Resources at Mbe increased to 1.66m oz gold

Oriole Resources PLC

23 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" or the "Company")

Total JORC Resources at Mbe increased to 1.66 million oz contained gold

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, is pleased to publish an updated JORC Mineral Resource Estimate ("MRE") for the MB01-S deposit at its 50% owned Mbe orogenic gold project ("Mbe" or the "Project") in Cameroon.  Together with the MRE for the neighbouring MB01-N deposit, which was published on 13 April 2026, the total JORC Inferred Mineral Resource ("Inferred MRE") at the Project is now 1.66 million oz contained gold ("Au") with a mean grade of 1.02g/t.

Highlights

·   Following completion of the 10-hole step-out drilling programme last month, independent consultant Forge International Limited ("Forge") has produced an updated Inferred MRE for MB01-S of 40.1Mt with a mean grade of 1.01g/t for 1,300,000oz contained gold.  This equates to an approximate 50% uplift to the maiden Inferred MRE for MB01-S and replaces that estimate.  Both the previous and the updated estimates have been reported using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.

·    The MRE now extends over a strike length of approximately 1,200m, a width of up to 730m, a maximum vertical depth of 287m and remains open laterally and at depth.

·   Combined with the existing Inferred MRE at MB01-N (360,000oz at a mean grade of 1.05g/t), located 700m to the northeast of MB01-S, Mbe now has a total Inferred MRE of 1.66 million oz contained Au, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area. 

·   Together with its partner, BCM International ("BCM"), the Company is now planning the next work programmes and an update will be provided in due course.

·    The Company believes that the Project has multi-million-ounce potential.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "After the completion of the recent step-out drilling programme, we had high hopes for a significant increase in the MB01-S MRE contained ounces.  The amount of 1.3Moz just published has comfortably exceeded that expectation with an almost 50% increase.  Moreover, this was based on a relatively modest amount of drilling, 2,476.80m in 10 holes, and the deposit is still open in all directions. 

"The current gross contained gold of 1.66Moz in the MRE for the Mbe project is a tremendous achievement and we maintain our firm opinion that the Mbe project licence has multi-million-ounce gold potential. 

"Not only is this a great outcome for Mbe but now for all of Oriole's gold projects combined, the Company has an attributable MRE total contained gold amount of 1.11Moz, comfortably over the 1Moz major milestone.

"We are greatly looking forward to undertaking further exploration and evaluation at Mbe and enhancing our conceptual thinking on potential mine development."

Figure 1. Plan view of the total JORC Inferred Resource for Mbe, with pit-constrained MREs for MB01-N and MB01-S, showing the block models and US$3,200/oz pit shells.

Further Details

The updated MRE for the MB01-S deposit has been prepared by Forge, incorporating data from the recently completed step-out drilling programme (see announcement dated 6 July 2026), is presented in Table 1 and has been reported in accordance with the JORC Code.  The new estimate, which is based on a combination of drill hole and trench assay data acquired by the Company since 2024, is 40.1Mt at a grade of 1.01g/t for 1,300,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and is constrained within an open pit shell optimised using a US$3,200/oz gold price. 

Table 1. JORC MRE for MB01-S

JORC Classification	Oxidation Level	Gross			Net Attributable (50%)
		Tonnage (t)	Grade (g/t)	Total Contained Gold (oz)	Tonnage (t)	Grade (g/t)	Total Contained Gold (oz)
Inferred	Oxide	6,400,000	0.87	180,000	3,200,000	0.87	90,000
	Fresh	33,700,000	1.04	1,120,000	16,850,000	1.04	560,000
	Total	40,100,000	1.01	1,300,000	20,050,000	1.01	650,000

Notes:

·     Effective date of the Mineral Resource is 8 July 2026, being the date the Oriole data room was shared with Forge.

·     The Resource has been estimated and reported by Robert Davies, EurGeol, CGeol, a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).  Mr. Davies is a Director of Forge International and has sufficient experience relevant to the style of mineralisation, type of deposit, and activity undertaken to qualify as a Competent Person.  Mr. Davies consents to the inclusion of this information in the form and context in which it appears.

·     The Operator of the Mbe Project is Oriole Resources.

·     The Mineral Resource Estimate is based on total of 13,761 samples, collected from 4,453m of trenching and 9,305m of diamond drilling from 34 holes, with gold grades estimated using ordinary kriging within hard-boundary mineralisation wireframes, based on length-weighted composited assay data.

·     The Mineral Resource extends over a strike length of approximately 1,200m, up to 730m width and to a maximum depth of 287m.  To define the blocks with reasonable prospects of eventual economic extraction (RPEEE) as required under the JORC Code (2012 Edition), the estimate has been constrained within a Lerchs-Grossman optimised pit shell generated in Datamine NPVS, using a gold price of US$3,200/oz and the application of reasonable mining parameters as set out in the Project's JORC Table 1.

·     The Mineral Resource has been reported above a cut-off grade of 0.40 g/t Au and filtered by the pit shell constraint.

