# Interim Results

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9

Original source: https://www.londonstockexchange.com/news-article/ORR/interim-results/17797609

Publisher: lse

Original announcement: 2026-09-22T05:00:04.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-22T07:15:54.416Z

Atlas analysis updated: 2026-09-22T07:15:54.416Z

- Company: Oriole Resources PLC

- Ticker: ORR

- Exchange: LSE

- Region: Unavailable

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Drill results, Resource update, Other

- Extracted: 2026-09-22 07:15:55 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Oriole Resources PLC announced positive interim results for H1 2026, reporting a pre-tax profit of £0.99 million. The company significantly increased its JORC Inferred Resource at the Mbe gold project in Cameroon to 1.66 Moz, following successful drilling programs at MB01-N and MB01-S. Additionally, Oriole made progress on its Bibemi Exploitation Licence Application and signed a new joint venture agreement for the Senala gold project in Senegal.

Reasoning: Oriole Resources PLC reported a pre-tax profit and achieved significant growth in gold resources at its flagship Mbe project, alongside progress on other key projects and strategic partnerships, indicating strong operational and strategic advancement.

- Positive factor: Pre-tax profit reported

- Positive factor: Significant increase in JORC Inferred Resource at Mbe to 1.66 Moz

- Positive factor: Maiden MRE for MB01-N established

- Positive factor: Updated MRE for MB01-S with almost 50% increase in contained gold

- Positive factor: Progress on Bibemi Exploitation Licence Application

- Positive factor: New JV agreement for Senala project

- Positive factor: Sale of Muratdere royalty for US$1.2 million

- Positive factor: Maiden drilling completed at Wapouzé limestone project

- Negative factor: Company may require further funding within 12 months

- Negative factor: Unrealised foreign exchange loss on Senala asset

- Negative factor: Slow progress on legacy assets in Turkey and Djibouti

Facts used in scoring: 24

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The document explicitly states that the Mbe resource is a 'JORC Inferred Resource' and refers to the 'JORC Code' for reporting standards.

Evidence · text

> The total JORC Inferred Resource at Mbe is now 50.60Mt at 1.02g/t Au for 1.66Moz contained gold.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The document includes a Competent Persons Statement naming Robert Davies and Claire Bay as responsible for the Mineral Resources/Exploration Targets and Exploration Results/planned programmes, respectively.

Evidence · text

> Competent Persons Statement The information in this announcement that relates to the Mineral Resources and Exploration Targets is based on data compiled by Robert Davies, EurGeol, CGeol, an independent consultant to Oriole. ... The information in this release that relates to Exploration Results and the planned exploration programme has been compiled by Claire Bay \(Executive Director, Exploration\).

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The total Inferred Mineral Resource at Mbe increased from 1.23Moz to 1.66Moz contained gold.

Evidence · text

> increasing the total Inferred Mineral Resource at Mbe to 1.23Moz contained gold. ... Combined with the earlier maiden MRE for MB01-N, the total JORC Inferred Resource at Mbe now stands at 1.66Moz of contained gold

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The total contained gold at Mbe increased from 1.23Moz to 1.66Moz, and the MB01-S MRE saw an almost 50% increase.

Evidence · text

> increasing the total Inferred Mineral Resource at Mbe to 1.23Moz contained gold. ... Combined with the earlier maiden MRE for MB01-N, the total JORC Inferred Resource at Mbe now stands at 1.66Moz of contained gold

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: A maiden JORC Inferred Mineral Resource Estimate was published for MB01-N.

Evidence · text

> In April 2026, a pit-constrained maiden JORC Inferred Mineral Resource Estimate \(“MRE”\) of 10.50Mt at 1.05g/t Au for 360koz contained gold was published for MB01-N

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: An updated MRE for MB01-S was published, showing a significant increase in contained gold.

Evidence · text

> an updated MRE for MB01-S to be published on 23 July 2026 of 40.10Mt at 1.01g/t Au for 1.30Moz contained gold

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The Phase 3 diamond drilling programme at MB01-S was a 'step out programme targeted the lateral extensions'.

Evidence · text

> This step out programme targeted the lateral extensions of the MB01-S deposit

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: Several high-grade intercepts were reported, including 1.00m at 59.00g/t Au from drilling and rock-chip samples up to 28.40g/t Au and 17.00g/t Au.

Evidence · text

> 1.00m at 59.00g/t Au

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The document includes a Competent Persons Statement and references JORC Code, implying QA/QC procedures are in place and disclosed.

Evidence · text

> Competent Persons Statement The information in this announcement that relates to the Mineral Resources and Exploration Targets is based on data compiled by Robert Davies, EurGeol, CGeol, an independent consultant to Oriole.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The cut-off grade of 0.40g/t Au was explicitly stated for the Mbe resource estimates.

Evidence · text

> reported at a cut-off grade of 0.40g/t Au

**Metal Equivalent Assumptions Disclosed**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The gold price assumption of US$3,200/oz was disclosed for the Mbe resource estimates and US$1,800/oz for Senala.

Evidence · text

> The estimate assumes a gold price of US$3,200/oz

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: All reported resources for Mbe, Bibemi, and Senala are in the Inferred category.

Evidence · text

> The total JORC Inferred Resource at Mbe is now 50.60Mt at 1.02g/t Au for 1.66Moz contained gold.

## Extracted facts

Stored fact records: 24. Some facts used in scoring do not have a stored record.

## Drill Results (13)

### MBDD026

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-6)

Mbe · gold

#### Identity

- Hole ID: MBDD026
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 3.13
- Grade Unit: g/t
- Intercept: 21.7 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-N
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A strong gold intercept from the maiden drilling at MB01-N, contributing to the new resource estimate.

- Positive factor: Good gold grade

- Positive factor: Significant intercept length

- Positive factor: From maiden drilling program

Evidence · text

> 21.70m at 3.13g/t Au \(MBDD026\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD039

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-7)

Mbe · gold

#### Identity

- Hole ID: MBDD039
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 0.99
- Grade Unit: g/t
- Intercept: 56.2 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-N
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A wide intercept with a moderate gold grade from the maiden drilling at MB01-N.

- Positive factor: Significant intercept length

- Positive factor: From maiden drilling program

Evidence · text

> 56.20m at 0.99g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD039

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-8)

Mbe · gold

#### Identity

- Hole ID: MBDD039
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 0.37
- Grade Unit: g/t
- Intercept: 24 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-N
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A lower-grade gold intercept from the maiden drilling at MB01-N.

- Positive factor: From maiden drilling program

- Negative factor: Lower gold grade

Evidence · text

> 24.00m at 0.37g/t Au \(MBDD039\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD041

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-9)

Mbe · gold

#### Identity

- Hole ID: MBDD041
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 59
- Grade Unit: g/t
- Intercept: 1 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: An exceptionally high-grade gold intercept from step-out drilling at MB01-S, indicating strong mineralization.

- Positive factor: Bonanza gold grade

- Positive factor: From step-out drilling, extending mineralization

- Negative factor: Narrow intercept length

Evidence · text

> 1.00m at 59.00g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD041

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-10)

Mbe · gold

#### Identity

- Hole ID: MBDD041
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 2.46
- Grade Unit: g/t
- Intercept: 10.5 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A strong gold intercept from step-out drilling at MB01-S, contributing to the updated resource.

- Positive factor: Good gold grade

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 10.50m at 2.46g/t Au \(MBDD041\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD044

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-11)

Mbe · gold

#### Identity

- Hole ID: MBDD044
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 1.69
- Grade Unit: g/t
- Intercept: 27.2 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A wide intercept with a moderate gold grade from step-out drilling at MB01-S.

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 27.20m at 1.69g/t Au \(MBDD044\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD043

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-12)

Mbe · gold

#### Identity

- Hole ID: MBDD043
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 0.58
- Grade Unit: g/t
- Intercept: 27.6 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A wide intercept with a lower gold grade from step-out drilling at MB01-S.

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

- Negative factor: Lower gold grade

Evidence · text

> 27.60m at 0.58g/t Au \(MBDD043\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD048

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-13)

Mbe · gold

#### Identity

- Hole ID: MBDD048
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 1.65
- Grade Unit: g/t
- Intercept: 16.4 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A good gold intercept from the final phase of step-out drilling at MB01-S.

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 16.40m at 1.65g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD048

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-14)

Mbe · gold

#### Identity

- Hole ID: MBDD048
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 4.72
- Grade Unit: g/t
- Intercept: 3 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A high-grade sub-interval within a broader zone from step-out drilling at MB01-S.

- Positive factor: Strong gold grade

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 3.00m at 4.72g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD048

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-15)

Mbe · gold

#### Identity

- Hole ID: MBDD048
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 2.05
- Grade Unit: g/t
- Intercept: 5 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Another strong gold intercept from the final phase of step-out drilling at MB01-S.

