Oriole Resources plc (LON:ORR), the AIM-quoted exploration and development Company focused on Central and West Africa, has announced its audited results for the year ended 31 December 2025.
Copies of the Company’s Annual Report will be posted to shareholders on or before 11 May 2026, together with the notice of the Company’s Annual General Meeting (AGM).
Ahead of the AGM, the Executive Directors will be hosting an online presentation and question and answer session at 16:30 BST on Tuesday 28 April 2026. Full details for this event may be found in the Company’s announcement titled “Online Investor Presentation and Q&A Session” released on 15 April 2026.
Operational Highlights:
Bibemi
· Completion of Phase 5 drilling at Bibemi in February 2025 for 6,915.40m in 56 holes, with best results including 4.10m at 7.99 grammes per tonne (g/t) gold (Au) (BBDD059), 5.30m at 1.68g/t Au (BBDD092), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au (BBDD061), 2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au (BBDD075) and 1.00m at 25.54g/t Au (BBDD068).
· Increase in the independently calculated maiden JORC Inferred Mineral Resource Estimate (“MRE”) at the Bakassi Zone 1 (or “BZ1”) prospect, Bibemi, to 460,000 ounces (“oz”) contained gold, grading 2.06g/t, using a 0.40g/t Au cut off and within a US$2,750/oz gold price pit shell with 100,000oz Au in the JORC Indicated Resources category and 360,000oz Au in the JORC Inferred Resources category. This resulted in an approximate 23% inventory increase from the 2024 MRE and also increased the confidence level of the MRE, with the conversion of 100,000oz Au to the JORC Indicated category.
· Outside of the BZ1 MRE, an additional JORC Exploration Target* range of 3-5 million tonnes at 1.50-2.50g/t Au for 145,000-400,000oz contained gold was also estimated for the remaining area around Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects.
· Completion of initial metallurgical testwork and mineralogical studies that helped develop a preliminary processing flowsheet for Bibemi, with approximately 85% gold recovery achieved by employing flotation followed by pressure oxidation of a bulk sulphide concentrate and cyanide leaching of the pressure oxidation residue.
· Receipt of the Environmental and Social Impact Assessment for Bibemi and delivery of a Preliminary Economic Assessment to support the ongoing Exploitation Licence application process. The PEA focuses on an optimised open pit mine scenario for exploiting approximately 89,000oz in situ contained gold, grading 2.20g/t Au and largely centred on the 100,000oz contained Indicated Resource at the Bakassi Zone 1.
Mbe
· Completion of a maiden (Phase 1) diamond drilling programme at the MB01-S target, within the Mbe project, for 6,828.40m in 24 holes. There was a total of 344 gold bearing intersections over the programme, equating to a discovery rate of more than one intersection every 20m. Notable intersections included 86.50m at 1.36g/t Au from 22.00m (including 39.40m at 2.00g/t Au, 6.00m at 2.24g/t Au, and 3.00m at 2.32g/t Au) from hole MBDD008, and 6.15m at 19.67g/t Au (including a Bonanza grade intersection of 1.00m at 119.10g/t Au) from 118.65m depth from MBDD019.
· In July 2025, a JORC Inferred Exploration Target* of 33-44 million tonnes with grades ranging between 0.77 and 0.95g/t Au for total contained gold of between 0.82Moz and 1.34Moz Au was published for the MB01-S and MB01-N targets. In October 2025, the Exploration Target at MB01-S was superseded by a JORC Inferred MRE of 24.80Mt at a grade of 1.09g/t Au for 870,000oz contained gold.
· Commencement and completion (in February 2026) of a fully funded maiden MB01-N drilling programme with notable intersections including 21.70m at 3.13g/t Au, including 7.20m at 8.19g/t Au from MBDD026; 56.20m at 0.99g/t Au, including 14.60m at 2.03g/t Au in MBDD039; 16.10m at 2.49g/t Au including 1.00m at 28.60g/t Au from MBDD027; and 21.30m at 1.22g/t Au including 7.00m at 2.09g/t Au from MBDD038. These results supported the subsequent delivery, post Period end, of a maiden JORC Inferred MRE for MB01-N of 10.5Mt at 1.05g/t for 360,000oz contained gold. Together with the MB01-S MRE, the total Inferred Resource at Mbe now stands at 1.23Moz and a Phase 3 drilling programme is currently underway that aims to expand the total JORC Resources at Mbe further.
CLP Licences
· Exploration over the wider Eastern CLP was planned and commenced. Initial results from Ndom and Niambaram have returned up to 17g/t Au and 1.39g/t Au, respectively, from selective rock-chip sampling, and results from soil sampling at Niambaram are pending.
Financial Overview
· Exploration expenditure of £2.14 million (2024: £2.66 million) as the earn-in agreements with BCM progressed throughout the year, with completion of the Bibemi Earn-in in November 2025, and completion of the Mbe Earn-in in February 2026, both of which earned BCM a 50% interest in the projects.
· Administrative expenses stable at £1.50 million (2024: £1.53 million).
· Loss for the year of £0.65 million (2024: loss of £0.30 million).
· Cash at bank at 31 December 2025 of £2.50 million (31 December 2024: £0.71 million) following the successful fund raise of £2.03 million in November 2025.
*The potential quality and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further exploration work will result in the determination of a Mineral Resource.
