Senala Update: Licence Renewed for Second Term

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, is pleased to announce a renewal of the exploration licence ('Licence') for the Senala gold project ('Senala') in Senegal. Oriole's interest in Senala is held via its 85% interest in Stratex-EMC SA ('Stratex-EMC'), the holding vehicle for the renewed Licence. AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group ('Managem'), has recently completed a six-year investment to acquire an approximate 59% beneficial interest (announcement dated 19 February 2024) in Senala.

In accordance with the Senegalese Mining Code, the surface area of the Licence has been reduced by 25% and now stands at 354.5 kilometres squared. In order to retain tenure over the key prospects identified to date, in particular Faré and Madina Bafé, the Licence area has been split into two blocks as shown below. The new Licence is valid for a period of three years from 17 February 2024.

Figure 1. Map showing new licence blocks, in the context of the geochemical anomalies defined to date. The main exploration prospects are shown in red outline.

As previously reported, Oriole is currently undertaking a review of expenditure to confirm AGEM's percentage ownership. Discussions on the next steps are also underway, which includes:

o the formation of a joint-venture company and associated technical committee;

o finalisation of a work plan and budget; and

o a decision by Stratex-EMC on whether to contribute to the work costs or dilute its percentage ownership.

Further information will be provided in due course.

For further information on the Senala project, including a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/senala/.

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

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