Oriole Resources (ORR) Investor update summary

Strategic focus and asset overview

• Holds a significant land position in Cameroon, focused on gold exploration and development, with additional assets in Senegal.

• Cameroon assets include the flagship Mbe project and Bibemi, the country's first JORC gold resource.

• Over 1 million ounces of attributable gold resources, with substantial exploration upside.

• Strategic partnerships in place, notably with BCM International and Managem.

• Cameroon and Senegal offer supportive governments and modern mining codes.

Project updates and exploration progress

• Mbe project reported a maiden MRE of 870,000 ounces at just over 1 g/t, with ongoing drilling at Mbe North showing promising results.

• Initial Mbe North drilling returned high-grade intersections, similar to Mbe South, with both areas open in all directions.

• Bibemi project contains 460,000 ounces, with an exploitation license application underway and positive government engagement.

• Preliminary Economic Assessment at Bibemi supports a 10,000 oz/year operation over seven years, with upside at higher gold prices.

• Senala project in Senegal is advancing under a JV with Managem, with further exploration planned.

Valuation, funding, and partnerships

• Current enterprise value per ounce is low compared to African peers, with efforts underway to close the valuation gap.

• BCM International is earning a 50% stake in Mbe and Bibemi through funding exploration; future funding will be on a 50/50 contribute or dilute basis.

• Joint venture management will be collaborative, with Oriole and BCM sharing decision-making.

• Recent fundraising ensures immediate funding needs are met for JV programs.

• Milestone payments tied to resource upgrades could fund further exploration or portfolio expansion.