Interim Results for the six months to 30 June 2026

Oracle Power

16/09/2026 07:00

RNS Number : 8925U
  
Oracle Power PLC
  
16 September 2026
  
 



16 September 2026


 


Oracle Power PLC


("Oracle", the "Company" or the "Group")


 


Unaudited Interim Results for the six months to 30 June 2026


 


Oracle Power PLC (AIM: ORCP), the international natural resources project developer, announces its unaudited interim results for the six months ended 30 June 2026, which will also be made available on its website at: www.oraclepower.co.uk.


 


Chairman’s statement for the six months ended 30 June 2026


Given our status as a development company, the Company has once again incurred a loss for the first six months of the new financial year of £249,423 (six months ended 30 June 2025: £267,715) and we continue to finance the development of our projects by raising new equity capital via the public markets and the most recent capital raising on 3 July 2026, post period end, was for £500,000 before expenses and this was completed at a significant premium to the last capital raising in August 2025.  


 


The focus of attention for the period has been on the Northern Zone Project in Australia, where the good progress we reported on in last year's Annual Report has continued.  There have been further successful drilling results and the preliminary Heritage Report was also completed earlier in the year. No heritage issues were raised making way for the granting of the all-important Mining Lease, post period end, on 2 July 2026.


 


The granting of the Mining Lease was a major milestone for the Company and its partners, with the focus now on completing the remaining inputs for the Mine Development and Closure Plan and its submission to Government, so we move closer to production.


 


We have also continued to progress our projects in Pakistan, working with our various partners to continue to move these major projects further along the value chain.


 


The CEO's interim statement includes further details of all the recent developments at our projects, but the focus is clearly the Northern Zone Project, where, with a continued strong gold price, it is an excellent time to be on "final approach" to gold production.


 


 


David Hutchins


Non-executive Chairman 


Oracle Power Plc


 


Date: 16 September 2026






 


Chief Executive Officer’s statement for the six months ended 30 June 2026


 


During the first half of 2026, we advanced the Northern Zone Gold Project in Western Australia towards development and potential mining operations. We also continued to progress our projects in Pakistan as we explored bringing in commercial revenues for the Company.


 


Review of operations


 


Pakistan


 


Green Hydrogen and Renewable Power Project


 


During the first half of 2026, we actively started exploring the development of a captive Renewable Power facility for sale of power to certain Government entities and these conversations remain ongoing, with the expectation that we may be able to reach an understanding for an offtake of Hybrid Renewable Power from our land site in Thatta district. In parallel, the Government of Pakistan remains committed to decarbonisation and we remain engaged with the Government for the development of our large Green Hydrogen and Green Ammonia Project.  


 


Thar Block VI


 


During the period, the Company continued to pursue divestment of its Thar Block VI asset. During this period, the Company received further interest for a possible partnership or buy out of the Block VI Project.  The Company remains engaged with potential investors and strategic partners to support the future of this project.


 


The Company also continues to participate in discussions relating to coal gasification and liquefaction and remains engaged with relevant stakeholders regarding the development of Thar-based energy solutions.


 


Australia


 


Northern Zone Gold Project


 


The first half of 2026 was an important period for the advancement of the Northern Zone Gold Project (the “Northern Zone”), located approximately 25km east of Kalgoorlie in Western Australia.


The Company and its joint venture partner, Riversgold Limited, continued to advance the project through further drilling, mine planning, permitting and development activities. In January 2026, the Company announced further positive drilling results from the Northern Zone, with assay results from a further 21 drillholes continuing to demonstrate shallow gold mineralisation and expand the footprint of the project. Significant intercepts included 8 metres at 5.81 g/t gold from 46 metres and 7 metres at 3.48 g/t gold from 48 metres. The drilling also continued to provide important information regarding the north-eastern and central saddle areas of the project.


