Oriole Resources PLC (AIM: ORR) has conditionally raised £1.8 million through a placing of 750 million new shares at 0.24p, securing funding for an expanded exploration programme across its Cameroon gold portfolio during the 2025/26 field season.
The proceeds will support a step-out drilling campaign at the MB01-S deposit on the Mbe licence — where mineralisation remains open in all directions — alongside soil sampling across nearby Eastern CLP licences. Funding will also advance technical studies at the Bibemi project, aimed at underpinning a future exploitation licence application.
A further retail offer seeks to raise up to £200,000 via the Winterflood Retail Access Platform, giving private investors an opportunity to participate.
CEO Martin Rosser hailed the company’s strengthened balance sheet following the recent completion agreement with BCM, saying:
“With the recent announcement of the completion agreement with BCM and today’s placing, the company is in excellent financial health. Accordingly, we have appropriate funding for a busy and important work schedule planned for our Cameroon projects.”
Rosser also emphasised that 2025 has been a year of major field achievements, with the next phase of exploration kicking off in December:
“This programme is designed to convert the existing Exploration Target — ranging from 370,000oz to 605,000oz of contained gold — into JORC Resources. Further details on the planned programme will be announced shortly.”
Looking ahead, he added:
“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. 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.”
