Karaağac is a thrust-hosted gold system in western Turkey where the Company had previously defined an inferred non-JORC resource of 156,798 oz Au. In February 2015, the Company signed an Agreement with Turkish company Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi, 96%-owned by Istanbul-listed ODAŞ Elektrik, whereby the licences were transferred to Anadolu in return for a commitment by Anadolu to spend up to US$1.5m on exploration and drilling at the project within two years.

Permitting delays led to an extension to the two-year exploration period but in January 2019, ODAŞ announced the definition of a JORC-2012 compliant Indicated and Inferred Mineral Resource of 348,150 oz Au (167,486 oz Au Indicated, 180,664 oz Au Inferred) and 2,832,036 oz Ag (1,255,604 oz Ag Indicated, 1,576,432 oz Ag Inferred) (https://www.odasenerji.com.tr/tr/degerli-ve-stratejik-metaller/#Antimuan). 

Under the terms of the Agreement, definition of this JORC 2012- compliant resource triggered the payment by Anadolu of a US$0.5m success-based fee. As such, Oriole is now receiving staged payments of US$25,000 per month over a 20-month period.

On 10 September 2018, Anadolu submitted an EIA report to the Urban and Environment Ministry. Following review by the Ministry’s technical committee and a period of public review (ended 9 November 2018 with no objections), the report is now pending final approval. Anadolu is yet to advise of its intentions regards to mine development but Oriole retains a 1.5% NSR royalty on any future mineral production.