Oriole Resources PLC - Interim Results

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