Slide 1: Corporate Update September 2020
CORPORATE UPDATE SEPTEMBER 2020
Slide 2: Disclaimer
DISCLAIMER This presentation and any additional documents handed out at any meeting or provided directly to potential investors (together the “Presentation Materials”) have not been approved by (i) the London Stock Exchange or by any authority which could be a competent authority for the purposes of
Slide 3: Investment Opportunity
INVESTMENT OPPORTUNITY Oriole has a strong management team and the relevant expertise to deliver value for shareholders ✓ Early-stage exploration in Cameroon ✓ First-mover advantage ✓ Cameroonian government promoting foreign investment ✓ Well-connected local partner ✓ Encouraging results across both
Slide 4: Experienced Board and Management Team
EXPERIENCED BOARD AND MANAGEMENT TEAM JOHN MCGLOIN Non-Executive Chairman ▪ Geologist and graduate of Camborne School of Mines ▪ Worked for many years in the mining industry before moving into consultancy ▪ John served as the Chairman and CEO of Amara Mining plc until 2016 when it was sold for US$85
Slide 5: Cameroon – Overview
CAMEROON – OVERVIEW Early-stage exploration in a new gold frontier Year 2 expenditure commitment met at the Bibemi and Wapouzé projects as part of a US$3.12M earn-in over 4 years to get to 90% Bibemi • 12,500m trenching completed over 2 key zones • Results, up to 9m @ 3.14 g/t Au, have confirmed mul
Slide 6: Bibemi – Planned Work Programme 2020/21
BIBEMI – PLANNED WORK PROGRAMME 2020/21* Drilling programme designed for an initial 2,000m1 of an anticipated larger programme, subject to results and ongoing exploration Majority of holes already pegged – minimal preparation works required ahead of drilling Zone 1 mineralised corridor extends over
Slide 7: Bibemi – Planned Work Programme 2020
BIBEMI – PLANNED WORK PROGRAMME 2020 Team to undertake further detailed mapping of the northern Bakassi Zone during 2020 with the aim of extending the maiden drill programme to 3,000m1 Reconnaissance mapping along strike to the southwest also planned 1Announcement dated 11 May 2020 Page 7
Slide 8: Wapouzé
WAPOUZÉ Located 20km north of Bibemi Gold mineralisation identified over 13km cumulative strike at the Bataol Zone Initial results (up to 531 ppb Au) identified three main zones of NE-trending mineralisation (>10 ppb Au) 8km BATAOL Infill soil sampling (200m x 100m) defined zones ZONE of higher grad
Slide 9: Central Cameroon
CENTRAL CAMEROON Contiguous land package of 8 licences covering c.3,500km2 • 3 in partnership with BEIG3 (BEIG3’s wholly-owned subsidiary RMC Cameroon) • 5 through new local subsidiary Oriole Cameroon SARL (90%-owned) Licences selected on basis of geological and structural setting and known gold ano
Slide 10: Central Cameroon
CENTRAL CAMEROON Subject to approval, initial work programme will include remote sensing, mapping and package-wide stream sediment sampling Page 10
Slide 11: Senegal – Overview
SENEGAL – OVERVIEW 472.5 km2 Senala gold licence in highly- prospective & productive Kédougou-Kéniéba inlier (‘KKI’) in eastern Senegal >40 Moz gold endowment1 Gounkoto SENALA (3.7 Moz) SENEGAL BARRICK MALI SENALA Fekola (7.4Moz) Boto (2.5 Moz) GUINEA 1Licence and resource data at 15 May 2019 Page 1
Slide 12: Senegal – Golden Corridor
SENEGAL – GOLDEN CORRIDOR US$8M deal with IAMGOLD continues to underpin Oriole’s market cap As of March 2018, IAMGOLD is spending US$4M on exploration over 4 years to acquire 51% - option to increase to 70% for further US$4M over 2 years1 Year 2 programme progressed well with work focused on souther
Slide 13: Senala – Resource Potential
