Aim-listed Oriole Resources has announced a dual fundraising effort, combining a retail offer by means of the Winterflood Retail Access Platform (WRAP) and a conditional placing, with the WRAP retail offer expected to raise up to £200 000 and the placing having conditionally raised about £1.8-million before expenses.

Both initiatives are designed to support the company’s ongoing exploration and development projects in Cameroon and are contingent on the admission of new ordinary shares to trading on the Aim.

The WRAP retail offer will provide up about 83.3-million new ordinary shares for 0.24p a share, with one warrant issued for each share subscribed. Each warrant will allow the holder to acquire a new ordinary share at 0.36p until November 28, 2027, with an accelerator mechanism triggered if the ten-day volume weighted average price per share exceeds 0.60p.

The company states that proceeds from the WRAP retail offer will add to Oriole’s working capital and give existing retail shareholders in the UK the opportunity to participate in the fundraising.

The WRAP retail offer is expected to close on November 17 and its completion is conditional on the conditional placing, although the placing itself does not depend on the retail offer.

Separately, Oriole has conditionally raised about £1.8-million through a placing of 750-million new ordinary shares at the same price of 0.24p a share.

The placing included a £1.68-million allocation facilitated by Shard Capital Partners as placing agent and a direct subscription of £120 000 by certain directors and associated parties, including Greenwood Capital Partners, the company’s investment research provider.

The RAB Capital Group has also participated, taking 13.3% of the placing and holding about 2.1% of Oriole at admission.

The proceeds of the placing will fund Oriole’s work in Cameroon during the 2025/26 field season. This includes a step-out drilling programme at the MB01-S deposit following completion of the fully funded MB01-N target drill programme, extensive exploration work across the Pokor, Ndom, and Tenoukou licences within the Eastern Central Licence Package, and technical studies supporting the company’s exploitation licence application at the Bibemi project.

Any additional funds raised through the WRAP retail offer will further contribute to Oriole’s working capital.

"As we approach the end of 2025, we can already look back on a year of considerable achievement.

“Firstly at Bibemi, with 460 000 oz reported in the Joint Ore Reserves Committee (Jorc) indicated and inferred categories, preliminary economic assessment modelling in progress and the exploitation licence application negotiations set to gear up shortly.

“Secondly, at Mbe where we reported [a] maiden mineral resource estimate (MRE) of 870 000 oz of contained gold in the Jorc inferred category for the MB01-S deposit,” Oriole CEO Martin Rosser says.

He adds that the recent announcement of the completion agreement with BCM and the November 14 placing, the company is in good financial health.

“Accordingly, we have appropriate funding for a busy and important work schedule planned for our Cameroon projects. Firstly, with the objective of adding Jorc MRE resources quickly at Mbe, through the drilling of the MB01-N prospect, which is planned to commence in December and targeted to conclude in late quarter one of 2026.

“This programme is designed to convert the existing exploration target, with a range of 370 000 oz to 605 000 oz of contained gold, into Jorc resources,” Rosser says.

He also highlights the company’s 2026 plans, noting that Oriole is now well financed to undertake a significant additional programme of work including a proposed step-out drilling programme at MB01-S, which is open in all directions, and in the highly prospective Pokor, Ndom and Tenekou licences within the Eastern Central Licence Package, in the close vicinity of Mbe.

Moreover, in the same major regional geological trend, the company will also conduct surface sampling over selected targets where it has a 90% interest in these licences.

“The funding will also enable us to complete more advanced technical design studies to support the company's application for an exploitation licence. We are excited about the potential to add substantial value at all of our Cameroon projects and to intensify our focus on achieving a significant market valuation rerating for the company based on the existing fundamentals and anticipated successful progress,” Rosser says.

The WRAP retail offer and the placing will both proceed under authorities granted to the directors to issue new ordinary shares at the company’s AGM held on June 25, with dealings in the new ordinary shares anticipated to begin on Aim on November 28.