Mbe

Mbe represents the flagship exploration project within the district-scale Central Licence Package (CLP) central Cameroon. It is underlain by ~312km² of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for a range of commodities, including orogenic-style gold mineralisation. The CLP is located to the west of the regional capital, Ngaoundéré, and Mbe is one of five licences that make up the Eastern CLP block.

BCM is earning up to a 50% interest in Mbe in return for a US$1 million signature payment, US$4 million exploration expenditure and resource-linked success-based payments. As of October 2024, Oriole has agreed to purchase its local partners’ (BEIG3 SARL and Roxanne Minerals Limited) combined 10% equity position in the Mbe project. Once this has been finalised, it will increase Oriole’s beneficial interest in the Mbe project to 90% with BCM International holding the remaining 10%.

Diamond drilling

The maiden drilling programme was completed in September 2025 with a total of 6,828.40m drilled in twenty four holes (MBDD001 – MBDD024). The programme returned 344 gold bearing intersections which equates to a discovery rate of approximately 1 gold bearing intersection every 20m of drilling.

The most significant intersections returned to date are from MBDD008 at 86.50m at 1.36g/t Au from 22.00m (including 39.40m at 2.00g/t Au, 6.00m at 2.24g/t Au, and 3.00m at 2.32g/t Au), and MBDD019 at 6.15m at 19.67g/t Au which includes the Bonanza grade intersection of 1.00m at 119.10g/t Au from 118.65m depth. Multiple other holes have returned broader envelopes of lower grade material with narrower zones of higher grade (>1g/t Au) gold mineralisation, as observed in the trenching programme. Other best results to date include 2.00m at 25.77g/t Au from 147.10m depth (MBDD009), 3.00m at 17.66g/t Au from 141.70m and 1.00m at 9.86g/t Au from 38.90m (MBDD018), 21.30m at 1.61g/t Au from 2.40m and 2.50m at 10.31g/t Au from 98.50m (MBDD012), 29.75m at 0.88g/t Au from 94.95m and 26.30m at 0.65g/t Au from 133.50m (MBDD002), 29.50m at 0.79g/t Au from 116.90m and 11.00m at 0.73g/t Au from 85.10m (MBDD024), 23.10m at 0.71g/t Au from 76.00m (MBDD005), 24.20m at 0.45g/t Au from 193.40m (MBDD007), 4.24m at 8.12g/t Au from 146.40m and 14.30m at 0.87g/t Au from 68.30m (MBDD003), 4.00m at 2.94g/t Au from 71.40m depth (MBDD020), 1.10m at 9.35g/t Au from 65.90m (MBDD017), 13.80m at 0.61g/t Au from 103.10m (MBDD006), 13.10m at 0.62g/t Au from 117.20m (MBDD010), 17.30m at 0.38g/t Au from 3.60m, 11.50m at 0.53g/t Au from 92.80m and 5.00m at 1.50g/t Au from 196.10m (MBDD011), 12.50m at 0.74g/t Au from 5.50m (MBDD023), and 12.40m at 0.41g/t Au (MBDD001).

The results confirm significant near-surface mineralisation related to strongly silicified and brecciated quartz feldspar porphyry (QFP) units, with associated smoky quartz veinlets and hydrothermal breccias.  The mineralisation has been confirmed over a current strike length of 500m, corridor widths of over 550m and to a depth of at least 290m. The results continue to demonstrate narrow high gold grading zones within wider, lower gold grade, bulk-tonnage, from near surface, which could be open pit mineable.

The programme is broadly designed with holes drilled towards the west (270˚) following on from initial geological interpretation of the system from two scissor hole pairs (MBDD001-MBDD002, and MBDD003-MBDD004) completed at the beginning of the programme. An assay method review of MBDD001 – MBDD004 determined that a standard fire assay technique was appropriate and was used instead of a photon assay technique for the Phase 1 programme. All Au results presented have been acquired by fire assay (unless otherwise stated).

Following the JORC Compliant Exploration Target at MB01, published in July 2025, the Company expects the delivery of a maiden JORC Compliant Mineral resource at MB01-S later in 2025.

MB01-N is also an important target for the Company, and a review of the 450m-long corridor of mineralisation will be considered later in the field season.

Trenching

In 2024, two Phases of trenching were completed at MB01 for 7,055m in 16 trenches (MBT001 – MBT016) that provided three-dimensional data through geological and structural mapping and geochemical sampling of the rocks underlying the soil anomalism.

