Execution of Mbe Conditional Earn-In Agreement

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, is delighted to report that, further to its announcements on 20 November 2023, it has signed a definitive earn-in agreement ('Earn-In Agreement') with BCM International Limited ('BCM') in relation to the Company's Mbe gold project ('Mbe') in Cameroon.

This is Oriole's second earn-in agreement with BCM, having signed a similar deal earlier this month in relation to the Company's Bibemi gold licence in Cameroon (announcement dated 5 January 2024).

Highlights

• Execution of the Mbe Earn-In Agreement whereby BCM will earn up to a 50% interest in Mbe in return for meeting certain commitments which, in addition to a US$1 million Signature Payment (against which the Company has already received a US$50k advanced payment), include U$4 million in exploration expenditure and future resource-linked success-based payments;
• The Mbe Earn-In agreement, and payment of the Signature Payment, is conditional on the successful conclusion of BCM's due-diligence review on or before 31 January 2024;
• Sampling results from that due-diligence review are anticipated later this month.

Oriole Resources CEO, Tim Livesey, said: "With the signing of this second earn in agreement with BCM, we look forward to advancing the exploration at the Mbe licence in parallel with our resource expansion work at Bibemi.

"Since Oriole was granted its package of eight contiguous licences in central Cameroon back in February 2021, we have advanced with great success, identifying a large number of significant gold anomalies in what we suggest could be a corridor of mineralisation some 75 km-long. Prior to our licence application, this area was open ground and indicates the huge opportunity Cameroon has for new discoveries.

"At Mbe, the originally identified 12 km-long gold-in-soils anomaly has delivered several zones of significant surface gold mineralisation in vein sets grading up to 134 g/t Au. We expect the current period of due diligence by BCM will show further support for this area when results are received from their sampling programme later this month.

"With two of our 11 licences in Cameroon now under earn-in agreements, we still retain a significant position in this emerging jurisdiction for gold exploration, and look forward to sharing news of our progress throughout 2024 as we continue to explore in this new gold district."

On 20 November 2023, the Company signed a Heads of Terms with BCM International Limited, a well-respected mining and civil contractor, related to an earn-in by BCM on the Company's Mbe (90%-owned) gold project.

Mbe (312km2) is an early-stage project located within the broader 2,266km2 Eastern CLP package of contiguous gold-focussed licences in central Cameroon ('Eastern CLP' or the 'Licence Package'). During 2023, the Company identified a 3km-long geological zone containing areas of high-grade gold mineralisation with results of up to 134.10 grammes per tonne ("g/t") gold ("Au") from surface samples and artisanal workings (announcements dated 30 January 2023, 27 February 2023 and 21 June 2023).

The Company today reports that a definitive Earn-In Agreement has been executed for Mbe, securing up to US$4 million in exploration expenditure, in addition to a US$1 million Signature Payment and JORC resource linked success-based payments (announcement 20 November 2023). This is Oriole's second earn-in agreement with BCM, having signed a similar deal earlier this month in relation to the Company's Bibemi gold licence in Cameroon (announcement dated January 2024).

Completion of the Mbe Earn-In Agreement, and receipt of the Signature Payment, is conditional on the successful outcome of a due diligence review by BCM, ending no later than 31 January 2024. To date, BCM has completed (at its own cost) a three-week long site visit at Mbe and has collected 639 rock samples, each weighing 2-5 kilograms, over the main 3km-long zone (announcement dated 2 January 2024). Analysis of the samples (together with 68 QAQC samples, for a total 707 samples) is being undertaken by Intertek Ghana, predominantly for Fire Assay analysis but also for some preliminary metallurgical testwork (bottle-roll leach test) to ascertain the recoverability of the gold. Results are expected later this month.

Following a successful completion of the due-diligence review, the balance of the Signature Payment will be made in two tranches, with the first tranche of US$500,000 to be made on or before 31 January 2024 and the balance of US$450,000 to be paid on or before 29 February 2024.