SENALA – RESOURCE POTENTIAL Potential for a stand-alone, open- pittable deposit at Faré IAMGOLD year 3 programme is focused on the Faré prospect, which lies in a NW structural corridor Historical drilling returned several ore-grade intersections within 200m of surface1 1Announcements dated 18 Decemb
Slide 14: Senala – Planned Work Programme 2020
SENALA – PLANNED WORK PROGRAMME 2020 IAMGOLD has commenced Year 3 of earn-in, with focus moving to Faré prospect in the north - initial programme of c.10,000m AC drilling planned to further define and confirm areas of anomalism2 Initial results anticipated Q4-2020 1Announcement dated 21 January 2020
Slide 15: New Opportunities
NEW OPPORTUNITIES The Company continues to undertake technical reviews of possible acquisition targets Focused on geologically prospective gold and base metal targets with clear value proposition, within the African-European time zones Exploration Evaluation Construction Production Probable/ Proven
Slide 16: Other Projects & Cash-Generative Initiatives
OTHER PROJECTS & CASH-GENERATIVE INITIATIVES ✓ Legacy Turkish assets offer ✓ Non-participating interests in two ✓ £310k in Research & significant future value African-focused companies - held Development (R&D) tax credits on the balance sheet at £2.25M received during 2019/2020 ✓ 1.2% royalty on Mur
Slide 17: Financial Results
FINANCIAL RESULTS £’000 2017 2018 2019 H1 20 Annual results over the 3 year period are impacted by: • One-off items Admin exp -2,442 -1,806 -1,556 -416 • Items largely out of the control of management Other -5,060 -741 150 595 One-off items include: • Aborted acquisition costs (2017) Finance income
Slide 18: Normalised P+L
NORMALISED P+L £’000 2017 2018 2019 H1 20 P+L to reflect the normal running of the business and take out non-cash costs Admin exp -2,264 -1,708 -1,463 -416 48% reduction in the net running costs of the business Other -128 -4 149 - between 2017 and 2019 Further 45% reduction in 2020 (based on run rat
Slide 19: Comparison of Net Costs (Normalised)
COMPARISON OF NET COSTS (NORMALISED*) Turkish team delivered a profit for the half year UK staff costs down 40% over the three years despite ramp up in exploration activities R&D tax credits netted against ‘Other costs’ as will be recurring * Excludes one-offs and non-cash items Page 19
Slide 20: Corporate Profile
CORPORATE PROFILE Stock information1: LON:ORR Major shareholders1 Share o/s 911.63M Preston Road Limited Trinvest AB Fully diluted 1,030.51M 5.89% 4.02% Share price 0.41p Teck Resources Limited 3.92% Market cap £3.74M Cash at 31/8/20 £0.50M Orion Trust Limited Total debt £0 2.90% Directors 1.19% Fol
Slide 21: Expected Newsflow Over Next 6-12 Months
EXPECTED NEWSFLOW OVER NEXT 6-12 MONTHS Oriole has a strong management team and the relevant expertise to deliver value for shareholders ✓ Cameroon ✓ Bibemi: • Results of mapping/sampling at Northern Bakassi Zone – expansion of planned drilling programme • Mobilisation of drill rig and commencement
Slide 22: Contacts
CONTACTS Oriole Resources PLC Tim Livesey, Bob Smeeton, Claire Bay +44 (0) 207 830 9650 Grant Thornton (NOMAD) +44 (0) 207 383 5100 Samantha Harrison Niall McDonald Shard Capital Partners LLP (Broker) +44 (0) 20 186 9900 Damon Heath Erik Woolgar Isabella Pierre Blytheweigh (Financial PR) +44 (0) 207
Slide 23: Competent Persons Statement
COMPETENT PERSONS STATEMENT The Technical Information relating to Exploration Results and Targets in this presentation has been prepared by Claire Bay, an employee of the Company, who is a Competent Person as defined by the JORC Code 2012 Edition. The information is extracted from various source rep