Oriole Resources plc (LON:ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, has published an updated JORC Mineral Resource Estimate for the MB01-S deposit at its 50% owned Mbe orogenic gold project in Cameroon. Together with the Mineral Resource Estimate for the neighbouring MB01-N deposit, published on 13 April 2026, the total JORC Inferred Mineral Resource at the project is now 1.66 million oz contained gold with a mean grade of 1.02g/t.
Highlights
· Following completion of the 10-hole step-out drilling programme last month, independent consultant Forge International Limited (“Forge”) has produced an updated Inferred MRE for MB01-S of 40.1Mt with a mean grade of 1.01g/t for 1,300,000oz contained gold. This equates to an approximate 50% uplift to the maiden Inferred MRE for MB01-S and replaces that estimate. Both the previous and the updated estimates have been reported using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.
· The MRE now extends over a strike length of approximately 1,200m, a width of up to 730m, a maximum vertical depth of 287m and remains open laterally and at depth.
· Combined with the existing Inferred MRE at MB01-N (360,000oz at a mean grade of 1.05g/t), located 700m to the northeast of MB01-S, Mbe now has a total Inferred MRE of 1.66 million oz contained Au, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area.
· Together with its partner, BCM International (“BCM”), the Company is now planning the next work programmes and an update will be provided in due course.
· The Company believes that the Project has multi-million-ounce potential.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: “After the completion of the recent step-out drilling programme, we had high hopes for a significant increase in the MB01-S MRE contained ounces. The amount of 1.3Moz just published has comfortably exceeded that expectation with an almost 50% increase. Moreover, this was based on a relatively modest amount of drilling, 2,476.80m in 10 holes, and the deposit is still open in all directions.
“The current gross contained gold of 1.66Moz in the MRE for the Mbe project is a tremendous achievement and we maintain our firm opinion that the Mbe project licence has multi-million-ounce gold potential.
“Not only is this a great outcome for Mbe but now for all of Oriole’s gold projects combined, the Company has an attributable MRE total contained gold amount of 1.11Moz, comfortably over the 1Moz major milestone.
“We are greatly looking forward to undertaking further exploration and evaluation at Mbe and enhancing our conceptual thinking on potential mine development.”
Figure 1. Plan view of the total JORC Inferred Resource for Mbe, with pit-constrained MREs for MB01-N and MB01-S, showing the block models and US$3,200/oz pit shells.
Further Details
The updated MRE for the MB01-S deposit has been prepared by Forge, incorporating data from the recently completed step-out drilling programme (see announcement dated 6 July 2026), is presented in Table 1 and has been reported in accordance with the JORC Code. The new estimate, which is based on a combination of drill hole and trench assay data acquired by the Company since 2024, is 40.1Mt at a grade of 1.01g/t for 1,300,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and is constrained within an open pit shell optimised using a US$3,200/oz gold price.
Table 1. JORC MRE for MB01-S
| JORC Classification | Oxidation Level | Gross | Net Attributable (50%) | ||||
| Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | ||
| Inferred | Oxide | 6,400,000 | 0.87 | 180,000 | 3,200,000 | 0.87 | 90,000 |
| Fresh | 33,700,000 | 1.04 | 1,120,000 | 16,850,000 | 1.04 | 560,000 | |
| Total | 40,100,000 | 1.01 | 1,300,000 | 20,050,000 | 1.01 | 650,000 | |
Notes:
· Effective date of the Mineral Resource is 8 July 2026, being the date the Oriole data room was shared with Forge.
· The Resource has been estimated and reported by Robert Davies, EurGeol, CGeol, a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Davies is a Director of Forge International and has sufficient experience relevant to the style of mineralisation, type of deposit, and activity undertaken to qualify as a Competent Person. Mr. Davies consents to the inclusion of this information in the form and context in which it appears.
· The Operator of the Mbe Project is Oriole Resources.
· The Mineral Resource Estimate is based on total of 13,761 samples, collected from 4,453m of trenching and 9,305m of diamond drilling from 34 holes, with gold grades estimated using ordinary kriging within hard-boundary mineralisation wireframes, based on length-weighted composited assay data.
