(Alliance News) - Oriole Resources PLC on Wednesday said it received a payment relating to the Hasancelebi and Dogala mining projects in Turkey.
The West Africa-focused mineral exploration and development company was paid USD220,000 from Bati Toroslar Madencilik Sanayi ve Ticaret Ltd, which is to be followed a payment of USD80,000 some time in the second quarter.
The full consideration will fulfil outstanding amounts from previous deals including an exploration agreement signed by the two company's in 2019. The agreement, which included resource-linked and success based payments, was then followed by a royalty sale agreement in 2020.
Oriole intends on using proceeds to fund further exploration work at projects in Cameroon
Oriole shares were down 2.1% to 0.36 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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Oriole Resources (ORR)