Oracle Power PLC has reported an unaudited loss after taxation of £267,715 for the six months ended June 30, 2025, compared with a £264,942 loss in the same period last year.
The company, which does not currently generate revenue, has continued to fund project development through equity raisings. It secured £318,600 before expenses in April 2025 and a further £500,000 before expenses in August 2025.
At the half-year end, Oracle Power held cash and cash equivalents of £557,986, with net assets of £6,676,542. Basic and diluted loss per share for the period was (0.002) pence.
Chairman’s statement for the six months ended 30 June 2025
For the six months ended 30 June 2025, the Company recorded a loss after taxation of £267,715 (6 months ended 30 June 2024: £264,942). Given that the Company is a resource development company a loss is expected. Without any current revenue, the Company continues to finance the development of its projects by raising new equity capital via the public markets and successfully raised £318,600 before expenses in April 2025 and a further £500,000 before expenses, post the period end, in August 2025.
It is pleasing to report that all the Company’s three major projects continue to advance and move forward, with particularly good progress being made at the Northern Zone Project in Australia, where application has now been made to convert the prospecting licence into a mining licence. Additionally, our partner, Australian listed Riversgold Limited, continues to manage an ongoing drilling programme and we are currently working on formalising a joint venture agreement with them.
Also in Australia, we commenced work on the Blue Rock Valley Copper and Silver Project, located in the Ashburton Basin in north-west Western Australia. The initial work involved a maiden geochemical sampling programme which identified a 320m priority target zone over the main working area, and work will continue here during the year.
In Pakistan, we continue to work with our various partners and prospective investors for the development of the Green Hydrogen Project and we were very pleased that the LOI granted by the Government of Sindh, for the development of the large renewable energy power plant in Jhimpir, Sindh Province was extended until May 2026, based upon the significant of progress achieved on the project to date.
Post the period end, the Company’s growing recognition in the green energy space in Pakistan was recognised as our CEO, Naheed Memon, was appointed as a member of Pakistan’s National Hydrogen Working Group, which has been established by the Pakistan Ministry of Planning, Development & Special Initiatives to develop a long-term national hydrogen strategy.
Further details on the developments of the Company’s projects are set out in the CEO’s statement.
David Hutchins
Non-executive Chairman
