Approval of ESIA Study for Bibemi Gold Project

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 ('Bibemi' or the 'Project') in Cameroon.

Highlights

• The Company has received approval for its Environmental and Social Impact Assessment ('ESIA') study for the Bibemi project from Cameroon's Ministry of Environment, Nature Protection and Sustainable Development ('MINEPDED').
• Approval of the ESIA is an essential step towards progressing the Company's Exploitation Licence Application ('ELA') at Bibemi. Negotiations are ongoing, with a targeted completion date for approval of the ELA by the end of Q2-2026.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The approval of the ESIA for Bibemi is a major achievement as it is a prerequisite for government approval for the exploitation licence. We look forward to the intensification of the ELA process and negotiations in the next few months. In addition, we will soon be providing an update on the preliminary economic assessment and supporting technical studies."

The ESIA process at Bibemi commenced in 2023, with the report submitted to MINEPDED in March 2025 and formal public hearings and stakeholder engagement successfully completed in June 2025 (see announcement dated 25 June 2025).

In September 2025, the Company reported that it had received a certificate of compliance from the MINEPDED in relation to its ESIA study for the Bibemi project. The certificate came with some minor recommendations to improve the ESIA study. These improvements were incorporated and an updated version of the ESIA report was submitted to MINEPDED in October 2025. The entire ESIA process was managed by Jurilex International, a Ministry-approved independent Cameroonian consultancy.

Following a 20-day post-submission review period, there have been no further amendments and the ESIA is therefore approved under the Cameroon Mining Code.

As previously reported, the Company plans to submit an updated technical report to the Ministry of Mines later this month with a view to expediting the Exploitation Licence Application ('ELA') process by the end of the year (see announcement dated 5 November 2025). The updated technical report will incorporate the updated JORC resource, mineral processing studies and mine planning work the Company has completed since the initial submission, as well as a preliminary economic assessment ('PEA') model, and is designed to accelerate the Exploitation Licence application process towards a positive outcome (see announcement dated 5 November 2025). Further details on the PEA will be announced later this quarter.

Approval of the ESIA is an important step and will help with the ELA negotiation process. Work to secure the Exploitation Licence is ongoing with a targeted completion date of Q2-2026

At the 177km2 Bibemi orogenic gold project in the North region of Cameroon, the Company's exploration to date has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within an approximately 12km long mineralised hydrothermal system at surface.

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. Following a maiden MRE published in 2022, and an updated MRE published in 2024 (using Phase 1-4 data), the Company completed a Phase 5 diamond drilling programme in February 2025. This programme targeted the Bakassi Zone 1 to further test the BZ1-MRE zone, and two along-strike targets, BZ1-NE and BZ1-SW, for 6,915.40m in 56 holes.

These additional Phase 5 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 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.