Oriole Resources (AIM:ORR), the AIM-quoted gold exploration and development company focused on Central and West Africa, has sold its 1.2% net smelter return royalty in the Muratdere project in Turkey to Ardent Metals LLC-FZ for total consideration of $1.2 million.
The payment comes in three tranches of $400,000 each.
Oriole has already received the first tranche and transferred title to Ardent. The remaining two instalments fall due by 19 March 2027 and 19 September 2027, with title reverting fully to Oriole if either payment is delayed.
Oriole operated Muratdere between 2005 and 2011, delivering a JORC-compliant inferred resource of 51 million tonnes grading 0.36% copper, 0.12 g/t gold, 2.40 g/t silver, 0.0125% molybdenum and 0.34 parts per million rhenium.
It sold a 51% stake to Lodos in 2012 for $1.7 million, and further investment saw Lodos earn a 70% interest and complete a feasibility study in 2015 before Oriole's remaining equity was converted into the 1.2% royalty in 2019.
Chief executive Martin Rosser said the disposal of the "non-core" royalty "provides significant cash proceeds which can be devoted to funding the Company's important activities in Cameroon".
Oriole's Cameroon portfolio includes the Mbe project, where it holds a 50% interest alongside partner BCM following a recent corporate restructuring, and the Bibemi project, where BCM completed its earn-in to a 50% stake in November after spending $4 million on exploration.
A maiden resource estimate or exploration target for its Wapouzé limestone project is expected in the third quarter of 2026.
News Intelligence what this means for the company
Oriole Resources has sold its 1.2% net smelter return royalty on the Muratdere copper-gold project in Turkey to Ardent Metals for $1.2 million, with the first $400,000 tranche already received and two further instalments due by March and September 2027. The company is redirecting the proceeds to fund exploration in Cameroon, where it holds 50% interests in the Mbe and Bibemi gold projects alongside partner BCM.
The sale converts a non-core, illiquid royalty into cash for near-term Cameroon operations, but the $1.2 million total is modest against Oriole's recent £2.03 million equity raise in November 2025 and does not materially alter the company's funding trajectory. The move reflects a strategic pivot away from Turkey toward West African assets where the company has active exploration and resource definition underway.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