· The Mineral Resource extends over a strike length of approximately 1,200m, up to 730m width and to a maximum depth of 287m. To define the blocks with reasonable prospects of eventual economic extraction (RPEEE) as required under the JORC Code (2012 Edition), the estimate has been constrained within a Lerchs-Grossman optimised pit shell generated in Datamine NPVS, using a gold price of US$3,200/oz and the application of reasonable mining parameters as set out in the Project’s JORC Table 1.
· The Mineral Resource has been reported above a cut-off grade of 0.40 g/t Au and filtered by the pit shell constraint.
· The Resource Estimate is reported on both a gross, 100% basis and a net attributable basis. Oriole holds a 50% beneficial interest through the licence-holding company, Oriole Cameroon SARL. The remaining 50% interest is held by BCM International Limited following completion of its earn-in, as announced on 20 February 2026.
· All figures are rounded to reflect the relative accuracy of the estimate. Differences may occur due to rounding.
· The reported Mineral Resources are not Mineral Reserves and have not been demonstrated to be economic to mine to the level needed to report an Ore Reserve. Further exploration, sampling, and economic studies are required before any potential conversion to Ore Reserves can be considered.
· A site visit to the Mbe Project was completed by Mitko Ligovski, a Competent Person representing Forge International, who verified the geological and sampling data used in this estimate.
· Limited preliminary environmental and social baseline work has been undertaken at the site.
This Inferred MRE represents an approximate 50% uplift to the 870,000oz maiden MRE for MB01-S, reported on 21 October 2025, and the deposit still remains open laterally and at depth.
Figure 2. Plan view of the pit constrained MRE model for MB01-S, showing the block model and US$3,200/oz pit shells. The black line denotes cross section line presented in Figure 3 below; note that is it orientated slightly oblique to the east-west orientated drill fence lines.
Figure 3. Cross section approximately along N872530 at MB01-S (viewing approximately north) showing the assay results from both trenching and drilling, the US$3,200/oz pit shell, and mineralised wireframe model.
The grade-tonnage sensitivity analysis in Table 2 demonstrates that the deposit is not particularly sensitive to cut-off grade.
Table 2. Grade tonnage sensitivity for MB01-S zone MRE
| Cut-off Au (g/t) | Tonnes | Grade Au (g/t) | Contained Gold oz.t |
| 0.25 | 42,800,000 | 0.97 | 1,330,000 |
| 0.3 | 42,400,000 | 0.98 | 1,330,000 |
| 0.35 | 41,500,000 | 0.99 | 1,320,000 |
| 0.4 | 40,100,000 | 1.01 | 1,300,000 |
| 0.45 | 38,200,000 | 1.04 | 1,280,000 |
| 0.5 | 35,300,000 | 1.09 | 1,240,000 |
| 0.55 | 31,900,000 | 1.15 | 1,180,000 |
Note:
· All figures are rounded to reflect the relative accuracy of the estimate. Differences may occur due to rounding.
· The grade-tonnage sensitivity information is presented for illustrative purposes only and does not constitute a separate Mineral Resource estimate.
The Inferred MRE for MB01-S is in addition to the 360,000oz contained Inferred MRE published for the MB01-N deposit on 13 April 2026, which is restated below and takes into account Oriole’s net attributable interest. For full disclosure notes related to the MB01-N MRE, please refer to the Company’s original announcement dated 13 April 2026.
Table 3. JORC MRE for MB01-N
| JORC Classification | Oxidation Level | Gross | Net Attributable (50%) | ||||
| Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | ||
| Inferred | Oxide | 800,000 | 0.75 | 20,000 | 400,000 | 0.75 | 10,000 |
| Fresh | 9,700,000 | 1.07 | 340,000 | 4,850,000 | 1.07 | 170,000 | |
| Total | 10,500,000 | 1.05 | 360,000 | 5,250,000 | 1.05 | 180,000 | |
Mbe now has a total JORC Inferred MRE of 1.66 million oz contained Au with a mean grade of 1.02g/t, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area. The Company maintains its belief that the Project has multi-million-ounce potential.
The Company and BCM are currently planning work programmes for the 2026/27 field season and an update on this will be provided in due course.
In addition, work is still underway to formalise BCM’s 50% beneficial interest in Mbe, with the drafting of a joint venture partnership agreement in progress.
Further information can be found in the Mbe JORC Table 1 disclosure on the following page of the Company’s website: https://orioleresources.com/projects/mbe/
