Bonanza Gold Finds Extend Mbe Mineral System

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Oriole Resources PLC

('Oriole Resources' or the 'Company')

Bonanza Gold Intersections and Extension of Sub-Surface Mineralised System at Mbe

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to report further significant results from the maiden ('Phase 1') drilling programme at its 90%[1] owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon.

Highlights

· Results for holes MBDD018 to MBDD020 have returned 31 gold ('Au') mineralised intersections at the MB01-S target, using a 0.20 g/t Au lower cut-off grade, taking the total number of gold-bearing intersections over the programme to date to 285, equating to a discovery rate of more than one intersection every 21m. The latest results include:

MBDD019:

o  6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au

o  9.30m at 0.58g/t Au from 24.90m

MBDD018:

o  3.00m at 17.66g/t Au from 141.70m, including 2.00m at 26.31g/t Au

o  1.00m at 9.86g/t Au from 38.90m

o  3.00m at 1.53g/t Au from 21.00m

MBDD020 :

o  4.00m at 2.94g/t Au from 71.40m, including 1.00m at 9.59g/t Au

o  7.80m at 0.87g/t Au from 174.30m, including 3.00m at 1.54g/t Au

· Importantly, the results have underpinned and extended the current Exploration Target, with multiple zones of high-grade mineralised material identified outside the existing mineralisation model. The sub-surface system remains open in all directions and at depth.

· In addition, five rock chip samples, collected from artisanal pits at the northwest periphery of the MB01-S soil anomaly, returned grades of up to 13.10g/t Au. All five samples were located ~150m outside of the defined Exploration Target, highlighting the presence of mineralisation beyond the current drilling area and demonstrating potential for further system extensions.

· Ahead of the Company publishing a maiden, pit-constrained Mineral Resource Estimate ('MRE') for MB01-S, independent consultant Forge International has recently completed the prerequisite site visit. The MRE is expected in Q4-2025, following completion of the Phase 1 drilling programme, which is already 90% complete.

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said:

"The latest drilling results for Mbe are significant for several reasons. Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface. Secondly, they extend the known gold system boundaries, which has the potential to enhance the size of the recently published Mbe Exploration Target and the maiden MRE for MB01-S, which is earmarked for Q4-2025. Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting."

Figure 1. Selected best results for holes MBDD018 and MBDD020 (blue boxes) and new rock chip results (≥0.5g/t Au), all reported today, alongside previously reported best results for holes MBDD003 and MBDD006 (line N872682), and holes MBDD016 and MBDD017 (line N872782). All newly reported holes are drilled towards 270˚ (from grid north) with drill traces for the reported holes shown as black lines. Drilling fence line IDs are in blue text. The data is overlain on gold-in-soil contours, and the previously reported Exploration Target outline is delineated.

Further Details

A Phase 1 diamond drilling programme commenced at MB01-S in late November 2024 and is over 90% complete, with a total of 6,465.90m drilled to date in 23 holes.

The Company today reports results for holes MBDD018 to MBDD020, with all holes drilled towards the west (270˚). MBDD018 is located on new fence line N872882, some 100m north of N872782, which has had no other drilling to date. MBDD019 and MBDD020 are located at the western ends of fence line N872782 (previous drilling includes MBDD014 - MBDD0017) and N872682 (previous drilling includes MBDD003 - MBDD006) respectively. All holes targeted the western soil anomaly, part of which falls outside of the Exploration Target published last month.

Results have delivered 31 further mineralised intersections, including best intersections of 6.15m at 19.67g/t Au, including 1.00m at 119.10g/t Au from MBDD019 and 3.00m at 17.66g/t Au, including 2.00m at 26.30g/t Au from MBDD018 (Table 1, Figures 1 to 5). The total number of gold bearing intersections over the programme to date now stands at 285, equating to a discovery rate of more than one intersection every 21m. A review of the QAQC samples has confirmed that the data falls within acceptable limits. 

Table 1. Calculated intersections from Phase 1 holes MBDD018 to MBDD020, using a 0.20g/t Au lower cut-off grade. Results greater than 1.00g/t Au are in bold and 'including' intervals are in bold italics.

Figure 2: Summary of best results from drilling completed to date, with MBDD018 to MBDD020 reported today (in blue boxes). Blue holes are drilled towards 270˚ and green drilled towards 090˚ (both from grid north). Drilling fence line IDs are in blue text. The data is overlain on gold-in-soil contours, and the previously reported Exploration Target outline is also shown.

Drilling results to date have confirmed that the system at MB01-S extends up to approximately 450m wide and has a vertical depth of at least 290m. The results from MBDD018 have also extended the strike length of sub-surface mineralisation at MB01-S to 400m, further underpinning the recently published Exploration Target. Importantly, holes MBDD018 and MBDD019 have returned high-grade mineralised material outside of the current maiden Exploration Target zone, indicating potential extensions to the current model and providing significant upside potential for an enhancement of tonnage and possibly grade in future resource estimation studies. MBDD020 has targeted part of the Exploration Target where the sample support was comparatively lower, thus providing further confidence in the continuity of mineralisation over the western part of the system. Importantly, the MB01-S system remains open in all directions and at depth.

