REG - Oracle Power PLC - Final Results
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RNS Number : 9332N Oracle Power PLC 23 June 2025
23 June 2025
Oracle Power PLC
("Oracle" or the "Company")
Final Results and Notice of AGM
Oracle Power PLC (AIM:ORCP), the international project developer, is pleased
to announce its Final Results for the year ended 31 December 2024 and
that the 2025 Annual General Meeting of the Company is to be held
at the offices of Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M
7RD on Friday, 18 July 2025 at 11.00 a.m. (the "AGM").
Oracle's Annual Report for the year ended 31 December 2024 and the Notice of
AGM and associated Form of Proxy are available on its website at
https://oraclepower.co.uk/investors/financial-reports/
(https://oraclepower.co.uk/investors/financial-reports/) and will be posted to
shareholders later today.
For further information visit www.oraclepower.co.uk
(http://www.oraclepower.co.uk/) or contact:
Oracle Power PLC
Naheed Memon - CEO
+44 (0) 20 3580 4314
Strand Hanson Limited (Nominated Adviser & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick
+44 (0) 20 7409 3494
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis
+44 (0) 20 7236 1177
Chairman's Report
I am pleased to present the annual report and financial statements for Oracle
Power plc ("Oracle" or the "Company") for the year ended 31 December 2024.
It has been a busy year for the Company with progress on multiple fronts and
the acquisition of an exciting new copper and silver project in Western
Australia.
The Blue Rock Valley Copper and Silver Project is located in the Ashburton
Basin in the northwest region of Western Australia and was acquired in April
2024. Assays from historical drilling and significant historical rock chip
samples suggest the presence of high-grade copper and silver mineralisation as
well as the potential for uranium. Since the acquisition we already have
completed ground based gravity surveys and APEX Geoscience have been appointed
to further advance exploration on the project, with potential drill targets
identified during the course of 2025.
Elsewhere in Australia, our Northern Zone Gold Project ("Northern Zone") has
continued to advance under the management of local partner, ASX listed
Riversgold Limited ("Riversgold"), with further excellent drill results
announced during the course of 2024 and, in December, we submitted our mining
lease application to the Department of Energy, Mines, Industry Regulation and
Safety in Western Australia. The mining lease application can take more than
12 months and during this time we will continue with on-going drilling to
further develop this project before proceeding to a maiden Mineral Resource
Estimate ("MRE").
Subsequent to the year end, Riversgold advised that it had completed the
minimum required expenditure on the Northern Zone to exercise their 80%
option. The joint venture ("JV") is currently undergoing formalisation, with
completion of JV documentation anticipated to be by 31 December 2025. Upon
finalisation, Oracle will retain a 20% beneficial interest in the project.
In Pakistan, the Company continues to make progress on its domestic projects,
albeit slowly, although a number of significant milestones have been achieved
during the year for the Green Hydrogen Project. These milestones are outlined
in detail in the Chief Executive's Report, although the highlight was clearly
the completion of the technical and commercial feasibility study undertaken by
Thyssenkupp Uhde, which provided a very positive outlook for the project.
Elsewhere in Pakistan, we continue to maintain a useful and active dialogue
with the Power Division, Ministry of Energy, in connection with the proposed
development of the Company's planned 1,320MW coal to power project under the
China Pakistan Economic Corridor ("CPEC"). We also signed a significant
Memorandum of Understanding for the off-take and planned development of this
project, which is also outlined in detail in the Chief Executive's Report.
On the corporate front, we were pleased to welcome Ms Emma Priestley as a new
Non-Executive Director to the Company in July 2024. Ms Priestley is an
experienced mining executive, who is also a graduate of the Camborne School of
Mines and a Chartered Mining Engineer and Charter Mineral Surveyor.
Other changes to the Board of Directors during the year included the
resignation of Mr Mark Steed, and we once again thank Mr Steed for his past
service and contribution to the Company's development.
During the year the Company raised a total of £866,667 via two share
placements and the exercise of outstanding warrants and the Board would like
to thank shareholders for their continued support with regard to these fund
raisings. These funds are being used to progress the Company's various
projects and for general working capital purposes.
A more comprehensive overview of the Company's operational highlights for 2024
is set out in the Chief Executive's Report.
We continue to be most grateful to the Pakistani authorities for their
continued support and to the West Australian mining authorities for helping to
facilitate exploration and development activities in their region.
And finally, I would like to thank the Company's directors, employees and
consultants for all their hard work during the year and also thank the
shareholders for their support and patience and we look forward to the year
ahead with anticipation and excitement as we look to move all our projects
further along the value chain.
David Hutchins
Non-Executive Chairman
20 June 2025
Chief Executive's Report
2024 has been a year of good progress in both Pakistan and Australia, as well
as one in which our development strategy was implemented successfully.
During the year, we completed a number of final assessments for the proposed
development of the Company's significant renewable power plant linked to the
Green Hydrogen Project in Pakistan. Whilst we continued to de-risk these
projects, we also initiated the planned commercialisation of the standalone
proposed renewable power plant by participating in a public bid to supply 220
MW of hybrid renewable power to the largest private distributor in Pakistan,
K-Electric Limited ("KE"). We continue to engage with other buyers for the
sale of renewable power and dialogue with off-takers for green hydrogen and
green ammonia is also progressing well.
In parallel, we also continued to engage with the Power Division, Ministry of
Energy, in connection with the proposed development of the Company's planned
1,320 MW, coal to power project in Thar, under CPEC. In 2023, we signed an
important Memorandum of Understanding ("MOU") for the off-take and planned
development of this 1,320MW Thar coal-fired power plant with a consortium of
parties including the Government of Sindh, KE, and PowerChina International
Group Limited ("Power China"). Since the 1,320 MW project is included within
CPEC, we await the go ahead from the Chinese Government's financing
department, and our strategic partner, Power China, which maintains a regular
dialogue with the relevant authorities. The power project is likely to require
7.6 million tonnes of Thar coal annually, which could be sourced from existing
mines at Thar Block I and II or a new mine could be developed, if commercially
viable. Furthermore, based on the introduction of the Competitive Trading
Bilateral Contracts Market ("CTBCM"), all off-takers including Government and
private buyers, such as KE, can bid to fulfil demand registered in the
national demand account. Post period end, we also began discussions with
potential buyers for our mine licence at Block VI.
In Western Australia, the Company continued to develop its Northern Zone
asset, through its farm-in agreement with Riversgold, an ASX-listed company
focused on the development of gold and lithium projects. The exploratory
activities, which included a significant amount of drilling, delivered very
promising results, defining the resource as low grade but with a large
mineralisation with high extraction characteristics. During the course of the
year, the positive metallurgical results continued to justify a drill
programme, as we continued to advance towards a MRE. The aircore ("AC")
drilling programme more than doubled the prospective gold system's footprint
by tagging basement geology, expanding the mineralised porphyry. The Reverse
Circulation ("RC") drilling programme also confirmed high-grade gold
intercepts, highlighting significant mineralisation at various depths. At the
end of the period, a mining lease application was submitted. During the mining
lease application period, the Company intends to continue drilling to advance
the project before proceeding with a maiden MRE. Post period end, Riversgold
crossed the expenditure threshold which triggered the JV and it exercised its
option to acquire 80%. of the Northern Zone. This arrangement is expected to
be formalised by the end of 2025.
In June 2024, the Company acquired 100% of the Blue Rock Valley Copper and
Silver Project. The project is located in the Ashburton Basin in the northwest
region of Western Australia, approximately 102 km2 and is composed of one
exploration licence. The project area is also highly prospective for gold and
a number of uranium projects are also nearby and there is indication of
potential sediment hosted uranium near hot granites in the Ashburton Basin.
Assays from historical drilling and rock chip sampling suggested the presence
of high-grade copper and silver mineralization as well as the potential for
uranium.
Geologists recovered high-grade copper samples during a site visit in July
2024. Assay results from rock chip and grabbed samples confirmed historical
evidence of copper mineralisation, with grades ranging from 8.56% to 25.70%
copper. A ground gravity survey was completed in October 2024 over copper
mineralisation and versatile time domain electromagnetic ("VTEM") anomalies.
In December 2024, APEX Geoscience, a geochemical consultant, was appointed to
carry out exploration work and they started the geochemical sampling programme
post period. Exploration is expected to continue over the course of 2025.
Substantial progress has been made to date in the Green Hydrogen Project which
is being developed through a joint venture with Sheikh Ahmed Dalmook Al
Maktoum (through his wholly owned subsidiary Kaheel Energy FZE). The joint
venture is split 70:30 in favour of Kaheel Energy FZEthereby significantly
reducing Oracle's funding requirement. Principal investments to date include
the acquisition of the necessary land for the renewable power project and, the
successful completion of necessary studies and assessments, which have
de-risked the project both commercially and technically.
In February 2024, we completed the comprehensive technical and commercial
feasibility study for the proposed 1.3 GW hybrid renewable power facility,
which was completely funded by State Grid Corporation of China ("State Grid").
