5th Sep 2024 19:32
Oriole Resources PLC - West Africa-focused mineral exploration company - Provides interim results for six months ended June 30. Reports no revenue, unchanged from a year ago. However, swings to pretax profit of GBP1.1 million from GBP863,000 loss. Says profit due to gains on the amount receivable under its sharing agreement with Lanstead Capital Investors LP, under which it has received 0.24 pence per share, "significantly higher than could have been achieved in the market in mid-2023, and despite the low share price experienced at the end of last year," the company says. "Despite the initial market misgivings surrounding this financing, it has, in fact, proved beneficial at a time when raising finance in the junior mining sector was all but impossible," Oriole adds. Further, receives signature payments under its earn-in agreement with miner BCM International at Bibemi and Mbe projects in Cameroon, USD500,000 and USD1.0 million respectively.
Looking ahead, notes "teething problems" during the rainy season at Bibemi as "Cameroon is not yet an established gold mining country, and therefore most equipment and consumables must be shipped in from abroad". Says company has adjusted and "the programme is progressing well". Mbe is progressing toward its first drilling programme expected later this year.
Current share price: 0.32 pence, closed up 1.6% in London on Thursday
12-month change: up 186%
By Aidan Lane, Alliance News reporter
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