In February 2026, the final results from the 2025 drilling programme were received. These results continued to expand the gold mineralisation in the north-eastern zone and provided further infill information for the previously underexplored central saddle area between the eastern and western mineralised zones. The results supported the Company's broader geological model and strengthened the potential for a substantial zone of shallow oxide mineralisation overlying the Northern Zone porphyry system.


During the period, the Company also continued to make progress towards the grant of a Mining Lease for the Northern Zone. In February 2026, all objections to the Company's Mining Lease application were settled, allowing the Company to progress the application towards recommendation for approval and grant by the relevant Western Australian authorities.


The 2026 drilling campaign continued during the first half of the year. In February 2026, the Company completed a further 31 grade control drillholes for approximately 2,013 metres, with samples submitted for assay. The drilling programme was designed to further define shallow gold mineralisation and provide information relevant to ongoing mine development planning.


In April 2026, the Company announced the assay results from the first drilling campaign of the year. The results represented some of the strongest intercepts achieved at the project from an individual drilling campaign, including 15 metres at 5.62 g/t gold from 48 metres, 8 metres at 9.90 g/t gold from 48 metres and 8 metres at 4.64 g/t gold from 48 metres. Individual metre assay results included grades of up to 71 g/t gold.


These results continued to demonstrate the potential of the Northern Zone and supported the Company's objective of expanding the lateral footprint of shallow oxide gold mineralisation.


Alongside drilling activities, the Company continued to progress the Mine Development and Closure Plan (“MDCP”) and associated environmental and technical studies required for the future development of the project.


In April 2026, the Company announced that a preliminary heritage survey report had indicated that no heritage places had been identified across the relevant tenement areas surveyed and that the areas had been cleared with regard to heritage. The final heritage report was expected to form part of the documentation supporting the MDCP submission to the Government.


Later in April 2026, geotechnical diamond drilling commenced at the Northern Zone. The programme was designed to obtain critical structural and rock strength information to support pit slope design and ongoing mine planning studies. The drilling forms an important component of the technical work required for the finalisation of the MDCP.


The Northern Zone continues to be advanced in conjunction with Riversgold and the Company's development partners. Under the previously announced Right to Mine and Co-Operation Agreement, MEGA Resources Pty Ltd (“MEGA”) is expected to provide development and mining funding for the project under a 50/50 profit-sharing arrangement with the joint venture, subject to the relevant development and operational arrangements.


Overall, the significant drilling, permitting, heritage and geotechnical activities undertaken during the first half of 2026 represent continued progress towards the future development of the Northern Zone Gold Project.


Post period end, in July 2026, the Mining Lease M25/389 for the Northern Zone was formally granted for a 21-year term, renewable thereafter. This represents a significant milestone for the project and satisfies a key condition of the Company's development and funding agreement with MEGA. Following the grant, the Company is focused on completing the remaining inputs for the MDCP and progressing the required permitting towards the commencement of mining operations.


 


 


Blue Rocks Copper and Silver Project


 


During the first half of 2026, the Company awaited results of some geochemical and geophysical assessments from the adjoining tenement. It is expected post period that the Company will proceed with further geochemical sampling once the results with adjoining tenement are made public in order to guide further exploration activities on the Blue Rock Copper and Silver Project. 


 


Financial


 


As expected for a project development company with projects at exploration and development stages, the Company does not currently generate material operating revenues and remains dependent on its available financial resources and its ability to raise additional capital to finance the development of its projects.


 


The Company continues to manage its financial resources carefully while progressing its portfolio of projects and pursuing appropriate funding and development opportunities.  The financial results for the six months ended 30 June 2026 should be read in conjunction with the accompanying unaudited interim financial statements.


 


Outlook


 


The first half of 2026 has seen continued and meaningful progress at the Northern Zone Gold Project. At the same time, significant progress has been made with the Mining Lease application, heritage clearance, geotechnical investigations and the ongoing preparation of the MDCP. These activities represent important steps towards mining operations.


