Oriole Resources (ORR) H1 2025 earnings summary

Executive summary

• Significant progress in gold exploration projects in Cameroon, with completion of maiden drilling at Mbe and updated resource estimates at Bibemi.

• Joint venture negotiations advanced for the Senala project in Senegal, with updated exploration targets.

• Wapouzé limestone licence renewed, with ongoing efforts to secure a commercial partner.

• Loss before tax of £0.57 million for H1 2025, compared to a profit of £1.15 million in H1 2024, mainly due to non-recurrence of prior year asset disposal gains.

Financial highlights

• Pre-tax loss of £0.57 million (H1 2024: profit of £1.15 million), reflecting absence of prior year one-off gains and increased admin expenses.

• Administrative expenses rose to £0.72 million (H1 2024: £0.67 million) due to staff expansion.

• Exploration expenditure in Cameroon was £1.31 million (H1 2024: £1.13 million), mainly at Mbe.

• Cash balance at 30 June 2025 was £0.53 million, rising to £0.68 million by 31 August 2025 after post-period receipts.

• Earnings per share: basic and diluted loss of (0.02)p (H1 2024: 0.03p earnings).

Outlook and guidance

• Maiden pit-constrained JORC MRE for Mbe MB01-S expected in Q4 2025.

• Continued technical studies and licence application progress at Bibemi.

• Anticipation of finalising Senala joint venture and commencing new exploration phase.

• Board remains optimistic about asset value growth and share price appreciation.