Figure 3. Interpretative cross section for fence line N872782, with selected mineralised intervals from previously reported holes MBDD014 - MBDD017, and results reported today from MBDD019.

Figure 4. Interpretative cross section for fence line N872882, with selected mineralised intervals from MBDD018. The fence line is located approximately 30m to the south of trench MBT006, the results for which are shown in red along the surface trace.

Figure 5. Interpretative cross section for fence line N872682, with selected mineralised intervals from previously reported MBDD003 to MBDD006, and results reported today from MBDD020.

The lithologies encountered in these holes correlate well with those seen in previously reported holes, and the style of mineralisation is consistent with the rest of the Mbe deposit. Gold mainly occurs in telluride- and pyrite-rich smoky quartz veins (commonly steeply NE-dipping) and breccias, hosted within quartz feldspar porphyry (QFP) units or at the sheared contacts of QFP and the orthogneiss host rocks.

Figure 6. High-grade gold mineralisation from ~140m depth in MBDD018

Figure 7. High-grade gold mineralisation from ~118m depth in MBDD019, hosted by disseminations and clusters of sulphides/tellurides within quartz veins

In addition to the drilling results, five rock chip samples were collected from artisanal workings at MB01-S that had been opened since the previous rock-chip sampling campaign. All samples, located within ~150m of the existing Exploration Target area, returned measurable gold, with four returning ≥0.50g/t Au and a highest grade of 13.10g/t Au. The rock chip data, coupled with the results from holes MBDD018 to MBDD020, confirm mineralisation at surface and at depth outside of the current Exploration Target area, and support the extension of the mineralised system to the west and north-northwest. 

Following completion of the Phase 1 drilling programme, the Company expects to publish an independent consultant's maiden, pit-constrained MRE for MB01-S in Q4-2025 and believes that the deposit could be mined by open pit methods.

Further information can be found in the JORC Table 1 disclosure on the following page of the Company's website: https://orioleresources.com/projects/mbe/. 

Enquiries:

Competent Persons Statement

The information in this announcement that relates to the Exploration Target is based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent consultant to Oriole. Mr Davies is a Director of Forge International Limited. Mr Davies has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Davies consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Target, and that all material assumptions and technical parameters underpinning the Exploration Target continue to apply.

The technical information in this release that relates to exploration results and the planned exploration programme has been compiled by Mrs Claire Bay (Executive Director). Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

Glossary and Abbreviations

Notes to Editors

Oriole Resources

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects in West and Central Africa. It is focused on early-stage exploration in Cameroon, where the Company has reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned Bibemi project and has identified multi-kilometre gold anomalies within the district scale Central Licence Package project, including the Mbe project. At Mbe, the Company has published a maiden Exploration target range of 33 to 44Mt at a grade of 0.77 to 0.95g/t Au for 0.82Moz to 1.34Moz contained gold for the MB01 prospect, and a maiden Resource for the MB01-S target is scheduled for Q4-2025. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments, up to US$8 million in exploration expenditure, as well as JORC resource-based success payments. 

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year earn-in to acquire an approximate 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million. The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred category for the Faré South prospect, and an additional, complementary Exploration Target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for 380,000 to 650,000oz contained gold for all prospects at Senala. Discussions on the formation of a joint venture company are currently underway. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could give future cash payments.

For further information please visit www.orioleresources.com,  @OrioleResources on X

Background on Mbe

Mbe, with a licence area of 312km2, is an orogenic gold project located within the broader 2,266km2 'Eastern CLP' package of five contiguous gold focused exploration licences in the Adamawa Region of central Cameroon. Since 2022, the Company's systematic exploration programmes have identified a 3km long, NE trending prospect, named MB01, which sits within a wider 12.5km long zone of gold-in-soil anomalism that trends ENE.

At MB01, increased dilation at the sites of structural intersections (steeply dipping NNE and NNW trending shear structures) is believed to have resulted in enhanced levels of gold deposition at the northern target, MB01-N, and MB01-S, the southern target. Gold mineralisation at these targets comprises high-grade, sulphide- and telluride-rich quartz veins, veinlets and breccias within wider envelopes of pervasive, lower-grade gold mineralisation. 

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 is planned for 7,050m in 25 holes.  BCM International has acquired an initial 10% interest in Mbe and is earning up to a further 40% interest by spending up to US$4 million on exploration.

An Exploration Target[2] range of 33 to 44Mt at 0.77 to 0.95g/t Au for 0.82 to 1.34Moz contained Au was published in July 2025, based on diamond drilling results from holes MBDD001 to MBDD013 at MB01-S, as well as trenching data, and the interpretation of geophysical and geochemical anomaly maps from both MB01-N and MB01-S.  The Exploration Target remains open in all directions and at depth and it is anticipated that it will be succeeded by a maiden MRE in Q4 2025, following completion of the Phase 1 drilling programme later this quarter.