Commencement of Step-out Drilling at Mbe South

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on Central and West Africa, is pleased to provide an update on its 50%[1] owned Mbe gold project in Cameroon ("Mbe" or the "Project"), where it has commenced a 2,500m step-out ("Phase 3") diamond drilling programme in 10 holes at the MB01-S deposit (the "Programme"). The Programme aims to expand the existing 870,000oz contained gold JORC Mineral Resource Estimate ("MRE"), which is currently open in all directions and at depth.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The commencement of the step-out drilling programme at the MB01-S deposit swiftly follows on from the recent completion of the maiden drilling programme at the MB01-N target. Our ongoing and recent drilling activities at Mbe are all designed to build upon the substantial maiden MRE reported at MB01-S last year and to continue to grow the Project's enterprise value."

Figure 1. Commencement of step-out drilling at MB01-S.

The Programme follows maiden ("Phase 1") drilling at MB01-S, which delivered a maiden JORC Inferred MRE of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained gold (see announcement dated 21 October 2025). This MRE is currently open in all directions and so the Programme has been designed to target the potential extensions of the MB01-S system to the south, west, northwest and northeast. It is expected to add further gold ounces to the global resource base at Mbe later this year.

Figure 2. Planned drill collar (in red) map for MB01-S step out programme, with the drill hole collars from Phase 1 drilling (in blue), interpreted geology and the US$3,200/oz gold pit shell of the existing MB01-S MRE, over satellite imagery.

Meanwhile, following the recent completion of Phase 2 drilling at the nearby MB01-N target, the Company's consultant is currently completing a separate maiden JORC Mineral Resource Estimate for that target, which will be published in early Q2-2026. MB01-N already has a published JORC Exploration Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold, and therefore offers significant upside to the global JORC Resource potential of the Mbe project.

In addition, work is still underway to formalise BCM's 50% beneficial interest in Mbe, with the drafting of a JV partnership agreement in progress.

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Background on Mbe

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 deposit 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 for 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. A 2,982.80m drilling programme was completed in February 2026 in 15 holes. Now that the full assay results have been received the Company's consultant will prepare a maiden MRE for MB01-N to add to the 870,000oz Au at MB01-S. Following completion of the MB01-N drilling programme, and the meeting of various financial commitments, BCM has acquired 50% interest in the project and work is underway to formalise this interest.

[1] Following the completion of the MB01-N drilling programme, BCM International has achieved a 50% beneficial interest in Mbe and administration to formalise this interest in underway. Oriole now has a 40% interest but is currently undertaking a restructuring process that, once completed, will see it increase its interest in the Project to 50% (see announcement dated 17 October 2024).