Martin Rosser, CEO of Oriole Resources, commented:
“As we look back on 2025, we are extremely pleased with the strong exploration progress and the growth in associated gold resources that has been achieved. Over the Period, the gross contained JORC Resources for our projects increased substantially from 530,000oz to 1,485,000oz, some +180%. On a current net basis attributable to Oriole, with BCM’s 50% earn-in ownership of Bibemi achieved just before year-end, the amount is 980,000oz, up 150% on the net figure at the start of 2025. Post year end, BCM also achieved its 50% earn-in for the Mbe licence.
“The Company started 2025 fully focused on working hard to progress its gold exploration projects in Cameroon. At our flagship Mbe project, the planned 6,590m maiden diamond drilling programme at the MB01-S gold target, which started in November 2024, was progressing well and in February 2025, the Company reported a ‘discovery’ hole amongst the first drilling results. Indeed, throughout the Period there was a regular flow of good drilling results reporting multiple gold mineralisation intersections from MB01-S. The highlights included ‘bonanza’ intersections in August showing the propensity for intersections of high-grade veins within wide lower grade envelopes of mineralisation. The maiden drilling programme finished in early September for 6,828.4m in 24 holes.
“The independent consultant’s maiden MRE for MB01-S reported in October was a tremendous outcome, being 870,000oz of contained gold grading 1.09g/t (using a gold price of US$3,200/oz). This significantly exceeded, by 19%, the upper level of the earlier JORC Exploration Target range of 730,000oz Au.
“Drilling commenced in late November on the MB01-N prospect, only 700m northeast of MB01-S. This programme, which completed post period end in late February 2026, was for approximately 3,000m in 15 holes. MB01-N had a JORC Exploration Target range of 370,000-605,000oz grading 0.77-0.94 g/t Au and post Period end our independent consultant produced a pit constrained Inferred MRE for MB01-N of 10.5Mt at a grade of 1.05g/t for 360,000oz contained gold, using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au. This saw the aggregate contained gold for both the MB01-N and MB01-S of 1.23Moz comfortably exceed the industry noteworthy 1Moz level.
“The outstanding success of the maiden drilling programmes, at MB01-S and MB01-N, for less than 10,000m in total, has endorsed our opinion that there is a mineralised gold corridor running through to the other Eastern Central Licence Package (“Eastern CLP”) permits that may host other significantly sized gold deposits. As we intensify field work on the Eastern CLP licences, we are actively looking to generate potential joint-venture interest from international gold mining companies. The appeal of gaining exposure to an attractive and exciting new frontier jurisdiction, such as Cameroon, we believe should be compelling.
“Meanwhile at Bibemi, the phase 5 drilling programme was completed in February and an updated JORC MRE for the BZ1 zone was announced in May, together with an additional JORC Exploration Target for the wider licence. The MRE of 460,000oz of contained gold (100,000oz and 360,000oz in JORC Indicated and Inferred categories respectively) using a US$2,750/oz gold price, marked a 23% increase on the BZ1 MRE published in January 2024. Importantly, the deposit remains open in all directions and at depth. Outside of the MRE, there is a JORC Exploration Target range of 145,000-400,00oz, grading 1.50-2.50g/t Au, for the Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects.
“The Exploitation Licence Application (“ELA”) for Bibemi, which was lodged in June 2024 was, with the support of Cameroon Ministry of Mines, Industry, and Technological Development (“Ministry of Mines”), paused until the publication of the updated MRE. Separately, technical work in particular mineralogy and mineral processing test work took place. This enabled the development of a potential gold treatment plant flowsheet.
“In late December the results from an internal Preliminary Economic Assessment (“PEA”) were published which showed that, based on the indicated resource only and the work completed to date, Bibemi has mine development potential for a small scale 10,000oz pa gold mine with a seven year mine life. To support this scenario, an amended detailed technical report was submitted to the Ministry of Mines to progress the ELA process which incorporated the comprehensive technical work achieved by the Company during 2024/25. We look forward to a positive outcome to the ELA during 2026.
“In Q1-2025, the Company was also notified that the Wapouzé licence had been renewed for a further term of two years, with an approved work programme focused on investigating the size of a limestone resource and its commercial potential as a cement manufacturing raw material. We are working on attracting a potential industry partner for the project.
“At Senala in Senegal, an updated JORC Exploration Target estimate for Faré South was published in June for all targets within the Faré prospect. This had a range of 380,000 to 650,000oz, grading 0.69-0.84g/t Au, in addition to the 2021 JORC MRE of 155,000oz contained gold. The drafting of a joint-venture agreement to cover continued exploration was progressed but we are still waiting for the Company’s joint-venture partner, Managem, to agree the final terms and conditions.
“In mid-November, the Company’s financial health was put in good stead with the placing to raise £1.8 million that was bolstered by an associated WRAP financing which raised an additional £0.23 million and enabled the Company to start preparing for its exploration programmes in the wider Eastern CLP and to fund the step-out drilling on MB01-S, which has now commenced.
“The outlook is bright for Oriole, not least because the buoyant gold price has generated a considerable increase in investor interest in gold exploration companies with good projects and significant exploration potential. What differentiates Oriole from others in its peer group, in our opinion, is the excellent and rare first-mover exposure offered by its dominant prospective land position in a largely unexplored country – Cameroon. We have already put it on the international gold sector map with the notable success at Mbe. We are confident that 2026 will be a strong year for building upon the major achievements made in 2025 and growing the value of the Company.”
