Oriole Resources plc’s expenses increased during H1 2021 with the resumption of full-time wages and exploration activities following Covid-19 cost-saving measures at the company’s projects in West Africa.
FINANCES
Oriole’s projects progressed at Bibemi and Central Licence Package in Cameroon and Senala in Senegal.
In its interim results to 30 June 2021, the group recorded a pre-tax loss of £0.87 million (H1 2020: profit of £0.17m).
Administrative expenses increased to £0.52m (H1 2020: £0.42m).
Exploration expenditure was £0.97m mainly comprising the costs of the initial drilling programme in Cameroon and the stream sediment sampling programmes over the Central Licence Package (CLP).
The group held a strong cash balance as at 30 June 2021 of £0.87m (H1 2020: £0.19).
OTHER INTERESTS
Non-executive chairman John McGloin added that the company’s three key legacy assets were moving forward along development routes that would enhance their value.
TURKEY
In Turkey, Oriole has a 1.2% royalty interest on the Muratdere copper-gold porphyry project which is undergoing an environmental impact assessment, while drilling continues on the Hasançelebi gold project.
DJIBOUTI
Oriole’s trade investments are in Thani Stratex Djibouti (TSD) which completed 687.80m diamond drilling and 2,508m RC drilling at the Assaleyta project in Djibouti in which Oriole has 10.61% interest.
EGYPT
Progress has also been made at Thani Stratex Resource’s assets in Egypt with a new earn-in partner looking to extend the 729,000 oz Au resources on the Hutite licence.
Oriole holds 24.92% in Thani Stratex Resources and expects the planned drill programme to start during H2 2021.
BENIN
The company also has an investment in oil exploration company Elephant Oil Ltd in Benin.
In 2021, Oriole was notified that Elephant Oil Ltd was fundraising ahead of a listing on NASDAQ.
Oriole said it had not revalued the investment but noted the potential for the company’s holding to be revalued and become a liquid asset.