Oriole Resources PLC on Wednesday said it expects ‘significant fundamental progress’ in 2025 as it said its loss narrowed in 2024.
The Hampshire, England-based gold explorer focused on West and Central Africa said its pretax loss narrowed to £289,000 in 2024 from £2.4 million in 2023.
Administration expenses grew 35% to £1.5 million from £1.1 million, while the company made an ‘other profit’ of £458,000, swung from a loss of £1.3 million.
Operating loss narrowed to £1.1 million from £2.4 million.
Oriole Resources said the completion of two earn-in agreements with BCM International Ltd for its Bibemi and Mbe gold exploration licences in Cameroon brought $1.5 million in signature payments, with the potential for further ‘success payments’.
Exploration expenditure multiplied to £2.66 million in 2024 from £330,000 in 2023.
The company also sold the remaining interest in two Turkish assets for £240,000 and gained £700,000 from a positive revaluation of the receivable from Lanstead Capital Partners LP.
Chief Executive Officer Martin Rosser said: ‘’We are encouraged by the progress achieved on all fronts in 2024. After the execution of the BCM earn-in agreements, and with the benefit of the monthly Lanstead financing payments, the year started with the company being in good financial health and in a tremendous position to do justice to its core exploration gold projects in Cameroon - Bibemi and Mbe.‘
Looking ahead, Oriole Resources said it expects negotiations for the Bibemi exploitation licence to progress, and for the maiden drilling programme at Mbe to be completed, in 2025. It said there is ’strong potential‘ for a maiden mineral resource estimate.
‘As we finished 2024, the new year brought a heightened state of activity at all of our exploration projects and licences in Cameroon and Senegal, with significant fundamental progress expected and, supported by the strong gold price, we look forward to 2025 with confidence,’ said CEO Martin Rosser.
Shares in Oriole Resources were up 3.9% to 0.18 pence in London on Wednesday afternoon.
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