REG - Oriole Resources PLC - Further encouraging drilling results from MB01-N

Oriole ResourcesAnnouncement

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RNS Number : 4402U  Oriole Resources PLC  26 February 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")

 

Further encouraging drilling results from MB01-N

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on Central and West Africa, is pleased to provide an update on its
50%(( 1 )) owned Mbe gold project in Cameroon ("Mbe" or the "Project"), where
it has received further positive results from the recently completed maiden
diamond drilling programme at the MB01-N target (the "Programme").

Highlights

 

o  Results from holes MBDD034 and MBDD035 have returned further gold
intersections, including:

 

MBDD034

o  34.80m at 0.63g/t Au from 82.10m depth, including 7.80m at 1.29g/t Au,
1.00m at 2.21g/t Au and 1.10m at 1.36g/t Au

o  4.20m at 0.52g/t Au from 55.30m depth, including 1.00m at 1.08g/t Au

 

MBDD035

o  8.70m at 0.81g/t Au from 177.50m depth, including 1.00m at 4.16g/t Au

o  7.10m at 0.49g/t Au from 246.10m depth, including 1.00m at 1.06g/t Au

o  4.00m at 0.63g/t Au from 128.40 m depth

 

o  Hole MBDD034 has returned a broadly comparable intersection to that
observed in its scissor hole pair (MBDD026), with both holes showing evidence
of a second set of core-parallel (approximately E-W trending) structures,
albeit these are deemed to be secondary to the main NNW control.

 

o  MBDD035 returned the deepest intersection to date, extending the system at
MB01-N to approximately 194m vertical depth.  The system remains open in all
directions.

 

o  Results for the remaining four holes are expected by end Q1-2026,
following which the Company's consultant will prepare a maiden JORC Resource
for the MB01-N target in Q2-2026 to add to the existing 870,000oz JORC
Resource at the nearby MB01-S deposit, where a fully funded step-out drilling
programme will commence in Q2-2026.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
pleased to report more encouraging gold mineralisation intersections for the
MB01-N prospect.  With results from the remaining four holes expected by the
end of Q1-2026, reporting of the eagerly anticipated maiden MRE thereafter is
well on track.  Separately, the fully funded step-out drilling programme at
the MB01-S deposit is planned to commence in Q2-2026."

Figure 1. Selected best results to date from the MB01-N diamond drilling
programme.  Results published today are in the blue boxes (MBDD034 and
MBDD035), and previously reported results are in the white boxes (MBDD025 to
MBDD033).  All holes have been drilled at an inclination of -50˚.

 

Further Details

 

The Programme, which was completed earlier this month (see announcement dated
20 February 2026), was designed to test the MB01-N target, located 700m to the
northeast of the MB01-S deposit and where the Company has previously reported
a maiden JORC Inferred Mineral Resource Estimate of 24.8Mt at a grade of
1.09g/t Au for 870,000oz contained gold (see announcement dated 21 October
2025).  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 is aimed to maximise conversion from an Exploration Target to JORC
Resource ounces.

 

The Programme was completed at 2,982.80m in 15 holes (not including abandoned
metres).  The Company today reports the results from MBDD034 and MBDD035,
which include a total of 22 mineralised intersections (Table 1; using a
0.20g/t Au cut-off grade).  A review of the QAQC samples has confirmed that
the data falls within acceptable limits of error.

 

MBDD034 was drilled towards the east (090 degrees) to investigate
core-parallel structures identified in holes MBDD026 and MBDD032 (see
announcement dated 26 January 2026).  Similar core parallel (down-dip)
structures were observed in MBDD034, which were interpreted to be conjugate
pairs of the core parallel (down-dip) structures observed in MBDD026 and
MBDD032 (see announcement dated 12 February 2026).  Comparing this
observation and the overall intersections in MBDD034 (see Table 1), the
270-degree azimuth was considered preferable to intersect the steeply dipping,
broadly NNW-SSE trending breccia zones.  However, the intersections reported
in hole MBDD034 do not seem to have been significantly biased by core-parallel
mineralised structures.

 

MBDD034 returned a best intersection of 34.80m at 0.63g/t Au from 82.10m,
including 7.80m at 1.29g/t Au, 1.00m at 2.21g/t Au, and 1.10m at 1.36g/t Au,
and MBDD035 returned a best intersection of 8.70m at 0.81g/t Au from 177.50m,
including 1.00m at 4.16g/t Au.  Both intersections show higher individual
grading intervals within wider envelopes of lower grading material as observed
throughout both MB01-S and MB01-N.  The highlighted best intersection from
MBDD034 is considered comparable to the 21.30m at 3.13g/t Au intersection
observed in the hole's scissor partner (MBDD026), albeit slightly wider and
with a lower average gold grade.  MBDD035 has returned the deepest
intersection to date, increasing the vertical depth of the system to ~194m.

 

Table 1. Selected intersections from holes MBDD034 and MBDD035, using a
0.20g/t Au lower cut-off grade.  Results > 1.00g/t Au are highlighted in
bold.

