REG - Oracle Power PLC - Riversgold Exercises 80% Option over Northern Zone

Oracle PowerAnnouncement

18/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250218:nRSR4154Xa&default-theme=true

RNS Number : 4154X  Oracle Power PLC  18 February 2025

18 February 2025

Oracle Power PLC

("Oracle" or the "Company")

 

Riversgold Exercises 80% Option over the Northern Zone Project

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that further to its announcement of 9 May 2023 regarding the binding
Heads of Agreement ("HOA") with ASX-listed Riversgold Limited ("Riversgold"),
Riversgold has advised that it has now surpassed the minimum expenditure
required to earn up to an 80% beneficial interest in the Northern Zone
Project, located 25km east of Kalgoorlie in Western Australia (the "Northern
Zone" or the "Project"). As a result, Riversgold has exercised its option to
acquire the 80% interest in the Project.  Oracle will retain a 20% interest
and will receive a free carry until the joint venture agreements are
formalised and signed (the "Joint Venture" or "JV"), which is expected by 31
December 2025.

 

Highlights:

·    Riversgold has met the minimum expenditure to enable it to exercise
its option to acquire 80% of Northern Zone.

·    Oracle to retain a 20% beneficial interest.

·    Joint Venture agreements to be formalised by 31 December 2025.

·    Oracle to be carried until formalisation of the JV agreement, which
means that it will not be responsible for any costs prior to signing.

·    Riversgold to continue to advance Northern Zone and to add value to
the Project:

o  Drill rig is booked to commence the 2025 drill programme.

o  Mining Lease application submitted.

o  Mineral Resource Estimate (MRE).

 

As announced on 9 May 2023, Riversgold signed a binding Heads of Agreement
with Oracle Gold Pty Limited (a 100% subsidiary of Oracle), whereby Riversgold
had the exclusive right to earn up to an 80% beneficial interest in the
Northern Zone project (P25/2651) conditional upon the immediate cash
consideration of A$50,000, which was paid on signing, and committing to spend
not less than A$600,000 in exploration expenditure on the tenement by 9 May
2025.

 

Riversgold is 100% responsible for the day-to-day management and exploration
spend on the tenement until the Joint Venture is formalised between the
parties later this year. The time to complete the formal Joint Venture
arrangements going forward was mutually agreed to be extended to 31 December
2025 to facilitate the conversion of the tenement to a mining lease.

 

Naheed Memon, CEO of Oracle, commented:

"Riversgold has spent the minimum commitment required to exercise the
exclusive option to acquire an 80% beneficial interest in the Northern Zone
and will now carry Oracle up to formalising joint venture agreements by 31
December 2025.

 

"We now look forward to Riversgold continuing to add value to the Project with
further drilling to upgrade the tenement status to a mining lease. With the
gold price per ounce currently at +A$4,500, this Project is looking like a
potential candidate for contract mining, trucking and toll milling operations.
The aim is to build a robust Mineral Resource Estimate (MRE) in the upper
section of the porphyry to generate an economic starter pit and I look forward
to providing further updates from Kalgoorlie in the coming weeks."

 

**ENDS**

For further information on Oracle, visit the Company's website
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

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBRGDDRGBDGUR