Oriole Resources plc
Oriole Resources PLC is a UK-incorporated, AIM-listed gold exploration and development company operating a project generator model, with its principal assets being the Bibemi and Mbe gold projects (50% joint-venture interests via earn-in with BCM International) and the Central Licence Package in Cameroon, an 85%-owned limestone project (Wapouzé) in Cameroon, a 35% interest in the Senala gold project in Senegal, and legacy investment/royalty positions in Turkey (Muratdere copper, 1.2% NSR) and Djibouti (7.60% stake in Thani Stratex Djibouti). The company was originally incorporated as Stratex International PLC in 2005. It is pre-revenue, funding exploration through equity raises and partner earn-ins.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 4 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Oriole Resources PLC explores for gold, mainly in Cameroon, and does not yet earn any revenue. Its loss after tax for 2025 widened to £702k, from £225k the year before. The wider loss mainly reflects a one-off gain of £460k in the previous year, from payments by its partner BCM International, which was not repeated. Oriole also wrote off a licence it gave up. Its operating loss narrowed to £634k from £1.1m, helped by BCM contributing to running costs. Oriole ended the year with £2.5m in cash, up from £705k, and no borrowings, after raising £2.4m by selling new shares. It has no formal dividend policy. The chair called 2025 a turning point. She expects a significant increase in the company's gold resources by early in the third quarter of 2026, and a mining licence for its Bibemi project during 2026. The report warns that Cameroon's elections may delay that licence, and that the company depends on raising more money from shareholders. The auditor raised no doubt about the company's ability to keep going.
From the reportevery line sits on the page it namesWhat moved the marginheadwindNo revenue generated; company funded via equity and partner earn-in contributions
Pre-revenue exploration company; loss for year £0.65m (2024: loss £0.30m); administration expenses £1.50m (2024: £1.53m)
page 28AndtailwindBCM earn-in funding reduces Oriole's own cash exploration spend
Exploration expenditure of £2.14m (2024: £2.66m) funded partly via BCM earn-in agreements which completed Bibemi earn-in Nov 2025 and Mbe earn-in Feb 2026, each for $4m exploration spend
page 2One-offs in the year£135k charge: Impairment of intangible asset (Gamboukou licence, relinquished during the year)
page 72What management saidCEO Martin Rosser: gross contained JORC Resources for projects increased from 530,000oz to 1,485,000oz during 2025, some +180%; net attributable to Oriole basis rose to 980,000oz, up 150% on the net figure at the start of 2025.
page 4After the year end12 January 2026: 107,925,555 warrants exercised, raising £269,814 and increasing share capital.
page 50Going concern and the auditGoing concern basis adopted; cash at 31 Dec 2025 of £2,496,000 and no borrowings. Directors consider adequate resources available for 12 months from signing date, based on asset disposal prospects, cash preservation measures and budgets. Auditor PKF Littlejohn LLP issued an unqualified (true and fair) opinion with no material uncertainty on going concern; two key audit matters identified: (1) capitalisation and impairment of exploration assets (Group and Parent), (2) valuation of investments and intercompany receivables (Parent). Materiality: Group £319k (2024: £295k), Parent £291k (2024: £265k), both based on 2.5% of Net Assets.
page 51The risks it names first- Exploration industry risk - speculative nature, no assurance of discovery/development, substantial expenditure needed to establish reserves and construct processing facilities.p.29
- Political risk - all operations in foreign jurisdictions (Cameroon, Senegal, Turkey), exposed to policy changes, nationalisation, expropriation, FX restrictions, royalty/tax increases, civil strife/war/insurrection risk.p.30
- Financial and liquidity risk - pre-revenue business dependent on equity financing and funding availability; significant liquidity risk given reliance on further equity raises.p.30
- Foreign exchange risk - exposure to Euro/CFA Franc and US Dollar; no hedging programme in place.p.30
Read from C000952-AR-2025-ch.
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