Final drilling results from MB01-N

Oriole Resources PLC

16 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")

Final drilling results from MB01-N including 56.20m at 0.99g/t Au in MBDD039

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 received the final positive results from the recently completed maiden diamond drilling programme at the MB01-N target (the "Programme"). 

Highlights

o  Results from holes MBDD036 to MBDD039 have returned further gold intersections, including:

MBDD039

o  56.20m at 0.99g/t Au from 4.70m depth, including 14.60m at 2.03g/t Au and 2.00m at 3.14g/t Au

o  24.00m at 0.47g/t Au from 94.30m depth, including 2.00m at 2.21g/t Au

MBDD038

o  21.30m at 1.22g/t Au from 118.10m depth, including 7.00m at 2.09g/t Au and 1.00m at 3.29g/t Au

o  9.00m at 0.87g/t Au from 81.80m depth, including 4.00m at 1.55g/t Au

MBDD036

o  4.10m at 0.52g/t Au from 73.90m depth

o  4.10m at 0.31g/t Au from 4.50m depth

o  MBDD036 has confirmed that the system extends approximately 700m in a north-south direction and it remains open in all directions. 

o  Mineralisation within both MBDD039 and MBDD038 is predominantly hosted by sulphide-telluride veinlets with MBDD039 returning the widest intersection to date at MB01-N.

o  The Company's consultant will now prepare a maiden JORC Resource for the MB01-N target, which will be published in Q2-2026 and is expected to add significantly to the existing 870,000oz JORC Resource at the nearby MB01-S deposit.

o  Meanwhile, the Oriole and BCM teams are preparing to commence a fully funded 2,500m step-out drilling programme at MB01-S, which is expected to add further ounces to the global resource base at Mbe later this year.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The final drilling results from MB01-N have seen the programme finish on a high, with more impressive wide mineralised intersections, notably in hole MBDD039 with 56.2m at almost 1g/t from very near surface.

"We are very much looking forward to our consultant's maiden MRE for MB01-N, due in Q2-2026, and the commencement of the fully funded 2,500m step-out drilling programme at MB01-S."

Figure 1. Selected best results to date from the maiden MB01-N diamond drilling programme.  Results published today are in the blue boxes (MBDD036 to MBDD039), and previously reported results are in the white boxes (MBDD025 to MBDD035). 

Further Details

The Programme, which was completed last month, consisted of 2,982.80m drilling in 15 holes (see announcement dated 20 February 2026), and was designed to test the MB01-N target, located 700m to the northeast of the MB01-S deposit and where the Company has previously reported a maiden JORC Inferred Mineral Resource Estimate of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained gold (see announcement dated 21 October 2025).  MB01-N has a JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold, and offers significant upside to the total JORC Resource potential of the Mbe project. 

The Company today reports results for the final four holes in the Programme, MBDD036 to MBDD039, which include a total of 27 mineralised intersections (Table 1; using a 0.20g/t Au cut-off grade).  A review of the QAQC samples has confirmed that the data falls within acceptable limits of error.  

Holes MBDD036, MBDD037, and MBDD039 were all drilled towards the west (270-dgree azimuth), whereas MBDD038 was drilled towards the south (180-degree azimuth) to test the downdip structures observed in MBDD026, MBDD032, and MBDD034, which trend ENE-WSW and ESE-WNW.  Significant intersections included 56.20m at 0.99g/t Au from 4.70m - the best intersection to date at MB01-N - from MBDD039, and 21.30m at 1.22g/t Au from MBDD038.  In both MBDD038 and MBDD039, mineralisation is typically hosted by sulphide-telluride veinlets and breccias that have infilled shear-related fractures, predominantly within the felsic dykes. 

Table 1. Selected intersections from holes MBDD036 and MBDD039, using a 0.20g/t Au lower cut-off grade.  Results > 1.00g/t Au are highlighted in bold.