·     The Resource Estimate is reported on both a gross, 100% basis and a net attributable basis.  Oriole holds a 50% beneficial interest through the licence-holding company, Oriole Cameroon SARL.  The remaining 50% interest is held by BCM International Limited following completion of its earn-in, as announced on 20 February 2026.

·     All figures are rounded to reflect the relative accuracy of the estimate.  Differences may occur due to rounding.

·     The reported Mineral Resources are not Mineral Reserves and have not been demonstrated to be economic to mine to the level needed to report an Ore Reserve.  Further exploration, sampling, and economic studies are required before any potential conversion to Ore Reserves can be considered.

·     A site visit to the Mbe Project was completed by Mitko Ligovski, a Competent Person representing Forge International, who verified the geological and sampling data used in this estimate.

·     Limited preliminary environmental and social baseline work has been undertaken at the site.

This Inferred MRE represents an approximate 50% uplift to the 870,000oz maiden MRE for MB01-S, reported on 21 October 2025, and the deposit still remains open laterally and at depth.

Figure 2. Plan view of the pit constrained MRE model for MB01-S, showing the block model and US$3,200/oz pit shells.  The black line denotes cross section line presented in Figure 3 below; note that is it orientated slightly oblique to the east-west orientated drill fence lines.

Figure 3. Cross section approximately along N872530 at MB01-S (viewing approximately north) showing the assay results from both trenching and drilling, the US$3,200/oz pit shell, and mineralised wireframe model.

The grade-tonnage sensitivity analysis in Table 2 demonstrates that the deposit is not particularly sensitive to cut-off grade.

Table 2.  Grade tonnage sensitivity for MB01-S zone MRE

Cut-off Au (g/t)	Tonnes	Grade Au (g/t)	Contained Gold oz.t
0.25	42,800,000	0.97	1,330,000
0.3	42,400,000	0.98	1,330,000
0.35	41,500,000	0.99	1,320,000
0.4	40,100,000	1.01	1,300,000
0.45	38,200,000	1.04	1,280,000
0.5	35,300,000	1.09	1,240,000
0.55	31,900,000	1.15	1,180,000

Note:

·    All figures are rounded to reflect the relative accuracy of the estimate.  Differences may occur due to rounding.

·    The grade-tonnage sensitivity information is presented for illustrative purposes only and does not constitute a separate Mineral Resource estimate.

The Inferred MRE for MB01-S is in addition to the 360,000oz contained Inferred MRE published for the MB01-N deposit on 13 April 2026, which is restated below and takes into account Oriole's net attributable interest.  For full disclosure notes related to the MB01-N MRE, please refer to the Company's original announcement dated 13 April 2026.

Table 3. JORC MRE for MB01-N

JORC Classification	Oxidation Level	Gross			Net Attributable (50%)
		Tonnage (t)	Grade (g/t)	Total Contained Gold (oz)	Tonnage (t)	Grade (g/t)	Total Contained Gold (oz)
Inferred	Oxide	800,000	0.75	20,000	400,000	0.75	10,000
	Fresh	9,700,000	1.07	340,000	4,850,000	1.07	170,000
	Total	10,500,000	1.05	360,000	5,250,000	1.05	180,000

Mbe now has a total JORC Inferred MRE of 1.66 million oz contained Au with a mean grade of 1.02g/t, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area.  The Company maintains its belief that the Project has multi-million-ounce potential.

The Company and BCM are currently planning work programmes for the 2026/27 field season and an update on this will be provided in due course.

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

Further information can be found in the Mbe JORC Table 1 disclosure on the following page of the Company's website: https://orioleresources.com/projects/mbe/ 

Competent Persons Statement

The information in this announcement that relates to the MREs are based on data compiled by Robert Davies, EurGeol, CGeol, an independent consultant to Oriole.  Mr Davies is a Director of Forge International Limited.  Mr Davies has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.  Mr Davies consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.  The Company confirms that it is not aware of any new information or data that materially affects the MREs, and that all material assumptions and technical parameters underpinning the MREs continue to apply.

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
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 (31.1035g)
t/m3	Tonnes per cubic metre

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 (CLP) 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 1.66Moz contained gold at MB01, consisting of 1.30Moz at 1.01g/t Au for the MB01-S deposit, and 360koz at 1.05g/t Au for the MB01-N deposit.  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 MB01-S 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).  These results delivered a maiden MRE of 870,000oz grading 1.09g/t Au.  Additional results from a 2026 step-out drilling programme, for 2,476.80m in 10 holes, included 27.20m at 1.69g/t Au and 16.40m at 1.65g/t Au.  In July 2026, these results were incorporated into an updated maiden MRE for the MB01-S deposit of 1,300,000oz at 1.01 g/t, using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au. 

At MB01-N, 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. 

The total resource at Mbe currently stands at 1.66Moz contained Au.  Mineralisation at both deposits remains open in all directions and at depth. 

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

 

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