Bibemi ESIA and ELA Progress Update

Ahead of its Annual General Meeting later this morning, Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to provide an update on its 90% owned Bibemi orogenic gold project (the 'Project') in Cameroon, including the ongoing Environmental and Social Impact Assessment ('ESIA') and Exploitation Licence Application ('ELA') processes.

Highlights

• A public review of the Company's ESIA for Bibemi has been completed with the local community. Management is confident that the meetings, which took place last week, went well, and the final report from Cameroon's Ministry of Environment, Nature Protection and Sustainable Development, MINEPDED, is awaited. A successful outcome is a critical step towards ELA approval.
• Last month, the Company's CEO, Martin Rosser, and CFO, Bob Smeeton, met with the Minister of Mines and various related parties regarding the ELA and the significant progress the Company has made prior to advancing the formal negotiation process. A formal timeline on the remainder of the process has been requested and will be published as soon as available.
• An independent gap analysis review of the local-level ESIA will commence shortly to assess what further information may be required to satisfy international standards and potential mine finance partners.
• Following publication of the updated JORC Mineral Resource Estimate ('MRE') and Exploration Target last month (announcement dated 15 May 2025), which increased the Resource inventory by 23%, a review of the model will commence shortly to assess the potential for further conversion of MRE contained gold to the JORC Indicated category.
• The Indicated Resources, which are currently capped to 150m depth below surface, occur as a unified block in the centre of the deposit and could provide a suitable location for a starter pit if mined. Resource optimisation and preliminary economic assessment ('PEA') studies will also commence shortly to deliver an Ore Reserves / Mineable Resources statement.
• Additional metallurgical testwork is due to commence shortly to support geo-metallurgical domaining at the Project. This will help assess whether any modifications are required to the provisional mineral processing flow sheet that was published alongside the updated MRE. In addition, work will be undertaken to determine potential processing plant capital costs and operating costs to scoping study levels of confidence.
• Subject to the results from the above, advanced mine planning studies, including review of tailing storage facilities and economic trade-off studies are expected to commence later this year.

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We look forward to continuing our positive engagement with the government whilst progressing outstanding technical and preliminary economic studies to enable us to make key decisions, in conjunction with our partner BCM, on the development of a potential gold mine at Bibemi."

Figure 1. Bibemi ESIA meetings with local stakeholders.

Between 2021 and 2022, the Company completed four phases of diamond drilling at the Project for a total of 6,685.40m in 54 holes, with the majority of that drilling focused on an approximately 1km long section at the BZ1-MRE zone. In January 2024, the Company published an MRE for BZ1-MRE of 5.1Mt grading 2.30g/t Au for approximately 375,000 oz Au contained in the JORC Inferred Resources category, based on a 0.45g/t Au lower cut-off grade and within a US$2,000/oz gold price open pit shell (announcement dated 15 January 2024).

In February 2025, the Company completed the Phase 5 diamond drilling programme at Bakassi Zone 1 to further test the BZ1-MRE zone, and two along-strike targets, BZ1-NE and BZ1-SW, for a total of 6,915.40m in 56 holes. This programme was fully funded by BCM International as part of its agreement to earn-in to a 50% interest by spending up to US$4 million in exploration expenditure (announcement dated 5 January 2024).

Reported intersections from this programme include 4.10m at 7.99g/t Au (BBDD059), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au (BBDD061), 2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au (BBDD075) and 1.20m at 25.54g/t Au (BBDD068), 1.00m at 15.11g/t Au and 2.00m at 3.51g/t Au (BBDD104), 4.10m at 2.20g/t Au (BBDD105), and 2.20m at 8.11g/t Au and 2.00m at 2.50g/t Au (BBDD109) (announcements dated 12 September 2024, 14 October 2024, 28 November 2024 and 17 March 2025).

These results enabled independent consultant Forge International to deliver an updated MRE for the BZ1-MRE zone of 460,000oz contained gold at over 2g/t Au, based on a 0.40g/t Au lower cut-off grade and within a US$2,750/oz gold price open pit shell. In addition to this being an approximate 23% increase on the 2024 MRE, the confidence level of the MRE was improved, with 100,000oz Au falling into the JORC Indicated category and the remaining in the Inferred category. The Indicated Resources occur as a unified block in the centre of the deposit and could provide a suitable location for a starter pit if mined. An additional JORC Exploration Target[1] range of 3 to 5 million tonnes at 1.50 to 2.50g/t Au for 145,000oz to 400,000oz contained Au has been estimated for the Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects, highlighting the significant upside potential of the wider licence area.

The Company today reports that a public review of the Company's ESIA for Bibemi was completed with local stakeholders last week. The meetings went well and the final report from MINEPDED is awaited. A successful outcome is a critical step towards ELA approval.

Last month, the Company's CEO, Martin Rosser, and CFO, Bob Smeeton, met with the Minister of Mines and various related parties regards to the ELA and the significant progress the Company has made prior to advancing the formal negotiation process. A formal timeline on the remainder of the process has been requested and will be published as soon as its available.

Meanwhile, an independent gap analysis of the local-level ESIA review will commence shortly to assess what further information may be required to satisfy international standards and potential mine finance in the event that the ELA is approved. More advanced mine planning studies, including a review of tailing storage options and various economic trade-off studies, are expected to commence later this year.

Following publication of the 2025 MRE and Exploration Target last month, which increased the Resource inventory by 23%, a review of the model will commence shortly to assess the potential for further conversion of MRE ounces to the JORC Indicated category. The Indicated Resources, which are currently capped at 150m below surface, occur as a unified block in the centre of the deposit and could provide a suitable location for a starter pit if mined. The outcome of this work could lead to a targeted Resource conversion drilling programme. Resource optimisation and PEA studies will also commence shortly to deliver an Ore Reserves / Mineable Resources statement.

Finally, additional metallurgical testwork will commence shortly on representative samples from different zones of the MRE, to support geo-metallurgical domaining at the Project. This will help to assess whether any modifications are required to the provisional mineral processing flow sheet that was published alongside the updated MRE. In addition, work will be undertaken to determine potential processing plant capital costs and operating costs to scoping study levels of confidence.