Oriole Resources PLC (AIM:ORR) formalised financing terms with BCM International under existing earn-in agreements for the Bibemi and Mbe gold projects in Cameroon.
Under a completion agreement that has been signed, BCM will make three equal monthly payments totalling US$900,000 starting in November 2025 and contribute US$300,000 towards a fully funded 2,950m diamond drilling programme at the MB01-N target, scheduled to begin next month.
The drilling at MB01-N will target the conversion of an existing JORC exploration target of between 370,000oz and 605,000oz of gold into a formal resource.
The prospect lies 700 metres northeast of the MB01-S deposit, where a maiden inferred resource of 870,000oz was reported last month.
"We are delighted that, with our partner BCM, we will be moving swiftly to starting the maiden drilling of MB01-N,” said chief executive Martin Rosser.
Upon completion of the agreed payments and drilling spend, BCM will earn a 50% interest in each of the Bibemi and Mbe licences.
The cash will also support metallurgical test work at Bibemi and ongoing exploration in Cameroon.
“In addition, the completion agreement with BCM will mean that the next phase of important mineralogical and metallurgical testwork on selected Bibemi representative samples can commence once they are delivered to the independent testing laboratory,” CEO Rosser added.
As at 31 October 2025, Oriole reported a cash balance of £0.64 million (US$0.84 million), following recent payments from BCM.