Oriole Resources PLC - Maiden JORC Resource Estimate for MB01 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')

Maiden JORC Mineral Resource Estimate for MB01 South

of 870,000oz at 1.09g/t Au

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to publish a maiden JORC Mineral Resource Estimate ('MRE') for the MB01-S zone at its 90%[1] owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon.

Highlights

·    Independent consultant Forge International Limited has produced a pit constrained Inferred MRE for MB01-S of 24.8Mt at a grade of 1.09g/t for 870,000oz contained gold ('Au'), using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au.  The grade-tonnage analysis shows a high retention of ounces at lower gold prices.

·    The MRE extends over a strike length of approximately 900m, a width of up to 700m and down to a maximum depth of 340m.  It has significantly exceeded the upper range of the JORC Exploration Target range for MB01-S and is also higher grade.

·    The JORC Exploration Target* for the yet to be drilled MB01-N zone, which lies approximately 700m to the northeast of MB01-S, has a range of 15Mt to 20Mt at 0.77g/t to 0.94g/t for 370,000oz to 605,000oz of contained gold.

·    Importantly, both the MB01-S MRE and MB01-N Exploration Target remain open in all directions and at depth and the next work programme is currently being finalised with the Company's earn-in partner, BCM International. 

·    The Company believes there is excellent potential to significantly increase the size of the Resource, and that the maiden MRE alone, subject to further work and economics, could form the backbone of a low strip ratio open pit mine.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The MRE is an outstanding result that has substantially exceeded the upper range of the earlier JORC Exploration Target.  In less than a year since the maiden drilling programme started, and after only 24 drill holes, MB01-S has gone from being a highly prospective target to one with a maiden MRE of almost 900,000oz of contained gold and it is still open in all directions.  Moreover, we have its northern neighbour, MB01-N, drill ready and having a significant JORC Exploration Target that should deliver further Resource ounces. 

"The next steps are being actively considered and will be finalised with our partner BCM International.  Whilst our focus is on fully delineating the magnitude of the gold resources at Mbe, we will start to consider the potential for those resources to support a significant open pit gold mine.  What we can emphatically say is that the Mbe discovery has amply demonstrated the potential for Cameroon to host significant size gold deposits.  Oriole is in a tremendous position with its major exploration land holding to build on the results to date at Mbe and in the wider Eastern CLP licences.  We have much to look forward to in the months ahead."

Figure 1. Cross section (looking north) through the MRE model for the MB01-S zone, showing drill holes and mineralised domains.  Blocks within the model are constrained by a US$3,200/oz pit shell.

Further Details

MB01-S Mineral Resource Estimate

A maiden JORC MRE for the MB01-S zone has been prepared by Forge and is presented in Table 1.  The estimate is based on a total of 7,848 samples, collected from 2,778m of trenching (from six trenches) and 6,828m of diamond drilling (from 24 holes) completed during the Company's maiden drilling programme at Mbe.  The estimate has delivered a total Resource of 24.8Mt at a grade of 1.09g/t for 870,000oz contained gold Au, based on a 0.40g/t Au lower cut-off grade and within a US$3,200/oz gold price open pit shell. 

The MRE replaces the July 2025 Exploration Target for MB01-S, with the results reported subsequently for holes MBDD018, MBDD019 and MBDD024 having expanded and increased the average grade of that estimate.  Mineralisation remains open in all directions and at depth.

Table 1. JORC MRE for the MB01-S zone

Notes:

·      Effective date of the Mineral Resource is 22 September 2025.

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

·      The Mineral Resource Estimate is based on a total of 7,848 samples, collected from 2,778m of trenching and 6,828m of diamond drilling.

·      Gold grades are estimated using Ordinary Kriging within hard-boundary mineralisation wireframes, based on length-weighted composited assay data and variogram models developed for the principal mineralised domains.

·      The Mineral Resource extends over a strike length of approximately 900m, up to 700m width and to a maximum depth of 340m.  To define the blocks with reasonable prospects of eventual economic extraction (RPEE) as required under the JORC Code (2012 Edition), the estimate has been constrained within a Lerchs-Grossman optimised pit shell generated in Datamine NPVS, using a gold price of US$3,200/oz and the application of reasonable mining parameters.

