Oriole Resources : Annual Report and Accounts

ORIOLE RESOURCES PLC

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Annual Report

Quality Exploration in

Highly Endowed Gold

Districts

Contents

Highlights	page 2
About Oriole Resources PLC	page 4
Chair's Statement	page 13
Strategic report	page 15
Report of the Remuneration Committee	page 33
Report of the Audit and Risk Committee	page 36
Directors' report	page 38
Independent Auditor's Report to the members of Oriole Resources PLC	page 40
Financial statements:
Statement of consolidated comprehensive income	page 45
Statement of consolidated financial position	page 46
Statement of consolidated changes in equity	page 47
Statement of consolidated cash flow	page 48
Statement of Company financial position	page 49
Statement of Company changes in equity	page 50
Statement of Company cash flows	page 51
Notes to the financial statements	page 52
Advisors & offices	page 76
Glossary	page 77

Oriole Resources PLC

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Highlights

Operational Highlights:

• Definition of an independently calculated maiden JORC-resource at the Bibemi project in Cameroon. The 305,000 Troy ounces ('oz') gold ('Au') Inferred resource, grading 2.19 grammes per tonne ('g/t'), is the first JORC-Resource reported for orogenic gold in Cameroon and is supported by a further JORC- compliant Exploration Target estimated to be up to 148,000 oz at grades of 1.10 - 2.10 g/t Au;
• Early-stagesoil sampling on the Eastern CLP licences, forming part of the Central Licence Package ('CLP') project in Cameroon, has identified multiple gold-anomalous zones, including a 12.5 kilometre ('km') anomaly within the Mbe licence. Recent rock-chip sampling of quartz veins and their host rocks at Mbe have also returned grades of up to 134.10 g/t Au;
• Identification of anomalous lithium ('Li') in soils on the Ndom licence, also in the Eastern CLP, is associated with a pegmatite-bearing granite outcrop. The Group has successfully applied for and been granted a further 499 kilometres squared ('km2') licence, Gamboukou, contiguous to Ndom, and expected to exhibit the same Li-bearing granite;
• At the Senala project in Senegal, IAMGOLD Corporation ('IAMGOLD') confirmed that it had met the expenditure requirements to exercise its option to acquire an initial 51% interest in Senala, and continued its exploration expenditure with a view to completing up to a further US$4 million ('M') expenditure to earn up to a 70% interest in the project by February 2024;
• In December 2022, IAMGOLD announced the conditional sale of its interest in Senala to Managem Group ('Managem'), a North African-based mine developer and operator, as part of a wider deal that will also see Managem take ownership of IAMGOLD's Boto mine-development project, located to the east of Senala.

Financial Overview:

• Incoming funds totalling £0.90M have allowed for £0.84M of direct exploration expenditure in Cameroon, as the Group advanced its projects;
• Operating loss of £0.53M for the year to 31 December 2022 (2021: £1.44M), an improvement which includes a favourable £1.11M swing in unrealised foreign exchange movements;
• Loss for the year of £1.56M (2021: loss of £1.56M) inflated by £1.45M impairment provision against the Company's holding in Thani Stratex Resources, a legacy asset. The impairment provision has no cash- flow implications;
• Administrative expenses increased to £1.18M (2021: £1.08M).

Tim Livesey, CEO of Oriole, commented:

"We are pleased to celebrate yet another year of exploration success in Cameroon in 2022.

"The drilling programme at the Bakassi Zone 1 target on the Bibemi licence, led to the delivery of Oriole's maiden JORC compliant Resource in Cameroon. We were particularly pleased by the high level of conversion from the early JORC Exploration Target to JORC Inferred Resource, and also by the robust grade of the resource, giving a first pass estimate of 305,000 oz at 2.19 g/t Au.

"This maiden resource has given us confidence that the Bibemi licence area has ample potential to host a much more significant resource, as the Bakassi Zone 1 deposit is open ended along strike to the northeast and at depth, and there are three additional gold targets within a 3 km footprint, leading to the possibility of developing a multi-pit mine with a central processing facility.

"An excellent result for Oriole and for Cameroon, opening the focus for orogenic gold deposits in the country.

"Elsewhere in Cameroon, work on the Eastern CLP has also shown great progress, with the development and early assessment of several gold anomalous drainage basins. Soil sampling and mapping has led to the development of several significant and sizeable gold targets, the largest of which stretches over 12.5 km. Early assessment of these gold-in-soil anomalies appears to support our hypothesis that the CLP hosts a gold corridor, some 15 km wide and up to 70 km long, in which there is the potential to host multiple gold deposits.

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Highlights (continued)

"This is a very encouraging result for Oriole, as it confirms our proposition that this area of Cameroon is a new gold district. Previously un-explored, we have only just begun to lift the lid on the opportunities in this area and are pleased to be heading into 2023 with firm targets developing for a follow up, prospect-wide drill programme.

"Cameroon has also delivered some positive surprises in other commodities, with the identification of lithium anomalism on the CLP. First identified during our early multi-element stream and soil sampling programmes, follow up work is ongoing to confirm whether the host granitoids and pegmatites could form a source of hard rock lithium. A solid addition to the opportunity in Cameroon, we will be following up on these areas in 2023 and have also applied, and been granted, an extensional licence to capture more of this anomalism to the southeast of the current CLP footprint.

"Cameroon is therefore continuing to develop and deliver success after success for Oriole, vindicating our decision to enter into this new frontier for gold exploration.

"Delays in access to the three licences in the Western CLP have continued but, with the pragmatic support of the Ministry, we have requested their temporary suspension, pending the resolution of some concerns raised by owners of an international hunting concession in the area. In the meantime, we will continue to focus our efforts on the Eastern CLP.

"Elsewhere in the Group, work in Senegal on the Senala licence by our partner IAMGOLD, and on the asset realisation programmes in Turkey, continued. As we reached the end of the year, IAMGOLD informed us of their wish to sell their interest in the Senala licence as part of a West Africa-wide divestment strategy. We are currently in discussions with IAMGOLD and Managem Group as to the effect of the transaction and the timing of further exploration at Senala.

"The success we are having in Cameroon is hugely disconnected from the value the market is ascribing to those assets, and to Senala. At the current share price we believe we are more likely to see a better reflection of our value by looking for finance at the project level wherever possible, and that is what we are doing, alongside the continued efforts to realise value from the legacy assets."

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About Oriole Resources PLC

Who we are:

Oriole Resources PLC is an exploration and development company focusing primarily on gold and high-value base metals.

The Company is incorporated and domiciled in the UK. The Company's shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange (company number: 05601091).

Directors:

Eileen Carr (Non-Executive Chair, appointed 17 February 2022)

Tim Livesey (Chief Executive Officer)

Bob Smeeton (Chief Financial Officer)

Claire Bay (Executive Director for Exploration & Business Development)

David Pelham (Non-Executive Director)

See Company's web site for the directors' biographies: www.orioleresources.com

Our strategy:

The Company operates a project generator model but remains flexible with respect to the development pathway of each project in order to maximise value-add for the benefit of its shareholders. This strategy of identifying and developing a highly-prospective portfolio of gold and base metal assets, a number of which are in emerging economies, is designed to allow for the excellent returns that are possible on quality exploration projects whilst minimising the inherent risks that exist in a single project.

Lifecycle of a single project

The greatest opportunity for adding value to a project is illustrated by the Lassonde Curve, which follows the relative value of project ownership interests from early stage to mine production:

Oriole Resources PLC

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