REG - Oracle Power PLC - Northern Zone Gold Project Co-Operation Agreement

Oracle PowerAnnouncement

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RNS Number : 3816B  Oracle Power PLC  30 September 2025

30 September 2025

Oracle Power PLC

 ("Oracle" or the "Company")

 

Mining and Co-Operation Agreement with Mega Resources

Northern Zone Gold Project

MEGA Resources will fully-fund the operations with Project Owners to receive
50% of the profit

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that Oracle (through its Australian subsidiary) and Riversgold
Limited ("Riversgold")  have agreed a binding Right to Mine and Co-Operation
Agreement with MEGA Resources Pty Limited ("MEGA Resources") and Bain Global
Resources Pty Limited ("BGR Pty") for the right to mine (the "MEGA Resources
Agreement") with respect to the Northern Zone Gold Project ("Northern Zone")
located 25km east-south-east of the Kalgoorlie Super Pit in Western Australia.
Figure 1.

 

Highlights:

·    The Northern Zone is owned 80% by ASX listed Riversgold and 20% by
Oracle ("Project Owners") as set out in the Earn-in Agreement between the
Project Owners in May 2023, with the JV agreement to be documented by 31
December 2025 latest.

·    Riversgold has signed on the Project Owners behalf, a Right to Mine
and Co-Operation Agreement with established WA Goldfields mining services
provider MEGA Resources   for full project funding, mining, and haulage
services at its Northern Zone.

·    MEGA Resources is a full-service mining contractor that will now be
providing all of the funding for the operation, through BGR Pty; MEGA
Resources will also provide geological and engineering services and manage
project approvals.

·    Mega Resources has a partnership with mining giant BGR Mining &
Infra Limited, which owns BGR Pty, and which will provide funding for mining
operations at the Northern Zone.

·    No upfront funding is required from the Project Owners.

·    MEGA Resources and BGR will share profits equally (50/50) from
operations with the Project Owners.

·    10% of monthly profits (funded on a 50/50 basis) will be reinvested
back into grade control and step out drilling.

·    MEGA Resources is aiming to break ground during the first quarter of
2026, subject to the Project Owners gaining all the final tenement
permissions, mining approvals and the signing of a binding Ore Purchase
Agreement with a third-party processing mill.

·    The Northern Zone drilling has already identified a gold mineralised
porphyry around 600m wide and around 500m deep from diamond drilling(( 1 
(#_ftn1) )).

·    New Northern Zone drilling programmes are being planned to test
extensions of known gold mineralisation.

Under the MEGA Resources Agreement, MEGA Resources and BGR Pty will pay for
100% of the costs to develop and mine at the Northern Zone, including paying
for all ancillary activities (which incorporates haulage of material to the
point of sale, maintenance of haul roads and processing costs).

 

In return for MEGA Resources paying for all of the upfront costs at Northern
Zone, any profit generated from this partnership will be split 50%/50% with
the Project Owners.

 

In May 2023, Oracle and Riversgold signed an earn-in agreement with and
Riversgold immediately embarked on a drilling program with first results
announced in August 2023. In February 2025, Riversgold exercised its option to
acquire an 80% interest in the Northern Zone with Oracle retaining the
remaining 20%. Oracle's holding will remain unchanged with the MEGA Resources
Agreement.

 

Naheed Memon, CEO of Oracle, commented:

"This is an outstanding deal for Oracle as it accelerates the mining of
prospective gold deposits and removes the funding requirements on Oracle
whilst providing a share of potential profits at our Northern Zone Kalgoorlie
Gold Project. MEGA are aiming to have their mining team on site early next
year. Further details of the partnership's plans will be made available to
shareholders closer to breaking ground. We plan to continue our drilling
efforts on the shallower gold mineralisation and expand on the gold zones
already identified. Oracle is highly optimistic for the long-term future of
this project."

 

About MEGA Resources

MEGA Resources is a Western Australian-based mining company, see
https://megaresources.com.au/ (https://megaresources.com.au/) . MEGA stands
for Mining, Engineering and Geology across Australia, representing the
collective expertise and industry experience of the company. MEGA is focused
on the development of its own mining projects, supported by an in-house mining
service team. In addition to internal projects, MEGA works with selected
companies to provide mining expertise and technical knowledge, in addition to
funding solutions through its partnership with mining giant BGR Mining &
Infra Limited. MEGA supports companies such as Riversgold in monetising their
projects and achieving long-term success. MEGA is committed to delivering
value through a combination of hands-on mining experience and strategic
partnerships that create meaningful, sustainable outcomes for all
stakeholders.

 

About BGR Mining and Infra Limited ("BGR")

BGR is headquartered in Hyderabad, India and was founded in 1988 as an
engineering contractor (see https://www.bgrmining.com). Today, BGR is one of
India's largest and most respected private mining companies, having a net
worth of half a billion AUD, with an order book exceeding AUD 16 billion and
contracts extending for the next 25 years. BGR has consolidated its services
as one of the leading mining developers and operators (MDO) in India. BGR
integrates design, planning and modern operation technologies for safer and
more productive mines. Having achieved steady growth over the years since its
inception, BGR is focussing on the global stage to deliver mission-critical
projects in a timely manner.

