Start of Fully Funded Mbe-N Drilling Programme

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%[1] owned Mbe gold project in Cameroon ('Mbe' or the 'Project'), where it has now commenced a 2,950m maiden diamond drilling programme at the MB01-N target (the 'Programme'). The programme follows the recently announced JORC resource of 870,000oz of contained gold at the MB01-S deposit, located 700m to the southwest, and aims to deliver additional Resource ounces for the Project.

Highlights

• A fully funded 2,950m diamond drilling programme, in 13 planned holes, has commenced at the MB01-N target, focused on converting the existing Exploration Target[2], with a range of 15 to 20Mt at 0.77 to 0.94g/t for 370,000oz to 605,000oz of contained gold, into JORC Resources.
• The Programme at MB01-N follows the successful maiden drilling programme at the MB01-S deposit, located 700m to the southwest, which delivered a maiden JORC Inferred Mineral Resource ('MRE') of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained gold last month.
• The Programme is expected to complete in late Q1 2026.

Figure 1. Maiden diamond drilling at the MB01-N target

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are delighted that soon after announcing the tremendous maiden MRE at MB01-S, we have swiftly started the maiden drilling programme at the nearby MB01-N prospect. I would like to thank my hard-working colleagues and our partner BCM International very much for all the preparation work and the fast drilling team mobilisation. With the precedent of the JORC Exploration Target conversion success rate at MB01-S, the potential for a similar achievement at MB01-N and the reporting of drilling results are eagerly anticipated."

Following the recently announced Completion Agreement with BCM International, whereby the Company will receive a total of US$900,000 in cash and an additional US$300,000 in direct drilling expenditure (see announcement dated 5 November 2025), the Company today reports that it has commenced its second diamond drilling campaign at the Mbe project.

The 2,950m Programme has been planned to test the MB01-N target, which is located 700m to the northeast of the MB01-S deposit, where last month the Company published a maiden JORC Inferred Mineral Resource Estimate of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained gold.

MB01-N has a JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold, and offers significant upside to the total JORC Resource potential of the Mbe project. The Programme comprises a planned 13 holes and has been designed to maximise conversion from Exploration Target to JORC Resource; all holes are planned at -50˚ inclination and 270˚ azimuth (therefore in a westward direction).

Figure 2. MB01-N drill plan, with the Exploration Target outlines and gold-in-soil anomalism on Maxar satellite imagery. Drill fenceline IDs are shown in blue.

Upon completion of the Programme, targeted for late Q1-2026, BCM will acquire a 50% interest in the Mbe licence.

MB01 is one of four prospects identified to date at Mbe. The other three targets (MB02 to MB04) were identified by soil sampling in 2024, a campaign focused on identifying further parallel systems within the broader 12.5km corridor. All three prospects are underlain by the same geology, and MB02 in particular shares the similar structural controls as MB01-S. These targets offer further upside at the Project.

Figure 3. Results from 2021-2024 soil sampling programmes at Mbe, showing the location of prospects MB01 (including MB01-N target and MB01-S deposit), and MB02 to MB04

Background on Mbe

Mbe, with a licence area of 312km2, is an orogenic gold project located within the broader 2,266km2 'Eastern CLP' package of five contiguous gold focused exploration licences in the Adamawa Region of central Cameroon. Since 2022, the Company's systematic exploration programmes have identified four geochemical targets, MB01-MB04.

At the 3km long MB01 prospect, increased dilation at the sites of structural intersections (steeply dipping NNE and NNW trending shear structures) is believed to have resulted in enhanced levels of gold deposition at the northern target, MB01-N, and the southern target, MB01-S. Gold mineralisation at these targets comprises high-grade, sulphide- and telluride-rich quartz veins, veinlets and breccias within wider envelopes of pervasive, lower-grade gold mineralisation.

After highly encouraging results from infill soil sampling, rock-chip sampling, and trench sampling, a fully funded maiden drilling programme commenced at the MB01-S target in late November 2024 and was completed in September 2025 for 6,828.40m in 24 holes. Best drilling results included 86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).

In October 2025, a maiden MRE was published for the MB01-S target of 870,000oz at 1.09g/t, using a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au. Mineralisation at MB01-S remains open in all directions and at depth. At the MB01-N target, approximately 700m to the northeast of MB01-S, an Exploration Target range of 15Mt to 20Mt at 0.77g/t to 0.94g/t Au fo 370,000oz to 605,000oz contained Au was published in July 2025, based on trenching data and the interpretation of geophysical and geochemical anomaly maps. The Exploration Target remains open in all directions and at depth, and it is anticipated that drilling of the target will result in a conversion to Resource ounces.

BCM International has acquired an initial 10% interest in Mbe and is earning up to a further 40% interest by spending up to US$4 million on exploration.

[1] Oriole is currently undertaking a restructuring process that, once completed, will see it increase its holding from 80% to a 90% interest in the Project (announcement dated 17 October 2024). Upon completion of the Programme, Oriole will then revert to a 50% interest in the Project (announcement dated 5 November 2025).

[2] The potential quality and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further exploration work will result in the determination of a Mineral Resource.