Oriole Resources, the exploration company operating in Africa and Europe as well as Turkey, announced that it will receive $0.5 m in success-based payments from its partner Anadolu Export for the Karaağaç project in Turkey.
The company stated that the payment will be realized as a result of the project reaching 50,000 ounces of Au resource as per the terms of the exploration agreement signed by parties. Anadolu Export announced the JORC compliant Indicated and Inferred resource in the project as 0.28 g / t threshold tenor Au and 2.832.036 ounces Ag.
Oriole Resources will obtain 1.5% net smelter return (NSR) for any kind of future production in the project which is expected to receive EIA approval from the Ministry of Environment and Urbanization.
Oriole Resources CFO, Bob Smeeton commented about the recent developments in Karaağaç Project: “We are delighted that Anadolu have progressed the licence to a point where the success-based payment has been triggered and to see a significant uplift in the defined resource. We have now reached a commercial arrangement with them to receive the payment over a period that suits both parties
This agreement is further evidence of the success of Oriole’s self-funding exploration strategy that has been applied throughout our portfolio. The Company’s focus on developing projects in conjunction with carefully chosen partners means that we can expose investors to significant exploration upside whilst also minimising the risk of dilution.”
Oriole Resources also shared information about Muratdere Project. Dilluting its shares in the project to below %10, The company will also receive 1.2% NSR from any future production in the Muratdere Project.
Oriole Resources CEO, Tim Livesey stated that: “We are pleased by the progress Lodos is making at the Muratdere project and we look forward to a positive response to their permitting submittal, taking us one step closer to realising value from this legacy asset.
In addition to the royalty with Lodos, we have several other assets in Turkey which we continue to monitor and support, with a view to future value creation for Oriole.”
