Oracle Power (ORCP) H1 2024 earnings summary

Executive summary

• Significant progress achieved across all projects, including full acquisition of Blue Rock Valley Copper and Silver Project.

• Enhanced operating and development efficiencies led to cost reductions.

• Additional equity capital raised despite challenging market conditions.

• Board changes included the appointment of a new non-executive director and a new chairman.

Financial highlights

• Loss after tax for six months to 30 June 2024 was £264,942, a significant reduction from £613,773 in the same period last year.

• Cash and cash equivalents at 30 June 2024 were £528,464, up from £326,946 at 30 June 2023.

• Net assets increased to £6,649,885 from £6,117,133 year-over-year.

• No revenue generated as all projects remain in development stages.

• £300,000 raised in May 2024 to support ongoing project development.

Outlook and guidance

• Continued focus on developing and de-risking the project portfolio, with an emphasis on profitable exit opportunities.

• Expansion in Western Australia and progress in standalone renewable power projects.