Oriole Resources PLC (AIM:ORR) has received $220,000 for its legacy interests in the Hasançelebi and Doğala mining projects in Turkey and expects to receive a further US$80,000 later this quarter.
The total consideration will clear all outstanding amounts due to Oriole from partner Bati Toroslar from an exploration agreement signed in 2019 and a royalty deal from 2020.
Proceeds will be used primarily to fund further exploration work in Cameroon.
Martin Rosser, Oriole’s chief executive, 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 US$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."