 

About Northern Zone Gold Project

Northern Zone is hosted within a porphyry unit (tonalite- trondhjemite
Intrusion, "TTI"), with high background gold and horizontal gold mineralised
units within the TTI unit. The project sits within the Canon Shear or fault
zone, with further drilling required to define the limits of mineralisation
identified to date. The horizontal mineralisation makes drilling to date
perpendicular to the gold mineralisation, and no water in drilling to a depth
of 60 metres makes the TTI also suitable for drilling the techniques
Riversgold has utilised to date.

 

Metallurgical test work using cyanide bottle roll has closely replicated the
original 2023 work previously reported, when Riversgold completed due
diligence on the project. The results between 90.64% and 94.7% for five
samples, average 92.56% gold recovery(( 2  (#_ftn2) ))

 

A select sample of the many drill results reported to date are listed
below:(( 3  (#_ftn3) ))(( 4  (#_ftn4) ))

 

 ·    18m @ 4.14 g/t Au from 36m      (NZRC001)
 ·    10m @ 8.89 g/t Au from 46m      (NZAC127)

 ·    7m @ 3.14 g/t Au from 47m       (NZAC124)

 ·    5m @ 1.26 g/t Au from 46m       (NZAC132)
 ·    12m @ 0.80 g/t Au from 32m      (NZAC118)
 ·    6m @ 6.12 g/t Au from 35m       (NZRC012)
 ·    11 @ 1.38 g/t Au from 80m       (NZRC015)

 ·    18m @ 1.98 g/t Au from 49m      (NZRC015)

 ·    15m @ 2.1 g/t Au from 39m       (NZRC007)

 ·    5m @ 4.37 g/t Au from 37m       (NZRC008)

 ·    15m @ 0.75 g/t Au from 35m      (NZRC010)
 ·    8m @ 4.86 g/t Au from 34m       (NZAC090)

 ·    6m @ 3.13 g/t Au from 30m       (NZAC097)

 ·    5m @ 3.74 g/t Au from 31m       (NZAC100)

 ·    5m @ 12.27 g/t Au from 32m      (NZAC062)

 ·    6m @ 3.48 g/t Au from 73m       (NZAC077)

 ·    8m @ 2.07 g/t Au from 50m       (NZAC079)

 ·    4m @ 6.92 g/t Au from 57m       (NZAC061)

 ·    7m @ 3.9 g/t Au from 35         (NZAC055)

 ·    16m @ 4.49 g/t Au from 30m      (NZAC033)

 

 

The geological model, and previously announced Exploration Target at the
Northern Zone Gold Project remains valid, with a range of 200Mt - 250Mt at a
grade of 0.4 g/t Au - 0.6 g/t Au for an Exploration Target of 2.5Moz - 4.8Moz
of gold.(( 5  (#_ftn5) ))

For further information on Oracle, visit the Company's website at
http://www.oraclepower.co.uk (http://www.oraclepower.co.uk) or contact:

 

Oracle Power PLC

Naheed Memon -
CEO
+44 (0) 203 580 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

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of
the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

 

Competent Person's Statement

The information in this announcement that relates to exploration results,
exploration targets, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of
Mining and Metallurgy. Mr Mead is a director of Riversgold Limited and a
consultant to the Company through Doraleda Pty Ltd. Mr Mead has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity that he is undertaking to
qualify as a Competent Person as defined in the 2012 edition of the
`Australasian Code for Reporting Exploration Results, Mineral Resources and
Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this
information in the form and context in which it appears in this announcement.

Figure 1: Location of Northern Zone Gold Project in relation to the Kalgoorlie
"Super Pit".

.

(( 1  (#_ftnref1) )) Announcement dated 18 September 2024 "Gold Porphyry
Intercepts Continue to be Drilled Near Kalgoorlie"

(( 2  (#_ftnref2) )) Announcement dated 20 May 2025 "Metallurgy of Oxide
Samples show over 90% Gold Recovery"

(( 3  (#_ftnref3) )) Announcements dated 19 March 2025: Gold results continue
at Kalgoorlie East Project, 3 April 2025: Gold results continue to shine at
Kalgoorlie East Project, and 11 April 2025: Wide gold intercepts continue from
Kalgoorlie East, and 23 April 2025: Gold results continue to expand Kalgoorlie
East Project

(( 4  (#_ftnref4) ))Announcements dated 26 November 2024: "High-Grade Gold
Intercepts Continue at Northern Zone, and 27 August 2024: "Gold Grades
Continue to Impress at Northern Zone", and 11 July 2024 "Northern Zone
Delivers Further High-Grade Gold Intercepts"

(( 5  (#_ftnref5) )) Announcement dated 9 May 2023 "Farm into Significant
Porphyry Hosted Gold Project"

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