The Environmental & Social Impact Assessment ("ESIA") for the renewable
power plant was also completed and submitted to the Sindh Environmental
Protection Agency ("SEPA") for review. Within a month, a 'No Objection
Certificate' ("NOC") was awarded. During this year, the technical and
commercial feasibility for green hydrogen and ammonia, undertaken by
Thyssenkrupp, was integrated with hybrid renewable study undertaken by State
Grid. Also, post period end, the development MOU that had been signed with
State Grid has been renewed until March 2027. The integrated results
generated favourable outcomes with projected double-digit returns. A
comprehensive evaluation has been obtained to support the viability of green
hydrogen and ammonia. In November 2024, the transmission & grid
interconnection study, also funded by State Grid, was completed and submitted
for review by the Pakistan Government. This is expected to enable a detailed
front-end engineering design (FEED) study in the next phase and it will also
provide a solid foundation for securing potential power off-take agreements.
In 2023, the Company demonstrated the benefits of its strategy of forming the
right partnerships, when it signed the JV agreement with Riversgold for the
Northern Zone. It is our objective to maximise returns and create shareholder
value through forging relationships with partners who can inject finance and
expertise for the advancement of our projects and enhance returns on the
Company's portfolio.
I remain grateful to all the relevant authorities in Pakistan and Western
Australia for their support. I am also thankful to our teams in the UK,
Pakistan and, Australia for their dedication and hard work. I am also
appreciative of the continued confidence, patience and support of our
shareholders, to enable us to deliver on our plans. The Company remains
committed to increasing shareholder value and to growing into an enterprise of
greater size and scale over the longer term.
Ms Naheed Memon
Chief Executive Officer
20 June 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
Note £ £
CONTINUING OPERATIONS
(730,119) (848,058)
Administrative expenses
LOSS FROM OPERATIONS (730,119) (848,058)
6 21,679 36,688
Finance income
- 26,697
Other gains / (losses)
Share of the loss of associates using equity method 13 (3,435) (5,122)
LOSS BEFORE TAX
(711,875) (789,795)
LOSS FOR THE YEAR (711,875) (789,795)
2024 2023
Pence Pence
Earnings per share attributable to the ordinary equity holders of the parent
PROFIT OR LOSS
9 (0.01) (0.02)
Basic
9 (0.01) (0.02)
Diluted
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£ £
(711,875) (789,795)
Loss for the year
ITEMS THAT WILL OR MAY BE RECLASSIFIED TO PROFIT OR LOSS:
145,800 (317,429)
Exchange gain/(loss) arising on translation on foreign operations
OTHER COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR, NET OF TAX 145,800 (317,429)
TOTAL COMPREHENSIVE LOSS (566,075) (1,107,224)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Assets
Note 2024 2023
£ £
NON‑CURRENT ASSETS
Property, plant and equipment 10 3,435 2,202
Intangible assets 11 5,196,275 4,759,055
Investments in equity‑accounted associates 13 728,671 732,106
Loans and other financial assets 14 387,603 719,024
6,315,984 6,212,387
CURRENT ASSETS
Trade and other receivables 15 43,773 46,909
Cash and cash equivalents 25 619,197 203,526
662,970 250,435
TOTAL ASSETS 6,978,954 6,462,822
Liabilities
CURRENT LIABILITIES
Trade and other payables 18 192,188 146,565
192,188 146,565
TOTAL LIABILITIES 192,188 146,565
NET ASSETS 6,786,766 6,316,257
ISSUED CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE PARENT
Share capital 16 3,800,789 3,745,415
Share premium reserve 17 20,090,872 19,109,662
Foreign exchange reserve 17 (1,166,754) (1,312,554)
Share scheme reserve 17 9,759 9,759
Retained earnings 17 (15,947,900) (15,236,025)
TOTAL EQUITY 6,786,766 6,316,257
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024 2023
Note £ £
Assets
NON‑CURRENT ASSETS
Property, plant and equipment 10 - 69
Intangible assets 11 3,895,622 3,665,622
Investments in equity‑accounted associates 13 728,671 732,106
Investments 13 2,898,531 2,898,531
Loans and other financial assets 14 2,811,871 2,926,786
10,334,695 10,223,114
CURRENT ASSETS
Trade and other receivables 15 38,842 43,849
Cash and cash equivalents 25 604,851 192,574
643,693 236,423
TOTAL ASSETS 10,978,388 10,459,537
Liabilities
CURRENT LIABILITIES
Trade and other payables 18 159,992 122,998
159,992 122,998
TOTAL LIABILITIES 159,992 122,998
Net assets 10,818,396 10,336,539
ISSUED CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE PARENT
Share capital 16 3,800,789 3,745,415
Share premium reserve 17 20,090,872 19,109,662
Share scheme reserve 17 9,759 9,759
Retained earnings 17 (13,083,024) (12,528,297)
TOTAL EQUITY 10,818,396 10,336,539
The Company's loss for the year was £554,727 (2023 ‑ £658,448).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital Share premium Share scheme reserve Foreign exchange reserve Retained earnings Total attributable to equity holders of parent Total equity
£ £ £ £ £ £ £
3,745,415 19,109,662 9,759 (1,312,554) (15,236,025) 6,316,257 6,316,257
At 1 January 2024
Comprehensive income / (loss) for the year
- - - - (711,875) (711,875) (711,875)
Loss for the year
- - - 145,800 - 145,800 145,800
Other comprehensive income
- - - 145,800 (711,875) (566,075) (566,075)
Total comprehensive income / (loss) for the year
Contributions by and distributions to owners
55,374 1,041,293 - - - 1,096,667 1,096,667
Issue of share capital (note 16)
Share issue costs - (60,083) - - - (60,083) (60,083)
55,374 981,210 - - - 1,036,584 1,036,584
Total contributions by and distributions to owners
At 31 December 2024 3,800,789 20,090,872 9,759 (1,166,754) (15,947,900) 6,786,766 6,786,766
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
PRIOR FINANCIAL YEAR
Share capital Share premium Share scheme reserve Foreign exchange reserve Retained earnings Total attributable to equity holders of parent Total equity
£ £ £ £ £ £ £
3,078,297 18,632,040 58,179 (995,125) (14,504,409) 6,268,982 6,268,982
At 1 January 2023
Comprehensive loss for the year
- - - - (789,795) (789,795) (789,795)
Loss for the year
- - - (317,429) - (317,429) (317,429)
Other comprehensive loss
- - - (317,429) (789,795) (1,107,224) (1,107,224)
Total comprehensive loss for the year
Contributions by and distributions to owners
667,118 477,622 9,759 - - 1,154,499 1,154,499
Issue of share capital (Note 16)
- - (58,179) - 58,179 - -
Transfer to/from retained earnings
667,118 477,622 (48,420) - 58,179 1,154,499 1,154,499
Total contributions by and distributions to owners
At 31 December 2023 3,745,415 19,109,662 9,759 (1,312,554) (15,236,025) 6,316,257 6,316,257
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital Share premium Share scheme reserve Retained earnings Total equity
£ £ £ £ £
3,745,415 19,109,662 9,759 (12,528,297) 10,336,539
At 1 January 2024
Comprehensive loss for the year
- - - (554,727) (554,727)
Loss for the year
- - - (554,727) (554,727)
Total comprehensive loss for the year
Contributions by and distributions to owners
55,374 1,041,293 - - 1,096,667
Issue of share capital (Note 16)
- (60,083) - - (60,083)
Share issue costs
55,374 981,210 - - 1,036,584
Total contributions by and distributions to owners
At 31 December 2024 3,800,789 20,090,872 9,759 (13,083,024) 10,818,396
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior Financial Year
Share capital Share premium Share scheme reserve Retained earnings Total equity
£ £ £ £ £
3,078,297 18,632,040 58,179 (11,928,028) 9,840,488
At 1 January 2023
Comprehensive loss for the year
- - - (658,448) (658,448)
Loss for the year
- - - (658,448) (658,448)
Total comprehensive loss for the year
Contributions by and distributions to owners
667,118 477,622 9,759 - 1,154,499
Issue of share capital (Note16)
- - (58,179) 58,179 -
Transfer to/from retained earnings
667,118 477,622 (48,420) 58,179 1,154,499
Total contributions by and distributions to owners
At 31 December 2023 3,745,415 19,109,662 9,759 (12,528,297) 10,336,539
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
Note £ £
CASH FLOWS FROM OPERATING ACTIVITIES
(711,875) (789,795)
Loss for the year
ADJUSTMENTS FOR
Depreciation of property, plant and equipment 7 69 205
Impairment losses on intangible assets 11 - 18,516
Impairment losses recognised on loans to associates 14,011 28,415
Loss from investments in associates 13 3,435 5,122
Finance income 6 (21,679) (36,688)
Net foreign exchange loss 56,666 67,135
(659,373) (707,090)
MOVEMENTS IN WORKING CAPITAL:
Increase /(decrease) in trade and other receivables 3,136 (1,840)
(Increase)/decrease in trade and other payables 45,623 (56,468)
NET CASH USED IN OPERATING ACTIVITIES (610,614) (765,398)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Australia exploration fixed assets 11 (276,394) (37,754)
Purchase of Pakistan project fixed assets 11 (64,324) (61,806)
Proceeds from disposal of financial fixed assets 410,979 -
Payments for investments in associates 13 (68,446)
Issue of loans (82,423) (167,483)
Interest received 6 1,772 2,242
NET CASH USED IN INVESTING ACTIVITIES (10,390) (333,247)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of ordinary shares 16 1,096,667 1,213,000
Share issue costs (60,083) (58,500)
NET CASH FROM FINANCING ACTIVITIES 1,036,584 1,154,500
NET INCREASE IN CASH AND CASH EQUIVALENTS 415,580 55,855
Cash and cash equivalents at the beginning of year 203,526 150,905
Exchange gain / (loss) on cash and cash equivalents 91 (3,234)
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 25 619,197 203,526
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
Note £ £
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year (554,727) (658,448)
ADJUSTMENTS FOR
Depreciation of property, plant and equipment 10 69 205
Impairment loss recognised on other receivables 56,687 57,742
Loss from investments in associates 3,435 5,122
Finance income (160,785) (164,949)
Net foreign exchange loss 59,246 63,734
(596,075) (696,594)
MOVEMENTS IN WORKING CAPITAL:
Decrease in trade and other receivables 5,007 144,645
Increase / (decrease) in trade and other payables 36,994 (52,964)
Increase in loans to subsidiaries (252,984) (428,100)
NET CASH USED IN OPERATING ACTIVITIES (807,058) (1,033,013)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for investments in associates 13 - (68,446)
Purchase of Australia Exploration Fixed assets (230,000) -
Proceeds from disposal of financial fixed assets 410,979 -
Interest received 1,772 2,242
NET CASH USED IN INVESTING ACTIVITIES 182,751 (66,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of ordinary shares 1,096,667 1,213,000
Share issue costs (60,083) (58,500)
NET CASH FROM FINANCING ACTIVITIES 1,036,584 1,154,500
NET INCREASE IN CASH AND CASH EQUIVALENTS 412,277 55,283
Cash and cash equivalents at the beginning of year 192,574 137,291
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 25 604,851 192,574
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. STATUTORY INFORMATION
Oracle Power PLC is a public company, limited by shares and registered and
domiciled in England and Wales. It is the ultimate holding company of the
Oracle Power PLC Group. The Group is primarily involved in an energy project,
based on the exploration and development of coal and construction of a mine
mouth power plant in Pakistan. The Group also has two exploration projects
in Western Australia and a green hydrogen project in Pakistan. The
presentation currency of the financial statements is Pounds Sterling (£). The
Company's registered number and registered office address can be found in the
General Information section of this report.