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

·      The Resource Estimate is shown on a gross (100%) basis.  After the on-going restructuring process (announcement dated 17 October 2024) is completed, Oriole will increase its holding from 80% to a 90% net attributable beneficial interest through the licence holding company, Oriole Cameroon SARL.  The remaining 10% interest is held by BCM International Limited which has an option to earn up to a 50% interest by funding US$4 million of exploration work.

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

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

·      A site visit to the Mbe Project was completed by Mitko Ligovski, a Competent Person representing Forge International, who verified the geological and sampling data used in this estimate.

Preliminary pit shell modelling indicates that the current conceptual open-pit outline at MB01-S extends to the western edge of the modelled mineralisation and overlaps areas of existing community infrastructure, some of which are regarded as culturally and socially sensitive, and their presence will require formal heritage and community consultation.  They may influence future project design, disturbance limits, and permitting outcomes.  No environmental or social impact studies have yet been undertaken.

The grade-tonnage sensitivity analysis in Table 2 demonstrates the robustness of the MRE across a range of cut-off grades between 0.2g/t and 0.6g/t Au.  Contained metal varies only modestly, indicating that the deposit is not overly sensitive to cut-off grade selection.  Resource pit optimisation was also undertaken using a gold price of US$3,000/oz, which resulted in an inventory of 24.4Mt at 1.09g/t Au for 855,000oz contained metal.  This further demonstrates that the project is not materially sensitive to cut-off grade or metal price at this stage.

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

Note:

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

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

Figure 2. Plan view of Resource Block Model constrained within US$3,200/oz RPEE (Reasonable Prospects for Economic Extraction) Pit Shell

MB01-N JORC Exploration Target*

At MB01-N, the JORC Exploration Target range published in July 2025, for 15Mt to 20Mt at 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained Au, is still extant (see Table 2).  Like the MRE, it remains open in all directions and at depth.    

It presents significant upside to the MB01-S MRE given its close (700m) proximity but will require drilling to convert it to a JORC Resources category.

Table 2. Exploration Target* for the MB01-N zone

*The potential quality and grade of the Exploration Target are conceptual in nature.  There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further exploration work will result in the determination of a Mineral Resource.

Notes:

·    The target has been delineated based on a dataset comprising 2,409 samples collected from 4,318m of trenching.

·    The Exploration Target was generated by constructing three-dimensional wireframe models representing interpreted mineralised bodies.  Extrapolation is limited to 200m along strike, consistent with observed mineralised trends, and extended to a vertical depth of 200m below current surface topography.

·    Oxidation modelling was not incorporated into this phase of work.  As such, the impact of oxidation on grade distribution remains a source of uncertainty.

·    A lower cut-off grade of 0.30g/t Au was applied to define mineralised blocks considered within the target.  The grade range has been determined by applying a ±10% variation around the calculated mean grade above the selected cut-off.

·    Tonnage estimates are derived from the modelled tonnage ±15%.

·    A mean bulk density of 2.7t/m³ has been applied within the mineralised domains.

·    All figures are rounded to reflect the inherent uncertainty and relative accuracy of the estimate.

·    Infill drilling is recommended to advance the understanding of mineralisation continuity and grade distribution.

·    The Exploration Target estimate has been prepared by Mr Robert Davies, EurGeol, CGeol, who is a Competent Person as defined by the JORC Code.

The next work programme at Mbe is currently being finalised with the Company's earn-in partner, BCM International, and further details will be announced in due course.

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 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 any 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:

Glossary and Abbreviations

Notes to Editors:

Oriole Resources

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.

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 zone, 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 zone. 

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 90% owned Bibemi project, where it has applied for an exploitation licence.  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 ('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 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.  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,  @OrioleResources on X

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 in the Adamawa Region of central Cameroon.  Since 2022, the Company's systematic exploration programmes have identified four geochemical targets, 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 target, MB01-S.  Gold mineralisation at these targets 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 target 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[2] 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.

BCM International has acquired an initial 10% interest in Mbe and is earning up to a further 40% interest by spending up to US$4 million on exploration.