Completion of Senala Joint Venture Agreement

Oriole Resources PLC

06 July 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", the "Company" or the "Group")

Completion of Senala Joint Venture Agreement with Managem

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, is pleased to announce that is has signed a joint venture agreement (the "JV Agreement") with its project partner AGEM Senegal Exploration Suarl ("AGEM"), a wholly owned subsidiary of Managem Group ("Managem"), in relation to the Senala orogenic gold project ("Senala" or the "Project") in eastern Senegal.

Highlights

·    Completion of the JV Agreement replaces the former Option Agreement under which AGEM earned an approximate 59% beneficial interest in the Project by spending US$5.8 million on exploration (see announcement dated 19 February 2024).  AGEM is to introduce US$212k of working capital into a new joint venture company ("JVCo") to take its ownership to 60%.  

·    The Senala Exploration Licence will be transferred from Stratex EMC Sarl ("Stratex-EMC"), the current holding vehicle, to JVCo.  Stratex-EMC is an 85% subsidiary of the Group, with the local partner, Energy and Mining Corporation SA ("EMC") holding the remaining 15%.  Stratex-EMC will subsequently hold a 40% interest in JVCo, and thus Oriole will hold an effective 34% interest in Senala.

·    A standard contribute or dilute mechanism is in place for non-participation in the funding of any programmes.  Should Stratex-EMC's equity interest in Senala be diluted below 10%, it will automatically convert to a 2% Net Smelter Return ("NSR") Royalty.  AGEM is entitled to the same terms should it be the diluting party.

·    An estimated US$2 million work programme is expected to commence in August 2026, which will include a planned 3,000m diamond drilling programme at the main Faré prospect and 10,000m of auger drilling at the Baytilaye and Konkonou targets, located to the south/south-east.  The Company is not currently planning to participate in the funding of these programmes and therefore its interest is expected to be diluted in accordance with the actual committed expenditure.

Background

·    In March 2018, the Company's 85%-owned subsidiary, Stratex-EMC, signed an Option Agreement with AGEM, formerly owned by IAMGOLD Corp, whereby AGEM could earn up to a 70% interest in the Project by spending up to US$8 million on exploration over six years.    

·    In 2021, the Company published a maiden JORC Mineral Resource Estimate ("MRE") for the Faré South prospect of 155,000oz contained Au grading 1.26g/t Au in the Inferred category, based on a 0.30g/t Au lower cut off and within a US$1,800/oz pit shell.  The MRE was prepared using drilling data collected by the Company prior to the Option Agreement being signed and remains current at that gold price. 

·    In 2025, the Company published an Exploration Target[1] range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for 380,000oz to 650,000oz contained Au for all targets within the Faré prospect, incorporating all drilling completed by AGEM during its earn-in (see announcement dated 19 June 2025).  The Exploration Target lies outside of, and is complementary to, the 2021 MRE envelope for Faré South. 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The completion of the joint venture agreement with our partner Managem is a major milestone for the Senala project as it paves the way for a detailed, soon to be commenced, next phase exploration programme, budgeted at US$2 million.  The programme includes extensive drilling of the Project's key targets. 

"The Senala licence is situated within a notable gold district, straddling part of eastern Senegal and western Mali, which already hosts several multi-million-ounce discoveries and operating mines.  This includes Managem's operating Boto gold mine, located 15km away, with its 1.8Moz reserve and targeting 160koz annual gold production.  We are greatly looking forward to building on the highly encouraging historical exploration work at Senala and reporting upon the results of the next phase of exploration."

Further Details

Senala, with a licence area of 354.50km², is an orogenic gold project located in south-eastern Senegal, in the centre of the Birimian-age Kédougou-Kéniéba Inlier ("KKI") that extends from eastern Senegal into western Mali.  The KKI has a significant gold endowment and has already seen multiple major gold discoveries, including Endeavour Mining's Sabodala-Massawa project (5.2Moz Au resource) and Managem's Boto mine (1.8Moz estimated reserve), both in Senegal, and Barrick Mining's Loulo-Gounkoto project (11Moz Au attributable resource) across the border in Mali.  To date, four main geochemical targets, Faré, Baytilaye, Konkonou, and Madina Bafé, have been confirmed by drilling on the Senala licence (see Figure 1).  

In March 2018, Stratex-EMC, signed an Option Agreement with AGEM, whereby AGEM could earn up to a 70% interest in the Project by spending up to US$8 million on exploration over six years.  AGEM's expenditure during the earn-in was focused on the Faré prospect (comprising the Faré North, Faré South and Faré Far South targets) and the Madina Bafé prospect, and included 4,854m of reverse circulation and 2,148m of diamond drilling.  This drilling delivered multiple new intersections, including 11.00m grading 1.22g/t Au at the Faré North target and 35.00m grading 3.61g/t Au, including 18.00m grading 6.46g/t Au, and 5.00m grading 12.45g/t Au, including 2.00m grading 26.61g/t Au, from Faré Far South target.  AGEM also completed 10,695m of auger drilling at Faré.  All significant intersections (using a 0.30g/t Au lower cut-off) for the Project can be found in the Senala JORC Table 1 disclosure on the following page of the Company's website:

https://orioleresources.com/projects/senala/.

