(Alliance News) - Oriole Resources PLC on Tuesday said 2019 was a successful year in the development of projects in Africa.
Oriole owns the Senala gold project in Senegal as well as the Bibemi and Wapouze gold projects in Cameroon.
Oriole's pretax loss in 2019 narrowed to GBP1.7 million from GBP4.6 million the year before, due to positive "other income", swung from a loss on such items, as well as lower losses from equity-accounted investments.
Highlights during the year including getting a new licence across Dalafin, which was renamed Senala, as well as exploration success at the same project.
Further, Oriole achieved encouraging drilling results from Bibemi and Wapouze.
Chief Executive Tim Livesey said: "It has been a successful year for Oriole that has continued through to 2020.
"We have focused on advancing our early-stage exploration projects in Cameroon and the continuation of IAMGOLD's earn-in at Senala, in Senegal, as well as progress on our asset realisation plans."
Shares closed down 16% on Tuesday in London at a price of 0.18 pence each.
By George Collard; georgecollard@alliancenews.com
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Oriole Resources (ORR)