2. ACCOUNTING POLICIES
2.1 Going concern
During the year under review, the Group experienced net cash outflows from its
operating activities which it financed from existing cash resources held at
the start of the year and cash received from the issue of new equity share
capital. The Directors have considered the cash flow requirements of the Group
over the next 12 months and believe that additional funding will be required
to meet the Group's cash requirements over that period. This additional cash
requirement creates a material uncertainty that may cast significant doubt on
the Company's ability to continue as a going concern. However, the Directors
expect to be able to meet the funding requirements for the Group to continue
as a going concern for at least 12 months from the date of the approval of
these financial statements through the use of existing cash resources and
further issue of new ordinary share capital and, consequently, the Directors
consider it appropriate to adopt the going concern basis in the preparation of
the financial statements.
2.2 Compliance with accounting standards
These financial statements have been prepared in accordance with UK adopted
International Accounting Standards and IFRIC interpretations and with those
parts of the Companies Act 2006 applicable to reporting groups under IFRS.
The financial statements have been prepared under the historical cost
convention.
2.3 Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make
judgements, estimates and assumptions that affect the amounts reported for
revenues and expenses during the year and the amounts reported for assets and
liabilities at the statement of financial position date. However, the nature
of estimation means that the actual outcomes could differ from those
estimates.
The key sources of estimation uncertainty that have a significant risk of
causing material adjustment to the carrying amounts of assets and liabilities
within the next financial year are the measurement of any impairment on
intangible assets and the estimation of share based payment costs.
The principal risk and uncertainty in respect of the intangible assets
(exploration assets) is that the Group may not reach financial close. The
Board has tested the intangible assets for impairment. For this test, the
Board considered market values of the assets (where applicable); results from
technical and feasibility studies and reports; and the possibility of future
project options available. Based on this, the Board have concluded that no
impairment provision is required.
The Group determines whether there is any impairment of intangible assets on
an annual basis.
At the balance sheet date, the intangible assets are carried forward at their
cost of £5,795,108 (2023: £5,357,888) less impairment of £598,833 (2023:
£598,833).
2.4 Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up
to 31 December each year. Control is achieved where the Company has the power
to govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
Business acquisitions have been accounted for in accordance with IFRS 3,
'Business Combinations'. Fair values are attributed to the Group's share of
net assets. Where the cost of acquisition exceeds the fair values attributed
to such assets, the difference is treated as purchased goodwill and is
capitalised.
2.5 Intangible assets
(i) Intangible fixed assets - Australia exploration costs
Expenditure on the acquisition costs, exploration and evaluation of interests
in licences, including related finance and administration costs, are
capitalised. Such costs are carried forward in the statement of financial
position under intangible assets and amortised over the minimum period of the
expected future commercial production of gold in respect of each area of
interest where:
a) such costs are expected to be recouped through successful development
and exploration of the area of interest or alternatively by its sale;
b) exploration activities have not yet reached a stage that permits a
reasonable assessment of the existence or otherwise of economically
recoverable reserves and active operations in relation to the areas are
continuing.
An annual impairment review is carried out by the Directors when specific
facts and circumstances indicate that an impairment test is required, such as:
(1) the period for which the entity has the right to explore in the specific
area has expired during the period or will expire in the near future and is
not expected to be renewed.
(2) substantive expenditure on further exploration for and evaluation of
mineral resources in the specific area is neither budgeted nor planned.
(3) exploration for and evaluation of mineral resources in the specific area
have not led to the discovery of commercially viable quantities of mineral
resources and the entity has decided to discontinue such activities in the
specific area.
(4) sufficient data exists to indicate that, although a development in the
specific area is likely to proceed, the carrying amount of the exploration and
evaluation asset is unlikely to be recovered in full from successful future
development or by sale.
In any such case, or similar cases, the entity shall perform an impairment
test in accordance with IAS 36. Any impairment loss is recognised as an
expense in accordance with IAS 36
Australia exploration costs are carried at cost less any provision for
impairment.
ii) Intangible fixed assets - Pakistan project costs
Expenditure on the Pakistan project to achieve final project approval prior to
the start of mining operations including related finance and administration
costs are capitalised. Such costs are carried forward in the statement of
financial position under intangible assets and amortised over the minimum
period of the expected future commercial production of coal in respect of each
area of interest
The Pakistan project costs are tested annually for impairment by comparing the
carrying amount to the recoverable amount. Pakistan project costs are carried
at cost less any provision for impairment.
2.6 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated
depreciation. Depreciation is provided at the following annual rates in order
to write off each asset over its estimated useful life.
Fixtures and fittings -
15% on reducing balance
Motor vehicles
- 20% on reducing balance
Computer equipment - 30% on
reducing balance
2.7 Investments in subsidiaries
A subsidiary is an entity over which the Group has control. Investments in
subsidiaries are stated at cost. The investments are reviewed annually and any
impairment is taken directly to the statement of profit or loss. Investments
in subsidiaries are fully consolidated within the Group financial statements
from the date on which control is transferred to the Group and deconsolidated
on the date when control ceases.
2.8 Investments in associates
An associate is an entity over which the Group has significant influence.
Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control
over those policies.
The results and assets and liabilities of associates are incorporated in these
consolidated financial statements using the equity method of accounting,
except when the investment, or a portion thereof, is classified as held for
sale, in which case it is accounted for in accordance with IFRS 5. Under the
equity method, an investment in an associate or a joint venture is initially
recognised in the consolidated statement of financial position at cost and
adjusted thereafter to recognise the Group's share of the profit or loss and
other comprehensive income of the associate or joint venture. When the Group's
share of losses of an associate exceeds the Group's interest in that associate
or joint venture (which includes any long-term interests that, in substance,
form part of the Group's net investment in the associate, the Group
discontinues recognising its share of further losses. Additional losses are
recognised only to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the associate.
An investment in an associate is accounted for using the equity method from
the date on which the investee becomes an associate or a joint venture. On
acquisition of the investment in an associate, any excess of the cost of the
investment over the Group's share of the net fair value of the identifiable
assets and liabilities of the investee is recognised as goodwill, which is
included within the carrying amount of the investment. Any excess of the
Group's share of the net fair value of the identifiable assets and liabilities
over the cost of the investment, after reassessment, is recognised immediately
in profit or loss in the period in which the investment is acquired.
The requirements of IAS 36 are applied to determine whether it is necessary to
recognise any impairment loss with respect to the Group's investment in an
associate or joint venture. When necessary, the entire carrying amount of the
investment (including goodwill) is tested for impairment in accordance with
IAS 36 Impairment of Assets as a single asset by comparing its recoverable
amount (higher of value in use and fair value less costs of disposal) with its
carrying amount. Any impairment loss recognised forms part of the carrying
amount of the investment. Any reversal of that impairment loss is recognised
in accordance with IAS 36 to the extent that the recoverable amount of the
investment subsequently increases.
