13th Mar 2019 12:58
LONDON (Alliance News) - Oriole Resources PLC on Wednesday said its loss narrowed in 2018, thanks to its cost reduction programme.
The AIM-listed exploration company, which operates in Africa and Europe, reported pretax loss of GBP4.6 million in 2018 compared to GBP4.7 million a year earlier, helped by 26% reduction in administrative expenses to GBP1.8 million from GBP2.4 million.
The company said it entered 2018 with one active exploration project, namely the Dalafin gold project in eastern Senegal. In March 2018, Oriole signed an agreement with Canadian-listed gold miner IAMGOLD Corp, giving it the option to earn up to 70% of the licence in a two-stage process by spending up to USD8 million on exploration. The exploration programme is currently underway on the Madina Bafe and Saroudia prospects.
In line with the strategic intent to expand and diversify the exploration portfolio, in June last year Oriole signed an earn in agreement with BEIG3 to gain an interest in the Bibemi and Wapouze licences in northern Cameroon. Early-stage exploration work has commenced on both licences, the company said.
"The turnaround of the company has been a major focus during the year, alongside the continued development of new targets and the acquisition of new assets," said Chief Executive Tim Livesey.
"Oriole is once again financially stable and is delivering excellent operational results with high-quality partners, clearly demonstrating the value across our portfolio of highly exciting early-stage assets," added Livesey.
Oriole shares were untraded on Wednesday, last closing at 0.36 pence each.
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