Commencement of Step-out Drilling at Mbe South

Oriole Resources PLC

31 March 2026

 

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.

Oriole Resources PLC

("Oriole Resources" or the "Company")

Commencement of 2,500m Step-out Drilling Programme at Mbe South Deposit

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on Central and West Africa, is pleased to provide an update on its 50%^[1] owned Mbe gold project in Cameroon ("Mbe" or the "Project"), where it has commenced a 2,500m step-out ("Phase 3") diamond drilling programme in 10 holes at the MB01-S deposit (the "Programme").  The Programme aims to expand the existing 870,000oz contained gold JORC Mineral Resource Estimate ("MRE"), which is currently open in all directions and at depth.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The commencement of the step-out drilling programme at the MB01-S deposit swiftly follows on from the recent completion of the maiden drilling programme at the MB01-N target.  Our ongoing and recent drilling activities at Mbe are all designed to build upon the substantial maiden MRE reported at MB01-S last year and to continue to grow the Project's enterprise value."

Figure 1. Commencement of step-out drilling at MB01-S. 

Further Details

The Programme follows maiden ("Phase 1") drilling at MB01-S, which delivered a maiden JORC Inferred MRE of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained gold (see announcement dated 21 October 2025).  This MRE is currently open in all directions and so the Programme has been designed to target the potential extensions of the MB01-S system to the south, west, northwest and northeast.  It is expected to add further gold ounces to the global resource base at Mbe later this year.

Figure 2. Planned drill collar (in red) map for MB01-S step out programme, with the drill hole collars from Phase 1 drilling (in blue), interpreted geology and the US$3,200/oz gold pit shell of the existing MB01-S MRE, over satellite imagery.

Meanwhile, following the recent completion of Phase 2 drilling at the nearby MB01-N target, the Company's consultant is currently completing a separate maiden JORC Mineral Resource Estimate for that target, which will be published in early Q2-2026.  MB01-N already has a published JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold, and therefore offers significant upside to the global JORC Resource potential of the Mbe project. 

In addition, work is still underway to formalise BCM's 50% beneficial interest in Mbe, with the drafting of a JV partnership agreement in progress. 

Competent Persons Statement

The technical information in this release that relates to exploration results and any planned exploration programme(s) has been compiled by Claire Bay (Executive Director).  Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information.  Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

Enquiries:

Oriole Resources Plc	Tel: [phone]
Martin Rosser / Bob Smeeton / Claire Bay
Strand Hanson Limited (Nomad & Broker)	Tel: [phone]
Christopher Raggett / James Spinney / Edward Foulkes
IFC Advisory Ltd (Financial IR & PR)	Tel: [phone]
Tim Metcalfe / Graham Herring / Florence Staton	[e-mail]

Glossary and Abbreviations

Au	Gold
BCM	BCM International Limited
Bibemi	Bibemi orogenic gold project
Company	Oriole Resources PLC
E-W	East-west
ENE-WSW	East northeast-west southwest
ESE-WNW	East southeast-west northwest
Forge	Forge International Limited
g/t	Grammes per tonne
JORC	Joint Ore Reserves Committee
JORC Code	2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
km	Kilometre
km2	Square kilometre
Mbe	Mbe orogenic gold project
m	Metres
MRE	Mineral Resource Estimate
Mt	Million tonnes
N-S	North-south
Oriole Resources	Oriole Resources PLC
oz	Troy ounce of gold
QAQC	Quality Assurance Quality Control
t/m3	Tonnes per cubic metre

Notes to Editors:

Oriole Resources

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects in Central and West Africa.  It is currently focused on exploration in Cameroon.

At its district scale Central Licence Package, the Company has identified multi-kilometre long gold anomalies, including at its flagship Mbe project.  At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at 1.09g/t Au for the MB01-S deposit, and an Exploration Target range of 15Mt to 20Mt at a grade of 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained gold for the MB01-N target.  A fully funded maiden drilling programme commenced in November 2025 and was completed in February 2026 at MB01-N, with the aim of converting the existing Exploration Target to a Resource.   Following the completion of the MB01-N drilling programme, and by meeting various financial commitments, BCM has earned a 50% interest in Mbe.  Drafting of a JV partnership agreement is in progress.  Mineral Resource Estimation work for MB01-N has commenced.

The Company has also reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 50%* owned Bibemi project, where it has applied for an exploitation licence.  In November 2025, BCM completed its earn-in to give it a 50% interest in Bibemi by meeting certain payment conditions, including spending US$4 million on exploration.  

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year earn-in to acquire an approximate 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million.  The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au (using a gold price of US$1,800/oz)  in the JORC Inferred category for the Faré South prospect, and an additional, complementary Exploration Target range of 17Mt to 24Mt at a grade of 0.69g/t to 0.84g/t Au for 380,000oz to 650,000oz contained gold for all prospects at Senala.  Best results to date include 20.00m grading 31.13 g/t Au including 10.00m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au from diamond drilling.  Discussions on the formation of a joint venture company are currently underway.

The Company also has several interests and royalties in companies operating in East Africa and Turkey that could give future cash payments.

Background on Mbe

Mbe, with a licence area of 312km², is an orogenic gold project located within the broader 2,266km² 'Eastern CLP' package of five contiguous gold focused exploration licences mainly in the Adamawa Region of central Cameroon.  Since 2022, the Company's systematic exploration programmes have identified four geochemical targets, named MB01-MB04. 

At the 3km long MB01 prospect, increased dilation at the sites of structural intersections (steeply dipping NNE and NNW trending shear structures) is believed to have resulted in enhanced levels of gold deposition at the northern target, MB01-N, and the southern deposit, MB01-S.  Gold mineralisation at Mbe comprises high-grade, sulphide- and telluride-rich quartz veins, veinlets and breccias within wider envelopes of pervasive, lower-grade gold mineralisation. 

After highly encouraging results from infill soil sampling, rock-chip sampling, and trench sampling, a fully funded maiden drilling programme commenced at the MB01-S target in late November 2024 and was completed in September 2025 for 6,828.40m in 24 holes.  Best drilling results included 86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).  In October 2025, a maiden MRE was published for the MB01-S deposit of 870,000oz at 1.09g/t, using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au.  Mineralisation at MB01-S remains open in all directions and at depth. 

At the MB01-N target, approximately 700m to the northeast of MB01-S, an Exploration Target range of 15Mt to 20Mt at 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained Au was published in July 2025, based on trenching data and the interpretation of geophysical and geochemical anomaly maps.  The Exploration Target remains open in all directions and at depth, and it is anticipated that drilling of the target will result in a conversion to Resource ounces.  A 2,982.80m drilling programme was completed in February 2026 in 15 holes.  Now that the full assay results have been received the Company's consultant will prepare a maiden MRE for MB01-N to add to the 870,000oz Au at MB01-S.  Following completion of the MB01-N drilling programme, and the meeting of various financial commitments, BCM has acquired 50% interest in the project and work is underway to formalise this interest.

For further information please visit www.orioleresources.com,  @OrioleResources on X

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^[1]  Following the completion of the MB01-N drilling programme, BCM International has achieved a 50% beneficial interest in Mbe and administration to formalise this interest in underway.  Oriole now has a 40% interest but is currently undertaking a restructuring process that, once completed, will see it increase its interest in the Project to 50% (see announcement dated 17 October 2024).  

 

END