The Group discontinues the use of the equity method from the date when the
investment ceases to be an associate or joint venture, or when the investment
is classified as held for sale. When the Group retains an interest in the
former associate or joint venture and the retained interest is a financial
asset, the Group measures the retained interest at fair value at that date and
the fair value is regarded as its fair value on initial recognition in
accordance with IFRS 9. The difference between the carrying amount of the
associate or joint venture at the date the equity method was discontinued, and
the fair value of any retained interest and any proceeds from disposing of a
part interest in the associate or joint venture is included in the
determination of the gain or loss on disposal of the associate or joint
venture. In addition, the Group accounts for all amounts previously recognised
in other comprehensive income in relation to that associate or joint venture
on the same basis as would be required if that associate or joint venture had
directly disposed of the related assets or liabilities. Therefore, if a gain
or loss previously recognised in other comprehensive income by that associate
or joint venture would be reclassified to profit or loss on the disposal of
the related assets or liabilities, the Group reclassified the gain or loss
from equity to profit or loss (as a reclassification adjustment) when the
equity method is discontinued. The Group continues to use the equity method
when an investment in an associate becomes an investment in a joint venture or
an investment in a joint venture becomes an associate. There is no
remeasurement to fair value upon such changes in ownership interests.
When the Group reduces its ownership interest in an associate or a joint
venture but the Group continues to use the equity method, the Group
reclassifies to profit or loss the proportion of the gain or loss that had
previously been recognised in the other comprehensive income relating to that
reduction in ownership interest if that gain or loss would be reclassified to
profit or loss on the disposal of the related assets or liabilities.
When a Group entity transacts with an associate or a joint venture of the
Group, profits and losses resulting from the transactions with the associate
or joint ventures are recognised in the Group's consolidated financial
statements only to the extent of interests in the associate or joint venture
that are not related to the Group.
2.9 Leasing
All leases held are either short term leases or are for low value assets. The
rentals paid are charged to the statement of profit or loss on a straight-line
basis over the period of the lease.
2.10 Foreign currency
In preparing the financial statements of each individual Group entity,
transactions in currencies other than the entity's functional currency
(foreign currencies) are recognised at the rates of exchange prevailing at the
dates of the transactions. At the end of each reporting period, monetary items
denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing at the date when
the fair value was determined. Non-monetary items that are measured in terms
of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the
period in which they arise except for exchange differences on foreign currency
borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when
they are regarded as an adjustment to interest costs on those foreign currency
borrowings;
For the purposes of presenting these consolidated financial statements, the
assets and liabilities of the Group's foreign operations are translated into
pounds using exchange rates prevailing at the end of each reporting period.
Income and expense items are translated at the average exchange rates for the
period, unless exchange rates fluctuate significantly during that period, in
which case the exchange rates at the dates of the transactions are used.
Exchange differences arising, if any, are recognised in other comprehensive
income and accumulated in equity (and attributed to non-controlling interests
as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group's entire
interest in a foreign operation, a disposal involving loss of control over a
subsidiary that includes a foreign operation, or a partial disposal of an
interest in a joint arrangement or an associate that includes a foreign
operation of which the retained interest becomes a financial asset), all of
the exchange differences accumulated in equity in respect of that operation
attributable to the owners of the Company are reclassified to profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a
foreign operation that does not result in the Group losing control over the
subsidiary, the proportionate share of accumulated exchange differences are re
attributed to non-controlling interests and are not recognised in profit or
loss. For all other partial disposals (i.e. partial disposals of associates or
joint arrangements that do not result in the Group losing significant
influence or joint control), the proportionate share of the accumulated
exchange differences is reclassified to profit or loss.
Goodwill and fair value adjustments to identifiable assets acquired and
liabilities assumed through acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the rate of
exchange prevailing at the end of each reporting period. Exchange differences
arising are recognised in other comprehensive income.
2.11 Employee benefits
Retirement benefit costs and termination benefits
The group operates a defined contribution pension scheme. Contributions
payable to the group's pension scheme are charged to the income statement in
the period to which they relate.
2.12 Share-based payments
Share based payment transactions of the Company
Where equity settled share warrants are awarded to employees, the fair value
of the warrants at the date of grant is charged to the statement of profit or
loss over the vesting period. Non market vesting conditions are taken into
account by adjusting the number of equity instruments expected to vest at each
statement of financial position date so that, ultimately, the cumulative
amount recognised over the vesting period is based on the number of warrants
that eventually vest. Market vesting conditions are factored into the fair
value of all warrants granted. As long as all other vesting conditions are
satisfied, a charge is made irrespective of whether market vesting conditions
are satisfied. The cumulative expense is not adjusted for failure to achieve a
market vesting condition.
Where terms and conditions of warrants are modified before they vest, the
increase in the fair value of the warrants, measured immediately before and
after the modification, is also charged to the statement of profit or loss
over the remaining vesting period. Where equity instruments are granted to
persons other than employees, the statement of profit or loss is charged with
the fair value of goods and services received.
2.13 Financial instruments
Financial assets and financial liabilities are recognised in the Group's
statement of financial position when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value, except for trade receivables that do not have a significant financing
component which are measured at transaction price. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and
financial liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from the fair
value of the financial assets or financial liabilities, as appropriate, on
initial recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in profit or loss.
Financial Assets:
The Group classifies its financial assets other than investments in
subsidiaries and associates as financial assets at amortised cost, at fair
value through other comprehensive income (FVOCI) or at fair value through
profit or loss (FVTPL). The classification depends on the purpose for which
the financial assets were acquired. Management determines the classification
of its financial assets at initial recognition.
A financial asset is measured at amortised cost if it is held within a
business model whose objective is to collect contractual cash flows and its
contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset is measured at FVOCI if it is held within a business model
whose objective is achieved by collecting contractual cash flows and selling
financial assets and its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A financial asset is measured at FVTPL if it is not measured at amortised cost
or at FVOCI.
All of the Group financial assets are currently classified at amortised cost.
Financial assets at amortised cost are subsequently measured at amortised cost
using the effective interest method. The amortised cost is reduced by
impairment losses. They are included in current assets, except for maturities
greater than 12 months after the balance sheet date. These are classified as
non current assets.
Trade receivables, with standard payment terms of between 30 to 65 days, are
recognised and carried at the lower of their original invoiced and recoverable
amount.
A loss allowance is recognised on initial recognition of financial assets held
at amortised cost, based on expected credit losses, and is re measured
annually with changes appearing in profit or loss. Where there has been a
significant increase in credit risk of the financial instrument since initial
recognition, the loss allowance is measured based on lifetime expected losses.
In all other cases, the loss allowance is measured based on 12 month expected
losses. For assets with a maturity of 12 months or less, including trade
receivables, the 12 month expected loss allowance is equal to the lifetime
expected loss allowance.
The Group's financial assets are disclosed in notes 14 and 15.
Financial Liabilities:
The Group classifies its financial liabilities at amortised cost or at FVTPL.
A financial liability is measured at FVTPL if it is classified as held for
trading, it is a derivative or it is designated as such on initial
recognition, otherwise it is classified at amortised cost.
All of the Group's financial liabilities are currently classified at amortised
cost.
Financial liabilities at amortised cost are subsequently measured at amortised
cost using the effective interest method. They are classified as non current
when the payment falls due more than 12 months after the year end date.
2.14 Cash and cash equivalents
Cash and cash equivalents for the purpose of the cash flow statement comprise
cash and bank balances.
2.15 New Standards and Interpretations applied
There are no IFRSs or IFRIC interpretations that are effective for the first
time for the financial year
beginning 1 January 2024 that would be expected to have a material impact on
the Group.
New and revised standards not yet effective
Certain new accounting standards and interpretations have been issued but have
not been applied by the Group in preparing these financial statements as they
are not as yet effective. These standards are not expected to have a material
impact on the Group in the current or future periods and on foreseeable future
transactions with the exception of IFRS 18 Presentation and Disclosure in
Financial Statements. IFRS 18 when implemented from year ended 31 December
2027 will require additional analysis and disclosure for the Income Statement.
3. SEGMENT INFORMATION
Based on risks and returns, the Directors consider that the primary business
reporting format is by business segment which are currently:
1) the principal activity of the Group which is an energy project
developer, based on the exploration and proposed development of a coal mine
and construction of a mine mouth power plant in Pakistan (the "Pakistan Energy
Project");
2) an investment in certain tenements in Western Australia for the
exploration and future extraction of gold (the "Australia Gold Project"); and
3) a green hydrogen project in Pakistan (the "Pakistan Green Hydrogen
Project").
These segments are not yet revenue generating and the primary financial
reporting metrics are the value of intangible assets relating to the projects
and total spend to date. The Pakistan Green Hydrogen Project is carried out
through the Company's investment in associates which is not included in the
analysis below.
To date the Group has raised a total of £22.74m and spent £18.0m on Thar
Block VI and £0.9m on the Australia Gold Project net of impairment of £0.6m.
