R&D Rebate from HMRC Delivers £46k

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

R&D Rebate from HMRC Delivers £46k

Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to announce that it has received a rebate totalling £46k from Her Majesty's Revenue and Customs ('HMRC') in relation to a Research and Development ('R&D') tax relief claim (the 'Claim') in respect of geoscientific advances sought by the Company through its exploration programmes. The Claim is for the year ended 31 December 2020, a period where exploration activity was impacted by Covid restrictions. The Company anticipates that the claim for the year ending 31 December 2021 will be significantly higher, based the level of exploration activity at its ongoing programmes in Cameroon.

The Claim submitted by the Company continues to demonstrate that it qualifies for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to assess the economic feasibility of future mining operations in those areas.

Oriole Resources CFO, Bob Smeeton, said: "Despite Covid restrictions impacting our work for the early part of the year, we've still managed to advance our projects in Cameroon during 2020, and are pleased to have received this further claim for R&D tax relief from HMRC. The preparation work at Bibemi in 2020, to which this claim largely relates, enabled the execution of our maiden drilling campaign earlier this year. Initial results from that programme support our model for orogenic gold mineralisation along an approximate eight kilometre striking system that extends to at least 100 metres below surface. Five of the eight holes reported to date have returned multi-gramme intersections, a significant achievement for what is the very first sub-surface exploration to have been completed at the licence. We look forward to further R&D rebates as the scientific development programmes continue."

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

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