Completion of Second Option Period

The following amendment has been made to the Completion of Second Option Period at Senala announcement released by Oriole Resources PLC on 19.02.2024 at 7:00am under RNS No. 5210D.

In the second line of the fourth paragraph:

"after which its interest would convert to a 2.5% net smelter returns ('NSR') royalty" has been corrected to "after which its interest would convert to a 2% net smelter returns ('NSR') royalty"

All other details remain unchanged.

The full amended text is shown below.

Oriole Resources PLC

('Oriole Resources' or 'Oriole' or 'the Company')

Completion of Second Option Period at Senala

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, provides an update on its Senala gold project in Senegal ('Senala' or the 'Project'), where AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group ('Managem'), has now completed a six-year earn-in period at the Project. Oriole's interest in Senala is held via its 85% interest in Stratex-EMC Sarl ('Stratex-EMC'), the holding vehicle for the Senala Exploration Licence.

Managem has confirmed to the Company that, since the 2018 Option Agreement was signed (announcement dated 1 March 2018), AGEM has spent approximately US$5.8 million on the Project. Accordingly, AGEM's beneficial ownership position in the Senala Exploration Licence is estimated to be 59%, and Oriole will shortly be undertaking a review of expenditure to confirm this percentage ownership.

Discussion on the next steps are underway, which would include:

• the formation of a joint-venture company and associated technical committee;
• the submission of a work plan and budget by Managem; and
• a decision by Stratex-EMC on whether to contribute to the work costs or dilute its percentage ownership.

On the basis that Stratex-EMC does not contribute, it is estimated that Managem would need to spend a further US$31 million at the Project to dilute Stratex-EMC below 10%, after which its interest would convert to a 2% net smelter returns ('NSR') royalty. It should be noted that there exists a mutual right of first refusal should either party look to sell its interest in Senala.

As previously reported, a renewal application has also been submitted, under the existing holding entity of Stratex-EMC, for a further three-year term (announcement dated 2 January 2024). A decision on this renewal is awaited.