Oriole Resources Reports 180% Resource Growth to 1.48Moz, Flagship Mbe Surpasses 1Moz Milestone

Oriole Resources’ 2025 results: 180% resource growth and Mbe clears the 1Moz bar

Oriole Resources has delivered a big step change in scale. Over 2025, gross contained JORC resources across the portfolio rose from 530,000oz to 1,485,000oz of gold – up around 180%. On a net basis attributable to Oriole, that stands at 980,000oz after partner earn-ins. The flagship Mbe project now boasts a combined 1.23Moz JORC Inferred resource across MB01-S and MB01-N, comfortably above the industry’s 1Moz milestone.

This matters because scale underpins optionality. In a buoyant gold price environment, crossing 1Moz can broaden the pool of potential partners and buyers, while Bibemi is edging towards a small-scale mine scenario. Here is what stood out, why it matters, and what to watch next.

Mbe resource passes 1Moz: discovery drilling that moved the dial

Mbe is the headline act. Two closely spaced targets, MB01-S and MB01-N, have both delivered maiden JORC Mineral Resource Estimates (MREs) within months of one another after less than 10,000m of drilling in total.

• MB01-S: 24.80Mt at 1.09g/t Au for 870,000oz contained gold, using a US$3,200/oz gold price (October 2025).
• MB01-N: 10.5Mt at 1.05g/t Au for 360,000oz contained gold, using a US$3,200/oz gold price and 0.40g/t cut-off (April 2026, post period).

Notable intercepts reinforce both width and grade potential, including 86.50m at 1.36g/t Au from 22.00m at MB01-S and a bonanza 1.00m at 119.10g/t Au within 6.15m at 19.67g/t Au. At MB01-N, highlights included 21.70m at 3.13g/t Au and 16.10m at 2.49g/t Au including 1.00m at 28.60g/t Au.

Opinion: This is strong bang-for-buck exploration. Delivering 1.23Moz from just 39 holes is unusual and suggests a mineralised corridor with room to grow. A Phase 3 programme is underway to expand resources further. The near‑surface, pit‑constrained nature and consistent grades help the economics case as the story scales.

Bibemi moves toward development with upgraded resource and PEA

At Bibemi, Phase 5 drilling wrapped in February 2025, leading to a bigger and higher-confidence MRE at Bakassi Zone 1.

• BZ1 MRE: 460,000oz contained gold at 2.06g/t Au, using a US$2,750/oz gold price pit shell.
• Category split: 100,000oz Indicated and 360,000oz Inferred, a 23% inventory uplift on 2024 and a first step into the Indicated category.
• Exploration Target outside the MRE: 3-5Mt at 1.50-2.50g/t Au for 145,000-400,000oz across BZ1 surrounds, BZ2, Lawa East and Lawa West.

The metallurgical headline is approximately 85% gold recovery via flotation, pressure oxidation of a bulk sulphide concentrate, then cyanide leaching of the residue. The ESIA has been received and an internal PEA outlines a small-scale mine scenario focused on approximately 89,000oz in situ at 2.20g/t Au, targeting about 10,000oz per year over seven years, largely centred on the Indicated resource. The Exploitation Licence Application is progressing, with a decision targeted in 2026.

Opinion: The step into Indicated category de-risks the early mine concept, but the processing route – flotation plus pressure oxidation – can be capital intensive. The modular plant approach could help manage upfront spend, yet financing and permitting timelines will be key. The deposit remains open, and less than 20% of total contained resources feed the PEA scenario, leaving growth headroom if more ounces are converted/upgraded.

Eastern CLP pipeline: early hits and a potential regional corridor

Beyond Mbe, Oriole is building a pipeline across the Eastern Central Licence Package. Selective rock chips returned up to 17g/t Au at Ndom and 1.39g/t Au at Niambaram, with soil results at Niambaram pending. The company’s thesis is a 15km-20km wide, roughly 70km-long gold corridor tied to the Tcholliré-Banyo Shear Zone.

Opinion: Early-stage, yes, but Mbe’s rapid success lifts the read-across. Management is also seeking joint-venture interest from international miners – a sensible way to accelerate work while managing dilution.

Key project numbers you need to know

Project	Status / Resource	Grade	Contained gold
Mbe – MB01-S	JORC Inferred MRE (Oct 2025)	1.09g/t Au	870,000oz
Mbe – MB01-N	JORC Inferred MRE (Apr 2026)	1.05g/t Au	360,000oz
Bibemi – BZ1	JORC Indicated & Inferred MRE	2.06g/t Au	460,000oz (100,000oz Indicated; 360,000oz Inferred)

Jargon watch: JORC is the industry code that governs how resources are reported. Indicated resources carry more confidence than Inferred and can underpin mine planning. g/t is grammes per tonne – a measure of grade. A pit shell uses a gold price to constrain what could be mined by open pit.

Financials and funding: steady costs, stronger cash

Metric (year to 31 Dec 2025)	Figure
Exploration expenditure	£2.14 million (2024: £2.66 million)
Administrative expenses	£1.50 million (2024: £1.53 million)
Loss for the year	£0.65 million (2024: £0.30 million)
Cash at bank	£2.50 million (31 Dec 2024: £0.71 million)
Equity raise (Nov 2025)	£2.03 million
Warrant exercises (Jan 2026, post period)	£0.27 million

BCM has now completed its 50% earn-in at both Bibemi (November 2025) and Mbe (February 2026, post period) by funding US$4 million per project. That reduces Oriole’s ownership to 50% at each project but also stretches the company’s spend. Administrative costs were kept broadly flat.

Opinion: Cash is healthier after the £2.03 million raise and warrants, giving headroom to fund step-out drilling at Mbe and early-stage work across the Eastern CLP. The loss is modest for a company at this stage, although further equity may still be needed as studies and drilling scale up.

Why this update matters for investors

• Scale achieved: Portfolio resources of 1.485Moz gross, with Mbe above 1Moz – a threshold that can attract larger partners.
• Path to first cash flow: Bibemi’s small-scale PEA offers a potential near-term development route, pending the Exploitation Licence.
• Regional upside: Early results across the Eastern CLP hint at a bigger district play along a major shear zone.
• Gold price tailwind: Management highlights a strong macro backdrop, which helps exploration funding and potential M&A interest.

Balanced view: key risks and what to watch next

• Permitting timeline at Bibemi: The ELA process could slip – the company notes administrative changes and election timing in Cameroon.
• Metallurgy and capex: Pressure oxidation is effective but can be capital intensive. More detailed test work in 2026 will be important for project economics.
• JV documentation: Formalising the JV agreements with BCM is in progress – terms and execution will matter for future work programmes.
• Ownership dilution of ounces: With BCM at 50% in both Mbe and Bibemi, Oriole’s attributable ounces are lower than gross figures.
• Financing: Despite improved cash, advancing multiple assets likely needs continued access to capital or additional farm-ins.

My take

Oriole’s 2025 was transformative. Mbe delivered the kind of discovery momentum investors hope for, and the company has turned a single-asset story into a multi-asset platform with genuine district potential. Bibemi provides a credible near‑term development option that, if permitted and financed, could create a stepping stone to larger ambitions.

It is not risk-free – few early developers with sulphide circuits are – but the combination of scale at Mbe, incremental de-risking at Bibemi and a stronger balance sheet puts Oriole in a better place than a year ago. If Phase 3 drilling at Mbe adds ounces and the Bibemi licence lands on time, 2026 could be another value-building year.