Oriole Resources (ORR) Investor update summary

Strategic positioning and asset overview

• Holds a significant land position in Cameroon, focused on gold exploration and development, with additional assets in Senegal.

• Cameroon projects cover nearly 4,000 sq km, among the largest prospective gold land holdings in Africa.

• Key assets include the flagship Mbe project and Bibemi, Cameroon’s first JORC gold resource.

• Strategic partnerships, notably with BCM International, support project advancement and funding.

• Team has deep expertise in African gold exploration and mining.

Project updates and exploration progress

• Mbe South delivered a maiden JORC resource of 870,000 oz at just over 1 g/t; Mbe North drilling underway with promising early results.

• Initial Mbe North drill holes show wide low-grade envelopes with high-grade zones, similar to Mbe South.

• Exploration targets at Mbe North could add 370,000–600,000 oz, with potential for further resource growth.

• Bibemi has 460,000 oz resource, with an exploitation license application in progress and positive government engagement.

• Preliminary Economic Assessment at Bibemi supports a 10,000 oz/year operation over seven years, with upside at higher gold prices.

Valuation, funding, and joint venture structure

• Current enterprise value per attributable gold ounce is low compared to African peers, with management aiming to close this gap.

• BCM International is earning a 50% stake in Mbe and Bibemi through funding exploration; future funding will be on a 50/50 contribute-or-dilute basis.

• Joint venture management will be collaborative, with both parties contributing technical and operational expertise.

• Milestone payments tied to resource upgrades could fund further exploration or portfolio expansion.

• Recent fundraising ensures immediate funding needs are met.