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

• 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.