Can you provide an introduction to Oriole Resources?

Certainly. Oriole Resources is a gold exploration and development company based in London. While our rebranding took place two years ago, we have been listed on the Alternative Investment Market (AIM) since 2006. Our primary focus is on Cameroon and Senegal, where we hold ongoing exploration licenses. Additionally, we have legacy assets at various stages of permitting and development, primarily located in Turkey. Oriole is known for its agility and boasts a highly capable technical team. Our expertise lies in high-risk opportunities in new frontier regions, where we aim to de-risk projects and add value early on to maximize returns for our investors.

What attracted Oriole to the Bibemi and Wapouzé assets in the north-east of Cameroon?

Bibemi and Wapouzé are two gold discoveries made in 2012 by Reservoir Minerals. After Reservoir Minerals conducted basic sampling and trenching, they sold the licenses in 2016. When I joined Oriole in 2018, I saw the opportunity to explore Cameroon, a country that lies in a geologically compressed area between the Congo Craton and the West Africa Craton. The Cameroonian government has collaborated with the World Bank to enhance the country’s appeal to explorers, following the example of Senegal and Mali in the 1990s. Geologists from BRGM and GTK conducted country-wide geological mapping, while the government revamped the licensing structure and cadaster system to attract explorers like us for further exploration work.

What are the highlights of the first soil samples obtained from Bibemi and Wapouzé?

Both licenses have shown significant gold anomalism. At Wapouzé, we identified a striking 13 kilometers of gold anomalism, while Bibemi exhibits over 20 kilometers. Our focus has been on the Bakassi zone, which features two parallel trends extending across approximately 6 kilometers. Ground samples have yielded impressive results, including grab samples with gold content well over 100 grams per metric ton. Equally important is the indication of high volumes. In 2018-2019, Oriole conducted a trenching program covering 12,500 meters, which identified strong mineralization along both trends. We are now preparing to commence drilling by the end of September to gain a third-dimensional understanding of this 6-kilometer zone, define targets, and, hopefully, establish a resource.

Can you provide the latest milestones from the Senala project in Senegal and elaborate on the agreement with IAMGOLD?

The Senala license, previously known as Dalafin, covers an extensive area of over 470 square kilometers in the central region of the Kédougou-Kéniéba inlier (KKI line). We approached the government in 2019 to relinquish the entire license and reapply, leading to the name change to Senala. Within this license, we have identified five geochemical targets. Our Saroudia and Madina Bafé targets are located west of IAMGOLD’s Boto gold project, which contains 2.5 million ounces of gold and presents an opportunity for satellite pits. We entered into an agreement with IAMGOLD, whereby they can earn 70% ownership by providing US$8 million over six years. IAMGOLD is currently in the third year of the agreement and is exploring the Faré target, which has the potential to become a standalone open pit mine.

Some mining juniors operating in African countries trade at a discount due to perceived risks. How do you convince the market of Cameroon’s attractiveness?

Cameroon is geologically promising, featuring large-scale, deep-tapping structures. However, historic concerns related to corruption and security have caused the country to be overlooked. It’s important for investors to understand that Cameroon has undergone significant political changes in the last decade, leading to improvements in governance and laws. While some West African countries have become more challenging to work in, Cameroon has become increasingly stable and investor-friendly. Last year, Oriole applied for eight new licenses covering approximately 3,500 square kilometers in central Cameroon. Investors may be hesitant until we commence our maiden drilling campaign later this year and reveal the results. However, we have several interested parties eagerly waiting to assess the outcome. It’s worth noting that only a handful of groups are actively exploring for gold on the ground in Cameroon, and we are one of them.

What is your perspective on current gold prices, and how will a consolidated spot price impact the exploration space in West Africa?

The high gold prices have already had an impact, with many junior mining companies experiencing revaluation. The advantageous aspect of West African gold is the short timeline between discovery and production. West African governments are known for their responsiveness, resulting in relatively fast licensing processes. This aspect will prove crucial as the medium to long-term outlook for gold remains positive, especially after crossing the barrier of US$2,000 per ounce. While the price may experience fluctuations in the next 12 months, I expect it to hover around this figure. Miners will consider higher base price predictions, potentially around US$1,400-1,500 per ounce, when planning for the long term. If the gold price remains above US$1,500, we can anticipate the development of many new projects.

What is next for Oriole Resources, and what is your final message?

Oriole has three primary focuses. First, we are mobilizing equipment in Cameroon to commence drilling on our targets. Second, we aim to extract value from our legacy assets. Lastly, we continue to seek new opportunities within the African-European time zones. The cash generated from the sale of our Turkish royalties and other assets will be utilized to advance our projects in Cameroon. While the ongoing pandemic may introduce unpredictable challenges, we believe we are well-equipped to overcome them.