Receipt of US$450,000 Bibemi Signature Payment

Oriole Resources PLC

08 January 2024

 

Oriole Resources PLC 

('Oriole Resources' or 'Oriole' or 'the Company')

Receipt of US$450,000 Bibemi Signature Payment

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, is pleased to report that, following the recently-executed definitive earn-in agreement on its Bibemi gold project in Cameroon, it has received the remaining US$450,000 signature payment from BCM International Limited ('BCM'; announcement dated 5 January 2024).

As previously announced, expenditure against BCM's US$4 million funding commitment at Bibemi has already commenced, with approximately US$72k received to support camp upgrades and ongoing technical studies ahead of the application for an exploitation licence in 2024. Drilling is expected to resume at Bibemi in Q1-2024 and further details on the programme will be provided in due course.

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The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:

Oriole Resources Plc	Tel: [phone]
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / Ciara Donnelly
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has a maiden Resource of 305,000 oz Au at 2.19g/t in the JORC Inferred category at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At Bibemi, BCM International has made a signature payment of US$500,000 to the Company and is currently earning up to a 50% interest in the project by funding up to US$4m in exploration expenditure and JORC resource-based success payments. A similar deal at Mbe (part of the Central Licence Package) is expected to be completed before the end of the current month.

At the more advanced Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group, has earned an initial 51% beneficial interest in the Senala Exploration Licence by spending US$4 million and has the option to spend up to a further US$4 million by 17 February 2024 to earn an additional 19% interest in the licence. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.

 

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