 

 Hole ID    From (m)  To (m)  Grade (g/t Au)  Intersection
 MBDD034    52.30     53.30   0.37            1.00m at 0.37g/t Au
 and        55.30     59.50   0.52            4.20m at 0.52g/t Au
 including  58.50     59.50   1.08            1.00m at 1.08g/t Au
 and        65.80     66.90   0.22            1.10m at 0.22g/t Au
 and        82.10     116.90  0.63            34.80m at 0.63g/t Au
 including  84.30     92.10   1.29            7.80m at 1.29g/t Au
 including  105.70    106.70  2.21            1.00m at 2.21g/t Au
 including  111.00    112.10  1.36            1.10m at 1.36g/t Au
 and        121.50    122.60  0.24            1.10m at 0.24g/t Au
 and        123.70    124.80  0.23            1.10m at 0.23g/t Au
 and        143.60    144.60  0.94            1.00m at 0.94g/t Au
 and        148.20    149.30  0.43            1.10m at 0.43g/t Au
 and        152.50    154.50  0.91            2.00m at 0.91g/t Au
 including  153.50    154.50  1.60            1.00m at 1.60g/t Au
 and        157.80    158.90  1.04            1.10m at 1.04g/t Au
 and        179.90    181.00  0.33            1.10m at 0.33g/t Au
 MBDD035    62.85     63.95   0.22            1.10m at 0.22g/t Au
 and        117.90    120.10  0.25            2.20m at 0.25g/t Au
 and        128.30    132.30  0.63            4.00m at 0.63g/t Au
 including  129.30    130.30  1.61            1.00m at 1.61g/t Au
 and        151.30    153.30  0.74            2.00m at 0.74g/t Au
 and        169.20    171.20  0.38            2.00m at 0.38g/t Au
 and        177.50    186.20  0.81            8.70m at 0.81g/t Au
 including  178.50    179.50  4.16            1.00m at 4.16g/t Au
 and        221.80    222.80  1.35            1.00m at 1.35g/t Au
 and        225.80    226.80  1.09            1.00m at 1.09g/t Au
 and        231.00    233.00  0.20            2.00m at 0.20g/t Au
 and        236.00    237.00  0.29            1.00m at 0.29g/t Au
 and        246.10    253.20  0.49            7.10m at 0.49g/t Au
 including  250.10    251.10  1.06            1.00m at 1.06g/t Au

 

The geological setting at MB01-N is broadly similar to MB01-S, with the
dominant lithologies consisting of the orthogneiss-amphibolite basement rock,
which in turn has been intruded by numerous shear-hosted granitic felsic dykes
and late mafic dykes.  The mineralisation is structurally controlled,
predominantly hosted by veins and breccias within shear-hosted felsic
intrusions.  The mineralisation typically occurs within steeply dipping shear
corridors, with mineralisation enhanced by brittle failure (brecciation) of
the felsic intrusions.  However, MB01-N appears to be structurally more
complex than MB01-S and assessment of this is ongoing, with the Company's
consultant, SEMS Exploration Services, currently completing an independent
review following a site visit earlier this month.

 

The results of the remaining four holes (MBDD036 to MBDD039) are expected
before the end of Q1-2026, including for MBDD038 which was drilled towards the
south (180-degree azimuth) to test the downdip structures observed in MBDD026,
MBDD032, and MBDD034, which trend ENE-WSW and ESE-WNW.  This hole will help
provide further context on this second high-grade population at MB01-N and
thus the geological model, prior to the generation of the maiden MRE for the
target in Q2-2026.

 

Figure 2. Simplified cross section of fence line N874091 with newly reported
results from MBDD034, best previously reported intersections from MBDD026 and
MBDD032, and interpreted mineralised zones.

 

Figure 3. Simplified cross section of fence line N873870 with new results from
MBDD035, previously reported results from MBDD033, and interpreted mineralised
zones.

 

Now that the drilling programme at MB01-N has been completed, administration
is underway to formalise BCM's 50% beneficial interest in the project,
including drafting of a JV partnership.  The next phase of exploration at Mbe
will be a fully funded step out drilling programme at MB01-S, planned for a
provisional 2,500m of diamond drilling, and is scheduled to commence in
Q2-2026.

 

Competent Persons Statement

 

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
 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
 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 JORC Inferred MRE of 870,000oz at 1.09g/t
Au for the MB01-S deposit, and an Exploration Target range of 15Mt to 20Mt at
a grade of 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N target.  A fully funded maiden drilling programme commenced in
November 2025 and was completed in February 2026 at MB01-N, with the aim of
converting the existing Exploration Target to a Resource.   Following the
completion of the MB01-N drilling programme, and by meeting various financial
commitments, BCM has earned a 50% interest in the 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
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 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.

 

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 for
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.  A 3,000.40m (including 17.60m of abandoned and
redrilled) drilling programme was completed in February 2026.  Upon receipt
of the full assay results the Company's consultant will prepare a maiden MRE
for MB01-N to add to 870,000oz Au at MB01-S.  Following completion of the
MB01-N drilling programme, and the meeting of various financial commitments,
BCM has acquired 50% interest in the project and administration is 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 administration
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% (announcement dated 17 October
2024).

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