Oriole Resources PLC reported that, further to its announcements on 20 November 2023, it has signed a definitive earn-in agreement ('Earn-In Agreement') with BCM International Limited ('BCM') in relation to the Company's Mbe gold project ('Mbe') in Cameroon. This is Oriole's second earn-in agreement with BCM, having signed a similar deal earlier this month in relation to the Company's Bibemi gold licence in Cameroon (announcement dated 5 January 2024). On 20 November 2023, the Company signed a Heads of Terms withBCM International Limited, a well-respected mining and civil contractor, related to an earn-in by BCM on the Company's Mbe (90%-owned) gold project.

Mbe (312km2) is an early-stage project located within the broader 2,266km2 Eastern CLP package of contiguous gold-focussed licences in central Cameroon ('Eastern CLP' or the 'Licence Package'). During 2023, the Company identified a 3km-long geological zone containing areas of high-grade gold mineralisation with results of up to 134.10 grammes per tonne ("g/t") gold ("Au") from surface samples and artisanal workings (announcements dated 30 January 2023, 27 February 2023 and 21 June 2023). The Company reports that a definitive Earn-In Agreement has been executed for Mbe, securing up to USD 4 million in exploration expenditure, in addition to a USD 1 million Signature Payment and JORC resource linked success-based payments (announcement 20 November 2023).

This is Oriole's second earn-in agreement with BCM, having signed a similar deal earlier this month in relation to the Company's Bibemi gold licence in Cameroon (announcement dated January 2024). Completion of the Mbe Earn-In Agreement, and receipt of the Signature Payment, is conditional on the successful outcome of a due diligence review by BCM, ending no later than 31 January 2024. To date, BCM has completed (at its own cost) a three-week long site visit at Mbe and has collected 639 rock samples, each weighing 2-5 kilograms, over the main 3km-long zone (announcement dated 2 January 2024).

Analysis of the samples (together with 68 QAQC samples, for a total 707 samples) is being undertaken by Intertek Ghana, predominantly for Fire Assay analysis but also for some preliminary metallurgical testwork (bottle-roll leach test) to ascertain the recoverability of the gold. Results are expected later this month. Following a successful completion of the due-diligence review, the balance of the Signature Payment will be made in two tranches, with the first tranche of USD 500,000 to be made on or before 31 January 2024 and the balance of USD 450,000 to be paid on or before 29 February 2024.