REG - Oracle Power PLC - Interim Results for the 6 months to 30 June 2025
12/09/2025 07:00
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RNS Number : 0251Z Oracle Power PLC 12 September 2025
12 September 2025
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Unaudited Interim Results for the six months to 30 June 2025
Oracle Power PLC (AIM: ORCP), the international natural resources project
developer, announces its unaudited interim results for the six months ended
30 June 2025, which will also be made available on its website at:
www.oraclepower.co.uk.
Chairman's statement for the six months ended 30 June 2025
For the six months ended 30 June 2025, the Company recorded a loss after
taxation of £267,715 (6 months ended 30 June 2024: £264,942). Given that
the Company is a resource development company a loss is expected. Without
any current revenue, the Company continues to finance the development of its
projects by raising new equity capital via the public markets and successfully
raised £318,600 before expenses in April 2025 and a further £500,000 before
expenses, post the period end, in August 2025.
It is pleasing to report that all the Company's three major projects continue
to advance and move forward, with particularly good progress being made at the
Northern Zone Project in Australia, where application has now been made to
convert the prospecting licence into a mining licence. Additionally, our
partner, Australian listed Riversgold Limited, continues to manage an ongoing
drilling programme and we are currently working on formalising a joint venture
agreement with them.
Also in Australia, we commenced work on the Blue Rock Valley Copper and Silver
Project, located in the Ashburton Basin in north-west Western Australia. The
initial work involved a maiden geochemical sampling programme which identified
a 320m priority target zone over the main working area, and work will continue
here during the year.
In Pakistan, we continue to work with our various partners and prospective
investors for the development of the Green Hydrogen Project and we were very
pleased that the LOI granted by the Government of Sindh, for the development
of the large renewable energy power plant in Jhimpir, Sindh Province was
extended until May 2026, based upon the significant of progress achieved on
the project to date.
Post the period end, the Company's growing recognition in the green energy
space in Pakistan was recognised as our CEO, Naheed Memon, was appointed as a
member of Pakistan's National Hydrogen Working Group, which has been
established by the Pakistan Ministry of Planning, Development & Special
Initiatives to develop a long-term national hydrogen strategy.
Further details on the developments of the Company's projects are set out in
the CEO's statement.
David Hutchins
Non-executive Chairman
Chief Executive Officer's statement for the six months ended 30 June 2025
In the first half of 2025, we have made good progress in relation to the
development of our projects in Pakistan and Western Australia.
Review of operations
Pakistan
Green Hydrogen and Renewable Power Project
During the first half of 2025, we obtained an extension of the LOI granted by
the Government of Sindh, for the development of the renewable energy power
plant ("Renewable Power Plant"). This LOI allows for the development of a
large renewable energy power plant in Jhimpir, Sindh Province in Pakistan. The
LOI for this project has now been extended to 13 May 2026. The approval was
granted based on the significant progress achieved on the project to date.
As part of its ongoing commitment CET, which is a subsidiary of State Grid
Corporation of China, extended the JDA/MOU with Oracle to 1 March 2027,
allowing for an additional two years for the joint development of the
Company's green hydrogen project (the "Green Hydrogen Project") with an
emphasis on technical and financial aspects. The MOU which is focused on
accelerating the development of Oracle s Green Hydrogen Project, includes the
construction of a hybrid renewable energy production and storage facility,
combining 800MW of solar and 500MW of wind power, and battery storage.
During the period, the Company also continued to engage with prospective
investors for the development of the Green Hydrogen Project. Post period we
have received significant interest from the Government of Pakistan, which
includes the membership of a green hydrogen working group constituted by the
Government of Pakistan, for the development of green molecule projects in
Pakistan.
Thar Block VI
In the first half of 2025, we have been actively pursuing options for this
asset which includes the potential divestment of the block and we are
currently having a dialogue with prospective investors.
Australia
Northern Zone Gold Project
The first half of 2025 has been instrumental in the development of the
Northern Zone Project (the "Northern Zone"), moving it towards a prospective
mine. In February 2025, a mining lease application was submitted to the
Department of Energy, Mines, Industry Regulation and Safety ("DEMIRS") in
Australia. This application is to convert the Northern Zone's prospecting
licence to a mining lease. Soon after the submission of the mining lease
application as anticipated, our joint development partner, Riversgold,
exercised its 80% option over the Northern Zone to create a joint venture
arrangement with Oracle.
As a result of this, Oracle will retain a 20% interest in the project and will
have a free carry until the joint venture agreement is formalised and
signed. Riversgold has continued to advance the development at the Northern
Zone, and very soon after this announcement new drilling at Northern Zone
commenced.
