Oriole hails progress on 'all fronts' as Cameroon gold drilling ramps up

Oriole Resources PLC (AIM:ORR) said it made progress on “all fronts” in 2024, as the West Africa-focused exploration group stepped up drilling in Cameroon, signed two earn-in deals, and pushed forward with a key licence application.

Chief executive Martin Rosser said the company had taken significant steps toward building long-term value - though the focus is now on what happens next at Mbe, its flagship exploration project within the Central Licence Package.

"Material success at Mbe should give significant credence to our view that there is a mineralised gold corridor running through the other Eastern Central Licence Package ("CLP") licences which may host significantly sized gold deposits," said Rosser.

"This could generate attention from substantial international gold mining companies which are looking for exposure to attractive and exciting new frontier jurisdictions, such as Cameroon, as an alternative to several increasingly off-limits countries in West Africa."

Over 2024, Oriole struck deals with mining contractor BCM International for its Bibemi and Mbe gold licences in Cameroon.

Together, the agreements brought in $1.5 million in upfront payments and set out a path for BCM to earn up to 50% of each project by funding further work.

At Bibemi, a Phase 5 drill programme completed in February hit several high-grade gold intercepts - some of which fall outside the current mineral resource estimate. That estimate was already upgraded during the year to 375,000 ounces at 2.3 grams per tonne. An updated resource is expected in the second quarter of this year.

Oriole also submitted an exploitation licence application to the Cameroonian government, a key step toward commercialising Bibemi. That process, which includes negotiating a Mining Convention, is expected to accelerate now drilling is complete.

Meanwhile, at the Mbe licence, early-stage exploration is beginning to yield results. Soil sampling and trenching revealed wide zones of gold mineralisation, and maiden drilling has already delivered more than 60 intersections, including some higher-grade hits.

Outside Cameroon, Oriole confirmed its partner Managem now owns around 59% of the Senala project in Senegal after completing spending requirements. A new joint venture agreement is being finalised.

Financially, Oriole reported a full-year loss of £300,000, a sharp reduction from £2.27 million in 2023, thanks to upfront payments from BCM and asset sales.

Exploration spend jumped to £2.66 million as fieldwork ramped up, and the company ended the year with continued support from funding partner Lanstead.

Rosser told investors: "In conclusion, as we finished 2024, the new year brought a heightened state of activity at all of our exploration projects and licences in Cameroon and Senegal, with significant fundamental progress expected and, supported by the strong gold price, we look forward to 2025 with confidence."