The following is an analysis of the Group's results by reportable segment in
the year under review:
Segment Profit and Loss Statement 2024 2023
£ £
Pakistan Energy Project (5,113) (31,727)
Australia Gold Project (90,860) (88,831)
Sindh Carbon Energy Project - (69,829)
Total reportable segment - loss before tax (95,973) (190,387)
Administrative expenses (634,146) (657,671)
Finance income 21,679 36,688
Other gains and losses - 26,697
Share of the loss of associates using equity method (3,435) (5,122)
Loss before tax (711,875) (789,795)
The accounting policies of the reportable segments are the same as the Group's
accounting policies described in note 2. Segment profit represents the profit
earned by each segment without allocation of the share of profits of
associates and joint ventures, central administration costs including
directors' salaries, finance income, non operating gains and losses in respect
of financial instruments and finance costs, and income tax expense. This is
the measure reported to the Group's Chief Executive for the purpose of
resource allocation and assessment of segment performance
Segment assets
For the purposes of monitoring segment performance and allocating resources
between segments the Group's Chief Executive monitors the tangible, intangible
and financial assets attributable to each segment. All non-current assets are
allocated to reportable segments as shown below:
2024 2023
£ £
Pakistan Energy 4,663,961 4,255,005
Project
Australia Gold and Copper 532,314 504,050
Project
Pakistan Green Hydrogen Project 1,116,274 1,451,130
Total segment 6,312,549 6,210,185
assets
Unallocated 3,435 2,202
assets
Consolidated total 6,315,984 6,212,387
assets
Other Disclosures for the Reportable Segments
Depreciation & Amortisation Additions to non‑current*
assets*
2024 2023 2024 2023
£ £ £ £
Pakistan Energy Project 1,263 637 64,324 61,806
Australia Gold and Copper Project - - 276,394 37,754
1,263 637 340,718 99,560
*These amounts exclude additions to financial instruments.
In addition to the depreciation and amortisation reported above, impairment
losses of £nil (2023: £18,516) were recognised in respect of non‑current
assets. These impairment losses were all attributable to the Australia Gold
and Copper Project.
4. EMPLOYEE BENEFITS EXPENSES
Group
2024 2023
EMPLOYEE BENEFIT EXPENSES (INCLUDING DIRECTORS) COMPRISE:
286,695 265,000
Wages and salaries
5,345 2,494
National insurance
4,027 3,750
Defined contribution pension cost
296,067 271,244
All employee benefit expenses relate to key management personnel. Key
management personnel are those persons having authority and responsibility for
planning, directing and controlling the activities of the Group, including the
directors of the Company listed on page 21, and the Financial Controller of
the Company.
The monthly average number of persons, including the directors, employed by
the Group during the year was as follows:
2024 2023
No. No.
4 3
Directors
1 1
Administration and production
5 4
Company
2024 2023
£ £
EMPLOYEE BENEFIT EXPENSES (INCLUDING DIRECTORS) COMPRISE:
286,695 265,000
Wages and salaries
5,345 2,494
National insurance
4,027 3,750
Defined contribution pension cost
296,067 271,244
All employee benefit expenses relate to key management personnel. Key
management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the Group, including
the directors of the Company listed on page 21, and the financial Controller
of the Company.
The monthly average number of persons, including the directors, employed by
the Company during the year was as follows:
2024 2023
No. No.
4 3
Directors
1 1
Administration and production
5 4
5. DIRECTORS'S REMUNERATION
2024 2023
£ £
226,300 210,000
Directors' emoluments
2,622 2,100
Group contributions to pension schemes
228,922 212,100
During the year, no directors (2023 ‑ no directors) exercised share options.
No directors (2023 - 0 directors) had retirement benefits accruing under money
purchase schemes.
The highest paid director's emoluments were as follows:
2024 2023
£ £
150,000 150,000
Total emoluments and amounts receivable under long‑term incentive schemes
(excluding shares)
150,000 150,000
The highest paid director exercised no share options during the year (2023:
none) and has no retirement benefits accruing under money purchase schemes
(2023: none).
6. FINANCE INCOME AND EXPENSE
Recognised in profit or loss
2024 2023
£ £
Finance income
Interest on:
‑ Bank deposits 1,772 17,186
TOTAL INTEREST INCOME ARISING FROM FINANCIAL ASSETS MEASURED AT AMORTISED COST 1,772 17,186
Share of associates' interest receivable 19,907 19,502
TOTAL FINANCE INCOME 21,679 36,688
NET FINANCE INCOME RECOGNISED IN PROFIT OR LOSS 21,679 36,688
7. LOSS BEFORE INCOME TAX
The loss before income tax is stated after charging / (crediting):
2024 2023
£ £
Depreciation ‑ owned 68 205
assets
Impairment of debtors 14,011 46,931
Auditors' 40,769 37,203
remuneration
Foreign exchange 59,246 63,734
differences
In addition to the depreciation charges shown above, the Group incurred
charges of £1,263 (2023: £637) which have been capitalised as exploration
costs by the subsidiary company in accordance with the Group's accounting
policy.
8. INCOME TAX
Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2024
nor for the year ended 31 December 2023.
Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation
tax in the UK. The difference is explained below:
2024 2023
£ £
Loss before income (711,875) (789,795)
tax
Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 (177,969) (197,449)
‑ 25%)
Effects
of:
Foreign losses of 18,235 31,101
subsidiaries
Inter‑company items 19,732 (573)
eliminated
Disallowed 2,675 8,956
expenses
Potential deferred taxation on losses for 137,327 157,965
year
- -
The Group and Company has estimated UK excess management charges of
£11,580,629 (2023: £11,597,714) to carry forward against future income. The
overseas subsidiaries have losses of £792,125 (2023: £722,849) which will be
carried forward to offset future profits. There is no charge for foreign
taxation for the year (2023: nil).
The Group does not account for deferred taxation on losses as it considers the
timing of achieving recurring profitability is uncertain. There are no
undistributed subsidiary or associate profits that would require the Group to
recognise a deferred tax liability.
9. EARNINGS PER SHARE
(i) Basic earnings per share
2024 2023
Pence Pence
From continuing operations attributable to the ordinary equity holders of the (0.01) (0.02)
Company
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF (0.01) (0.02)
THE COMPANY
(ii) Diluted earnings per share
From continuing operations attributable to the ordinary equity holders of the (0.01) (0.02)
Company
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS (0.01) (0.02)
OF THE COMPANY
(iii) Reconciliation of earnings used in calculating earnings per share
2024 2023
£ £
LOSS ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF
THE COMPANY USED IN CALCULATING BASIC EARNINGS PER SHARE:
(711,875) (789,795)
From continuing operations
(711,785) (789,795)
LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF
THE COMPANY:
Used in calculating basic earnings per share (711,875) (789,795)
USED IN CALCULATING DILUTED EARNINGS PER SHARE (711,875) (789,795)
LOSS ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF THE COMPANY USED IN (711,875) (789,795)
CALCULATING DILUTED EARNINGS PER SHARE
(iv) Weighted average number of shares used as the denominator
2024 2023
Number Number
6,555,666,212 3,696,910,701
Weighted average number of ordinary shares used as the denominator in
calculating basic earnings per share
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES AND POTENTIAL ORDINARY SHARES USED
AS THE DENOMINATOR IN CALCULATING DILUTED EARNINGS PER GROUP 6,555,666,212 3,696,910,701
At the year end, there were 613,544,706 warrants outstanding (2023:
113,544,706) that could potentially dilute basic earnings per share in the
future but were not included in the calculation of diluted earnings per share
because they are antidilutive for the period(s) presented.
Post the reporting period end, the Company entered into transactions to issue
1,803,652,968 ordinary shares with associated options, which if exercised
would involve the issue of a further 913,442,009 ordinary shares which will be
assessed in the earnings per share calculation in the next accounting year.
