Oriole Resources PLC (LON:ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, has provided an update on the corporate restructuring announced on 17 October 2024 in respect of the Mbe orogenic gold project in Cameroon, where a total JORC Inferred Mineral Resource Estimate of 1.23 million oz contained gold has recently been reported across the MB01-S and MB01-N deposits (see announcement dated 13 April 2026).
Highlights
· As announced on 20 May 2026, the transfer of the Mbe exploration permit from Oriole Cameroon SARL to Oriole Mbe SARL has been confirmed by the Ministry of Mines in Cameroon.
· Oriole has now completed the acquisition of a 10% interest in Oriole Mbe from its local partners, BEIG3 SARL and Roxane Minerals Limited (together the “Local Partners”) for a cash consideration of US$100,000.
· The Local Partners are also entitled to 5% of any amounts received as additional Resource Payments under the Earn-in Agreement with BCM International Limited (BCM), up to a maximum of US$150,000, and a total 1% Net Smelter Return Royalty (NSR Royalty) on future mining revenues from the Mbe project.
· The transaction formalises Oriole’s interest in the Mbe project at 50%, equal to that earned by BCM whose 50% interest was confirmed earlier in the year (see announcement dated 20 February 2026).
· Formalisation of the joint venture agreements with BCM in respect of Mbe, and the more advanced Bibemi project, is nearing completion.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: “The formalisation of the acquisition by Oriole of an additional 10% interest in Oriole Mbe from its Local Partners, increasing our ownership to 50% in our flagship project licence, is a welcome step. I was delighted to be warmly received at the premises of our valued partner BEIG3 in the Cameroon capital Yaoundé to effect the acquisition. We look forward to continuing to work closely with our Local Partners and benefitting from their technical knowledge and Cameroon experience as we progress the exciting Mbe Project.”
Further Details
In 2021, Oriole successfully expanded its licence area in Cameroon with eight contiguous licences in central Cameroon (the “Central Licence Package” or “CLP”; announcement dated 3 February 2021). Five of these licences (Tenekou, Niambaram, Pokor, Ndom were held by Oriole Cameroon, a 90% owned subsidiary of Oriole. The Local Parters hold between them a 10% interest in Oriole Cameroon and these Local Interests were to be free carried until the definition of a 50,000oz contained gold JORC Indicated Resource at any and all of the Eastern CLP licences and Mbe, at which point contribute or dilute provisions would apply. Dilution below a 5% interest collectively would see the Local Interests convert to a 1% NSR Royalty per licence.
As announced on 20 February 2026, BCM has completed an earn-in to Mbe, by making a signature payment of US1 million, spending US$4 million on exploration and committing to future potential resource milestone payments. BCM’s 50% beneficial ownership has been confirmed by Oriole and work is underway to formalise its interest at Mbe, and also at Bibemi, where it has completed a similar earn-in (see announcement dated 27 November 2025), with the drafting of joint venture partnership agreements nearing completion.
As part of its corporate restructuring process and following the Ministry of Mine’s approval to transfer the Mbe licence from Oriole Cameroon to Oriole Mbe (see announcement dated 20 May 2026), the Company has acquired a 10% interest in Oriole Mbe from its Local Partners for consideration of US$100,000. Accordingly, the Company has now formalised its 50% interest in the Project.
The Local Partners retain the right to a 1% NSR Royalty and also have a 5% interest in the potential future Resource Payments at Mbe (up to cap of US$150,000).
Further information on Mbe can be found on the following page of the Company’s webiste: https://orioleresources.com/projects/mbe/
