Oriole Resources (ORR) H1 2024 earnings summary

Executive summary

• Signed earn-in agreements with BCM International for Bibemi and Mbe, receiving $1.5M and granting BCM a 10% interest in each, with potential to earn up to 50% by funding $4M per project.

• Updated Bibemi JORC-compliant resource to 375,000 oz at 2.30g/t Au; exploitation licence application submitted post-period.

• Senala project in Senegal: Managem completed earn-in, spending $5.8M for 59% interest; licence renewed for three years.

• Monetised legacy Turkish assets, receiving $300,000; ongoing efforts to realise further value from legacy portfolio.

Financial highlights

• Pre-tax profit for H1 2024 was £1.15M (H1 2023: £0.86M loss), driven by BCM signature payments and Lanstead agreement gains.

• Administrative expenses rose to £0.67M (H1 2023: £0.52M) due to Cameroon team expansion.

• Exploration expenditure in Cameroon increased to £1.13M (H1 2023: £0.22M).

• Cash balance at 30 June 2024 was £0.84M (31 Dec 2023: £0.11M).

• Profit after tax for H1 2024 was £1.13M (H1 2023: £0.71M loss); basic EPS 0.03p (H1 2023: -0.03p).

Outlook and guidance

• Fully funded maiden drilling at Mbe is a top priority for the 2024/25 field season.

• Ongoing Phase 5 drilling at Bibemi to support exploitation licence and resource expansion.

• Further monetisation of legacy assets and potential for increased Lanstead receipts as share price improves.

• Discussions ongoing for next steps at Senala with Managem.