Oriole Resources plc said it had started the year in a strong position after a successful 2021 for its gold portfolio in Africa and copper-gold interests in Turkey.
FINANCES
In its final results for the year ended 31 December 2021, the company reported funds of £2.43 million to allow £1.78m of direct exploration expenditure in Cameroon.
Oriole recorded an operating loss of £1.44m (2020: £0.34m), including a £0.89m loss due to foreign exchange movements which had no monetary impact on the group.
Administrative expenses increased to £1.08m (2020: £1.02m) following the ease of cost saving measures introduced during 2020 in response to Covid-19.
During October 2021, the company completed a £1.8 million fundraise.
OPERATIONS
The company completed three phases of diamond drilling for a total 6,154.10m at the Bibemi project in Cameroon.
Following the award of eight contiguous licences during Q1 2021, Oriole began exploration at the 3,592km2 Central Licence Package.
In Senegal, Oriole’s joint venture (JV) partner IAMGOLD Corporation completed 689.50m diamond drilling at the Faré South target and a total of 7,002 m reverse circulation (RC) drilling over the Faré Far South and Faré North targets.
This resulted in an initial mineral resource estimate of 155,000 oz gold grading 1.26 g/t in the inferred category at Faré South.
LEGACY ASSETS
Oriole has a portfolio of legacy assets throughout East Africa and Turkey, which are the subject of an on-going asset realisation programme.
Chief executive Tim Livesey said that progress had been made, with continuing advancement towards royalty stage at its Turkish assets.
The company continues exploration on the Djibouti exploration assets and with a new private company investing into Thani Stratex Resources’s assets in Egypt.
PROJECTS
Mr Livesey added that 2021 had proven to be a “bounce-back” year for Oriole.
“Our team has delivered across all projects with a 100% success rate.
“Most importantly, the programmes have all advanced quickly and efficiently, with a high percentage of the group’s spend being on direct exploration, allowing us to ‘succeed or fail fast’.
“In this way, we ensure our investors’ money is spent efficiently, in a targeted way and on those projects that best merit further focus and development.
“2021 has been a year of steady and successful progress across all fronts and we are excited to be entering 2022 in such a strong position.”