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Oriole Resources says Turkish business continues to trade profitably

"We are extremely pleased to see our Turkish entity continuing to be financially self-sufficient," said chief executive Tim Livesey

Oriole Resources PLC - Oriole Resources says Turkish business continues to trade profitably

Oriole Resources PLC (LON:ORR) told investors that its Turkish subsidiary, Stratex Madencilik has continued to trade profitably during 2020.

Cashflow in the year to date amount to around £162,000, generated from Turkish consultancy work, and the company highlighted that it exceeds the business’s G&A expenses for the period.

READ: Oriole sells Karaağac gold royalty for US$300,000

"We are extremely pleased to see our Turkish entity continuing to be financially self-sufficient, enabling the repayment of significant inherited employment liabilities whilst still generating net cash inflows,” Tim Livesey, chief executive said in a statement.

The company noted that asset realisation efforts continue with the recent £300,000 transaction to sell Karaağac net smelter returns to a local partner – which saw proceeds earmarked for new drilling at the Bibemi project in Cameroon later this year.

Oriole also noted that talks are currently underway to recover US$425,000 of success-based payment related to the Karaağac asset. Some US$30,000 has, meanwhile, been received from a local partner tied to the Hasançelebi and Doğala royalty sale.

The company said it is well placed to attract new buyers for its remaining royalties, including the EIA-stage Muratdere copper-gold porphyry project.

Oriole also expects to benefit from the current strength in the gold and copper prices.

Livesey noted that “the significant efforts to realise value from the Turkish royalty portfolio has been met with modest success so far, following the recent withdrawal of a portfolio deal with a quoted royalty company after the right of first refusal ('ROFR') was exercised by some of our Turkish partners.”

"We also note the recent rise in the copper price, and its significance in relation to our 1.2% post-tax NSR royalty at the Muratdere copper-molybdenum-gold deposit, as per our announcement dated 29 October 2019," he said.

Quick facts: Oriole Resources PLC

Price: 0.365 GBX

LSE:ORR
Market: LSE
Market Cap: £3.33 m
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