Oriole Resources PLC has conditionally raised £1.8 million through a placing of 750 million new shares, priced at 0.24p, with proceeds to fund exploration at its gold assets in Cameroon during the 2025/26 field season.
Funding will support a step-out drilling programme at the MB01-S deposit on the Mbe licence, soil sampling on nearby Eastern CLP licences, and technical studies at the Bibemi project to support an exploitation licence application.
A further retail offer aims to raise up to £200,000 via the Winterflood Retail Access Platform.
“With the recent announcement of the completion agreement with BCM and today’s placing, the company is in excellent financial health,” said CEO Martin Rosser.
“Accordingly, we have appropriate funding for a busy and important work schedule planned for our Cameroon projects.”
Rosser also commented that 2025 has been a year of considerable achievement in the field, before the next phase of exploration kicks off in December.
“This programme is designed to convert the existing Exploration Target, with a range of 370,000oz to 605,000oz of contained gold, into JORC Resources. Further details on the planned programme will be announced shortly,” he added.
“In addition, for 2026 we are now well financed to undertake a significant additional programme of work including a proposed step-out drilling programme at MB01-S, which is open in all directions.”
“We are excited about the potential to add substantial value at all of our Cameroon projects and to intensify our focus on achieving a significant market valuation rerating for the Company based on the existing fundamentals and anticipated successful progress.”