 


In Pakistan, we remain committed to pursuing opportunities to develop and unlock value from our renewable energy, green hydrogen and Thar Block VI projects. We continue to evaluate strategic opportunities and engage with relevant stakeholders and potential partners.


 


We remain focused on progressing our portfolio in a disciplined manner and on creating value for our shareholders through the continued development of our projects and the identification of appropriate strategic and funding opportunities.


 


 


 


 


Naheed Memon


Chief Executive Officer 


Oracle Power PLC


 


Date: 16 September 2026


 


CONSOLIDATED INCOME STATEMENT


FOR THE SIX MONTHS TO 30 JUNE 2026



 




(Unaudited)


6 Months to 


30 June 2026




(Unaudited)


6 Months to 


30 June 2025




(Audited)


Year ended


31 Dec 2025




CONTINUING OPERATIONS 




£




£




£




Revenue




-




-




-




Administrative expenses




(261,725)




(280,927)




(611,962)




OPERATING LOSS




(261,725)




(280,927)




(611,962)




Finance income




11,141




13,420




26,922




Share of the gain / (loss) of associates using equity method




1,161




(208)




14,807




LOSS BEFORE INCOME TAX 




(249,423)




(267,715)




(570,233)




Income tax




-




-




-




LOSS FOR THE PERIOD




(249,423)




(267,715)




(570,233)




 




 




 




 




Earnings per share expressed in pence per share:




 




 




 




Basic




(0.002)




(0.002)




(0.004)




Diluted




(0.002)




(0.002)




(0.004)



 


 


 


 






STATEMENT OF COMPREHENSIVE INCOME


FOR THE SIX MONTHS TO 30 JUNE 2026



 




(Unaudited)


6 Months to 


30 June 2026


£




(Unaudited)


6 Months to 


30 June 2025


£




(Audited)


Year ended


31 Dec 2025


£




LOSS FOR THE PERIOD




(249,423)




(267,715)




(570,233)




ITEMS THAT WILL OR MAY BE RECLASSIFIED TO PROFIT OR LOSS:




 




 




 




Exchange (losses) / gains arising on translation on foreign operations




101,381




(141,993)




(196,271)




 




 




 




 




OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF INCOME TAX




101,381




(141,993)




(196,271)




TOTAL COMPREHENSIVE LOSS FOR THE PERIOD 




(148,042)




(409,708)




(766,504)



 


 




 


CONSOLIDATED STATEMENT OF FINANCIAL POSITION


FOR THE SIX MONTHS TO 30 JUNE 2026



 




(Unaudited)


As at


30 June 2026


£




(Unaudited)


As at


30 June 2025


£




(Audited)


As at


31 Dec 2025


£




ASSETS




 




 




 




NON-CURRENT ASSETS




 




 




 




Intangible assets




5,374,362




5,097,099




5,142,580




Property, plant and equipment




3,171




2,666




2,310




Investments in equity accounted associates




755,818




728,463




754,657




Loans and other financial assets 




420,501




406,739




405,670




 




6,553,852




6,234,967




6,305,217




CURRENT ASSETS




 




 




 




Trade and other receivables




 




35,998




24,883




26,384




Cash and cash equivalents




305,419




557,986




697,085




 




341,417




582,869




723,469




 




 




 




 




TOTAL ASSETS




6,895,269




6,817,836




7,028,686




 




 




 




 




EQUITY




 




 




 




SHAREHOLDERS' EQUITY




 




 




 




Called up share capital




3,855,275




3,818,489




3,855,275




Share premium




20,864,445




20,372,656




20,864,445




Translation reserve




(1,261,644)




(1,308,747)




(1,363,025)




Share scheme reserve




-




9,759




-




Retained earnings




(16,757,797)




(16,215,615)




(16,508,374)




TOTAL EQUITY




6,700,279




6,676,542




6,848,321







CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)


FOR THE SIX MONTHS TO 30 JUNE 2026


 



