Oriole Resources (ORR) H2 2025 earnings summary

Executive summary

• Achieved significant exploration progress in Cameroon, with gold resources increasing from 530,000oz to 1,485,000oz (+180%) year-over-year; net attributable resources rose 150% to 980,000oz due to BCM's 50% earn-in at Bibemi and Mbe.

• Completed major drilling campaigns at Bibemi and Mbe, resulting in maiden and updated JORC Mineral Resource Estimates (MREs) and supporting technical studies for mine development.

• Strengthened financial position with a successful £2.03 million fundraise and year-end cash of £2.50 million, enabling ongoing exploration and development.

Financial highlights

• Exploration expenditure was £2.14 million (2024: £2.66 million), reflecting continued project advancement.

• Administrative expenses remained stable at £1.50 million (2024: £1.53 million).

• Reported a loss for the year of £0.65 million (2024: loss of £0.30 million).

• Cash at bank at year-end was £2.50 million (2024: £0.71 million), boosted by equity raise and warrant exercises.

• Other profits included a £0.44 million credit from the BCM Bibemi earn-in and a £0.07 million R&D tax credit.

Outlook and guidance

• Anticipates further resource growth at Mbe with ongoing and planned drilling; expects Bibemi Exploitation Licence approval in 2026.

• Plans to advance Eastern CLP licences and seek joint-venture partners for further exploration.

• Positive gold price outlook and increased investor interest expected to support project development and valuation.