Hole ID	From (m)	To (m)	Grade (g/t Au)	Intersection
MBDD036	4.50	8.60	0.31	4.10m at 0.31g/t Au
and	18.80	19.80	0.21	1.00m at 0.21g/t Au
and	24.50	25.60	0.88	1.10m at 0.88g/t Au
and	73.90	78.00	0.52	4.10m at 0.52g/t Au
and	89.50	90.50	0.45	1.00m at 0.45g/t Au
and	94.50	95.50	0.31	1.00m at 0.31g/t Au
and	100.80	101.80	0.42	1.00m at 0.42g/t Au
MBDD037*	36.20	38.20	0.32	2.00m at 0.32g/t Au
MBDD038	24.30	25.30	0.27	1.00m at 0.27g/t Au
and	31.30	34.30	0.34	3.00m at 0.34g/t Au
and	39.80	40.80	0.14	1.00m at 1.40g/t Au
and	43.80	44.80	0.75	1.00m at 0.75g/t Au
and	48.90	49.90	3.15	1.00m at 3.15g/t Au
and	67.90	68.90	0.40	1.00m at 0.40g/t Au
and	71.10	73.10	1.73	2.00m at 1.73g/t Au
including	72.10	73.10	2.93	1.00m at 2.93g/t Au
and	76.20	78.30	0.35	2.10m at 0.35g/t Au
and	81.80	90.80	0.87	9.00m at 0.87g/t Au
including	81.80	85.80	1.55	4.00m at 1.55g/t Au
and	97.80	98.80	0.24	1.00m at 0.24g/t Au
and	100.80	101.80	0.36	1.00m at 0.36g/t Au
and	108.40	113.50	0.30	5.10m at 0.30g/t Au
and	118.10	139.40	1.22	21.30m at 1.22g/t Au
including	120.10	127.10	2.09	7.00m at 2.09g/t Au
including	138.40	139.40	3.29	1.00m at 3.29g/t Au
and	147.90	149.00	0.28	1.10m at 0.28g/t Au
MBDD039	4.70	60.90	0.99	56.20m at 0.99g/t Au
including	13.10	14.10	1.42	1.00m at 1.42g/t Au
including	19.40	20.50	1.51	1.10m at 1.51g/t Au
including	22.60	24.60	1.16	2.00m at 1.16g/t Au
including	27.70	28.80	1.44	1.10m at 1.44g/t Au
including	31.00	32.00	1.32	1.00m at 1.32g/t Au
including	34.20	48.80	2.03	14.60m at 2.03g/t Au
including	52.80	53.80	1.00	1.00m at 1.00g/t Au
including	58.90	60.90	3.14	2.00m at 3.14g/t Au
and	68.90	71.90	0.64	3.00m at 0.64g/t Au
and	85.90	88.90	0.39	3.00m at 0.39g/t Au
and	89.90	91.00	0.20	1.10m at 0.20g/t Au
and	94.30	118.30	0.47	24.00m at 0.47g/t Au
including	97.50	99.50	2.21	2.00m at 2.21g/t Au
* hole only selectively sampled due to encountered geology

Figure 2. Drill core from hole MBDD039 with mineralisation hosted by sulphide-telluride veinlets and crackle breccia within sheared felsic dykes.  This section of core is within the 14.60m at 2.03g/t Au interval within the wider 56.20m at 0.99g/t Au intersection.

Figure 3. Drill core from MBDD038 where mineralisation is hosted by sulphide-telluride veinlets within sheared and silicified orthogneiss and felsic dyke units.  This section of core is within the 7.00m at 2.09g/t Au including interval, within the wider 21.30m at 1.22g/t Au intersection.

Hole MBDD039 was collared approximately 50m west of MBDD027 and has intersected, closer to surface, the same zone identified in MBDD027, where best intersections of 16.10m at 2.49g/t Au and 14.80m at 0.73g/t Au were previously reported (see announcement dated 26 January 2026) (Figure 6).  As anticipated, hole MBDD038 (drilled towards the south) largely intersected E-W trending structures which occur as sulphide-telluride veinlets, infilling shear-related fractures.  These E-W veins are interpreted to have formed within the broadly NNW-SSE to N-S trending mineralised corridor at MB01-N, locally contributing to the overall gold grades. 

Hole MBDD036 was the southernmost hole drilled on the main MB01-N anomalous trend, extending the known strike of the system, which remains open in all directions, to over 700m in a N-S direction.  MBDD037 was drilled to target a lesser gold-in-soil anomaly, parallel to and east of the main MB01-N trend, which coincided with narrow gold-bearing intersections in the 2024 trenching programmes.  While some breccia zones with minor mineralisation were observed within the hole, overall there was little to no mineralisation present in the hole and thus it was only sampled selectively.

Figure 4. Simplified N-S cross section showing new results from MBDD038 and interpreted mineralised zones, in the context of E-W trending drilling fence line N874091.  *Fence line N874091 includes holes MBDD026, MBDD032 and MBDD034, which appear as overlapping traces in this section due to the view direction.  As such, no results have been added for these holes; see Figure 5 for further context.

Figure 5. Simplified E-W cross section of fence line N874091 with new results from MBDD038 and interpreted mineralised zones.  *NB. MBDD038 has been drilled towards the south, cross-cutting N874091, and the results from MBDD038 are therefore oblique to the holes on that fence line.  

Figure 6. Simplified E-W cross section of fence line N873992 with new results from MBDD039, previously reported results from MBDD027, and interpreted mineralised zones.

Following receipt of all results from the Programme, Oriole will now engage Forge to generate the maiden MRE for MB01-N, with reporting of that MRE anticipated in Q2-2026.   

Meanwhile, the Oriole and BCM teams are preparing to mobilise for the next phase of exploration at Mbe; a fully funded step-out diamond drilling programme at MB01-S which is planned for a provisional 2,500m in 10 holes.  The step out programme is expected to add further ounces to the global resource base at Mbe later this year and further details will be provided in due course.

Finally, administration is still underway to formalise BCM's 50% beneficial interest in the project, 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 the project.  Drafting of a JV partnership agreement is in progress.  Mineral Resource Estimation work for MB01-N will commence shortly.

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 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 administration 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% (announcement dated 17 October 2024).  

 

END