- (Business in Cameroon) – Oriole Resources raises £1.8 million (CFA1.3bn) through a 750 million-share issuance at 0.24 pence.
- The company targets drilling, technical studies and a mining licence application for the Bibemi project, where it declared 460,000 oz of gold.
- BCM commits over CFA2bn to drilling at Mbe in exchange for a 50% stake, reshaping project financing.
Oriole Resources PLC announced on 14 November that it raised £1.8 million, or about CFA1.3 billion, by issuing 750 million new ordinary shares at 0.24 pence each. The AIM-listed gold exploration company operates in West and Central Africa.
The company intends to use the proceeds to fund field programmes in Cameroon. Oriole will finance drilling campaigns and technical studies required to support its upcoming mining-licence application for the Bibemi project. The company also plans to conduct additional exploration on the Centre-East licence.
CEO Martin Rosser said the fundraising extends a year of strong operational results for the company. He stated: “As we approach the end of 2025, we can already see a year rich in success. First at Bibemi, with 460,000 ounces of gold declared in the Indicated and Inferred JORC categories, the ongoing modelling for the Preliminary Economic Assessment (PEA) and the negotiations for the mining licence application, which should intensify soon. Then at Mbe, we announced an excellent first Exploration Minimum Resource (EMR) of 870,000 ounces of contained gold in the Inferred JORC category for the MB01-S deposit.”
These results strengthen Oriole’s position in Cameroon as it advances toward industrial-scale development of its gold assets.
Oriole Resources recently announced a financing agreement with Ghana’s BCM Group, its partner on the Mbe licence in the Adamaoua region. The partnership establishes a gradual equity participation by BCM in the Mbe and Bibemi gold projects, where Oriole currently holds a 90% interest.
BCM committed to invest over CFA2 billion in drilling in exchange for a 50% stake in the Mbe permit. This structure, which combines capital investment and equity sharing, could significantly accelerate project progress while reducing Oriole’s financial burden.
The fundraising and the BCM partnership mark a major step for Oriole Resources at a time when Cameroon’s gold projects attract growing international interest. Oriole aims to convert its early resource estimates into viable mining operations as Yaoundé seeks to strengthen its nascent extractive industry.
This article was initially published in French by Amina Malloum
Adapted in English by Ange Jason Quenum
