Drilling to Commence at Wapouzé Limestone Project

Oriole Resources PLC

17 June 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")

Maiden Drilling to Commence at Wapouzé Limestone Project

Oriole Resources (AIM: ORR), the AIM quoted exploration and development company focussed on Central and West Africa, is pleased to announce that it will shortly commence a maiden drilling programme (the "Programme") at its 85%-owned Wapouzé limestone project ("Wapouzé" or the "Property") in north-eastern Cameroon.

Highlights

·    Maiden diamond drilling programme to commence later this month for a planned 1,000m.

·    The Programme will target outcropping limestone/marble units that have previously been classified as high-grade carbonate material, potentially suitable for use predominantly within the cement industry in Cameroon.

·    The Company anticipates that the Programme will support the estimation of a JORC Exploration Target and/or a maiden Mineral Resource Estimate ("MRE") for the Property.

·    BCM International ("BCM"), the Company's partner on the Bibemi and Mbe gold projects in Cameroon, has agreed to cover US$120,000 of direct drilling costs via 'drill for equity' in return for 24,400,000 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") (the "Drill for Equity Shares") issued at 0.36 pence per share, matching the exercise price of the Warrants issued as part of the November 2025 fundraise (see announcement dated 14 November 2025).

·    Oriole Resources is continuing its discussions with industrial partners for the potential development of this asset.

Chief Executive Officer of Oriole Resources, Martin Rosser, said:

"We are delighted to be commencing a maiden drilling programme at the Wapouzé limestone prospect, with support from BCM.  The Property has serious economic potential based on the possible size of a strategically located resource which could supply valuable in-country feed material for manufacturing cement.  This would be for use in concrete both within Cameroon, but also nearby Chad, which has a significant cement shortfall and is reliant currently on significant imports from Cameroon."

Further Details

Wapouzé is in north-eastern Cameroon, approximately 100km NE of Garoua and 20km north of the Company's Bibemi project.  It was initially an early-stage gold exploration project; however, the Property was deemed less prospective for gold than Bibemi and instead, the Company noted the presence of large quantities of carbonate (predominantly metamorphosed limestone).

In 2022, 14 rock-chip samples were collected for laboratory-based X-ray fluorescence (XRF) analysis to assess the suitability of the carbonate for industrial use.  Out of the 14 samples collected across Wapouzé, thirteen samples were classified as high-grade carbonate material, potentially suitable for use in cement production and the Company subsequently proceeded to apply for a change of commodity for the Wapouzé licence, from gold to limestone, which was approved by the Ministry of Mines in September 2023.  As part of corporate restructuring in 2024, Oriole Resources has an 85% ownership of the Property (see announcement dated 17 October 2024), with the remaining 15% being held by its Local Partners BEIG3 Sarl and Roxane Minerals Limited.

During 2025, a further 139 samples (not including QAQC) were analysed and further confirmed the material's high-grade carbonate limestone (>50% CaO with low magnesium and silica) classification that would make it suitable for use in the cement industry (see announcement dated 21 April 2026). 

Oriole Resources today reports that it will shortly commence a planned 1,000m diamond drilling programme at Wapouzé to provide a better understanding of the depth continuity of these outcropping limestone units.  Further details on the programme will be announced in due course.  The Company anticipates that this will enable the estimation of a JORC Exploration Target and/or a maiden MRE for the Property.

The Company has negotiated a 'drill for equity' contract with BCM whereby BCM will fund US$120,000 of the direct drilling costs in return for the 24.4 million Drill for Equity Shares.  The pricing of the Drill for Equity Shares will be 0.36 pence per share, being the same price as the Warrant Exercise price in the November 2025 Fundraise.

Commercially, a significant limestone deposit at Wapouzé could be highly suitable for use within Cameroon's cement industry, which is believed to be worth several hundred million pounds per year, largely supported by expensive imports.  The Company believes that there is a significant demand for cement (for concrete) within Cameroon and neighbouring Chad (with its capital, N'Djamena, located approximately 250km NNE of Wapouzé). Furthermore, Cameroon has seen substantial foreign investment made into expanding its cement manufacturing capacity, and the government is keen to see its reliance on imported clinker reduce significantly.

Oriole Resources is continuing its discussions with potential industry partners that could advance Wapouzé towards development and exploitation on an expedited basis.  The Company is ultimately looking to achieve royalty-based income from a commercial scale quarrying operation, likely to be based upon the volume of material extracted, which would provide valuable in-country revenue that could be used for funding its gold-based exploration in Cameroon.

For further information on Wapouzé, including maps and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/wapouze/.

Admission and Total Voting Rights

The Drill for Equity Shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.  Application will be made to the London Stock Exchange for the Drill for Equity Shares to be admitted to trading on AIM.  It is expected that Admission will become effective and that dealings in the Drill for Equity Shares on AIM will commence on or around 19 June 2026.

In accordance with the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 4,896,668,356 Ordinary Shares.  The Company does not hold any shares in Treasury.  Therefore, from Admission, the total number of voting rights in the Company will be 4,896,668,356 and this figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

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]

Notes to Editors

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, 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 Resources 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, 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.

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

 

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