Oriole Resources PLC (AIM:ORR) dubbed the last financial year a "very exciting time", with two programmes underway in Cameroon's Bibemi and Mbe projects and results expected in the coming months.
The group reported £2.3 million in losses, inflated by a legacy impairment provision, revaluation of a receivable and an adverse foreign exchange movement, all of which had no cash-flow implications.
Administrative expenses were reduced by 4% and the cash outflow from operations by 59% as cash-saving measures were introduced.
A lack of cash hindered exploration, although the cash position has significantly improved with the signing of the two agreements with BCM. Since year end, Oriole has received US$1.5 million of signature payments.
Chief executive Tim Livesey said 2023 was "a year of consolidation in a very difficult market for junior explorers".
"The group enters 2024 in a much stronger financial position than it was in for much of 2023. With monthly incoming funds from the Lanstead Agreement, and an excellent partner providing funding on two of our licences in Cameroon, the board remains convinced that the share price does not yet fully reflect the progress that has been made across the group's portfolio.
"However, with fieldwork underway, the prospects for the group are excellent and hindsight will show 2023 to have been a difficult but ultimately transformational year."
Agreements were signed on both Bibemi and Mbe in November, followed up by definitive agreements for both projects this January. These agreements include US$4 million of exploration funding for each of the projects, plus the signature payments received.
Livesey also highlighted a change of joint venture partner at Senala, with Managem taking over and continuing to explore the prospective Faré targets.
"As we close out the year, we are very pleased to be one of the few junior explorers carrying out true greenfield exploration in a new jurisdiction, with cash in the bank and a strong partner funding and advancing exploration at two of our 11 licences in Cameroon," he said.
Chair Eileen Carr said if drilling at Mbe confirms additional ounces, it is envisaged that the deposit will be mined as an open pit operation. She said the intention is to submit an application for a mining licence over this area in 2024.
She also noted that the company continues to pursue sums due in respect of legacy assets in Turkey and pledged to update the market when any progress is made.