Oriole Resources PLC says it’s ‘extremely well placed’ for 2021 with active
“Now with a robust gold price, a significantly improved share price and a strong cash position, we will look back on 2020 as a year of significant progress in the development of the company, providing the foundation blocks to support our growth,” said chairman John McGloin
() said it is extremely well placed for 2021 with active drilling campaigns at its core projects in Cameroon and Senegal as well as at its investment projects in Djibouti and Turkey.
The exploration company also reported pretax losses for 2020 shrank to £320,000, from a loss of £1.67mln the previous year. The figure was helped by a £317,000 foreign exchange gain on its Senala asset in Senegal, cost-saving measures that reduced administrative overheads 35% and growth in its Turkish consultancy business.
“Whilst 2020 was a difficult and unprecedented year at a global level, at Oriole we succeeded in advancing the company’s pre-stated development goals of signing of a drill contract and securing the necessary funds to allow us to finish the year poised for the commencement of our maiden drilling programme at Bibemi in Cameroon,” said chief executive Tim Livesey.
Earlier this week, Oriole announced it was a third of the way through its 3,080-metre drill programme at the Bibemi gold project.
READ: Oriole Resources now a third of the way through its maiden drilling programme at Bibemi
The West Africa-focussed company ended the year with a cash balance of £1.75mln.
“Now with a robust gold price, a significantly improved share price and a strong cash position, we will look back on 2020 as a year of significant progress in the development of the company, providing the foundation blocks to support our growth,” added chairman John McGloin.
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