Interim Results for the six months to 30 June 2026
Summary by AI BETAClose X
16 September 2026
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Unaudited Interim Results for the six months to 30 June 2026
Oracle Power PLC (AIM: ORCP), the international natural resources project developer, announces its unaudited interim results for the six months ended 30 June 2026, which will also be made available on its website at: www.oraclepower.co.uk.
Chairman’s statement for the six months ended 30 June 2026
Given our status as a development company, the Company has once again incurred a loss for the first six months of the new financial year of £249,423 (six months ended 30 June 2025: £267,715) and we continue to finance the development of our projects by raising new equity capital via the public markets and the most recent capital raising on 3 July 2026, post period end, was for £500,000 before expenses and this was completed at a significant premium to the last capital raising in August 2025.
The focus of attention for the period has been on the Northern Zone Project in Australia, where the good progress we reported on in last year's Annual Report has continued. There have been further successful drilling results and the preliminary Heritage Report was also completed earlier in the year. No heritage issues were raised making way for the granting of the all-important Mining Lease, post period end, on 2 July 2026.
The granting of the Mining Lease was a major milestone for the Company and its partners, with the focus now on completing the remaining inputs for the Mine Development and Closure Plan and its submission to Government, so we move closer to production.
We have also continued to progress our projects in Pakistan, working with our various partners to continue to move these major projects further along the value chain.
The CEO's interim statement includes further details of all the recent developments at our projects, but the focus is clearly the Northern Zone Project, where, with a continued strong gold price, it is an excellent time to be on "final approach" to gold production.
David Hutchins
Non-executive Chairman
Oracle Power Plc
Date: 16 September 2026
Chief Executive Officer’s statement for the six months ended 30 June 2026
During the first half of 2026, we advanced the Northern Zone Gold Project in Western Australia towards development and potential mining operations. We also continued to progress our projects in Pakistan as we explored bringing in commercial revenues for the Company.
Review of operations
Pakistan
Green Hydrogen and Renewable Power Project
During the first half of 2026, we actively started exploring the development of a captive Renewable Power facility for sale of power to certain Government entities and these conversations remain ongoing, with the expectation that we may be able to reach an understanding for an offtake of Hybrid Renewable Power from our land site in Thatta district. In parallel, the Government of Pakistan remains committed to decarbonisation and we remain engaged with the Government for the development of our large Green Hydrogen and Green Ammonia Project.
Thar Block VI
During the period, the Company continued to pursue divestment of its Thar Block VI asset. During this period, the Company received further interest for a possible partnership or buy out of the Block VI Project. The Company remains engaged with potential investors and strategic partners to support the future of this project.
The Company also continues to participate in discussions relating to coal gasification and liquefaction and remains engaged with relevant stakeholders regarding the development of Thar-based energy solutions.
Australia
Northern Zone Gold Project
The first half of 2026 was an important period for the advancement of the Northern Zone Gold Project (the “Northern Zone”), located approximately 25km east of Kalgoorlie in Western Australia.
The Company and its joint venture partner, Riversgold Limited, continued to advance the project through further drilling, mine planning, permitting and development activities. In January 2026, the Company announced further positive drilling results from the Northern Zone, with assay results from a further 21 drillholes continuing to demonstrate shallow gold mineralisation and expand the footprint of the project. Significant intercepts included 8 metres at 5.81 g/t gold from 46 metres and 7 metres at 3.48 g/t gold from 48 metres. The drilling also continued to provide important information regarding the north-eastern and central saddle areas of the project.
In February 2026, the final results from the 2025 drilling programme were received. These results continued to expand the gold mineralisation in the north-eastern zone and provided further infill information for the previously underexplored central saddle area between the eastern and western mineralised zones. The results supported the Company's broader geological model and strengthened the potential for a substantial zone of shallow oxide mineralisation overlying the Northern Zone porphyry system.
During the period, the Company also continued to make progress towards the grant of a Mining Lease for the Northern Zone. In February 2026, all objections to the Company's Mining Lease application were settled, allowing the Company to progress the application towards recommendation for approval and grant by the relevant Western Australian authorities.
