Oriole Resources plc said it had received US$220,000, with a further $80,000 later this quarter, from its interests in the Turkish gold mining projects of Hasançelebi and Doğala.
PARTNER
The company will use the total sum for exploration in Cameroon.
The original 2019 deal saw the company’s local subsidiary sign a $1.38 million exploration agreement with Bati Toroslar, to which it transferred development of its two early-stage licences.
Oriole retained its right to a $500,000 success-based payment, a 1.5% net smelter return royalty on future precious metals production, and a 5% NSR royalty on future production of any other metals or industrial raw minerals’p.
In 2020, the company signed a $250,000 royalty sale agreement with Bati and received the first tranche of $30,000 cash, with the balance of $220,000 due on start of construction or sale of one or both licences.
In May 2024, Bati sold Hasançelebi, triggering payment of the outstanding $220,000, which Oriole has now received.
The company also agreed to settle the potential success-based $80,000 payment, expected during June.
Chief executive Martin Rosser said: “Realising value from the company’s legacy assets in Turkey has been a protracted process and so we are delighted to announce incoming proceeds of $300,000 from Bati Toroslar, as settlement of all amounts owing and potentially owing by them.
“Bati Toroslar has been a good partner to Oriole and, following its decision to sell the Hasançelebi project, has been exemplary in honouring its commitments to Oriole under the exploration agreement and the royalty sale agreement.
“Agreement to settle the success-based payment came after careful consideration by the board, taking into account the risks and timelines upon which receipt of the full success-based payment would be contingent.”