Oriole Resources PLC (AIM:ORR), which specialises in gold exploration in West Africa, provided updates on its Bibemi and Mbe gold projects in Cameroon.
The company is nearing earn-in agreements with BCM International Limited, slated for January 2024. BCM will acquire up to a 50% interest in both projects by paying signature payments ($450,000 for Bibemi, $1 million for Mbe) and funding $4 million in exploration per project.
Already, significant investment has been made in Bibemi, with further progress expected at Mbe.
Concurrently, negotiations and renewals for other projects, including Senala in Senegal and Wapouzé, are underway, contributing to the optimistic market response.
At 8.07 am, the stock traded sideways at 0.17p. It was up 11.5% on the last day of 2023 trading.