Member Info for Mayo51

I agree GoH, we’ve got in BCM, a producer JV partner, realistically would they sell their share for $59/oz.

I think the ORR/BCM JV is being lined up for both Bibemi and Mbe, it appears to be a cordial relationship and they’ve already got the supervision, labour, plant and equipment.

Why not employ this on a cost plus 10% basis, as the exploration deal, and split the income, costs and profits 50:50.

We would need an upfront enabling payment initially and an interim funding facility until we start realising the income.

BCM will, no doubt, be thinking of the other licences, we could agree further JV’s, hopefully on reduced dilution, secure further enhanced payments and start drilling to realise further value.

I think the plane is fully loaded, no spare seats, the pilots and crew are ready, just waiting for the paperwork, the licences, before entering the runway, ready for take-off.

Hopefully, there’ll be a few further planes following shortly after

I think we were a bit unfortunate yesterday releasing the MRE RNS on the same day as we experienced a 5-6% gold price drop.

The buys were nearly double that of sells and we only show a 7% increase.

Anyway, hopefully it settles today and our share price starts responding as it really should.

Hi GG,

I agree, this certainly gives us options, haven’t thought too much about Senala but .in terms of the Eastern CLP, I’d prefer a cash raise to fund further exploration rather than diluting via a JV partner.

Remember this 870,000 oz MRE only represents about 8% of the Eastern CLP area.

RNS Number : 1053E

Oriole Resources PLC

21 October 2025

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.

Any realised value in these other assets could assist in providing further exploration funding in the other Eastern CLP Licenses, enabling it to go it alone rather than diluting with a JV partner.

Hopefully, you’d have thought considering their 10% holdings that it would also be in their interests to issue the Exploitation licences soon thereafter

Welcome Caribbean, I hope we won’t have to wait till 2029, we’ll take anyone, even goal hangers.

Well done BIKWIK, I get some of it, love the terminology, keep it going

I think we’re all hoping it’s fairly soon, one RNS did mention early Q4 but I think it was later corrected just to Q4.

Claire mentioned at the Investors Event on 2nd October that she had spoken to the consultants that day but obviously couldn’t say anything further.

They’ve always said the MRE would be in Q4, it’s never slipped so I presume they were always confident about the timing of the release, so I’m hoping sooner rather than later.

Obviously Oriole would want it as high as possible, I presume BCM would prefer it to be lower to reduce competition and aid negotiations on future licenses.

Claire had been very positive, saying we’re only scratching the surface, Bob mentioned that Eileen, a 5% shareholder, did not want to sell too cheaply and I presume that their MRE Range Forecast included in the presentation, bearing in mind that they have already completed Mbe-S drilling and its with the consultants, would be on the very conservative side.

They appeared quietly confident, talking about potential upside, this MRE has always been talked as the company game changer so hopefully the Oriole team will deliver and we can look forward to the next steps in opening up the remaining licenses.

Here’s hoping for very positive news and all us shareholders can receive the good fortune we’ve deservedly been waiting for.

Hi Bikwik,

Yes, I remember the drilling next question and the reply, hence we’re waiting for the MRE before deciding.

I agree, there were more people than I was expecting and I certainly left the presentation more positive than when I arrived, the dropping share price had influenced me over the last week or so.

If attendees were concerned about a placement there would have been significant selling and a significant drop today.

Anyway, I can’t see anything really happening until the MRE is published, a Bibemi Exploitation Licence would be nice in the interim, and hopefully when a decent MRE arrives we can dispel any placement talks and look forward to more JV’s with more attractive values and terms.

Fingers crossed.

Because they need the MRE to confirm the presence and estimated quantity of gold.

We're expecting the MRE this quarter, it's now about whether, we'll be having turkey for Christmas, Thanksgiving or even, very ambitiously, Halloween, if so there'll be fireworks too in early November.

The MRE should then dictate discussions on the other Eastern CLP packages, the payment values, structures and share percentages.

The one-drill considered approach has allowed Oriole to tailor the future drilling to suit the latest results, rather than going gung-ho with increased costs and a potentially reduced MRE, affecting the viability of Mbe and the remaining licence packages.

Yes, hopefully the MRE kickstarts various potential actions.

The Presentation slides are RNS’d and on the website

Hi Hunniford,

I wouldn’t worry about it, I appreciate your very informative, accurate and balanced posting anyway.

I remember meeting you at the 2024 AGM, I think you were there this year too, I was out of the country then so couldn’t make it.

I know you would have been there last night if at all possible, I did speak to Bob beforehand, they are obviously very restricted in not being able to say something that hasn’t been previously disclosed but at least they can explain or expand on it.

It was the future licences that really demonstrated what is being lined up, I looked it up, Mbe is 312km2, we’ve only maiden drilled 55%, and the whole Eastern CLP is 2,266km2, so we’ve only really looked at 7.5% of the total.

I can understand the enthusiasm, excitement, etc, it’s in the hands of the MRE consultants now, Claire did say she was trying to get something out of them yesterday and she did refer to someone at the back of the room as to how much she could say.

Another thing I forgot to say, Bob made a comment about the future JV’s and that they didn’t, particularly Eileen’s intention, want to sell it on the cheap, it sounded like BCM got very interested in the latter stages of the Mbe South negotiations, when they suddenly realised what’s there, and the MRE will obviously enable much more fruitful negotiations in the future.

All very promising.

Hi All,

Yes, I got there around 5.20pm, the Presentation started just before 6pm, was probably 25 minutes with another 25 minutes of questions thereafter, I didn’t think I could make it, booked it last minute and couldn’t hang around.

Martin opened up, talked about first mover advantage, the 1st JORC and goldmine in Cameroon, the personnel, the Cameroonian contacts, the government’s mining section, etc

Claire got more into the nitty gritty technical aspect, she is very enthusiastic about it, they’ve only scratched the surface, they’ve extended the Mbe South area and it’s open in all directions, they can extend Mbe South and then there’s Mbe North, it’s going to keep increasing the MRE.

Agree with BIKWIK’s comments, approx 45 people and fairly pleasant.

In terms of funding, they wouldn’t go for funding now anyway, the current share price is 37% lower than the Bibemi value alone without anything else.

If they had to they’d at least wait until MRE and then it opens up a whole lot of options, a real game changer, such as:-

1. JORC Resource payment

2, Further BCM JV discussions on extended Mbe South and/or Mbe North

3. Other licences - massive area 2,500km2 - potential JV’s

Bob was hoping from cash in from legacy assets but they can’t rely on it, Lanstead was mentioned, they have no way of knowing if they’ve sold out yet and he mentioned criticism about Lanstead especially with the BCM deals, he said they needed Lanstead, they were only 4 months in on 8 months of BCM negotiations and no further forward, it only all came together at the end, Claire did say, and 2 deals together.

It’s a very positive outlook but we are so reliant on the MRE to open everything up.

Have a good night.

We received them on Monday

I’m hoping for the Bibemi Exploitation Licence with a possible follow on Oriole/BCM Mining JV

I agree, hopefully a Senala Exploitation Licence next, then the MRE, further BCM Drilling Agreements and an MBE Exploitation Licence to follow.

The others can be bonus pickups along the way, be good to pickup the Bibemi licence in the next week.

I added too yesterday, we’ll definitely get drill results over the next week or so, hoping for an exploitation licence too

Wondered who Steve Diggle is, don’t you mean Martin Diggle