Oriole Resources PLC
22 July 2026
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")
Completion of Maiden Drilling at Wapouzé Limestone Project
Oriole Resources (AIM: ORR), the AIM quoted exploration and development company focused on Central and West Africa, is pleased to announce that a maiden drilling programme (the "Programme") has recently been completed at its 85%-owned Wapouzé limestone project ("Wapouzé" or the "Project") in north-eastern Cameroon. The samples are being prepared for analysis and a maiden Mineral Resource Estimate for the Project is anticipated in late Q3-2026.
Highlights
· The Programme, which targeted steeply-dipping metamorphosed limestone (or "marble") units in the northeast of the licence, was completed for 1,053.80m in 21 holes. These units had previously been classified as high-grade carbonate material, potentially suitable for use predominantly within the cement industry in Cameroon.
· Outcrops within three main zones, covering a cumulative strike length of 1.2km, have been tested to vertical depths of up to 47.50m from surface.
· Marble units were intersected in all holes, with narrow interbedded meta-volcanic sedimentary lenses, and occasional narrow metamorphosed dykes cross-cutting the marble units.
· Based on an in-field portable X-ray fluorescence ("pXRF") pre-screen on the core, the intersected marble units across the programme appear to be good quality (i.e. >50% CaO with low magnesium and silica). The core will now be sent for laboratory-based analyses with results expected next month.
· The Company anticipates that the Programme, together with historical surface exploration and the completion of an on-going ground geophysics (resistivity) survey, will support the delivery of a maiden Mineral Resource Estimate ("MRE") and/or a JORC Exploration Target for the Project in late Q3-2026.
· Oriole Resources is continuing its discussions with industrial partners for the potential development of this asset.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The maiden drilling programme at Wapouzé has gone extremely well. We are highly encouraged by the data generated and geological interpretation made to date and eagerly await the outcome of our geological consultant's maiden MRE. This will considerably enhance our efforts to bring in a cement industry partner and potentially to achieve royalty-based income and valuable in-country revenue that could be used for funding Oriole's gold-based exploration work in Cameroon."
Figure 1. Wapouzé maiden drilling programme collar map over outcropping metamorphosed limestone units within three zones in the northeast of the licence. Rock-chip sampling results plotted on MAXAR satellite image, with MgO values of less than 5 wt% and more than 50 wt% CaO shown in yellow. Samples with >50 wt% CaO and low MgO are considered to have appropriate carbonate content for use in the cement industry
Further Details
The Wapouzé Project is in north-eastern Cameroon, approximately 100km NE of Garoua and 20km north of the Company's Bibemi gold project. It was initially an early-stage gold exploration project; however, the Project was deemed less prospective for gold than Bibemi and instead, the Company noted the presence of large quantities of carbonate rock (predominantly metamorphosed limestone), and subsequently applied for a change in commodity, granted in 2022.
Since the change in commodity, a number of surface exploration programmes have focused on the potential high-grade carbonate limestone (>50% CaO with low magnesium and silica) material that would make it potentially suitable for use in the cement industry (see announcement dated 21 April 2026).
Oriole Resources today reports that it has completed the maiden diamond drilling programme for 1,053.80m in 21 holes at Wapouzé. The Programme, which was planned to provide a better understanding of the depth continuity of these carbonate units has targeted the shallow subsurface (up to 47.50m vertical depth from surface) along the ~1.2km cumulative strike length, with all holes drilled towards an azimuth of 320 degrees, at an inclination of 50 degrees, and completed to a downhole depth of between 26.50m and 62.00m.
Figure 2. Drill collars over Zone 1, on MAXAR satellite image with mapped geology and MgO (wt%) data for all limestone rock chip samples collected to date at Wapouzé, where CaO content is greater than 50%. Samples with a minimum 50% CaO are considered to have appropriate carbonate content for use in the cement industry
As previously reported, the marble units in drillhole WPDD001 were the predominant lithology encountered within the metamorphosed sequence of meta-volcaniclastics which were also cross-cut by narrow metamorphosed intrusive dykes that exhibit schistose textures (see announcement dated 22 June 2026). This has been repeated across all drilling fence lines, with the Programme confirming the extension of the marble units at depth and along-strike. The intersected width of the marble packages is up to 85m (approximately 80m true width).