10. PROPERTY, PLANT AND EQUIPMENT
Motor vehicles Computer equipment Total
£ £ £
Group
Cost or valuation
At 1 January 2023 12,953 4,120 17,073
Foreign exchange movements (3,067) (614) (3,681)
At 31 December 2023 9,886 3,506 13,392
Additions - 1,839 1,839
Foreign exchange movements 284 95 379
At 31 December 2024 10,170 5,440 15,610
Motor vehicles Computer equipment Total
£ £ £
ACCUMULATED DEPRECIATION AND IMPAIRMENT
10,282 2,906 13,188
At 1 January 2023
421 421 842
Charge for the year
(2,448) (394) (2,842)
Foreign exchange movements
8,255
2,933 11,188
At 31 December 2023
739 591 1,330
Charge for the year
(165) (178) (343)
Foreign exchange movements
8,829
3,346 12,175
At 31 December 2024
Net book value
1,631 571 2,202
At 31 December 2023
1,341 2,094 3,435
At 31 December 2024
Company
Computer equipment
£
Cost or valuation
1,524
At 1 January 2023
At 31 December 2023
1,524
At 31 December 2024
1,524
Computer equipment
£
ACCUMULATED DEPRECIATION AND IMPAIRMENT
1,250
At 1 January 2023
205
Charge for the year
At 31 December 2023
1,455
69
Charge for the year
At 31 December 2024
1,524
Net book value
69
At 31 December 2023
0
At 31 December 2024
11. INTANGIBLE ASSETS
Group
Australia Exploration Costs Australia Exploration Costs - Copper Pakistan Project Costs Total
£ £ £ £
COST
At 1 January 2023 1,074,240 - 4,529,390 5,603,630
Additions ‑ external 37,754 - 61,806 99,560
Foreign exchange movement (9,111) - (336,191) (345,302)
At 31 December 2023 1,102,883 - 4,255,005 5,357,888
Additions ‑ external 19,814 256,580 64,324 340,718
Foreign exchange movement (18,129) 114,631 96,502
At 31 December 2024 1,104,568 256,580 4,433,960 5,795,108
Australia Exploration Costs Australia Exploration Costs - Copper Pakistan Project Costs Total
£ £ £ £
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 January 2023 580,334 - - 580,334
Impairment charge 18,516 - - 18,516
Foreign exchange movement (17) - - (17)
At 31 December 2023 598,833 - - 598,833
Impairment charge - - -
- - - -
Foreign exchange movement
At 31 December 2024 598,833 - - 598,833
Net book value
493,906 - 4,529,390 5,023,296
At 1 January 2023
504,050 - 4,255,005 4,759,055
At 31 December 2023
505,735 256,580 4,433,960 5,196,275
At 31 December 2024
The Group's Australia Exploration costs of £505,735 (2023: £504,050),
Australia Exploration - Copper costs of £256,580 and Pakistan Project Costs
of £4,433,960 (2023: £4,255,005) are currently being carried forward at net
book value in the financial statements. The Group will need to raise funds to
reach financial close on all three projects. Financial close involves the
raising of finance, potentially both debt and equity for the construction and
start-up of a future mine and the proposed construction of a power plant. If
the Group is ultimately unable to raise such finance, some of the assets may
require impairment.
Company
Australia Exploration Costs Australia Exploration Costs - Copper Pakistan Project Costs Total
£ £ £ £
COST
At 1 January 2023 626,458 - 3,352,393 3,978,851
At 31 December 2023 626,458 - 3,352,393 3,978,851
Additions - 230,000 - 230,000
At 31 December 2024 626,458 230,000 3,352,393 4,208,851
Australia Exploration Costs Australia Exploration Costs - Copper Pakistan Project Costs Total
£ £ £ £
ACCUMULATED AMORTISATION AND IMPAIRMENT
At 1 January 2023
31 December 2023 and 2024 313,229 -
- 313,229
Net book value
313,229 - 3,352,393 3,665,662
At 1 January 2023
313,229 - 3,352,393 3,665,662
At 31 December 2023
313,299 230,000 3,352,393 3,895,622
At 31 December 2024
An impairment charge of £nil (2023: £nil) was recognised in the year by the
Company. During the 2023 financial year, the Directors reviewed the Australia
Exploration costs asset and following the receipt of geology reports
commissioned by the Company which indicated insufficient potential gold levels
in the Jundee East tenement, the Company determined the recoverable amount of
the exploration costs on this project to be zero based on the expectation of
no cash inflows.
The Company's remaining Australia Exploration costs of £313,299 (2023:
£313,229), Australia Exploration - Copper costs of £230,000 (2023: £nil)
and Pakistan Project Costs of £3,352,393 (2023: £3,352,393) are currently
being carried forward at net book value in the financial statements. The Group
will need to raise funds to reach financial close on both projects. Financial
close involves the raising of finance, potentially both debt and equity for
the construction and start-up of a future mine and the proposed construction
of a power plant. If the Group is ultimately unable to raise such finance,
some of the assets may require impairment.
12. INVESTMENTS
Company
Shares in group undertakings £
Cost and Net Book Value
At 1 January
2024
2,898,531
Disposals -
At 31 December 2024 2,898,531
The Company's investments at the Statement of Financial Position date in the
share capital of companies include the following:
Subsidiaries
Sindh Carbon Energy Limited
Registered office: 44/2, Street B‑6, Phase V, Off Khyaban e Shaheen, Defense
Housing Authority, Karachi, Pakistan.
Nature of business: Coal exploration and mining.
Class of shares % holding
Ordinary shares of Rs 10 each
100 (2023:100
2024 2023
£ £
Aggregate capital and 547,450 547,450
reserves
Loss for the year nil 69,829
The subsidiary company was incorporated in Pakistan on 23 January 2007 for the
exploration and future extraction of coal in Pakistan. Oracle Power PLC
agreed to acquire 80% of the ordinary share capital of the company at par,
fully paid in cash.
On 14 March 2016 Oracle Power PLC took up a rights issue to acquire a further
9,000,000 ordinary shares of the company at par for consideration of
£603,141. The acquisition was settled through a reduction of the inter
company loan and increased the holding in the subsidiary to 98%.
On 12 March 2018 Oracle Power PLC acquired the remaining 2% of Sindh Carbon
Energy Limited. This was acquired via a share for share exchange whereby
Oracle Power PLC issued 95,652,174 shares in exchange for the remaining
199,999 ordinary shares of Sindh Carbon Energy Limited.
The investment in share capital for the 100% holding amounts to £2,867,256
(2023: £2,867,256).
Thar Electricity (Private) Limited
Registered office: PIA Building, 3rd Floor, 49, Blue Area, Fazlul Haq Road,
Islamabad, Pakistan
Nature of business: Energy production
Class of shares % holding
Ordinary shares of Rs 10 each 100 (2023: 100)
2024 2023
£ £
Aggregate capital and (244,099) (248,292)
reserves
Loss for the (5,113) (31,727)
year
The subsidiary company was incorporated in Pakistan on 17 June 2015 for the
future generation of electricity in Pakistan. Oracle agreed to acquire 100%
of the ordinary share capital of the company at par, fully paid in cash.
The investment in share capital for the 100% holding amounted to £31,075
(2023: £31,075).
Oracle Gold Limited
Registered office: Tennyson House, Cambridge Business Park, Cambridge,
England, CB4 0WZ
Nature of business: Administration and financial support
Class of shares % holding
Ordinary shares of £1 each 100 (2023: 100)
2024 2023
£ £
Aggregate capital and 100 100
reserves
The subsidiary company was incorporated on 29 October 2020 but has not yet
commenced trading and had no profit or loss for the year (2023: Nil).
The investment in share capital for the 100% holding amounted to £100 (2023
£100).
The Company has guaranteed all outstanding liabilities of the subsidiary
company as at 31 December 2024. The subsidiary company has taken an
exemption from preparing and filing accounts as per the provisions of Section
394A, 394C and Section 448A, and 448C of the Companies Act 2006.
Oracle Gold Resources Limited
Registered office: Tennyson House, Cambridge Business Park, Cambridge,
England, CB4 0WZ
Nature of business: Administration and financial support
Class of shares % holding
Ordinary shares of £1 each 100 (2023: 100)
2024 2023
£ £
Aggregate capital and 100 100
reserves
The subsidiary company was incorporated on 29 October 2020 but has not yet
commenced trading and had no profit or loss for the year (2023:
Nil).
The investment in share capital for the 100% holding amounted to £100 (2023
£100).
The Company has guaranteed all outstanding liabilities of the subsidiary
company as at 31 December 2024.The subsidiary company has taken an exemption
from preparing and filling accounts as per the provision of Section 394A, 394C
and Section 448A, and 448C of the Companies Act 2006.
Oracle Gold Pty Limited
Registered office: Suite 23, 513 Hay Street, Subiaco, WA 6008
Nature of business: Gold exploration and mining
Class of shares % holding
Ordinary shares of AUD $1 each 100 (2023: 100)
2024 2023
£ £
Aggregate capital and (503,988) (476,843)
reserves
Loss for the (90,860) (88,831)
year
The subsidiary company was incorporated in Australia on 16 November 2020 for
the exploration and potential future extraction of gold. On the same date,
Oracle acquired licences to operate two gold projects in Western Australia.
These projects are managed and operated by the company. The acquisition of the
projects was satisfied by way of a cash payment of £90,000 by the parent
company, Oracle, and the issue of 42,857,143 new ordinary shares of 0.1 pence
and warrants to potentially subscribe for a further 42,857,143 Ordinary Shares
in Oracle exercisable at a price of 1.1p each.
The investment in share capital for the 100% holding amounted to £0.56 (2023:
£0.56).
13. INVESTMENTS IN ASSOCIATES
Company
Shares in associate undertakings
Cost £
At 1 January 668,782
2023
Additions 68,446
Share of loss of associates using equity method (5,122)
At 31 December 2023 732,106
Share of loss of associates using equity method (3,435)
At 31 December 2024 728,671
The Company's investments at the Statement of Financial Position date in the
share capital of associate companies include the following:
Associates
Oracle Energy Limited
Registered office: House No 91, Shahrah‑E‑Iran, Block 5 Clifton, Karachi,
Saddar Town, Karachi South, Sindh
Nature of business: Energy production
Class of shares % holding
Ordinary shares of Rs 10 each 30 (2023:30)
2024 2023
£ £
Aggregate capital and 2,624,537 1,819,876
reserves
Loss for (6,763) (7,820)
year
The associate company was incorporated in Pakistan on 19 November 2023 for the
future generation of power.