 




(Unaudited)


As at


30 June 2026


£




(Unaudited)


As at


30 June 2025


£




(Audited)


As at


31 Dec 2025


£




 




 




 




 




LIABILITIES




 




 




 




CURRENT LIABILITIES




 




 




 




Trade and other payables




 




194,990




141,294




180,365




Borrowings




-




-




-




TOTAL LIABILITIES




194,990




141,294




180,365




 




 




 




 




TOTAL EQUITY AND LIABILITIES




6,895,269




6,817,836




7,028,686



 


 






CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


FOR THE SIX MONTHS ENDED 30 JUNE 2025



 




Called up


share


capital




Share 


premium




Share Scheme Reserve




Translation


Reserve 




Retained earnings




Total Equity




 




£




£




£




£




£




£




Balance at 31 December 2024




3,800,789




20,090,872




9,759




(1,166,754)




(15,947,900)




6,786,766




Loss for the period




-




-




-




-




(267,715)




(267,715)




Other comprehensive income




-




-




-




(141,993)




-




(141,993)




Issue of Share Capital




17,700




281,784




-




-




-




299,484




Balance at 30 June 2025




3,818,489




20,372,656




9,759




(1,308,747)




(16,215,615)




6,676,542



 






CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


FOR THE YEAR ENDED 31 DECEMBER 2025


 



 




Called up


share


capital




Share 


premium




Share Scheme Reserve




Translation


Reserve 




Retained earnings




Total Equity




 




£




£




£




£




£




£




Balance at 31 December 2024




3,800,789




20,090,872




9,759




(1,166,754)




(15,947,900)




6,786,766




Lapsed warrants




-




-




(9,759)




-




9,759




-




Loss for the year




-




-




-




-




(570,233)




(570,233)




Other comprehensive income




-




-




-




(196,271)




-




(196,271)




Issue of Share Capital, net of issue costs




54,486




773,573




-




-




-




828,059




Balance at 31 December 2025




3,855,275




20,864,445




-




(1,363,025)




(16,508,374)




6,848,321



 






CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


FOR THE SIX MONTHS ENDED 30 JUNE 2026


 



 




Called up


share


capital




Share 


premium




Share Scheme Reserve




Translation


Reserve 




Retained earnings




Total Equity




 




£




£




£




£




£




£




Balance at 31 December 2025




3,855,275




20,864,445




-




(1,363,025)




(16,508,374)




6,848,321




Loss for the period




-




-




-




-




(249,423)




(249,423)




Other comprehensive income




-




-




-




101,381




-




101,381




Issue of Share Capital




-




-




-




-




-




-




Balance at 30 June 2026




3,855,275




20,864,445




-




(1,261,644)




(16,757,797)




6,700,279







CONSOLIDATED STATEMENT OF CASH FLOWS


FOR THE SIX MONTHS ENDED 30 JUNE 2026



 




 




(Unaudited)


6 Months to 


30 June 2026


£




(Unaudited)


6 Months to 


30 June 2025


£




(Audited)


Year ended


31 Dec 2025


£




Cash flows from operating activities




 




 




 




 




Cash used in operations




CF note 1




(304,581)




(286,787)




(597,063)




Net cash used in operating activities




 




(304,581)




(286,787)




(597,063)




 




 




 




 




 




Cash flows from investing activities




 




 




 




 




Purchase of intangible fixed assets




 




(87,806)




(63,833)




(144,905)




Purchase of tangible fixed assets




 




(1,166)




-




(1,041)




Payments for investments in associates




 




-




-




(11,179)




Disposal of financial fixed assets




 




-




-




-




Issue of loans




 




-




(11,179)




(519)




Interest received




 




1,613




2,385




5,333




Net cash (used in) / from investing activities




 




(87,359)




(72,627)




(152,311)




 




 




 




 




 




Cash flows from financing activities




 




 




 




 




Proceeds of share issue




 