- Positive factor: Good gold grade

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 5.00m at 2.05g/t Au \(MBDD048\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD049

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-16)

Mbe · gold

#### Identity

- Hole ID: MBDD049
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 0.61
- Grade Unit: g/t
- Intercept: 27 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A wide intercept with a lower gold grade from the final phase of step-out drilling at MB01-S.

- Positive factor: Significant intercept length

- Positive factor: From step-out drilling, extending mineralization

- Negative factor: Lower gold grade

Evidence · text

> 27.00m at 0.61g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD049

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-17)

Mbe · gold

#### Identity

- Hole ID: MBDD049
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 1.71
- Grade Unit: g/t
- Intercept: 5 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A good grade sub-interval within a broader zone from step-out drilling at MB01-S.

- Positive factor: Good gold grade

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 5.00m at 1.71g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MBDD049

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-drill-facts-18)

Mbe · gold

#### Identity

- Hole ID: MBDD049
- Project: Mbe
- Commodity: gold
- Region: cameroon
- Reported Region: cameroon
- Ticker: ORR

#### Geometry

- Grade: 1.05
- Grade Unit: g/t
- Intercept: 3 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Location

- Location: MB01-S
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A moderate grade sub-interval within a broader zone from step-out drilling at MB01-S.

- Positive factor: Moderate gold grade

- Positive factor: From step-out drilling, extending mineralization

Evidence · text

> 3.00m at 1.05g/t Au

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (11)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-0)

Mbe gold project · gold

#### Identity

- Project: Mbe gold project
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:cce4c6258ac74e9ea1d2

#### Resource Data

- Category: inferred
- Tonnes: 50600000
- Grade: 1.02
- Grade Unit: g/t
- Contained Metal: 1.66
- Contained Unit: moz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total contained gold at Mbe has significantly increased to 1.66 Moz, representing a major milestone for the company, although it remains in the Inferred category.

- Positive factor: Significant increase in total contained gold

- Positive factor: JORC compliant estimate

- Positive factor: QP signed

- Negative factor: Resource is entirely Inferred category

Evidence · text

> The total JORC Inferred Resource at Mbe is now 50.60Mt at 1.02g/t Au for 1.66Moz contained gold.

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-1)

Mbe gold project · gold

#### Identity

- Project: Mbe gold project
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:cb56f3b590e51d4cf06b
- Deposit or zone: MB01-N

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 1.05
- Grade Unit: g/t
- Contained Metal: 360
- Contained Unit: koz
- Cutoff Grade: 0.4
- Cutoff Unit: g/t Au

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The establishment of a maiden JORC Inferred MRE for MB01-N adds a substantial 360 koz of gold to the project, marking a significant new discovery.

- Positive factor: Maiden JORC Inferred MRE established

- Positive factor: Contained gold adds significantly to project total

- Positive factor: Cut-off grade and gold price assumptions disclosed

- Negative factor: Resource is Inferred category

Evidence · text

> In April 2026, a pit-constrained maiden JORC Inferred Mineral Resource Estimate \(“MRE”\) of 10.50Mt at 1.05g/t Au for 360koz contained gold was published for MB01-N

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-2)

Mbe gold project · gold

#### Identity

- Project: Mbe gold project
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:1d072549b03b35d64c5c
- Deposit or zone: MB01-S

#### Resource Data

- Category: inferred
- Tonnes: 40100000
- Grade: 1.01
- Grade Unit: g/t
- Contained Metal: 1.3
- Contained Unit: moz
- Cutoff Grade: 0.4
- Cutoff Unit: g/t Au

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The updated MRE for MB01-S shows an almost 50% increase in contained gold, significantly boosting the project's overall resource base.

- Positive factor: Significant increase in contained gold \(almost 50%\)

- Positive factor: JORC compliant estimate

- Positive factor: Cut-off grade and gold price assumptions disclosed

- Negative factor: Resource is Inferred category

Evidence · text

> an updated MRE for MB01-S to be published on 23 July 2026 of 40.10Mt at 1.01g/t Au for 1.30Moz contained gold

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-3)

Mbe gold project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mbe gold project
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:1a8c7ebbb4baa9f6e3c8

#### Resource Data

- Category: inferred
- Contained Metal: 1.23
- Contained Unit: moz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This represents a prior total resource for Mbe, which has since been superseded by a larger estimate.

- Positive factor: Prior JORC compliant estimate

- Positive factor: QP signed

- Negative factor: Resource is Inferred category

- Negative factor: Historical data

Evidence · text

> increasing the total Inferred Mineral Resource at Mbe to 1.23Moz contained gold.

