Total Resources at Mbe increased to 1.23m oz gold

Oriole Resources PLC

13 April 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 1.23 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 the maiden JORC Mineral Resource Estimate ('MRE') for the MB01-N deposit at its 50%[1] owned Mbe orogenic gold project ("Mbe" or the "Project") in Cameroon.  Together with the MRE for the neighbouring MB01-S deposit, which was published in Q4-2025, the total JORC Inferred Resource at Mbe is now 1.23 million oz contained gold ("Au").

Highlights

·    Independent consultant Forge International Limited ("Forge") has produced a pit constrained Inferred MRE for MB01-N of 10.5Mt at a grade of 1.05g/t for 360,000oz contained gold, using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.

·    The MRE extends over a strike length of approximately 723m, a width of up to 125m, a maximum vertical depth of 270m and remains open in all directions.

·    Combined with the existing Inferred Resource at MB01-S (870,000oz), located 700m to the southwest of MB01-N, Mbe now has a total Inferred Resource of 1.23 million oz contained Au, with both deposits remaining open in all directions and with further potential satellite targets within the wider licence area.

·    A ten hole 2,500m step out diamond drilling programme at MB01-S commenced earlier this month, with the aim of expanding the existing Inferred MRE at that deposit later this year.

·    The Company believes there is excellent potential to increase significantly the size of the cumulative Resource across the Project.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are delighted to receive this maiden resource for the northern deposit on our Mbe licence in Cameroon.  This together with the maiden MRE at MB01-S, brings our total resource to almost one and a quarter million ounces of gold at Mbe within the North and South area deposits, both of which are still open in all directions and at depth.  For any gold exploration project reporting a more than 1 million oz contained gold deposit is a major achievement and Mbe continues to build upon its status as not only Cameroon's leading gold project, with highly encouraging potential to become a significant open pit gold mine but is also of a size that already bears favourable comparison with other major discoveries in Africa and the rest of the world.  

"Work continues unabated with the recently commenced 2,500m step-out diamond drilling programme at the MB01-S deposit going well and with good potential to add more resources as we test the potential extensions of that system.  The months ahead are eagerly anticipated for the project."

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

A maiden JORC MRE for the MB01-N zone has been prepared by Forge and is presented in Table 1.  The estimate is based on a combination of drill hole and trench assay data acquired by the Company since 2024.  The estimate has delivered a total Resource for MB01-N of 10.5Mt at a grade of 1.05g/t for 360,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and within a US$3,200/oz gold price open pit shell. 

Table 1. 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

Notes:

·      Effective date of the Mineral Resource is 20 March 2026, being the date the Oriole data room was shared with Forge.

·      The Resource has been estimated 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.

·      The Mineral Resource Estimate is based on total of 5,197 samples, collected from 4,453m of trenching and 2,983m of diamond drilling from 15 holes, with gold grades estimated using Inverse Distance Weighting within hard-boundary mineralisation wireframes, based on length-weighted composited assay data.

·      The Mineral Resource extends over a strike length of approximately 723m, up to 125m width and to a maximum depth of 270m.  To define the blocks with reasonable prospects of eventual economic extraction (RPEE) 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.

·      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 shown on a gross (100%) basis.  After the on-going restructuring process (see announcement dated 17 October 2024) is completed, Oriole will increase its holding from 40% to a 50% net attributable beneficial interest through the licence holding company, Oriole Cameroon SARL  The remaining 50% interest is held by BCM International Limited following its recent earn-in (see announcement dated 20 February 2026).

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

·      Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.  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.  No environmental or social impact studies have yet been undertaken at the site.

The MRE replaces the July 2025 Exploration Target for MB01-N, which was exclusively underpinned by trenching data.  The maiden drilling programme (~3,000m in 15 holes) has resulted in a reasonable portion of the Exploration Target being converted to a Resource, with the contained gold being broadly in line with the lower end of the Exploration Target range for overall ounces, albeit exceeding the upper grade estimate.  The MRE remains open in all directions.

Figure 2. Plan view of the pit constrained MRE model for MB01-N, 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 drill fence line N8743992 at MB01-N (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-N zone MRE

Cut-off Grade (Au g/t)	Tonnes (t)	Grade (g/t Au)	Contained Metal (Au troy oz)
0.1	26,000,000	0.51	430,000
0.2	11,000,000	1.02	360,000
0.3	10,700,000	1.04	360,000
0.4	10,600,000	1.05	360,000
0.5	10,100,000	1.07	350,000
0.6	9,100,000	1.13	330,000
0.7	7,100,000	1.27	290,000

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 MRE for MB01-N is in addition to the 870,000oz contained Inferred MRE published for the MB01-S deposit in Q4-2025, which is restated below and takes into account Oriole's revised net attributable interest following BCM's recent earn-in to a 50% interest in the Project.  For full disclosure notes related to the MB01-S MRE, please refer to the Company's original announcement dated 21 October 2025.

Table 3. 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	2,400,000	0.91	70,000	1,200,000	0.91	45,000
	Fresh	22,400,000	1.10	800,000	11,200,000	1.10	400,000
	Total	24,800,000	1.09	870,000	12,400,000	1.09	435,000

The MRE at MB01-S remains open in all directions and a 10-hole 2,500m step out diamond drilling programme is currently underway to test the potential extensions of the system to the south, west, northwest and northeast.  Once the programme is completed, the results will be integrated into the existing MRE for MB01-S and should add further ounces to the global resource base at Mbe later this year.

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/ 

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. 

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
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 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 2,500m step out drilling programme is underway at MB01-S with the aim of further increasing the total resource at Mbe.   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.  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 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.  Mineralisation at MB01-S remains open in all directions and at depth and is in part being targeted by the on-going, fully funded, MB01-S step out drilling programme which commenced in March 2026.

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 using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au.  This has increased the total resource at Mbe which currently stands at 1.23Moz contained Au.

Following completion of the MB01-N drilling programme, and the meeting of various financial commitments, BCM has acquired 50% interest in the project and work remains 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 work 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% (see announcement dated 17 October 2024).

 

END