Oracle Power (ORCP) H2 2024 earnings summary

Executive summary

• Acquired Blue Rock Valley Copper and Silver Project in Western Australia, expanding mineral portfolio with high-grade copper, silver, and uranium potential.

• Advanced Northern Zone Gold Project, with Riversgold completing required expenditure to exercise 80% option; Oracle retains 20% beneficial interest.

• Progressed Green Hydrogen Project in Pakistan, completing technical and commercial feasibility studies and securing a 'No Objection Certificate' for the renewable power plant.

• Continued engagement with Pakistani authorities for the 1,320MW Thar coal-to-power project under CPEC, including signing a significant MOU for off-take.

• Raised £866,667 through share placements and warrant exercises to fund project development and working capital.

Financial highlights

• Loss for the year reduced to £711,875 from £789,795 year-over-year.

• Administrative expenses decreased to £730,119 from £848,058 year-over-year.

• Basic and diluted EPS improved to (0.01)p from (0.02)p year-over-year.

• Cash and cash equivalents increased to £619,197 from £203,526 year-over-year.

• Net assets rose to £6,786,766 from £6,316,257 year-over-year.

Outlook and guidance

• Ongoing drilling and exploration at Blue Rock Valley and Northern Zone projects in Australia, with further resource definition expected in 2025.

• Continued advancement of the Green Hydrogen Project, with front-end engineering design and power off-take agreements targeted.

• Awaiting Chinese government financing approval for the Thar coal-to-power project; discussions ongoing with potential mine license buyers.