Oriole Resources Finalizes Maiden Drilling at Wapouzé Limestone Project in Cameroon, Targets Q3 2026 Resource Estimate

Completion of 1,053.80 Metres Drilling Across Three Limestone Zones

Oriole Resources has completed a maiden diamond drilling programme totaling 1,053.80 metres across 21 boreholes at the Wapouzé limestone project, situated roughly 100 kilometres northeast of Garoua in north-eastern Cameroon. The drilling targeted steeply dipping metamorphosed limestone units, known as marble, across three zones spanning approximately 1.2 kilometres strike length. All holes were drilled at an azimuth of 320 degrees and an inclination of 50 degrees, with downhole depths between 26.50 and 62.00 metres, reaching vertical depths up to 47.50 metres.

The programme focused on shallow subsurface testing to confirm depth continuity and lateral consistency of the carbonate units. Each of the 21 holes intersected marble units, verifying the extension of mineralisation both at depth and along strike. The marble was interbedded with narrow meta-volcanic sedimentary lenses and occasionally cross-cut by metamorphosed intrusive dykes with schistose textures. The marble packages reached widths up to 85 metres, approximating 80 metres true width, indicating significant thickness of the target mineralisation.

High-Grade Carbonate Material Suitable for Cement Production

Portable X-ray fluorescence (pXRF) geochemical analysis of drill cores confirmed that the marble units contain calcium oxide exceeding 50%, with low magnesium and silica levels, aligning with cement industry requirements. This preliminary in-field screening underscores the project’s commercial potential, as cement manufacturers demand high-purity carbonate feedstock to enhance product quality and reduce processing costs.

Core samples have been submitted for comprehensive laboratory X-ray fluorescence testing, with results expected next month. This detailed analysis will validate geochemical characteristics across the drilling programme and support the forthcoming resource estimation. Oriole Resources’ combination of rapid field screening and formal lab testing enables efficient geological interpretation during drilling, facilitating project planning and commercial negotiations.

Maiden Mineral Resource Estimate Scheduled for Late Q3 2026

Oriole Resources expects that the combined data from the maiden drilling, historical surface exploration, and a near-complete ground-based resistivity geophysics survey conducted by local partner Bureau d'Etudes et d'Investigations Géologico-Minières, Géotechniques et Géophysiques (BEIG3) will underpin a maiden Mineral Resource Estimate (MRE) or JORC Exploration Target for Wapouzé by late Q3 2026. The resistivity survey will provide critical subsurface structural and compositional insights to refine geological models.

The forthcoming MRE will be a pivotal milestone, delivering an internationally compliant resource estimate vital for attracting industrial partners and advancing commercial development. The timing aligns with Oriole’s broader exploration schedule across its portfolio.

Commercial Potential in Cameroon's Cement Market

Cameroon’s cement industry presents a lucrative opportunity for a high-grade limestone supplier. Valued at several hundred million pounds annually, the sector heavily relies on costly clinker imports. A substantial limestone deposit at Wapouzé could supply local cement manufacturers, reducing import dependence and lowering production costs.

Strategically located about 250 kilometres south-southwest of N'Djamena, Chad’s capital, Wapouzé benefits from proximity to a region with growing infrastructure and construction demand. Cameroon has attracted significant foreign investment to expand cement production capacity, with nearby plants already utilising similar carbonate materials. Government policies favor developing domestic limestone resources to reduce clinker imports, enhancing Wapouzé’s commercial appeal.

Royalty-Based Development Strategy and Partner Engagements

Oriole Resources is pursuing a royalty-based model for Wapouzé, seeking industrial partners to enable expedited commercial quarrying. Under this model, Oriole would earn royalties based on material extraction volumes without direct operational control, aligning with its focus on exploration and early-stage development rather than mining operations.

This approach provides valuable in-country revenue to support Oriole’s gold exploration activities across Cameroon, including the Mbe and Bibemi projects. The company is actively engaging cement sector partners with the expertise, capital, and market access to advance Wapouzé towards production. These partnership discussions remain a top priority.

Project Background and Transition from Gold to Limestone

Originally an early-stage gold exploration licence, Wapouzé was reoriented towards limestone development after Oriole determined it was less prospective for gold compared to the nearby flagship Bibemi project, located 20 kilometres south. Following this reassessment, the company identified extensive high-grade carbonate rock and secured a licence commodity change in 2022, enabling limestone exploration and development.

Subsequent surface exploration focused on characterising outcropping limestone units, collecting rock-chip samples, and mapping mineral extents. Completion of the maiden drilling marks a key transition from surface exploration to formal resource evaluation.

Oriole Resources’ Broader Cameroon Exploration Portfolio

Wapouzé complements Oriole Resources’ extensive Cameroon exploration activities. The flagship Mbe gold project hosts a global JORC Inferred Mineral Resource of 1.23 million ounces of gold across two deposits: MB01-S with 870,000 ounces at 1.09 g/t gold, and MB01-N with 360,000 ounces at 1.05 g/t gold. A fully funded step-out drilling programme at MB01-S recently concluded, aiming to expand resources with an updated MRE expected in Q3 2026.

Oriole also holds a 50% interest in the Bibemi gold project with joint venture partner BCM. Bibemi contains 460,000 ounces of gold at 2.06 g/t in JORC Indicated and Inferred categories, with an Exploitation Licence application submitted. Additionally, Oriole maintains interests and royalties in East Africa and Turkey, potentially generating future cash flow. The Wapouzé limestone project offers a complementary near-term revenue opportunity alongside the company’s gold exploration focus.

Joint Ventures and Corporate Restructuring at Mbe and Bibemi

Oriole recently completed corporate restructuring to formalize joint venture arrangements at Mbe. After BCM completed the MB01-N drilling and met financial commitments, it earned a 50% interest in Mbe. A formal joint venture agreement is nearing completion, enabling aligned exploration and development with shared costs and revenues.

At Bibemi, BCM earned its 50% interest in November 2025 by fulfilling payment obligations, including US$4 million in exploration expenditure. These joint ventures enhance Oriole’s portfolio strategy by leveraging partner capital and expertise while retaining significant interests. The restructuring clarifies ownership and governance at these key assets.

Senegal Gold Project Joint Venture and Earn-In Completion

Outside Cameroon, Oriole holds interests in the Senala gold project in Senegal. AGEM Senegal Exploration SARL, a Managem Group subsidiary, completed a six-year earn-in to acquire approximately 59% interest by investing US$5.8 million in exploration. The project contains a JORC Inferred resource of 155,000 ounces at 1.26 g/t gold for the Faré South prospect, based on a US$1,800/oz gold price.

The Senala project’s exploration target ranges from 17 to 24 million tonnes at 0.69 to 0.84 g/t gold, equating to 380,000 to 650,000 ounces. Highlight drill results include 20.00 metres grading 31.13 g/t gold (including 10.00 metres at 60.98 g/t) from reverse circulation drilling, and 59.60 metres at 2.20 g/t gold from diamond drilling. A joint venture agreement was signed in July 2026, with work planned to start in August 2026.