Oriole Resources PLC (LON:ORR) has received income of two million Turkish lira, or around US$341,000, in the year to date from success-based payments relating to operations in Turkey and through consultancy fees.
This has enabled the Turkish team to become financially self-sustaining during 2019, whilst it continues to manage the company’s investments in the country.
The company's portfolio of interests are largely managed by local third parties and include several net smelter return royalty positions, two of which are on projects that are at the Environmental Impact Assessment stage.
"We are extremely pleased to see the Turkish entity become financially self-sufficient and to see the opportunity of it becoming a future profit centre for the group,” said Oriole chief executive Tim Livesey.
“The advancement of existing projects through EIA permitting, alongside the returns seen from outsourcing our teams' technical skills, takes us significantly closer to the realisation of success-based payment and royalty returns from these historic assets, vindicating our decision to maintain the projects and the Turkish team within Oriole.”