Figure 3. Simplified interpretive cross sections for two fence lines drilled at Zone 1, showing holes WPDD010 and WPDD012 (top) and holes WPDD004 to WPDD007 (bottom).
Direct geochemical measurements on the core using a handheld pXRF unit have confirmed that the marble is good quality (i.e. >50% CaO with low magnesium and silica). The core has subsequently been sampled and will shortly be sent for laboratory-based X-ray fluorescence (XRF) analysis.
The Company's local partner, Bureau d'Etudes et d'Investigations Géologico-Minières, Géotechniques et Géophysiques ("BEIG3"), is nearing completion of a ground-based resistivity survey over the main outcrops mapped to date. The Company anticipates the cumulative exploration data to date, along with the geophysical and drilling data will support the estimation of a maiden MRE and/or a JORC Exploration Target for the Property in late Q3-2026.
Commercially, a significant limestone deposit at Wapouzé could be highly suitable for use within Cameroon's cement industry, which is believed to be worth several hundred million pounds per year, largely supported by expensive imports of required clinker material. The Company believes that there is a significant demand for cement (for concrete) within Cameroon and neighbouring Chad (with its capital, N'Djamena, located approximately 250km NNE of Wapouzé). Furthermore, Cameroon has seen substantial foreign investment made into expanding its cement manufacturing capacity, with neighbouring plants to Wapouzé producing cement from similar material, and the government is keen to see its reliance on imported clinker reduce significantly.
Oriole Resources is continuing its discussions with potential industry partners that could advance Wapouzé towards development and exploitation on an expedited basis. The Company is ultimately looking to achieve royalty-based income from a commercial scale quarrying operation, likely to be based upon the volume of material extracted, which would provide valuable in-country revenue that could be used for funding its gold-based exploration work in Cameroon.
For further information on Wapouzé, including maps and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/wapouze/.
Enquiries:
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Oriole Resources Plc |
Tel: +44 (0)23 8065 1649 |
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Martin Rosser / Bob Smeeton / Claire Bay |
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Strand Hanson Limited (Nomad & Broker) |
Tel: +44 (0)20 7409 3494 |
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Christopher Raggett / James Spinney / Edward Foulkes |
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IFC Advisory Ltd (Financial IR & PR) |
Tel: +44 (0)20 3934 6632 |
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Tim Metcalfe / Graham Herring / Florence Staton |
Notes to Editors
Oriole Resources PLC is an AIM-quoted gold and development exploration company, with projects in Central and West Africa. It is currently focused on projects in Cameroon.
At its district scale Central Licence Package in Cameroon, the Company has identified multi-kilometre long gold anomalies, including at its flagship Mbe project. At Mbe, the Company has published a global JORC Inferred MRE of 1.23Moz contained gold at MB01, consisting of 870koz at 1.09g/t Au for the MB01-S deposit, and 360koz at 1.05g/t Au for the MB01-N deposit. A fully funded step out drilling programme has recently been completed at MB01-S with the aim of further increasing the total resource at Mbe, where an update MRE is expected in Q3-2026. Following the completion of the MB01-N drilling programme, and by meeting various financial commitments, BCM has earned a 50% interest in the Mbe project, and Oriole has recently completed a corporate restructuring to confirm the Company's and BCM's respective 50% interest in Mbe. Drafting of a JV partnership agreement is nearing completion.
The Company has also reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 50% owned Bibemi project in Cameroon, where it has applied for an Exploitation Licence. In November 2025, BCM completed its earn-in to give it a 50% interest in Bibemi by meeting certain payment conditions, including spending US$4 million on exploration.
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 (using a gold price of US$1,800/oz) in the JORC Inferred category for the Faré South prospect, and an additional, complementary Exploration Target range of 17Mt to 24Mt at a grade of 0.69g/t to 0.84g/t Au for 380,000oz to 650,000oz contained gold for all prospects at Senala. Best results to date include 20.00m grading 31.13 g/t Au including 10.00m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au from diamond drilling. A JV agreement was signed in July 2026 and a work programme is due to commence in August 2026.
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
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