Further encouraging drilling results from MB01-N

Oriole Resources PLC

26 February 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")

Further encouraging drilling results from MB01-N

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

Highlights

o  Results from holes MBDD034 and MBDD035 have returned further gold intersections, including:

MBDD034

o  34.80m at 0.63g/t Au from 82.10m depth, including 7.80m at 1.29g/t Au, 1.00m at 2.21g/t Au and 1.10m at 1.36g/t Au

o  4.20m at 0.52g/t Au from 55.30m depth, including 1.00m at 1.08g/t Au

MBDD035

o  8.70m at 0.81g/t Au from 177.50m depth, including 1.00m at 4.16g/t Au

o  7.10m at 0.49g/t Au from 246.10m depth, including 1.00m at 1.06g/t Au

o  4.00m at 0.63g/t Au from 128.40 m depth

o  Hole MBDD034 has returned a broadly comparable intersection to that observed in its scissor hole pair (MBDD026), with both holes showing evidence of a second set of core-parallel (approximately E-W trending) structures, albeit these are deemed to be secondary to the main NNW control.

o  MBDD035 returned the deepest intersection to date, extending the system at MB01-N to approximately 194m vertical depth.  The system remains open in all directions.

o  Results for the remaining four holes are expected by end Q1-2026, following which the Company's consultant will prepare a maiden JORC Resource for the MB01-N target in Q2-2026 to add to the existing 870,000oz JORC Resource at the nearby MB01-S deposit, where a fully funded step-out drilling programme will commence in Q2-2026.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are pleased to report more encouraging gold mineralisation intersections for the MB01-N prospect.  With results from the remaining four holes expected by the end of Q1-2026, reporting of the eagerly anticipated maiden MRE thereafter is well on track.  Separately, the fully funded step-out drilling programme at the MB01-S deposit is planned to commence in Q2-2026."

Figure 1. Selected best results to date from the MB01-N diamond drilling programme.  Results published today are in the blue boxes (MBDD034 and MBDD035), and previously reported results are in the white boxes (MBDD025 to MBDD033).  All holes have been drilled at an inclination of -50˚. 

Further Details

The Programme, which was completed earlier this month (see announcement dated 20 February 2026), 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 Programme is aimed to maximise conversion from an Exploration Target to JORC Resource ounces. 

The Programme was completed at 2,982.80m in 15 holes (not including abandoned metres).  The Company today reports the results from MBDD034 and MBDD035, which include a total of 22 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.

MBDD034 was drilled towards the east (090 degrees) to investigate core-parallel structures identified in holes MBDD026 and MBDD032 (see announcement dated 26 January 2026).  Similar core parallel (down-dip) structures were observed in MBDD034, which were interpreted to be conjugate pairs of the core parallel (down-dip) structures observed in MBDD026 and MBDD032 (see announcement dated 12 February 2026).  Comparing this observation and the overall intersections in MBDD034 (see Table 1), the 270-degree azimuth was considered preferable to intersect the steeply dipping, broadly NNW-SSE trending breccia zones.  However, the intersections reported in hole MBDD034 do not seem to have been significantly biased by core-parallel mineralised structures. 

MBDD034 returned a best intersection of 34.80m at 0.63g/t Au from 82.10m, including 7.80m at 1.29g/t Au, 1.00m at 2.21g/t Au, and 1.10m at 1.36g/t Au, and MBDD035 returned a best intersection of 8.70m at 0.81g/t Au from 177.50m, including 1.00m at 4.16g/t Au.  Both intersections show higher individual grading intervals within wider envelopes of lower grading material as observed throughout both MB01-S and MB01-N.  The highlighted best intersection from MBDD034 is considered comparable to the 21.30m at 3.13g/t Au intersection observed in the hole's scissor partner (MBDD026), albeit slightly wider and with a lower average gold grade.  MBDD035 has returned the deepest intersection to date, increasing the vertical depth of the system to ~194m.