-




318,600




877,175




Share issue costs




 




-




(19,116)




(49,116)




Net cash from financing activities




 




-




299,484




828,059




 




 




 




 




 




(Decrease) / increase in cash and cash equivalents




 




(391,940)




(59,930)




78,685




 




 




 




 




 




Cash and cash equivalents at beginning of period 




CF note 2




697,085




619,197




619,197




Effect of exchange rate changes 




 




274




(1,281)




(797)




Cash and cash equivalents at end of period




CF note 2




305,419




557,986




697,085







NOTES TO THE CASH FLOW STATEMENT


FOR THE SIX MONTHS ENDED 30 JUNE 2026


1. RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS



 




(Unaudited)


6 Months to 


30 June 2026


£




(Unaudited)


6 Months to 


30 June 2025


£




(Audited)


Year ended


31 Dec 2025


£




 




 




 




 




Loss before tax




(249,423)




(267,715)




(570,233)




Depreciation 




300




-




87




Impairment loss on intangible assets




-




-




-




Impairment loss on loans to associates




(4,761)




2,292




3,301




Loss/(gain) on foreign exchange movement




(43,406)




22,957




5,945




Finance income 




(11,141)




(13,420)




(26,922)




Share of loss / (gain) from associate undertaking




(1,161)




208




(14,807)




 




(309,592)




(255,678)




(602,629)




Decrease / (increase) in trade and other receivables




(9,614)




19,785




17,389




Increase / (decrease) in trade and other payables




14,625




(50,894)




(11,823)




Cash used in operations 




(304,581)




(286,787)




(597,063)



 


 


2. CASH AND CASH EQUIVALENTS


The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of the statement of financial position amounts:


 



 




(Unaudited)


6 Months to 


30 June 2026


£




(Unaudited)


6 Months to 


30 June 2025


£




(Audited)


Year ended


31 Dec 2025


£




Cash and cash equivalents




305,419




557,986




697,085







NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS


FOR THE SIX MONTHS ENDED 30 JUNE 2026


 


1. Basis of preparation


These interim financial statements for the six-month period ended 30 June 2026 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable UK adopted International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to reporting groups under IFRS. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2026, and which are also consistent with the accounting policies applied for the year ended 31 December 2025 except for the adoption of any new standards and interpretations.


These interim results for the six months ended 30 June 2026 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2025 have been delivered to the Registrar of Companies and filed at Companies House and the auditors’ report on those financial statements was unqualified but contained a material uncertainty relating to going concern. The auditors’ report did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.


 


2. Loss per share


Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares of 15,721,394,613 (30 June 2025: 10,957,353,572 and 31 December 2025: 12,840,948,429) outstanding during the period.


There is no difference between the basic and diluted loss per share.






NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS


FOR THE SIX MONTHS ENDED 30 JUNE 2026


 


3. Called up share capital 


The number of shares in issue was as follows:



 




Number of shares




Balance at 31 December 2024




10,272,823,185




 




 




Issued 1 January 2025 – 30 June 2025




1,770,000,000




‍




 




Balance at 30 June 2025




12,042,823,185




 




 




Issued 1 July 2025 – 31 December 2025




3,678,571,428




‍




 




Balance at 31 December 2025




15,721,394,613




‍




 




Issued 1 January 2026 – 30 June 2026




-




‍




 




Balance at 30 June 2026




15,721,394,613




 




 



 


 


At 30 June 2026, there were no warrants outstanding (31 December 2025: nil; 30 June 2025: 113,544,706).


For further information please contact:



Oracle Power PLC 


Naheed Memon 




+44 (0) 203 580 4314




Strand Hanson Limited (Nominated Adviser and Broker)


Rory Murphy, Matthew Chandler, Rob Patrick




+44 (0) 20 7409 3494




St Brides Partners Limited (Financial PR)


Susie Geliher




+44 (0) 20 7236 1177



 



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