each project, with the opportunity to earn a further 40% interest by
funding US$4 million of exploration expenditure on each project.
The initial payments have been reflected in the prior year financial
statements as a profit on change in ownership in respect of each project, net
of 10% of the costs incurred on each project. The asset values have continued
to be recognized in full with BCM's initial interest in the projects
recognized as an incoming non-controlling interest. BCM's interest is
currently a beneficial interest, awaiting finalization of necessary corporate
restructuring, at which point the interest will become an equity interest.
Nevertheless, the substance of the transactions have been fully reflected in
these financial statements.
Cash contributions by BCM to the exploration expenditure on the projects have
been recognized as incoming funds and held as a liability for conversion into
an eventual equity interest in the projects.
Bibemi Mbe Total
Group £'000 £'000 £'000
Amounts received under Earn-in 1,875 1,977 3,852
Funds spent directly by BCM in respect of the earn-in agreements pending 524 187 711
conversion to an equity interest
Total spend to date pending conversion to an equity interest 2,399 2,164 4,563
9. Related party transactions
Directors of the Company received total remuneration of £262k for the six
months ended 30 June 2025 (six months ended 30 June 2024: £226k).
10. Earnings per share
The calculation of loss per share is based on the following:
2025 2024
(Loss)/profit attributable to equity holders (£'000) (611) 1,157
Weighted average number of shares basic 3,895,872,338 3,892,008,480
Earnings per share basic (pence) (0.02) 0.03
Weighted average number of shares diluted 3,895,872,338 4,048,367,335
Earnings per share diluted (pence) (0.02) 0.03
Competent Persons Statement
The information in this announcement that relates to the Mineral Resource
Estimate and the Exploration Target is based on data compiled by Mr. 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 Mineral Resource Estimate or
the Exploration Target, and that all material assumptions and technical
parameters underpinning the MRE and the Exploration Target continue to apply.
The technical information in this release that relates to exploration results
and the 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 and 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 (mailto:oriole@investor-focus.co.uk)
Glossary and Abbreviations
AGEM AGEM Senegal Exploration Suarl, joint venture partners in Senala
Au Gold
ELA Exploitation Licence Application
ESIA Environmental and Social Impact Assessment
Forge International 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
m Metres
Managem Managem Group of Morrocco, owners of AGEM
Mbe Mbe orogenic gold project
MRE Mineral Resource Estimate
Mt Million tonnes
Oriole Resources or the Company Oriole Resources PLC
Oz Troy ounce of gold
PEA Preliminary Economic Assessment
pXRF Portable X-ray fluorescence
Resource Specific JORC category of Mineral Resource Estimate
Senala Senala orogenic gold project
t/m(3) Tonnes per cubic metre
Notes to Editors:
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, where the Company has 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 and has identified multi-kilometre gold and lithium
anomalies within the district scale Central Licence Package project, including
the Mbe project. At Mbe, the Company has published a maiden Exploration
target range of 33 to 44Mt at a grade of 0.77 to 0.95g/t Au for 0.82Moz to
1.34Moz contained gold for the MB01 prospect, and a maiden Resource for the
MB01-S target is scheduled for Q4-2025. BCM International is currently
earning up to a 50% interest in the Bibemi and Mbe projects in return for a
combined investment of US$1.5 million in signature payments, up to US$8
million in exploration expenditure, as well as JORC resource-based success
payments.
At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl, 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.
For further information please visit www.orioleresources.com
(http://www.orioleresources.com/) , @OrioleResources on X
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