Restructuring confirms 50% ownership of Mbe

Oriole Resources PLC

01 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", the "Group" or the "Company")

Corporate Restructuring confirms Group's 50% ownership of Mbe

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, is pleased to provide an update on the corporate restructuring announced on 17 October 2024 in respect of the Mbe orogenic gold project ("Mbe" or the "Project") in Cameroon, where a total JORC Inferred Mineral Resource Estimate ("MRE") of 1.23 million oz contained gold ("Au") has recently been reported across the MB01-S and MB01-N deposits (see announcement dated 13 April 2026).  

Highlights

·    As announced on 20 May 2026, the transfer of the Mbe exploration permit from Oriole Cameroon SARL ("Oriole Cameroon") to Oriole Mbe SARL ("Oriole Mbe") has been confirmed by the Ministry of Mines in Cameroon.

·    Oriole has now completed the acquisition of a 10% interest in Oriole Mbe from its local partners, BEIG3 SARL and Roxane Minerals Limited (together the "Local Partners") for a cash consideration of US$100,000.

·    The Local Partners are also entitled to 5% of any amounts received as additional Resource Payments under the Earn-in Agreement with BCM International Limited ("BCM"), up to a maximum of US$150,000, and a total 1% Net Smelter Return Royalty ("NSR Royalty") on future mining revenues from the Mbe project.

·    The transaction formalises Oriole's interest in the Mbe project at 50%, equal to that earned by BCM whose 50% interest was confirmed earlier in the year (see announcement dated 20 February 2026).

·    Formalisation of the joint venture agreements with BCM in respect of Mbe, and the more advanced Bibemi project, is nearing completion.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The formalisation of the acquisition by Oriole of an additional 10% interest in Oriole Mbe from its Local Partners, increasing our ownership to 50% in our flagship project licence, is a welcome step.  I was delighted to be warmly received at the premises of our valued partner BEIG3 in the Cameroon capital Yaoundé to effect the acquisition.  We look forward to continuing to work closely with our Local Partners and benefitting from their technical knowledge and Cameroon experience as we progress the exciting Mbe Project."

Further Details

In 2021, Oriole successfully expanded its licence area in Cameroon with eight contiguous licences in central Cameroon (the "Central Licence Package" or "CLP"; announcement dated 3 February 2021).  Five of these licences (Tenekou, Niambaram, Pokor, Ndom (together the "Eastern CLP") and Mbe) were held by Oriole Cameroon, a 90% owned subsidiary of Oriole.  The Local Parters hold between them a 10% interest (the "Local Interests") in Oriole Cameroon and these Local Interests were to be free carried until the definition of a 50,000oz contained gold JORC Indicated Resource at any and all of the Eastern CLP licences and Mbe, at which point contribute or dilute provisions would apply.  Dilution below a 5% interest collectively would see the Local Interests convert to a 1% NSR Royalty per licence.

As announced on 20 February 2026, BCM has completed an earn-in to Mbe, by making a signature payment of US1 million, spending US$4 million on exploration and committing to future potential resource milestone payments ("Resources Payment", see announcement dated 20 November 2023).  BCM's 50% beneficial ownership has been confirmed by Oriole and work is underway to formalise its interest at Mbe, and also at Bibemi, where it has completed a similar earn-in (see announcement dated 27 November 2025), with the drafting of joint venture partnership agreements nearing completion.

As part of its corporate restructuring process and following the Ministry of Mine's approval to transfer the Mbe licence from Oriole Cameroon to Oriole Mbe (see announcement dated 20 May 2026), the Company has acquired a 10% interest in Oriole Mbe from its Local Partners for consideration of US$100,000.  Accordingly, the Company has now formalised its 50% interest in the Project. 

The Local Partners retain the right to a 1% NSR Royalty  and also have a 5% interest in the potential future Resource Payments at Mbe (up to cap of US$150,000).

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

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
g/t	Grammes per tonne
JORC	Joint Ore Reserves Committee
km	Kilometre
km2	Square kilometre
Mbe	Mbe orogenic gold project
MB01-N	The north deposit at the MB01 prospect within the Mbe project
MB01-S	The south deposit at the MB01 prospect within the Mbe project
MRE	Mineral Resource Estimate
Mt	Million tonnes
Oriole Resources	Oriole Resources PLC
oz	Troy ounce of gold

Notes to Editors:

Oriole Resources

Oriole Resources PLC is an AIM-quoted gold exploration and development 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 2,500m step out drilling programme is on-going 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 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.

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 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 ongoing, 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 US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.  This 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.

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

 

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