Two drilling rigs were booked to start work in 2025 drilling season, and a
1,280m RC programme, drilling to a depth of 100m to 120m commenced
immediately. In March 2025, a 2,000m Aircore drilling programme to test
shallower mineralisation was also launched. The results from these drilling
programmes were obtained in late March/April 2025 and they have further
confirmed high grade gold intercepts within a lower grid gold halo. The
results from this RC drill campaign exceeded our expectations, revealing
healthy grades, and overall tenor within the shallower oxide gold
mineralisation at the top of the mineralised porphyry.
In May 2025, we announced positive metallurgical results at a level above 90%
gold recovery, along with the final drilling results from recent drill
programmes. This metallurgical testwork using cyanide bottle roll procedures
closely replicated the original 2022 work previously reported, with all
results between 90.64% and 94.70% for five samples, resulting in an average
gold recovery of 92.56%. These are excellent results and bode well for future
plans to scope out potential starter pits for toll treatment. By the end of
the period, all results from the recent RC and Aircore drilling programmes had
been received and demonstrated that the main oxide mineralisation has the
potential to link the west and east mineralised zones. Post period end,
discussions with mining operators are continuing, and good progress is being
made.
Blue Rock Valley Copper and Silver Project
In first half of 2025, the development of the Blue Rock Copper Project was
fast tracked. The company engaged APEX Geoscience to conduct a maiden
geochemical sampling program in order to further refine drilling targets and
help to ascertain the most appropriate techniques for exploration which would
include Expert Geophysics MobileMT drone-based techniques. Post period end,
the Company announced the results of this maiden geochemical sampling program
which identified copper targets over 2km and the geochemical copper anomalies
which relate to well-known mineralisation, with new zones identified to the
northwest, and southeast of the main workings area. The priority target zone
over the area of the main workings extends for approximately 320m.
Post period end, it was confirmed that the next steps to define mineralisation
need to be considered, with expansion of geochemical sampling to the
north-east, over the major crustal suture and towards higher magnetics, and/or
further geophysical techniques such as Expert Geophysics MobileMT. Drilling to
test the anomalies may also be considered, with drill traverses proposed.
Financial
As expected for a project development company with three pre-revenue projects
at development stages, the Company's financial results for the six months to
30 June 2025 show the Group made a loss after taxation of £267,715 (6 months
ended 30 June 2024: £264,942).
As at 30 June 2025, the Group had cash and cash equivalents of £557,986 (30
June 2024: £528,464) and net assets of £6,676,542 (30 June 2024
£6,649,885).
Currently, the Company does not generate any revenue and so it is dependent on
raising new funds to finance the development of its various projects. Despite
challenging market conditions, the Company raised £318,600 before expenses in
April 2025, and £500,000 before expenses, post period end, in August 2025,
demonstrating its ongoing ability to secure funding and the confidence
investors have in the Company's future.
Outlook
During the first half of 2025, we have made significant strides in developing
our projects in our portfolio, particularly with regard to the Northern
Zone. We have also had success in forming partnerships to assist with our
ongoing developments. Additionally, we have enhanced the Green Hydrogen
Project by carving out standalone, attractive renewable power projects.
We remain committed to creating value for our shareholders from our various
our projects.
Naheed Memon
Chief Executive Officer
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
CONTINUING OPERATIONS £ £ £
Revenue - - -
Administrative expenses (280,927) (278,700) (730,119)
OPERATING LOSS (280,927) (278,700) (730,119)
Finance income 13,420 11,901 21,679
Share of the (loss) / gain of associates using equity method (208) 1,857 (3,435)
LOSS BEFORE INCOME TAX (267,715) (264,942) (711,875)
Income tax - - -
LOSS FOR THE PERIOD (267,715) (264,942) (711,875)
Earnings per share expressed in pence per share:
Basic (0.002) (0.01) (0.01)
Diluted (0.002) (0.01) (0.01)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
LOSS FOR THE YEAR (267,715) (264,942) (711,875)
ITEMS THAT WILL OR MAY BE RECLASSIFIED TO PROFIT OR LOSS:
Exchange (losses) / gains arising on translation on foreign operations (141,993) 89,570 145,800
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF INCOME TAX (141,993) 89,570 145,800
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (409,708) (175,372) (566,075)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
ASSETS
NON-CURRENT ASSETS
Intangible assets 5,097,099 5,129,760 5,196,275
Property, plant and equipment 2,666 1,949 3,435
Investments in equity accounted associates 728,463 733,963 728,671
Loans and other financial assets 406,739 374,774 387,603
6,234,967 6,240,446 6,315,984
CURRENT ASSETS
Trade and other receivables 24,883 30,209 43,773
