REG - Oracle Power PLC - Q1 2024 Update and Shareholder Q&A

Oracle PowerAnnouncement

16/04/2024 07:00

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RNS Number : 7087K  Oracle Power PLC  16 April 2024

16 April 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Q1 2024 Update and Shareholder Q&A

 

Oracle Power PLC (AIM: ORCP), an international project developer, is pleased
to provide the following update in respect of its activities during Q1 2024 as
it progresses the development of its project portfolio.

 

Northern Zone Intrusive Hosted Gold Project, Australia

·    Farm-in partner, Riversgold Ltd (ASX:RGL), confirmed that it had
spent AUD333,000 on exploratory activities to date.

·    Programme of Work approved by Australia's Department of Energy,
Mines, Industry Regulation and Safety involving drilling with all requisite
regulatory approvals now in place.

·    Further reverse circulation drilling planned to expand the target
cross section and advance the project towards a maiden Mineral Resource
Estimate (MRE) targeted for 2024 - exploration target of 2.5Moz - 4.8Moz of
gold. This is expected to commence in approximately two months' time.

 

Green Hydrogen and Renewable Power Project, Pakistan

·    Completion of a comprehensive technical and commercial feasibility
study for the proposed 1.3GW hybrid renewable power facility, which includes
800MW solar, 500MW wind and 450Mwh battery storage.

·    Commenced, and completed post period end, a geotechnical study on the
28.3 sq. km project site and an electrical resistivity survey for the
renewable power production facility to optimise site planning and
infrastructure design. The study provided guidance for water management and
provided a positive endorsement for the planned construction of hybrid power
plants.

·    Comprehensive Environmental and Social Impact Assessment (ESIA)
undertaken.

 

Post period end, April 2024 - secured an exclusive option to potentially
acquire the Blue Rock Valley Copper and Silver Project, Australia

·    Historical drilling and sampling suggest the presence of high-grade
copper and silver mineralisation as well as the potential for uranium and
gold.

·    Due diligence to be completed over the coming weeks, together with an
assessment of the best exploration tools to move the project forward.

 

Naheed Memon, CEO of Oracle, commented: "We continue to actively advance our
diverse portfolio, with particular emphasis on our green hydrogen and Western
Australian gold ventures. In light of the positive progress achieved at our
Northern Zone Project, where we hope drilling this year will deliver a maiden
MRE, we were delighted to announce post period end an option agreement to
acquire the Blue Rock Valley Copper & Silver Project, also in Australia.
This promising copper/silver opportunity also has considerable potential for
gold and uranium, which have both demonstrated remarkable strength in recent
times.  We have also continued to focus on our power projects in Pakistan
including our 1GW solar project in Thar with PowerChina as development
partner."

 

A shareholder Q&A session will be published on the Company's website on 23
April 2024. To submit questions, please email oracle@stbridespartners.co.uk
(mailto:oracle@stbridespartners.co.uk) with "Q1 2024 Shareholder Q&A" in
the subject line; the deadline for submission of questions is 5.00 p.m. on 19
April 2024.

 

*ENDS*

 

For further information visit www.oraclepower.co.uk
(http://www.oraclepower.co.uk) or contact:

 

 Oracle Power PLC                                              +44 (0) 203 580 4314

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser & Joint Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick
 Global Investment Strategy UK Limited (Joint Broker)            +44 (0) 20 7048 9432

 Samantha Esqulant
 St Brides Partners Limited (Financial PR)                     oracle@stbridespartners.co.uk

 Susie Geliher, Isabel de Salis

 

 

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