The investment in share capital for the 30% holding amounted to £724,861
(2023: 30% £726,848).
Oracle Energy FZCO Limited
Registered office: FD‑172.0, Floor No. 18, Sheikh Rashid Tower, Dubai World
Trade Centre, Dubai, United Arab Emirates
Nature of business: Energy production
Class of shares % holding
Ordinary shares of AED 1,000 each 30 (2023: 30)
2024 2023
£ £
Aggregate capital and 16,491 16,491
reserves
Loss for (5,057) (5,057)
year
The associate company was incorporated on 5 October 2023.
The investment in share capital for the 30% holding amounted to £6,788 (2023:
£6,788).
Summarised financial information in respect of each of the Group's material
associates is set out below. The summarised financial information below
represents amounts in associates' financial statements prepared in accordance
with IFRS Accounting Standards.
Oracle Energy Ltd Oracle Energy Ltd Oracle Energy FZCO Ltd Oracle Energy FZCO Ltd
2024 2023 2024 2023
£ £ £ £
Current assets 306,067 301,488 2,724 3,377
Non‑current assets 2,356,064 2,097,536 776,403 655,171
Current liabilities (37,595) (18,897) (757,508) (642,057)
Non-current liabilities (693,876) (560,252)
1,930,660 1,819,875 21,619 16,491
Equity attributable to owners of the associate 1,351,462 1,273,913 15,133 11,544
Non‑controlling interest 579,198 545,962 6,486 4,947
1,930,660 1,819,875 21,619 16,491
(Loss)/profit for the year from continuing operations (6,624) (8,071) 4,917 5,057
The associates have no revenue, discontinued operations, or other
comprehensive income to disclose. (loss) / profit from continuing operations
is equivalent to total comprehensive income.
The non‑controlling interest shown in the table above comprises the Group's
interest in the associated undertaking.
There is no significant restriction on the ability of associates to transfer
funds to the Group in form of cash dividends, or to repay loans or advances
made by the Group.
14. LOANS AND OTHER FINANCIAL ASSETS
Group 2024 2023
£ £
Financial - 407,291
assets
Loans to associate 387,603 311,733
undertakings
387,603 719,024
The financial asset of £nil (2023: £407,291) represents the cash used to
collateralise a performance guarantee for US$500,000 issued in favour of the
Director General, Coal Mines Development Department to cover company
obligations under its mining lease. The guarantee was originally valid up to
the earliest of the date commercial operations begin, three years from the
date of issue, or 2 February 2018. This was last extended to 31 January 2024.
During the year, the Company decided not to renew the bank guarantee and this
cash balance was returned to the Company.
Group Loans to associate undertakings
2024 2023
£ £
At 1 January 2024 311,733 155,009
New in year 144,081 210,924
Impairment (68,211) (54,200)
At 31 December 2024 387,603 311,733
Company 2024 2023
£ £
Loans to group 2,475,571 2,238,299
undertakings
Loans to associate 336,300 281,196
undertakings
Financial - 407,291
assets
2,811,871 2,926,786
Company Loans to Group undertakings Loans to associate undertakings
£ £
At 1 January 2023 2,035,196 144,952
New in year 630,840 190,444
Impairment (396,726) (54,200)
Exchange differences (31,011)
31 December 2,238,299 281,196
2023
New in 726,943 123,315
year
Impairment (439,402) (68,211)
Exchange (50,269) -
differences
31 December 2,475,571 336,300
2024
Company 2024 2023
£ £
Financial - 407,291
assets
Included in the loans to Group undertakings shown above, during the period
Oracle Power PLC made loans to its subsidiaries totalling £nil (2023: £nil)
to Sindh Carbon Energy Limited, £61,559 (2023: £67,736) to Thar Electricity
(Private) Limited and £59,376 (2023: £14,907) to Oracle Gold Pty Limited.
The amounts outstanding at the statement of financial position date were
£1,078,588 (2023: £1,078,588) due from Sindh Carbon Energy Limited,
£647,192 (2023: £585,633) due from Thar Electricity (Private) Limited, of
which £31,753 is denoted in USD of $42,980 and £644,638 (2023: £585,262)
due from Oracle Gold Pty Limited. Interest accrues on a daily basis at a rate
of 1% over the Bank of England base rate. The loans are unsecured and although
they are repayable on demand, they are unlikely to be repaid until the project
becomes successful and the subsidiaries start to generate revenues. The loans
were reviewed for impairment and an impairment charge of £439,402 (2023:
£396,792) was recognised in the year.
The subsidiaries and associate loans are considered recoverable.
15. TRADE AND OTHER RECEIVABLES
Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Current:
Other 7,751 7,751 7,751 7,751
receivables
VAT 19,435 20,707 16,475 19,415
Prepayments and accrued income 16,587 18,451 14,616 16,683
43,773 46,909 38,842 43,849
16. CALLED UP SHARE CAPITAL
2024 2023
£ £
Allotted, issued and fully paid Ordinary shares of
0.001p
10,272,823,185 (2023: 3,800,789 3,745,415
4,735,415,387)
The shares issued during the year were as follows:
Date issued Class of shares allotted Number of shares allotted Nominal value of each share Amount paid (including share premium) on each share
12April 2024 Ordinary 136,986,301 0.001p 0.0219p
17 May 2024 Ordinary 1,666,666,667 0.001p 0.018p
12 June 2024 Ordinary 913,242,009 0.001p 0.0219p
20 November 2024 Ordinary 1,153,846,154 0.001p 0.013p
18 December 2024 Ordinary 1,666,666,667 0.001p 0.025p
On 4 October 2023, the Company completed a share reorganisation and each
ordinary share of 0.1p was replaced with a new ordinary share of 0.001p and a
deferred share of 0.099 pence.
The number of shares in issue is summarised as follows:
2024 2023
No. No.
At 1 4,735,415,387 3,078,297,740
January
Issued during the 5,537,407,798 1,657,117,647
year
At 31 10,272,823,185 4,735,415,387
December
At 31 December 2024, the total warrants in issue were 613,544,706 (2023:
113,544,706) comprising warrants issued to investors and brokers (see note
23).
17. RESERVES
The following is a description of each of the reserve accounts that comprise
equity shareholders' funds:
Share premium
The share premium comprises the excess value recognised from the issue of
ordinary shares at par.
Share scheme reserve
Cumulative fair value of warrants charged to the statement of comprehensive
income net of transfers to the profit and loss reserve on exercised and
cancelled/lapsed warrants.
Foreign exchange reserve
Cumulative gains and losses on translating the net assets of overseas
operations to the presentation currency.
Retained earnings
Retained earnings comprise the Group's cumulative accounting profits and
losses since inception.
18. TRADE AND OTHER PAYABLES
GROUP GROUP COMPANY COMPANY
2024 2023 2024 2023
£ £ £ £
Current
Trade 98,609 71,282 78,258 56,732
payables
Other 20,515 9,015 20,348 8,855
payables
Accruals and deferred income 73,064 66,268 61,386 57,411
192,188 146,565 159,992 122,998
19. LEASING AGREEMENTS
Expense and net cash outflow incurred under leasing agreements
Group 2024 2023
£ £
Short term - 9,008
leases
- 9,008
Company
Short term - 8,663
leases
- 8,663
20. FINANCIAL RISK MANAGEMENT
The carrying value of the Group's financial assets and liabilities at the
balance sheet date of the year under review are categorised as follows:
2024 2023
£ £
Financial assets ‑ at amortised
cost
Cash and bank 619,197 203,526
balances
Receivables denominated in foreign - 407,291
currency
Financial liabilities ‑ at amortised
cost
Trade and other 119,124 80,297
payables
The main purpose of these financial instruments is to finance the Group's
operations. The Board regularly reviews and agrees policies for managing the
level of risk arising from the Group's financial instruments as summarised
below.
a) Market Risk
Market risk is the risk that changes in market prices, such as commodity
prices, foreign exchange rates, interest rates and equity prices will affect
the Group's income or value of its holdings in financial instruments.
i) Foreign Exchange Risk
The Group operates internationally and is exposed to foreign exchange risk
arising from currency exposures. The Group is exposed to currency risk on cash
and cash equivalents, loans, receivables and payables that are denominated in
currencies other than sterling which is the functional currency of the
Group.
The Group's net exposure to foreign currency risk at the reporting date is as
follows:
2024 2023
£ £
Pakistan (15,690) (4,489)
Rupees
US 128,695 392,696
Dollars
Australian 197 (1,952)
Dollars
113,202 386,255
The Directors have reviewed historical exchange rates and consider that a 10
percent weakening of sterling against the US Dollar or Australian Dollar would
be a reasonable basis for sensitivity analysis. By the same method the
Directors consider that a 50% weakening of sterling against the Pakistan Rupee
would be a reasonable basis for sensitivity analysis. The Directors reviewed
the foreign currency balances and modelled the effect of the % change in
foreign exchange rates. A 10% weakening of sterling against the US Dollar or
Australian Dollar at 31 December 2024 and a 50% weakening against the Pakistan
Rupee would reduce net profit before tax by approximately £6,000 (2023:
£35,000 increase).
