Last checked at 1 May 2024 07:00
Oriole Resources PLC
('Oriole' or 'the Company' or 'the Group')
1 May 2024
Board Change and Appointment of Chief Executive Officer
Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, announces that Mr Timothy Livesey has stepped down as Chief Executive Officer ('CEO') and from the Board of Oriole with effect from end of 30 April 2024 to focus on his other business interests. The Company also announces that Mr Martin Rosser has been appointed as CEO and will join the Board of Oriole with effect from today, 1 May 2024. Tim will remain an employee of Oriole to 31 May 2024 to assist in the transition.
During his tenure as CEO, Tim was pivotal in reinvigorating the strategic direction of the Company, which has led to the discovery of a potential new gold district in Cameroon. Additionally, the exploration programmes carried out in Cameroon recently culminated in the signing of earn-in agreements, with BCM International Limited, at the Bibemi and Mbe projects.
Martin brings a wealth of experience to the role of CEO with over 40 years of professional expertise in the natural resources sector, including as CEO of AIM-listed Alexander Mining Plc. He has also worked as a corporate financier and mining analyst.
As CEO of Alexander Mining Plc for 13 years, Martin led the company through the finalisation of a feasibility study for an open pit copper mine in Argentina; the diversification into innovative mineral processing technology and other energy metals, including lithium; and the completion of a reverse takeover transaction in January 2020. He has also sat on the board of Afriore Limited, as a Non-Executive Director, and acted as Managing Director of what is now known as VSA Capital plc. Martin's diverse and expansive experience will provide additional value to the Company and further consolidates its already strong executive team.
Martin holds a BSc in Mining Engineering from and Associateship of the Camborne School of Mines. He is also a Fellow of the Institute of Materials, Minerals and Mining, and a Chartered Engineer.
Eileen Carr, Chair of Oriole, commented:
"First, on behalf of the Board, I would like to express my sincere thanks to Tim for his hard work and dedication over the years - he has had a hugely positive impact on the Company. Tim was instrumental in Oriole's move into Cameroon and the work carried out by the team, to date, has provided significant value to all stakeholders. He leaves the Company in a robust position and with a bright future and we wish him great success with his future endeavours.
"I am also delighted to welcome Martin to his new role. I believe his experience and expertise will augment the existing management team very well and help the Company deliver further on its recent achievements. Martin joins the team at an important stage of the Company's growth trajectory, and I look forward to working with him to deliver further value to all stakeholders."
AIM Rules for Companies, Schedule 2(g) Disclosures
As required by Schedule 2(g) of the AIM Rules for Companies, the Company confirms that Mr Martin Lovatt Rosser, aged 64, currently holds or has held the following directorships and partnerships in the last five years:
Current directorships and partnerships None | Past directorships and partnerships in past five years MetaLeach Limited eEnergy Group Plc (formerly Alexander Mining Plc)
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Mr Rosser does not hold any ordinary shares or options in the Company.
Other than as provided in this announcement, no other disclosures in relation to Mr Martin Lovatt Rosser are required under Rule 17 and schedule 2 (g) of the AIM Rules for Companies.
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.
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources Plc | Tel: +44 (0)23 8065 1649 |
Eileen Carr / Bob Smeeton / Claire Bay | |
| |
BlytheRay (IR/PR Contact) | Tel: +44 (0)20 7138 3204 |
Tim Blythe / Megan Ray | |
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Samantha Harrison / Ciara Donnelly / Elliot Peters | |
SP Angel Corporate Finance LLP Ewan Leggat
| Tel: +44 (0)20 3470 0470 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has reported a Resource of 375,000 oz Au at 2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments (which has already been received), up to US$8 million in exploration expenditure, as well as JORC resource-based success payments.
At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed a six-year earn-in to acquire an estimated 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million. A review of expenditure and discussions on the formation of a joint-venture company are currently underway. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.