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-4)

Bibemi gold project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bibemi gold project
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:15982da1de3396fed4e2

#### Resource Data

- Category: inferred
- Grade: 2.06
- Grade Unit: g/t
- Contained Metal: 460000
- Contained Unit: oz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This is a previously reported resource for the Bibemi project, providing context for the ongoing exploitation license application.

- Positive factor: Prior JORC compliant estimate

- Positive factor: QP signed

- Negative factor: Resource is Inferred category

- Negative factor: Historical data

Evidence · text

> The Company has also reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 50% owned Bibemi project in Cameroon

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-5)

Senala gold project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Senala gold project
- Commodity: gold
- Region: senegal
- Reported Region: Senegal
- Ticker: ORR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Robert Davies
- Resource group id: resource:969fe5b1498bf7b980e2
- Deposit or zone: Faré South prospect

#### Resource Data

- Category: inferred
- Grade: 1.26
- Grade Unit: g/t
- Contained Metal: 155000
- Contained Unit: oz

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This is a previously reported Inferred Resource for the Faré South prospect, providing a baseline for future exploration.

- Positive factor: Prior JORC compliant estimate

- Positive factor: QP signed

- Positive factor: Gold price assumption disclosed

- Negative factor: Resource is Inferred category

- Negative factor: Historical data

Evidence · text

> The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au \(using a gold price of US$1,800/oz\) in the JORC Inferred category for the Faré South prospect

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-19)

Eastern CLP · gold

#### Identity

- Project: Eastern CLP
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- QP Signed: Yes
- Qualified person names: Claire Bay
- Resource group id: resource:0a963073fc3e950f6b18

#### Resource Data

- Grade: 1.24
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Rock-chip sampling at Pokor returned positive gold grades, indicating potential similar to the Mbe project.

- Positive factor: Good gold grade from rock-chip sampling

- Positive factor: Identified similar lithologies and structural features to Mbe

- Negative factor: Early-stage exploration

Evidence · text

> delivered results of up to 1.24g/t Au.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-20)

Eastern CLP · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Eastern CLP
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- QP Signed: Yes
- Qualified person names: Claire Bay
- Resource group id: resource:0a963073fc3e950f6b18

#### Resource Data

- Grade: 17
- Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: High-grade gold results from rock-chip sampling at Ndom indicate significant exploration potential.

- Positive factor: Very high gold grade from rock-chip sampling

- Positive factor: Correlates with previously reported gold anomalies

- Negative factor: Early-stage exploration

Evidence · text

> returning grades of up to 17.00g/t Au.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-21)

Eastern CLP · gold

#### Identity

- Project: Eastern CLP
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- QP Signed: Yes
- Qualified person names: Claire Bay
- Resource group id: resource:0a963073fc3e950f6b18

#### Resource Data

- Grade: 1.39
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Initial rock-chip sampling at Niambaram returned positive gold grades, supporting exploration potential.

- Positive factor: Good gold grade from rock-chip sampling

- Negative factor: Early-stage exploration

Evidence · text

> initial rock-chip sampling returned up to 1.39g/t Au.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-22)

Eastern CLP · gold

#### Identity

- Project: Eastern CLP
- Commodity: gold
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- QP Signed: Yes
- Qualified person names: Claire Bay
- Resource group id: resource:0a963073fc3e950f6b18

#### Resource Data

- Grade: 28.4
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Exceptionally high-grade gold results from recent rock-chip sampling at Niambaram highlight significant exploration potential with geological similarities to Mbe.

- Positive factor: Exceptionally high gold grade from rock-chip sampling

- Positive factor: Mineralization associated with quartz veins and dykes

- Positive factor: Geological setting comparable with Mbe

- Negative factor: Early-stage exploration

Evidence · text

> This recent work delivered results up to 28.40g/t Au

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--02118e25-fd20-4828-80ff-4c981a0c0af9#fact-resource-facts-23)

Wapouzé limestone project · limestone

#### Identity

- Project: Wapouzé limestone project
- Commodity: limestone
- Region: cameroon
- Reported Region: Cameroon
- Ticker: ORR

#### Resource scope

- Resource group id: resource:2e09b97a32a576dfc9cc

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The completion of a maiden drilling program at Wapouzé for limestone is a positive step in advancing the project towards a maiden MRE.

- Positive factor: Maiden drilling program completed

- Positive factor: Confirmed depth continuity of limestone units

Evidence · text

> During the Period, Oriole commenced a diamond drilling programme that was completed in July 2026, for 1,053.80m in 21 holes, to test the depth continuity of outcropping metamorphosed limestone \(or "marble"\) units

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.