Phase 1 trenches across MB01-N (MBT001 – MBT003) returned best intersections of 50.00m at 1.11 g/t Au, 68.00m at 0.77 g/t Au, and 38.00m at 0.55 g/t Au. These intersections correlated well with the previously reported gold-in-soil anomalism with all three associated with a mineralised and sheared felsic porphyry with mafic xenoliths, and where the porphyry exhibits strong silicification, moderate fracturing, quartz veins and veinlets, and boxwork textures after pyrite. The trenching also confirmed that the mineralisation is structurally controlled, and is not limited to the porphyry, with grades of up to 0.50 g/t Au recorded within 10m of the porphyry, where silicification, fracturing, and often boxwork textures after pyrite persist.

Phase 1 trenches across MB01-S (MBT006 – MBT009) returned best intersections of 51.00m at 1.02g/t Au, 47.75m at 1.23g/t Au, and 88.00m at 0.71g/t Au. These intersections also correlated well with the previously reported gold-in-soil anomalism, however unlike MB01-N exhibited less of a lithological control, with mineralisation hosted by all major lithologies encountered (amphibolite gneiss, felsic porphyries, other granitic intrusions).

In trench MBT007, two sample gaps (8m and 7m, related to artisanal workings and a road respectively) occur between the three longest and highest grading intersections. Whilst it was not possible to sample this material, it is highly likely that they contained gold and thus the mineralised intervals are expected to be continuous and could be under-stating the overall gold grade.  In this instance, the width of mineralisation in this trench would have been confirmed in excess of 100m (see schematic trench cross section below). Significant mineralisation returned in MBT007 (from c.218m) was proximal to one of the highest rock chip samples returned to date (256.74g/t Au), and the section of MBT008 that returned 47.75m at 1.23g/t Au was adjacent to the previously reported highest gold-in-soil value of 8,174ppb (equivalent to 8.17g/t Au).  In addition to the higher grading zones, it is important to note that there are also wider envelopes of sub 1g/t Au material that will be important when it comes to assessing the future economic viability of the project.

The final two trenches MBT004 and MBT005 targeted a third gold-in-soil anomaly identified during the 100mx25m infill soil sampling programme, located ~500m east of MB01-N. Mineralisation at this area is typically hosted within the felsic intrusives albeit over narrower, lower-grade zone than the trenches at MB01-N.

Stream-sediment, outcrop and soil sampling

Following the regional scale stream sampling campaign at the Eastern CLP, semi-regional soil sampling (400m by 200m spacing) over six initial grids confirmed anomalous gold in all five licences and has delineated multiple 2-3km long gold-in-soil anomalies across the Ndom, Pokor and Niambaram licences, as well as a broad zone of gold anomalism within the Mbe licence, where en-enchelon, structurally-controlled trends are now confirmed to occupy a c.12.5km long by 3km wide corridor. Best results included 838 ppb Au (0.84 g/t Au), 520 ppb Au and 463 ppb Au. This highlighted the point whereby Mbe became a significant focus on gold exploration at the CLP.

During late Q4-2022 and H1-2023, the Company completed 1:15,000 scale mapping (lithology and regolith) and rock-chip sampling over a c.48km² area at Mbe to help constrain the source of the gold anomalism. A total of 76 rock-chip samples (including QAQC) were taken over selective outcrops, predominantly quartz veins, within a 3km-long geological zone that is up to 700m-wide.  The zone is underlain by a northeast to north-northeast trending, shear-related porphyritic unit (provisionally recorded as quartz-feldspar-porphyry (‘QFP’)) that is highly altered along its central core and is silicified and gold-mineralised. Results of up to 134.10 g/t Au were returned from sulphide-rich and locally brecciated quartz veins that occur within or at the contact of pervasively altered (albite, silica and carbonate) and sulphide-rich QFP.

Subsequent artisanal workings/pits exposed narrow (3-4m wide) trench-like profiles that enabled the collection of 19 channel samples (22 including QAQC) on six parallel lines covering a c.200m strike length of a shear-parallel main quartz vein within the broader 70m corridor. The profiles do not test the full width of the mineralised zone and as such are considered ‘partial’ trenches. Best intervals from the partial trenching included 2.20m grading 8.47 g/t Au (MBTR001), 5.00m grading 2.03 g/t Au (MBTR004) and 2.10m grading 3.69 g./t Au (MBTR005) with all profiles ending in mineralisation in either one or both directions. Mineralisation was confirmed in steeply-dipping, shear parallel (north-east trending) massive silica veins up to 3m wide that show anastomosing, pinch and swell structures. Narrow (up to 1m wide) extensional quartz veins that were typically steeply dipping and trending northwest were also confirmed to grade. Additionally, significant gold grades were returned from the strongly altered wall rock material tested in the near surface, including a 0.90m at 5.94 g/t Au interval ending in mineralisation.