The 2026 drilling campaign continued during the first half of the year. In February 2026, the Company completed a further 31 grade control drillholes for approximately 2,013 metres, with samples submitted for assay. The drilling programme was designed to further define shallow gold mineralisation and provide information relevant to ongoing mine development planning.
In April 2026, the Company announced the assay results from the first drilling campaign of the year. The results represented some of the strongest intercepts achieved at the project from an individual drilling campaign, including 15 metres at 5.62 g/t gold from 48 metres, 8 metres at 9.90 g/t gold from 48 metres and 8 metres at 4.64 g/t gold from 48 metres. Individual metre assay results included grades of up to 71 g/t gold.
These results continued to demonstrate the potential of the Northern Zone and supported the Company's objective of expanding the lateral footprint of shallow oxide gold mineralisation.
Alongside drilling activities, the Company continued to progress the Mine Development and Closure Plan (“MDCP”) and associated environmental and technical studies required for the future development of the project.
In April 2026, the Company announced that a preliminary heritage survey report had indicated that no heritage places had been identified across the relevant tenement areas surveyed and that the areas had been cleared with regard to heritage. The final heritage report was expected to form part of the documentation supporting the MDCP submission to the Government.
Later in April 2026, geotechnical diamond drilling commenced at the Northern Zone. The programme was designed to obtain critical structural and rock strength information to support pit slope design and ongoing mine planning studies. The drilling forms an important component of the technical work required for the finalisation of the MDCP.
The Northern Zone continues to be advanced in conjunction with Riversgold and the Company's development partners. Under the previously announced Right to Mine and Co-Operation Agreement, MEGA Resources Pty Ltd (“MEGA”) is expected to provide development and mining funding for the project under a 50/50 profit-sharing arrangement with the joint venture, subject to the relevant development and operational arrangements.
Overall, the significant drilling, permitting, heritage and geotechnical activities undertaken during the first half of 2026 represent continued progress towards the future development of the Northern Zone Gold Project.
Post period end, in July 2026, the Mining Lease M25/389 for the Northern Zone was formally granted for a 21-year term, renewable thereafter. This represents a significant milestone for the project and satisfies a key condition of the Company's development and funding agreement with MEGA. Following the grant, the Company is focused on completing the remaining inputs for the MDCP and progressing the required permitting towards the commencement of mining operations.
Blue Rocks Copper and Silver Project
During the first half of 2026, the Company awaited results of some geochemical and geophysical assessments from the adjoining tenement. It is expected post period that the Company will proceed with further geochemical sampling once the results with adjoining tenement are made public in order to guide further exploration activities on the Blue Rock Copper and Silver Project.
Financial
As expected for a project development company with projects at exploration and development stages, the Company does not currently generate material operating revenues and remains dependent on its available financial resources and its ability to raise additional capital to finance the development of its projects.
The Company continues to manage its financial resources carefully while progressing its portfolio of projects and pursuing appropriate funding and development opportunities. The financial results for the six months ended 30 June 2026 should be read in conjunction with the accompanying unaudited interim financial statements.
Outlook
The first half of 2026 has seen continued and meaningful progress at the Northern Zone Gold Project. At the same time, significant progress has been made with the Mining Lease application, heritage clearance, geotechnical investigations and the ongoing preparation of the MDCP. These activities represent important steps towards mining operations.
In Pakistan, we remain committed to pursuing opportunities to develop and unlock value from our renewable energy, green hydrogen and Thar Block VI projects. We continue to evaluate strategic opportunities and engage with relevant stakeholders and potential partners.
We remain focused on progressing our portfolio in a disciplined manner and on creating value for our shareholders through the continued development of our projects and the identification of appropriate strategic and funding opportunities.
