Cloud PRWire

Oriole Resources outlines 2023 achievements and future exploration plans

–News Direct–

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance.

Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects, resulting in an enhanced main resource at Bibemi to 375,000 ounces. The latter part of the year focused on negotiations with external investors, culminating in deals with BCM for 50% ownership and $4 million investment in each of the Bibemi and Mbe licences.

Smeeton detailed a 2.4 million operating loss, attributing it to non-cash items and emphasising cash preservation as a primary goal. The company secured project-level funding and a financing deal with Lanstead, providing monthly payments based on share price, which outperformed initial expectations.

Looking ahead, Oriole Resources plans extensive drilling and exploration, expecting significant expansion and new resource development, with a focus on a multi-pit gold operation and centralised processing facility. Additional work includes lithium target exploration and ongoing projects in Senegal.