Muratdere

Lodos

Located 250 km west of Ankara, the Muratdere property comprises three licences covering a substantial copper-gold granodiorite-porphyry system with significant silver, molybdenum and rhenium credits. Oriole has a 1.2% (post-Turkish tax royalty) on future mineral production.

The porphyry system extends east-west for a distance of c.4,000 m and has a width of between 200 m and 400 m. A JORC-compliant Inferred Resource of 51 million tonnes (186,000 tonnes Cu, 204,296 oz Au, 3.9 million oz Ag, 6,390 tonnes Mo and 17,594 kg Re) has been estimated over a distance of approximately 2,000 metres but is open-ended to the east and west and at depth, suggesting considerable potential to increase the resource.

Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. (“Lodos”), a wholly-owned mining investment company of Pragma Finansal Danışmanlık Ticaret A.Ş., a leading private Turkish financial institution and investment company, earned-in to 100% ownership by undertaking drilling, making cash payments to the Company totalling US$2.2 million, and by completing a feasibility study in 2015. Oriole retains a 1.2% (post Turkish tax) royalty on any future mineral production.

Results of the feasibility study were positive, based on a 16 million tonne optimisation. Over the sixteen-year mine life, the total metal produced in concentrate would be c.68,000 tonnes copper, c.32,000 oz gold and c.955,000 oz silver. Based on the metal prices in November 2019, expected gross metal revenues over the mine life were expected to be in excess of US$400 million. Metal prices have improved considerably since that time.

The Company has been informed that the Environmental Impact Assessment report has been approved and that Lodos is awaiting the forestry permit.