Oriole Resources PLC reported that it's partner on the Senala gold project in Senegal, IAMGOLD Corporation, has signed a definitive agreement to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group for an aggregate consideration of approximately USD 282 million. Included in the sale is IAMGOLD's interest in the Option Agreement on Senala, where IAMGOLD has recently earned a 51% initial interest in Senala by spending USD 4 million over four years and can earn up to a further 19% (total 70%) by spending an additional USD 4 million before the end of February 2024. Oriole notes that the Transaction is subject to certain regulatory approvals as well as other closing conditions and IAMGOLD expects the Transaction to close early in the third quarter of 2023.

Oriole is currently in discussions with IAMGOLD as to the effect of the Transaction and the timing of further exploration at Senala, and will update the market in due course.