Table 1. Selected intersections from holes MBDD034 and MBDD035, 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
MBDD034	52.30	53.30	0.37	1.00m at 0.37g/t Au
and	55.30	59.50	0.52	4.20m at 0.52g/t Au
including	58.50	59.50	1.08	1.00m at 1.08g/t Au
and	65.80	66.90	0.22	1.10m at 0.22g/t Au
and	82.10	116.90	0.63	34.80m at 0.63g/t Au
including	84.30	92.10	1.29	7.80m at 1.29g/t Au
including	105.70	106.70	2.21	1.00m at 2.21g/t Au
including	111.00	112.10	1.36	1.10m at 1.36g/t Au
and	121.50	122.60	0.24	1.10m at 0.24g/t Au
and	123.70	124.80	0.23	1.10m at 0.23g/t Au
and	143.60	144.60	0.94	1.00m at 0.94g/t Au
and	148.20	149.30	0.43	1.10m at 0.43g/t Au
and	152.50	154.50	0.91	2.00m at 0.91g/t Au
including	153.50	154.50	1.60	1.00m at 1.60g/t Au
and	157.80	158.90	1.04	1.10m at 1.04g/t Au
and	179.90	181.00	0.33	1.10m at 0.33g/t Au
MBDD035	62.85	63.95	0.22	1.10m at 0.22g/t Au
and	117.90	120.10	0.25	2.20m at 0.25g/t Au
and	128.30	132.30	0.63	4.00m at 0.63g/t Au
including	129.30	130.30	1.61	1.00m at 1.61g/t Au
and	151.30	153.30	0.74	2.00m at 0.74g/t Au
and	169.20	171.20	0.38	2.00m at 0.38g/t Au
and	177.50	186.20	0.81	8.70m at 0.81g/t Au
including	178.50	179.50	4.16	1.00m at 4.16g/t Au
and	221.80	222.80	1.35	1.00m at 1.35g/t Au
and	225.80	226.80	1.09	1.00m at 1.09g/t Au
and	231.00	233.00	0.20	2.00m at 0.20g/t Au
and	236.00	237.00	0.29	1.00m at 0.29g/t Au
and	246.10	253.20	0.49	7.10m at 0.49g/t Au
including	250.10	251.10	1.06	1.00m at 1.06g/t Au

The geological setting at MB01-N is broadly similar to MB01-S, with the dominant lithologies consisting of the orthogneiss-amphibolite basement rock, which in turn has been intruded by numerous shear-hosted granitic felsic dykes and late mafic dykes.  The mineralisation is structurally controlled, predominantly hosted by veins and breccias within shear-hosted felsic intrusions.  The mineralisation typically occurs within steeply dipping shear corridors, with mineralisation enhanced by brittle failure (brecciation) of the felsic intrusions.  However, MB01-N appears to be structurally more complex than MB01-S and assessment of this is ongoing, with the Company's consultant, SEMS Exploration Services, currently completing an independent review following a site visit earlier this month.  

The results of the remaining four holes (MBDD036 to MBDD039) are expected before the end of Q1-2026, including for MBDD038 which 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.  This hole will help provide further context on this second high-grade population at MB01-N and thus the geological model, prior to the generation of the maiden MRE for the target in Q2-2026.

Figure 2. Simplified cross section of fence line N874091 with newly reported results from MBDD034, best previously reported intersections from MBDD026 and MBDD032, and interpreted mineralised zones. 

Figure 3. Simplified cross section of fence line N873870 with new results from MBDD035, previously reported results from MBDD033, and interpreted mineralised zones.

Now that the drilling programme at MB01-N has been completed, administration is underway to formalise BCM's 50% beneficial interest in the project, including drafting of a JV partnership.  The next phase of exploration at Mbe will be a fully funded step out drilling programme at MB01-S, planned for a provisional 2,500m of diamond drilling, and is scheduled to commence in Q2-2026.

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
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
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.

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 3,000.40m (including 17.60m of abandoned and redrilled) drilling programme was completed in February 2026.  Upon receipt of the full assay results 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