Naheed Memon
Chief Executive Officer
Oracle Power PLC
Date: 16 September 2026
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2026
|
|
(Unaudited) 6 Months to 30 June 2026 |
(Unaudited) 6 Months to 30 June 2025 |
(Audited) Year ended 31 Dec 2025 |
|
CONTINUING OPERATIONS |
£ |
£ |
£ |
|
Revenue |
- |
- |
- |
|
Administrative expenses |
(261,725) |
(280,927) |
(611,962) |
|
OPERATING LOSS |
(261,725) |
(280,927) |
(611,962) |
|
Finance income |
11,141 |
13,420 |
26,922 |
|
Share of the gain / (loss) of associates using equity method |
1,161 |
(208) |
14,807 |
|
LOSS BEFORE INCOME TAX |
(249,423) |
(267,715) |
(570,233) |
|
Income tax |
- |
- |
- |
|
LOSS FOR THE PERIOD |
(249,423) |
(267,715) |
(570,233) |
|
|
|
|
|
|
Earnings per share expressed in pence per share: |
|
|
|
|
Basic |
(0.002) |
(0.002) |
(0.004) |
|
Diluted |
(0.002) |
(0.002) |
(0.004) |
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2026
|
|
(Unaudited) 6 Months to 30 June 2026 £ |
(Unaudited) 6 Months to 30 June 2025 £ |
(Audited) Year ended 31 Dec 2025 £ |
|
LOSS FOR THE PERIOD |
(249,423) |
(267,715) |
(570,233) |
|
ITEMS THAT WILL OR MAY BE RECLASSIFIED TO PROFIT OR LOSS: |
|
|
|
|
Exchange (losses) / gains arising on translation on foreign operations |
101,381 |
(141,993) |
(196,271) |
|
|
|
|
|
|
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF INCOME TAX |
101,381 |
(141,993) |
(196,271) |
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
(148,042) |
(409,708) |
(766,504) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS TO 30 JUNE 2026
|
|
(Unaudited) As at 30 June 2026 £ |
(Unaudited) As at 30 June 2025 £ |
(Audited) As at 31 Dec 2025 £ | |
|
ASSETS |
|
|
| |
|
NON-CURRENT ASSETS |
|
|
| |
|
Intangible assets |
5,374,362 |
5,097,099 |
5,142,580 | |
|
Property, plant and equipment |
3,171 |
2,666 |
2,310 | |
|
Investments in equity accounted associates |
755,818 |
728,463 |
754,657 | |
|
Loans and other financial assets |
420,501 |
406,739 |
405,670 | |
|
|
6,553,852 |
6,234,967 |
6,305,217 | |
|
CURRENT ASSETS |
|
|
| |
|
Trade and other receivables |
|
35,998 |
24,883 |
26,384 |
|
Cash and cash equivalents |
305,419 |
557,986 |
697,085 | |
|
|
341,417 |
582,869 |
723,469 | |
|
|
|
|
| |
|
TOTAL ASSETS |
6,895,269 |
6,817,836 |
7,028,686 | |
|
|
|
|
| |
|
EQUITY |
|
|
| |
|
SHAREHOLDERS' EQUITY |
|
|
| |
|
Called up share capital |
3,855,275 |
3,818,489 |
3,855,275 | |
|
Share premium |
20,864,445 |
20,372,656 |
20,864,445 | |
|
Translation reserve |
(1,261,644) |
(1,308,747) |
(1,363,025) | |
|
Share scheme reserve |
- |
9,759 |
- | |
|
Retained earnings |
(16,757,797) |
(16,215,615) |
(16,508,374) | |
|
TOTAL EQUITY |
6,700,279 |
6,676,542 |
6,848,321 | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
FOR THE SIX MONTHS TO 30 JUNE 2026
|
|
(Unaudited) As at 30 June 2026 £ |
(Unaudited) As at 30 June 2025 £ |
(Audited) As at 31 Dec 2025 £ | |
|
|
|
|
| |
|
LIABILITIES |
|
|
| |
|
CURRENT LIABILITIES |
|
|
| |
|
Trade and other payables |
|
194,990 |
141,294 |
180,365 |
|
Borrowings |
- |
- |
- | |
|
TOTAL LIABILITIES |
194,990 |
141,294 |
180,365 | |
|
|
|
|
| |
|
TOTAL EQUITY AND LIABILITIES |
6,895,269 |
6,817,836 |
7,028,686 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
|
|
Called up share capital |
Share premium |
Share Scheme Reserve |
Translation Reserve |
Retained earnings |
Total Equity |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance at 31 December 2024 |
