This company may be familiar to many investors under its previous guise as Stratex International, when its focus was as a hybrid developer/project generator, with a strong bias towards Turkey.
Now Oriole Resources PLC is primarily an exploration company, operating in Africa and Europe but with some legacy exposure through investment in, and royalties on, the projects it incubated in Turkey since its listing in 2006.
Oriole is focused on early-stage gold exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where Iamgold has the option to spend US$8mln to earn a 70% interest.
It also has residual interests and royalties in projects in Africa and Turkey that it anticipates will generate cash flow (and capital gains) in the future.
The great mining slump of 2012-16 caused many miners to question their models. Oriole (then Stratex) also did so and headed in a different direction pursuing advanced stage assets, but has now returned to basics with a focus on exploration in Africa and husbanding its Turkish asset portfolio. The company represents a hybrid of explorer and royalty company. The development is in Africa and the royalty business is primarily net smelting royalties on long-held Turkish assets.
Africa is a go-to location again and with Iamgold as its partner in Senegal, it is in good company. The "closeology" in Senegal is impressive with many household-name projects in near proximity. Meanwhile, the company is cutting its coat to suit its financial cloth with the evolution and exploration of its two targets in Cameroon.