Oriole Resources (ORR) H2 2025 earnings summary

Executive summary

• Achieved significant exploration progress in Cameroon, with gross contained JORC gold resources increasing from 530,000oz to 1,485,000oz (+180%) year-over-year; net attributable resources rose to 980,000oz (+150%).

• Completed major drilling programs at Bibemi and Mbe, resulting in maiden and updated Mineral Resource Estimates (MREs) and advancing both projects to joint venture status with BCM International, each now at 50% ownership.

• Advanced technical studies at Bibemi, including metallurgical testwork, mine design, and a Preliminary Economic Assessment (PEA) supporting a small-scale mine scenario.

• Strengthened financial position with a successful £2.03 million fundraise in November 2025 and additional warrant exercises in January 2026.

Financial highlights

• Exploration expenditure was £2.14 million (2024: £2.66 million), reflecting progress on earn-in agreements.

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

• Loss for the year was £0.65 million (2024: loss of £0.30 million), with no repeat of prior year’s unusual credits.

• Cash at bank at year-end was £2.50 million (2024: £0.71 million), boosted by fundraising.

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

Outlook and guidance

• Anticipates further resource growth at Mbe with ongoing extension drilling and expects Bibemi Exploitation Licence to be granted in 2026.

• Plans to intensify exploration on Eastern CLP licences and seek new joint venture partners.

• Expects continued strong gold prices to support investor interest and project economics.