Highlights

  • The amended technical report was submitted to Cameroon authorities to advance the exploitation licence process.
  • The internal PEA outlines an open pit scenario centred on the Bakassi Zone 1 deposit.
  • Future resource conversion and exploration targets indicate potential project scale expansion.

Oriole Resources PLC (LSE:ORR) has submitted an amended detailed technical report for its 50% owned Bibemi Gold Project in Cameroon. The submission was made to the Cameroon Ministry of Mines, Industry, and Technological Development as part of the ongoing Exploitation Licence Application (ELA) process. The updated report incorporates technical work completed during 2024 and 2025 and is intended to support discussions with government authorities.

Meetings between Oriole Resources and relevant Cameroonian government bodies took place recently in Yaoundé. These discussions form part of the negotiation period covering taxation, customs arrangements, and utilities pricing applicable to a potential open pit mining operation. Following this process, the company expects a decision on the exploitation licence during the first half of 2026.

PEA Scope and Resource Focus
The amended report includes an internal Preliminary Economic Assessment (PEA) based on an optimised open pit mine scenario. The assessment focuses on the extraction of approximately 89,000 ounces of in situ contained gold at an average grade of 2.20 grams per tonne. This scenario is largely centred on the Bakassi Zone 1 Indicated Mineral Resource Estimate, which contains around 100,000 ounces of gold and was published in May 2025.

The PEA uses a gold price assumption of USD 3,200 per ounce and applies an estimated metallurgical recovery of 85%. Cost estimates are prepared at scoping study levels of confidence, with an assumed margin of variation of plus or minus 30%.

Base Case Economic Parameters
Under the base case outlined in the PEA, the Bibemi Project is modelled with a life of mine of seven years. Total gold production over this period is estimated at 72,000 ounces, with average annual production of approximately 10,000 ounces. The assessment estimates an average all-in sustaining cost of USD 1,243 per ounce over the life of mine.

Initial capital expenditure is estimated at USD 60.4 million. At a gold price of USD 3,200 per ounce, the project generates an after-tax net present value at an 8% discount rate of USD 12.8 million and an equity internal rate of return of 19%, subject to final agreement on fiscal terms. Total after-tax free cash flow is estimated at USD 39.8 million, with a payback period of approximately four years. Sensitivity analysis at a gold price of USD 4,000 per ounce shows higher projected cash flows and net present value.

Expansion and Upside Considerations
The PEA incorporates less than 20% of the project’s total contained gold resources. Beyond the Bakassi Zone 1 Indicated Resource, the Bibemi Project includes additional JORC-compliant Mineral Resources totalling approximately 371,000 ounces of contained gold. The wider project area also hosts an Exploration Target ranging from 3 to 5 million tonnes at grades between 1.50 and 2.50 grams per tonne, representing between 145,000 and 400,000 ounces of contained gold.

Share Price Snapshot
ORR was trading at GBX 0.32 per share as of 16 December 2025.