Differences that arise from the translation of these foreign currency cash
equivalents and loans to sterling at the year end rates are recognised in
other comprehensive income in the year and the cumulative effect as a separate
component in equity. The Group does not hedge this translation exposure in
profits and equity.
ii) Interest Rate Risk
The Group has interest bearing accounts and has earned interest income of
£1,772 (2023: £17,186) in the year. Given the level of interest income
earned in the year, interest rate risk is not considered to be material to the
Group.
b) Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due. The Group's policy throughout the year
has been to ensure that it has adequate liquidity to meet its liabilities when
due by careful management of its working capital.
The following tables illustrate the contractual maturity profiles of its
financial liabilities, all of which are repayable within one year, as at 31
December:
2024 2023
£ £
Maturity up to one
year:
Trade and other 119,121 80,297
payables
c) Fair Values of Financial Assets and Liabilities
The carrying value of all financial assets and liabilities in the financial
statements approximate their fair values.
Loss allowance
d) Credit Risk
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group. The maximum
exposure to credit risk at the reporting date to recognised financial assets
is the carrying amount, net of any provisions for impairment of those assets,
as disclosed in the statement of financial position and notes to the financial
statements. The Group does not hold any collateral. Credit risk in relation to
cash held with financial institutions is considered low, given the credit
rating of these institutions.
The Group's principal financial assets are the cash and cash equivalents and
taxation receivable as recognised in the statement of financial position, and
which represent the Group's maximum exposure to credit risk in relation to
financial assets. At the year end the Group held £619,197 (2023: £203,526)
cash and cash equivalents; £nil (2023: £407,291) other financial assets held
with financial institutions; and £19,356 (2023: £20,805) taxation
receivable. The Group's financial assets are considered to be of a high
credit rating.
At the year end, the Company held £604,851 (2023: £192,574) cash and cash
equivalents; £nil (2023: £407,291) other financial assets held with
financial institutions; and £16,475 (2023: £19,415) taxation receivable.
These financial assets are considered to be of a high credit rating.
The Company has made unsecured loans to its subsidiaries of £1,078,588 (2023:
£1,078,588) to Sindh Carbon Energy Limited, £647,192 (2023: £585,633) to
Thar Electricity (Private) Limited and £644,638 (2023: £585,262) to Oracle
Gold Pty Limited. During the 2023 financial year, interest previously reported
in current assets was reclassified against the loans and shown in the balances
above, total £nil (2023: £240,225). Although they are repayable on demand,
they are unlikely to be repaid until the projects are successful and the
subsidiaries start to generate revenue. The Company considers the loans are of
a lower credit rating. The loans were assessed for impairment and an
impairment charge of £439,402 (2023: £396,792) was recognised in the year.
The Company has made unsecured loans to its associates of £404,511 (2023:
£335,396) to Oracle Energy FZCO Limited. Although the loan is repayable on
demand, it is unlikely to be repaid until the projects are successful and the
associate starts to generate revenue. The Company considers that the loan is
of a lower credit rating. The loan was assessed for impairment and an
impairment charge of £68,211 (2023: £54,200) was recognised in the year.
The Company assessed impairment by considering a range of future interest
rates between 1% and 5.25%, and potential periods until the loans are able to
be repaid between 1 and 10 years. The Directors considered the most likely
scenario was an interest rate of 3.38% and a 5 year repayment period (2023:
3.38% and 5 years). The movement in the loss allowance in the year was an
increase of £56,687 from £450,926 in 2023 to £507,613 in 2024. The reason
for the increase in the provision was due to the increase in the size of the
loans and an increase in the Bank of England Base Rate.
2024 2023
£ £
Gross carrying 3,319,175 2,970,321
value
Opening loss 450,926 393,184
allowance
Movement in allowance for 507,613 57,742
period
Closing loss 958,539 450,926
allowance
Assessed interest rate 3.38% 3.38%
risk
Years until cash 5 5
realised
Capital Management
The Company's capital consists wholly of ordinary shares, together with their
associated share premium. The Board's policy is to preserve a strong capital
base in order to maintain investor, creditor and market confidence and to
safeguard the future development of the business, whilst balancing these
objectives with the efficient use of capital.
21. CONTINGENT LIABILITIES
On 3 February 2015, a performance guarantee for US$500,000, secured by a
deposit from the Company, was issued by a third-party bank in favour of the
Director General of the Coal Mines Development Department to cover potential
obligations under the mining lease. This bank guarantee has been extended
annually and, during 2024, the Company decided not to renew the bank
guarantee. The Directors do not believe that any potential obligations under
the mining lease will arise.
22. RELATED PARTY DISCLOSURES
During the year, Oracle Power PLC accrued interest of £66,060 (2023:
£61,258) in respect of loans totalling £1,078,588 (2023: £1,078,588) made
to its wholly owned subsidiary Sindh Carbon Energy Limited, £37,783 (2023:
£31,740) in respect of loans totalling £647,192 (2023: £585,633) made to
its wholly owned subsidiary Thar Electricity (Private) Limited and £35,263
(2023: £35,263) in respect of loans totalling £644,638 (2023: £585,262)
made to its wholly owned subsidiary Oracle Gold Pty Limited, and £8,866
(2023: £19,502) in respect of loans totalling £404,511 (2023: £335,396) to
its associated undertaking Oracle Energy FZCO Limited.
At the Statement of Financial Position date, the total interest outstanding
amounted to £330,995 (2023: £264,935) for Sindh Carbon Energy Limited,
£91,771 (2023: £53,988) for Thar Electricity (Private) Limited and £84,825
(2023: £49,562) for Oracle Gold Pty Limited, and £41,534 (2023: £21,627)
for Oracle Energy FZCO Limited. The loans due from Sindh Carbon Energy
Limited, Thar Electricity (Private) Limited, Oracle Gold Pty Limited, and
Oracle Energy FZCO Limited were reviewed for impairment and an impairment
charge of £72,003 (2023: £29,327) was recognised in the year. Total
impairment charge to date amounts to £439,402 (2023: £396,792).
All intercompany loans accrue interest at the Bank of England Base rate + 1%,
all intercompany loans are to be settled in cash.
The Company has guaranteed the liabilities of two dormant, wholly owned
subsidiaries: Oracle Gold Limited and Oracle Gold Resources Limited.
Key management personnel compensation
The Directors and key management personnel of the Group during the year were
follows:
Mr M W Steed (Non Executive Director and Chairman)
Ms N Memon (Chief Executive Officer)
Mr D Hutchins (Non Executive Director)
Mr N Lee (Company Secretary)
Details of directors' compensation are disclosed in the Remuneration Report
included in the Directors Report. In addition, the Company Secretary,
Nicholas Lee, received a salary of £55,000 (2023: £55,000).
Key management personnel equity holdings
Details of key management personnel beneficial interests in the fully paid
ordinary shares of the Company are disclosed in the Directors Report.
23. SHARE BASED PAYMENT TRANSACTIONS
The Company has a share warrant programme that entitles the holders to
purchase shares in the Company with the warrants exercisable at the price
determined at the date of granting the warrant. The terms and conditions of
the grants active in the year are that there are no vesting conditions to be
met and all warrants are to be settled by the issue of shares.
The number and weighted average exercise prices of share warrants are as
follows:
Weighted average exercise price 2024 Number of warrants 2024 Weighted average exercise price 2023 Number of warrants 2023
Outstanding at 1 January 0.09p 113,544,706 - -
Expired during the period - - - -
Forfeited during the period - -
Granted during the period 0.032p 1,666,666,667 0.09p 113,544,706
Exercised during the period 0.025p (1,666,666,667)
Outstanding at 31 December 0.07p 113,544,706 0.09p 113,544,706
Exercisable at 31 December 0.07p 113,544,706 0.09p 113,544,706
The weighted average contractual life remaining at the year end was 0.5 years
(2023: 1.5 years).
There is no expense for the year (2023: nil) for services received in respect
of equity settled share based payment transactions as the warrants granted
during the year were also exercised in the year.
24. EVENTS AFTER THE REPORTING PERIOD
Since the reporting date, the Company has entered into the following
reportable transactions.
On 18 February 2025 the Company announced that its joint venture partner -
Riversgold Limited ("Riversgold") - on the Northern Zone Gold Project ("NZ
Gold Project") had exercised its option to acquire 80% of the NZ Gold
Project. The threshold of spending of at least A$600,000 on the project had
been met. The Company will retain a 20% interest in the project.
On 22 April the Company announced that it had raised gross proceeds of
£318,600 by way of a placing of 1,770,000,000 new ordinary shares in the
capital of the Company at a price of 0.018 pence per share.
25. NOTES SUPPORTING STATEMENT OF CASH FLOW
Group
2024 2023
£ £
152,835 28,431
Cash at bank available on demand
466,362 175,095
Short‑term deposits
CASH AND CASH EQUIVALENTS IN THE STATEMENT OF FINANCIAL POSITION 619,197 203,526
CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS 619,197 203,526
Company
2024 2023
£ £
138,489 17,479
Cash at bank available on demand
466,362 175,095
Short‑term deposits
CASH AND CASH EQUIVALENTS IN THE STATEMENT OF FINANCIAL POSITION 604,851 192,574
CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS 604,851 192,574
**ENDS**
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