Greenwood research note fresh off the press 07/017 Jan 2026 18:43
Multi million district scale gold opportunity. BCM are not chucking money for exploration without doing extreme due diligence.
This is a mammoth opportunity in the making and a steal at the current SP. Very tempted to go the whole hog and chuck 6 figures + in here.
Building a multi-million-ounce district. Looking forward, if drilling does indeed support generation of
an MRE for MB01-N and the top end of the ET is achieved, this would translate to a 1.5Moz combined
resource for the Mbe prospects. Additionally, there are other geochemical targets on the wider Mbe
licence that have seen little in the way of exploration, let alone the multiple kilometre-scale gold-in-
soil anomalies that have been identified on the other four contiguous licences within the 2,266km2
Eastern CLP area. Consequently, through systematic exploration it’s not difficult to visualise a pathway
to a considerably larger resource inventory for Oriole.
We don’t believe that the company’s current market value (£15m) reflects this exciting growth opportunity set against the backdrop of favourable gold price tailwinds and a reinvigorated industry quest for shallow gold deposits with development potential. Cameroon remains a new frontier for gold exploration but herein lies the opportunity. This is an excellent start for Oriole at MB01-N with the results from the first two holes reinforcing the prospectivity of the Mbe licence and the potential to add further gold ounces, foreshadowing what we believe will be a pivotal year for the company.