Oriole Resources PLC (AIM:ORR) has described 2021 as a “bounce-back year” for the company.
The AIM-quoted exploration company focussed on West Africa said the year saw the completion of three phases of diamond drilling at the Bibemi project in Cameroon, which confirmed a vertical and lateral continuation of the gold anomalism previously identified on the surface, and the start of exploration at the Central Licence Package project in Cameroon, where the company has identified gold anomalism along an extensive trend (in excess of 35km).
All of this has been completed with a marginal increase in administration costs to £1.08mln from £1.02mln in 2020, reflecting the unwinding of certain cost-saving measures implemented as a response to the pandemic in 2020.
The pre-revenue company posted a loss before tax of £1.6mln versus of loss of £468,000 the year before, as the company recorded a paper-based (non-cash) £890,000 loss related to foreign exchange movements.
"Progress has been made on our legacy assets and investments, with the ongoing advancement toward royalty stage at our Turkish assets, continued exploration on the Djibouti exploration assets and with a new private company investing into TSR's assets in Egypt,” said Roger Livesey, the chief executive officer of Oriole.
"2021 has been a year of steady and successful progress across all fronts and we are excited to be entering 2022 in such a strong position,” he added.
Shares in Oriole were up 3.5% at 0.3p in early deals.