In 2021, the Company reported a maiden JORC-compliant MRE for Faré South of 155,000oz contained gold grading 1.26g/t Au in the Inferred category, based on a 0.30g/t lower Au cut off and within a US$1,800/oz pit shell.  The MRE was compiled for Oriole by independent consultant, Forge International Limited ("Forge"), and was prepared using drilling data collected by the Company prior to the Option Agreement being signed.  More than two thirds of the MRE has been defined within oxide material, which supports the case for potential low-cost extraction should the Resource undergo future development. 

Figure 1. Map showing Senala licence blocks, in the context of the geochemical anomalies defined to date.  The main exploration prospects are shown in red outline.

AGEM completed its earn-in in February 2024, with expenditures of US$5.8 million equating to an approximate 59% beneficial interest in Senala.  In June 2025, the Company engaged Forge to integrate the exploration results acquired under the Option Agreement to deliver an updated JORC Exploration Target[2] range of 17 to 24Mt at 0.69 to 0.84g/t Au for 380,000oz to 650,000oz contained Au covering all target areas at Faré.  The Exploration Target provides further support for the existence of additional Resource potential outside of the existing open pit-constrained MRE.  Both the Exploration Target and MRE remain open at depth and along strike.

The Company today reports that it has signed the JV Agreement with AGEM that replaces the Option Agreement.  Under the terms of the JV Agreement, AGEM will allocate US$212k to JVCo, increasing its interest in Senala to 60%.  The Senala Exploration Licence will be transferred from Stratex-EMC to JVCo, in which Oriole will hold an effective 34% interest, via its shareholding in Stratex-EMC.

An estimated US$2 million work programme is expected to commence in August 2026, which will include a planned 3,000m diamond drilling programme in 12 holes at the main Faré prospect, planned to follow up the best results of the 2021 reverse circulation drilling programme by testing both lateral and depth extensions of Faré gold-bearing structure.  A 10,000m auger drilling programme has also been planned at the Baytilaye and Konkonou targets, located to the south/south-east, to test soil anomalies identified prior to the Option Agreement. 

The JV Agreement contains a standard contribute or dilute mechanism for non-participation in the funding of any programmes.  The Company is not current planning to participate in the funding of these programmes and therefore its interest is expected to be diluted in accordance with the actual committed expenditure.  Should Oriole's equity interest at Senala be diluted below 10%, it will automatically convert to a 2% Net Smelter Return ("NSR") Royalty.  AGEM is entitled to the same terms should it be the diluting party.

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

AGEM	AGEM Senegal Exploration Suarl, a wholly owned subsidiary of Managem Group and Oriole Resources' joint venture partner for the Senala Project
Au	Gold
Company	Oriole Resources PLC
Forge	Forge International Limited
g/t	Grammes per tonne
Inferred Mineral Resource	The lowest confidence category of Mineral Resource under the JORC Code, based on limited geological evidence and sampling
JORC	Joint Ore Reserves Committee
JORC Code	2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
KKI	Kédougou-Kéniéba Inlier, a Birimian-age geological belt extending through eastern Senegal and western Mali that hosts numerous significant gold deposits
Managem	Managem Group, a Moroccan mining company and the ultimate parent company of AGEM
MRE	Mineral Resource Estimate
Mt	Million tonnes
Oriole Resources	Oriole Resources PLC
oz	Troy ounce of gold (31.1035g)

Notes to Editors:

Oriole Resources

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

At its district scale Central Licence Package in Cameroon, the Company has identified multi-kilometre long gold anomalies, including at its flagship Mbe project.  At Mbe, the Company has published a global JORC Inferred MRE of 1.23Moz contained gold at MB01, consisting of 870koz at 1.09g/t Au for the MB01-S deposit, and 360koz at 1.05g/t Au for the MB01-N deposit.  A fully funded step out drilling programme has recently been completed at MB01-S with the aim of further increasing the total resource at Mbe, where an update MRE is expected in Q3-2026.  Following the completion of the MB01-N drilling programme, and by meeting various financial commitments, BCM has earned a 50% interest in the Mbe project, and Oriole has recently completed a corporate restructuring to confirm the Company's and BCM's respective 50% interest in Mbe.  Drafting of a JV partnership agreement is nearing completion.

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 in Cameroon, 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.  A JV agreement was signed in July 2026 and a work programme is due to commence in August 2026

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 deposit, 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 at the MB01-S target 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. 

At the MB01-N target, 700m to the northeast of MB01-S, a 2,982.80m drilling programme in 15 holes was completed in February 2026.  Best drilling results included 21.70m at 3.13g/t Au including 7.20m at 8.19g/t Au (from hole MBDD026), 56.20m at 0.99g/t Au, including 14.60m at 2.03g/t Au and 24.00m at 0.37g/t Au, including 2.00m at 2.21g/t Au (from hole MBDD039), and  16.10m at 2.49g/t Au including 1.00m at 28.60g/t Au, 2.00m at 6.57g/t Au and 14.80m at 0.73g/t Au (from hole MBDD027).  The maiden MRE was published in April 2026 and stands at 360,000oz at 1.05g/t, using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.  This increased the total resource at Mbe which currently stands at 1.23Moz contained Au.

Mineralisation at both deposits remains open in all directions and at depth.  A 10-hole step-out drilling programme has recently been completed at MB01-S and all results have been announced.  An updated MRE is currently being prepared and is expected later in Q3-2026.

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

---

[1] 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.

[2] 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.

 

END