In December 2023, BCM completed a three-week long site visit to Mbe and collected a further 639 samples over the 3km-long zone, each weighing 2-5 kilograms. Of these, 542 samples were collected from pits (5-10 metres deep and exclusively dug by artisanal miners) and 97 samples were collected from outcropping rocks. All of the pit samples were collected from in-situ (weathered saprolite or saprock) material, with composite channel-chip sampling being applied over the exposed pit wall (and perpendicular to the dominant vein set, where apparent) to ensure sample representativity. Results returned 155 samples grading ≥1 g/t Au, 13 of which have graded ≥10 g/t Au. Of these higher-grading samples, best results include 256.74 g/t, 133.44 g/t, 75.09 g/t, 33.66 g/t and 22.89 g/t Au from outcrop sampling, and 25.16 g/t, 23.97 g/t, 9.98 g/t, and 8.75 g/t Au from pit sampling. A further 232 samples graded between 0.20 and 0.99 g/t Au.

The highest grades have been returned from smoky quartz veins and strongly silicified QFP host rocks, which commonly display stockwork veining and boxwork textures after pyrite. These samples also have an abundance of fine-grained aggregations of pyrite encapsulated by silica. The results provide further support for targets at MB01-N and MB01-S, where increased dilation (on the sites of structural intersections) has resulted in enhanced levels of gold deposition. These zones extend over strike lengths of at least 650m and 750m respectively, and over widths of more than 500m. Importantly, the data shows that the plus 1 g/t Au grades persist outside of the discrete veins, extending well into the more weakly-altered QFP host rocks to create wider halos of pervasive mineralisation and alteration.

In Q1-2024, Terra Resources (‘Terra’) completed an interpretation of geophysical data (ground magnetics) collected in 2023. Terra identified 22 point targets across the survey area, interpreted to represent remnant pyrrhotite mineralisation. Of the 22 targets identified, 12 were located within or adjacent to the known MB01 prospect area. Combining the geophysical interpretation within existing surface geochemistry data suggests that the MB-01 anomaly outcrops within a shear corridor, the newly named ‘Mbe-Ngaouyanga shear zone’, that is up to 2 kilometres wide. Ground-truthing of that interpretation has found evidence of further sub-cropping vein systems well-outside of the currently defined 700m-wide corridor, offering significant potential to expand the scale of the target at MB-01. Two other targets, ‘MB_Target A’ and ‘MB_Target B’ have been identified from the interpretation of the geophysical data and historical geological and geochemical data collected by Oriole. Both targets are located east of, and are broadly parallel to, the existing MB-01 prospect, offering the potential to deliver additional prospects within the Mbe licence area.

This has been supported by further pit sampling in Q2-2024, which has delivered up to 260.03 g/t Au from 556 samples (including QAQC), with 160 samples (31.18%) grading over 0.5 g/t Au. The highest grading sample was taken from 500m to the east of the main MB01 trend.

In Q1-2024, two infill soil sampling programmes were commenced at Mbe, targeting the MB01 prospect and the wider 12.5km corridor of gold-in-soil anomalism respectively. Results over the 100m x 25m MB01 grid have increased data resolution over the trend and has identified three zones for more targeted follow-up. The most substantial of these is a greater than 100 ppb Au soil anomaly that extends over 1.15 km by up to 0.75km at MB01-S, which has a robust core zone grading over 500 ppb Au (0.5 g/t Au). Results of the 100m x 50m infill programme, focused on identifying further parallel systems within the broader 12.5km corridor, returned best results of up to 282 ppb Au. Of the 4,694 samples (including QAQC) 175 samples graded greater or equal to 30 ppb Au, however 76 of these coincided with zones of depositional material (alluvium) and as such were filtered out to remove bias. Interpretation of the filtered data identified three new zones of gold-in-soil anomalism: MB02 which shares similar structural controls as MB01-S and is underlain by saprolitic granite; and MB03 and MB04, both underlain by saprolitic granite but are more diffuse anomalies.