Oriole Resources PLC pared its losses to £1.41mln for the year to 31 December 2019, significantly down on the £2.25mln loss it booked in 2018.
The savings were won by an increased focus on costs.
During the year Oriole successfully re-applied for the 472.5 square kilometre Dalafin land package, under a new licence named Senala, securing up to another 10 years tenure in this highly prospective south-eastern corner of Senegal. Prominent Canadian mid-tier company IAMGOLD continues to earn-in to Senala.
Oriole also invested £710,000 into exploration in Cameroon, in particular the Bibemi and Wapouzé licences.
Post year-end, the company sold its holding in Tembo Gold Corp for £170,000, and closed a placing for £240,000.
In response to the current global situation relating to COVID-19, and with Cameroon's borders closed, Oriole said limited exploration work is expected in the next three months.
Consequently, its directors and senior management have taken reduced salaries for this period, in order to preserve the company's cash reserves in anticipation of the proposed drilling campaign later in the year.