Oriole Resources (ORR) H2 2024 earnings summary

Executive summary

• Completed two earn-in agreements with BCM International for Bibemi and Mbe gold licences in Cameroon, securing $1.5 million in signature payments and up to $8 million in exploration funding.

• Increased Bibemi's JORC Inferred mineral resource estimate to 375,000 oz gold at 2.30g/t, a 23% rise year-over-year.

• Launched and completed Phase 5 drilling at Bibemi (6,915m in 56 holes), with significant new intersections and an updated MRE expected in Q2 2025.

• Initiated maiden drilling at Mbe, with early results confirming wide gold mineralisation zones.

• Senala licence in Senegal renewed for three years; Managem Group now holds a 59% interest, with a JV agreement in progress.

Financial highlights

• Exploration expenditure rose to £2.66 million (2023: £0.33 million) due to expanded activities in Cameroon.

• Administrative expenses increased to £1.53 million (2023: £1.13 million), reflecting higher activity and workforce expansion.

• Loss for the year reduced to £0.30 million (2023: £2.27 million), aided by £1.18 million in signature payments, £0.24 million from Turkish asset sales, and a £0.70 million positive revaluation of the Lanstead receivable.

• Receipts of £1.07 million under the Lanstead Sharing Agreement, with an average share price of 0.26p per share.

• Year-end cash position of £0.7 million, supplemented by post-year-end BCM payments.

Outlook and guidance

• Progressing Bibemi exploitation licence negotiations and aiming for expedited approval, leveraging strong gold prices.

• Completion of maiden drilling at Mbe and potential maiden MRE expected later in 2025.

• Anticipates increased exploration at other Central Licence Package (CLP) licences and securing a partner for Wapouzé limestone project.

• Expects continued funding from BCM and Lanstead, with a focus on project-level funding over equity raises.