RE: New research note out21 Oct 2025 09:08
Maiden resource surprises to the upside. Oriole has reported a maiden JORC, pit constrained Inferred MRE of 870,000oz contained gold (24.8Mt at 1.09g/t Au) for the MB01-S zone at its Mbe gold project. The MRE was produced by independent consultant, Forge International Limited using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au; we understand the grade-tonnage analysis shows a high retention of ounces at lower gold prices (855koz at US$3,000/oz gold). The estimate is based on 2,778m of trenching and 6,828m of diamond drilling (24 holes) completed during the company’s maiden drilling programme. The MRE confirms that ultimately, MB01-S has the potential to support a low-strip, open pit type operation with further drilling, metallurgical testing and successful economic evaluation work. Upon completion of the earn-in by BCM, Oriole will have a 50% interest in the project.