Cash and cash equivalents 557,986 528,464 619,197
582,869 558,673 662,970
TOTAL ASSETS 6,817,836 6,799,119 6,978,954
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 3,818,489 3,772,584 3,800,789
Share premium 20,372,656 19,591,493 20,090,872
Translation reserve (1,308,747) (1,222,984) (1,166,754)
Share scheme reserve 9,759 9,759 9,759
Retained earnings (16,215,615) (15,500,967) (15,947,900)
TOTAL EQUITY 6,676,542 6,649,885 6,786,766
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 141,294 149,234 192,188
Borrowings - - -
TOTAL LIABILITIES 141,294 149,234 192,188
TOTAL EQUITY AND LIABILITIES 6,817,836 6,799,119 6,978,954
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Called up Share Share Scheme Reserve Translation Retained earnings Total Equity
share premium Reserve
capital
£ £ £ £ £ £
Balance at 31 December 2023 3,745,415 19,109,662 9,759 (1,312,554) (15,236,025) 6,316,257
Loss for the period - - - - (264,942) (264,942)
Other comprehensive income - - - 89,570 - 89,570
Issue of Share Capital 27,169 481,831 - - - 509,000
Balance at 30 June 2024 3,772,584 19,591,493 9,759 (1,222,984) (15,500,967) 6,649,885
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Called up Share Share Scheme Reserve Translation Retained earnings Total Equity
share premium Reserve
capital
£ £ £ £ £ £
Balance at 30 June 2024 3,772,584 19,591,493 9,759 (1,222,984) (15,500,967) 6,649,885
Loss for the period - - - - (446,933) (446,933)
Other comprehensive income - - - 56,230 - 56,230
Issue of Share Capital 28,205 499,379 - - - 527,584
Balance at 31 December 2024 3,800,789 20,090,872 9,759 (1,166,754) (15,947,900) 6,786,766
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Called up Share Share Scheme Reserve Translation Retained earnings Total Equity
share premium Reserve
capital
£ £ £ £ £ £
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 CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
Cash flows from operating activities
Cash used in operations CF note 1 (286,787) (258,782) (610,614)
Net cash used in operating activities (286,787) (258,782) (610,614)
Cash flows from investing activities
Purchase of intangible fixed assets (63,833) (44,750) (340,718)
Disposal of financial fixed assets - 410,979 410,979
Issue of loans (11,179) (62,550) (82,423)
Interest received 2,385 860 1,772
Net cash (used in) / from investing activities (72,627) 304,539 (10,390)
Cash flows from financing activities
Proceeds of share issue 318,600 300,001 1,096,667
Share issue costs (19,116) (21,000) (60,083)
Net cash from financing activities 299,484 279,001 1,036,584
(Decrease) / increase in cash and cash equivalents (59,930) 324,758 415,580
Cash and cash equivalents at beginning of period CF note 2 619,197 203,644 203,526
Effect of exchange rate changes (1,281) 62 91
Cash and cash equivalents at end of period CF note 2 557,986 528,464 619,197
NOTES TO THE CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
Loss before tax (267,715) (264,942) (711,875)
Depreciation - 69 69
Impairment loss on intangible assets - - -
Impairment loss on loans to associates 2,292 10,966 14,011
Loss/(gain) on foreign exchange movement 22,957 (10,485) 56,666
Finance income (13,420) (11,901) (21,679)
Share of loss / (gain) from associate undertaking 208 (1,857) 3,435
(255,678) (278,150) (659,373)
Increase in trade and other receivables 19,785 16,700 3,136
Increase / (decrease) in trade and other payables (50,894) 2,668 45,623
Cash used in operations (286,787) (258,782) (610,614)
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) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2025 30 June 2024 31 Dec 2024
£ £ £
Cash and cash equivalents 557,986 528,464 619,197
NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. Basis of preparation
These interim financial statements for the six-month period ended 30 June 2025
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 2025, and which are also consistent
with the accounting policies applied for the year ended 31 December 2023
except for the adoption of any new standards and interpretations.
These interim results for the six months ended 30 June 2025 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
2024 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 an emphasis of matter in respect of 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
10,957,353,572 (30 June 2024: 5,273,575,857 and 31 December 2024:
6,555,666,212) outstanding during the period.
There is no difference between the basic and diluted loss per share.
3. Called up share capital
The number of shares in issue was as follows:
Number of shares
Balance at 31 December 2023 4,735,415,387
Issued 1 January 2024 - 30 June 2024 2,716,894,977
Balance at 30 June 2024 7,452,310,364
Issued 1 July 2024 - 31 December 2024 2,820,512,821
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
At 30 June 2025, there were 113,544,706 warrants outstanding (31 December
2024: 113,544,706; 30 June 2024: 2,280,211,573).
For further information please contact:
Oracle Power PLC +44 (0) 203 580 4314
Naheed Memon
Strand Hanson Limited (Nominated Adviser and Broker) +44 (0) 20 7409 3494
Rory Murphy, Matthew Chandler, Rob Patrick
St Brides Partners Limited (Financial PR) oracle@stbridespartners.co.uk
Susie Geliher, Isabel de Salis
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