Oriole Resources (LSE:ORR) reported a pre-tax profit of £0.99 million for the six months ended 30 June 2026, supported by the recognition of BCM’s 50% interest in the Mbe gold project in Cameroon.
The AIM-listed exploration and development company also reported an increase in the mineral resource at Mbe, alongside further exploration activity across its Cameroon portfolio and the completion of a joint venture agreement for its Senala project in Senegal.
The group recorded the interim profit despite continued exploration expenditure and a reduction in its cash balance.
Mbe Gold Resource Increases to 1.66 Million Ounces
Oriole reported an updated JORC Inferred Mineral Resource for the Mbe gold project of 50.60 million tonnes grading 1.02 grams per tonne of gold, containing approximately 1.66 million ounces.
The resource update followed maiden drilling at the MB01-N prospect and extensional drilling at MB01-S.
The project is held in partnership with BCM, which has a 50% interest recognised during the reporting period.
The revised resource estimate represents a further stage in the company’s exploration and resource definition programme at Mbe.
Eastern CLP Exploration Identifies Additional Gold Targets
Exploration continued across Oriole’s Eastern Central Licence Package (CLP) in Cameroon, with mapping and sampling programmes undertaken at the Pokor, Ndom and Niambaram prospects.
The company reported gold grades from sampling and identified geological characteristics that it considers comparable to those observed at Mbe.
Further exploration work will be informed by outstanding soil and auger sampling results, which are expected to help determine the next stages of activity across the licences.
The Eastern CLP programme forms part of Oriole’s broader exploration activities in Cameroon, where it is assessing additional prospects alongside its established gold projects.
Bibemi Studies Advance Ahead of Exploitation Licence Application
At the Bibemi gold project in Cameroon, Oriole continued metallurgical testing and mine planning studies to support an application for an exploitation licence.
The proposed development involves a small-scale gold mining operation.
The company also reported progress in discussions with the Government of Cameroon and state mining company SONAMINES regarding the project.
Oriole is seeking to advance Bibemi towards commercial production, although the proposed mine remains subject to the exploitation licence process and further development work.
The company has identified Bibemi as a potential commercial hard-rock gold mining operation in Cameroon.
Senala Joint Venture Agreement Completed
In Senegal, Oriole completed a joint venture agreement for the Senala gold project with AGEM, a subsidiary of Managem.
Under the arrangement, AGEM plans to undertake a US$2 million exploration programme comprising drilling and auger work.
The programme is intended to advance exploration at Senala and provide additional geological information to support further assessment of the project.
The agreement forms part of Oriole’s approach to progressing its exploration portfolio through partnerships.
Wapouzé Limestone Project Completes Drilling and Geophysics
Oriole also completed diamond drilling and geophysical work at the Wapouzé limestone project in Cameroon during the reporting period.
The results will provide the basis for preparing either a maiden mineral resource estimate or an exploration target.
The project represents Oriole’s exposure to industrial minerals alongside its gold exploration and development activities.
Interim Profit Reflects Recognition of BCM Interest
For the first half of 2026, Oriole reported a pre-tax profit of £0.99 million, reflecting the recognition of BCM’s 50% interest in the Mbe project.
The result marked a return to profitability for the reporting period, although the company continued to incur expenditure on exploration and technical studies.
Its cash balance declined during the six months.
Oriole’s ongoing activities include resource definition at Mbe, exploration across the Eastern CLP licences, technical studies at Bibemi and the planned exploration programme at Senala.
The next stages of work will include assessing outstanding exploration results, progressing Bibemi’s exploitation licence application and advancing the technical evaluation of Wapouzé.
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