Oriole Resources PLC (AIM:ORR) CEO Martin Rosser talked with Proactive about the company’s latest agreement with BCM International and its impact on gold exploration projects in Cameroon.
The agreement secures $900,000 in cash and a further $300,000 in direct drilling expenditure, providing full funding for a 2,950-metre maiden drilling program at the Mbe North target. Rosser said the deal was “a clear validation of our exploration strategy in Cameroon” and underlined BCM’s continued confidence in the Bibemi and Mbe projects.
Rosser described the partnership with BCM as one based on shared commitment and technical expertise, highlighting that BCM’s operational and financial support allows Oriole to progress drilling and metallurgical work without shareholder dilution.
The Mbe North program, expected to commence in December, aims to convert an exploration target of 370,000 to 605,000 ounces of gold into a maiden JORC-compliant resource. This follows a previously reported 870,000-ounce JORC Inferred resource at nearby Mbe South, which Rosser described as “a transformational step” for the company.
Looking ahead, Oriole will continue preparatory work at Mbe North, conduct metallurgical testing at Bibemi, and advance its exploitation licence application in Cameroon.
Proactive: Martin, very good to speak with you. What does the completion agreement with BCM International mean for Oriole Resources and your projects in Cameroon?
Martin Rosser: Well, firstly good morning to you and good morning to viewers. And delighted to expand on today's important announcement. So the completion agreement represents an important milestone for Oriole Resources. It further strengthens our partnership with BCM International. It provides $900,000 in cash payments and with $300,000 in direct drilling expenditure, full funding for the next phase of exploration at Mbe, which will be a 2,950 metre maiden drilling program at Mbe North.
The agreement reflects BCM’s continued confidence in the potential of both Bibemi and Mbe, and it's a clear validation of our exploration strategy in Cameroon. And, emphatically, the quality of the assets that we've developed there and have made great progress with.
Proactive: Martin, how would you describe the partnership with BCM and the value it brings to advancing both the Bibemi and Mbe projects?
Martin Rosser: Our partnership with BCM is built on shared commitment, technical expertise and a long-term vision to unlock value in Cameroon’s gold potential. BCM brought significant mining operational capability and financial strength, enabling us to accelerate the drilling and metallurgical work at the projects without shareholder dilution. By meeting the commitments under the earn-in structure, BCM will earn a 50% interest in both projects, aligning our interests fully as we move forward towards resource growth and potential mine development.
So it's a very strong relationship. We've thoroughly enjoyed working together with them, and we look forward to the continuing mutual benefit that we have with them.
Proactive: Now, can you tell us a bit more about the upcoming Mbe North drilling program and what you're hoping to achieve?
Martin Rosser: So the Mbe North program, as I mentioned, will comprise 2,950 metres of diamond drilling. We expect it to begin in December this year. The aim is to convert the current exploration target that we have there — of 370,000 ounces to 605,000 ounces range of contained gold — into a maiden JORC-compliant resource for the Mbe North target.
This program follows the success we've already achieved at Mbe-01 South, located just 700 metres away, where we recently reported the excellent initial 870,000 ounces of JORC Inferred resource. The Mbe North program will build on that success and is targeting further resource growth and demonstrating the scalability of the very substantial Mbe gold system that we have already identified.
Proactive: Martin, how significant is the Mbe South maiden JORC resource in shaping Oriole’s future exploration plans?
Martin Rosser: Well, the maiden resource at Mbe South was a transformational step for the company. It provided the first independently verified measure of the gold potential within our Cameroon portfolio. And it gives us a strong platform to expand upon that. The resource not only validates our geological model, but also gives us the confidence to target nearby zones — as in Mbe North, as mentioned — with greater precision. It is a key building block in our longer-term goal of defining a multi-million ounce gold district in Cameroon.
Proactive: What can shareholders and investors expect from Oriole over the coming months, Martin?
Martin Rosser: Well, we expect a very active period ahead. In the short term, we will be doing the preparation work for the Mbe North drilling program while progressing additional metallurgical test work at Bibemi. At the same time, we’ll intensify our discussions with the Cameroon government around the exploitation licence application. And we look forward to doing that very soon.
Combined with the cash payments from BCM, this agreement will strengthen our balance sheet and it positions us to deliver meaningful progress across our portfolio as we move with considerable confidence into 2026.
Proactive: Martin, I hope you'll continue to keep us updated with your progress. Thank you very much for the update today.