Oriole Resources PLC provided an update for its 82.2% owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in the North region of Cameroon, where a Phase 5 drilling programme has commenced at the Bakassi Zone 1 prospect. BCM International Limited ('BCM'), is currently funding up to US$4 million in exploration expenditure at Bibemi in return for up to a 50% interest in the Project. Highlights: In January 2024, the Company reported an updated Mineral Resource Estimate ('MRE') for Bakassi Zone 1 of 5.1 million tonnes grading 2.30grammes per tonne ('g/t') gold ('Au') for approximately 375,000 ounces ('oz') Au in the JORC Inferred Resources category.

The MRE is from surface and remains open along strike to the northeast and at depth, and there exists significant upside potential in the wider licence; The Phase 5 drilling programme has been planned for 7,060 metres ('m') in 62 holes, targeting the main MRE area, BZ1-MRE (for 4,560m in 37 holes), and two along-strike target areas, BZ1-NE and BZ1-SW (for 2,500m in 25 holes), where exploration to date has confirmed coincident geochemical and geophysical anomalism. See announcement dated 25 March 2024 for further details; Drilling has now commenced at the BZ1-MRE area, where infill and extensional drilling will be focussed on upgrading and expanding the current MRE. Subsequent drilling at the BZ1-NE and BZ1-SW targets will befocussed on identifying additional, near-surface resources within 1 to 2 kilometres ('km') of the existing MRE; Logistical challenges, largely related to the Red Sea shipping crisis, have delayed the start of the drilling but provisions have been put in place to enable the programme to continue into the rainy season; Results are expected during third quarter 2024 and fourth quarter 2024; Technical studies remain ongoing and will form part of the application for an Exploitation Licence to be submitted later this year; Additional surface exploration is also continuing within the wider licence area.

At the Bibemi orogenic gold project in the North region of Cameroon (177km2 in area), the Company's exploration to date has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a circa 12km long mineralised hydrothermal system at surface. Since Q1-2021, the Company has completed four phases of diamond drilling at the Project for a total of 6,685.40m in 54 holes. The majority of the drilling to date has been focussed on a circa 1km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.7 4g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9 February 2022 and 15 September 2022).

The shear corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of steeply-dipping quartz and quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins. Both vein sets appear to be mineralised. In January 2024, the Company reported an updated MRE for the Bakassi Zone 1, as part of ongoing technical studies to support the application for an Exploitation Licence later this year.

The MRE for Bakassi Zone 1 now stands at 5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 oz Au in the JORC Inferred Resources category, based on a lower 0.45 g/t Au cutoff grade and within a US$2,000/oz gold price pit shell (announcement dated 15 January 2024). The Company reports that a Phase 5 diamond drilling programme is underway for a planned 7,060m in 62 holes (announcement dated 25 March 2024). Drilling will initially comprise infill and extensional drilling at the BZ1-MRE zone, where 4,560m in 37 holes will focus on upgrading and expanding the current MRE.

The remaining 2,500m in 25 holes will test the BZ1-NE and BZ1-SW targets, located along-strike of Bakassi Zone 1, where a combination of surface data and sub-surface geophysical anomalism has deemed them to be prospective for gold mineralisation. These holes will focus on identifying additional, near-surface resources within 1 to 2km of the existing MRE. All holes will be drilled to a maximum downhole depth of 160m from surface and will be a mixture of inclined (-50 degrees) and vertical holes.

As a result of logistical challenges, largely related to the Red Sea shipping crisis, the programme has faced a delayed start and will now be run well into the rainy season, although provisions have been put in place to make this possible. The drilling programme is currently scheduled to take approximately 4.5 months and results are anticipated during Q3-2024 and Q4-2024. Technical studies relating to the proposed mine design, environmental, social and governance aspects of the project continue and will be submitted as part of an Exploitation Licence application later in 2024.

Mapping and rock-chip sampling is also ongoing within the wider Bibemi licence area. Anything significant that comes from these programmes will be reported.