3,800,789 |
20,090,872 |
9,759 |
(1,166,754) |
(15,947,900) |
6,786,766 |
|
Loss for the period |
- |
- |
- |
- |
(267,715) |
(267,715) |
|
Other comprehensive income |
- |
- |
- |
(141,993) |
- |
(141,993) |
|
Issue of Share Capital |
17,700 |
281,784 |
- |
- |
- |
299,484 |
|
Balance at 30 June 2025 |
3,818,489 |
20,372,656 |
9,759 |
(1,308,747) |
(16,215,615) |
6,676,542 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Called up share capital |
Share premium |
Share Scheme Reserve |
Translation Reserve |
Retained earnings |
Total Equity |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance at 31 December 2024 |
3,800,789 |
20,090,872 |
9,759 |
(1,166,754) |
(15,947,900) |
6,786,766 |
|
Lapsed warrants |
- |
- |
(9,759) |
- |
9,759 |
- |
|
Loss for the year |
- |
- |
- |
- |
(570,233) |
(570,233) |
|
Other comprehensive income |
- |
- |
- |
(196,271) |
- |
(196,271) |
|
Issue of Share Capital, net of issue costs |
54,486 |
773,573 |
- |
- |
- |
828,059 |
|
Balance at 31 December 2025 |
3,855,275 |
20,864,445 |
- |
(1,363,025) |
(16,508,374) |
6,848,321 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
Called up share capital |
Share premium |
Share Scheme Reserve |
Translation Reserve |
Retained earnings |
Total Equity |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance at 31 December 2025 |
3,855,275 |
20,864,445 |
- |
(1,363,025) |
(16,508,374) |
6,848,321 |
|
Loss for the period |
- |
- |
- |
- |
(249,423) |
(249,423) |
|
Other comprehensive income |
- |
- |
- |
101,381 |
- |
101,381 |
|
Issue of Share Capital |
- |
- |
- |
- |
- |
- |
|
Balance at 30 June 2026 |
3,855,275 |
20,864,445 |
- |
(1,261,644) |
(16,757,797) |
6,700,279 |
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
(Unaudited) 6 Months to 30 June 2026 £ |
(Unaudited) 6 Months to 30 June 2025 £ |
(Audited) Year ended 31 Dec 2025 £ |
|
Cash flows from operating activities |
|
|
|
|
|
Cash used in operations |
CF note 1 |
(304,581) |
(286,787) |
(597,063) |
|
Net cash used in operating activities |
|
(304,581) |
(286,787) |
(597,063) |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of intangible fixed assets |
|
(87,806) |
(63,833) |
(144,905) |
|
Purchase of tangible fixed assets |
|
(1,166) |
- |
(1,041) |
|
Payments for investments in associates |
|
- |
- |
(11,179) |
|
Disposal of financial fixed assets |
|
- |
- |
- |
|
Issue of loans |
|
- |
(11,179) |
(519) |
|
Interest received |
|
1,613 |
2,385 |
5,333 |
|
Net cash (used in) / from investing activities |
|
(87,359) |
(72,627) |
(152,311) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds of share issue |
|
- |
318,600 |
877,175 |
|
Share issue costs |
|
- |
(19,116) |
(49,116) |
|
Net cash from financing activities |
|
- |
299,484 |
828,059 |
|
|
|
|
|
|
|
(Decrease) / increase in cash and cash equivalents |
|
(391,940) |
(59,930) |
78,685 |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
CF note 2 |
697,085 |
619,197 |
619,197 |
|
Effect of exchange rate changes |
|
274 |
(1,281) |
(797) |
|
Cash and cash equivalents at end of period |
CF note 2 |
305,419 |
557,986 |
697,085 |
NOTES TO THE CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2026
1. RECONCILIATION OF LOSS BEFORE TAX TO CASH USED IN OPERATIONS
|
|
(Unaudited) 6 Months to 30 June 2026 £ |
(Unaudited) 6 Months to 30 June 2025 £ |
(Audited) Year ended 31 Dec 2025 £ |
|
|
|
|
|
|
Loss before tax |
(249,423) |
(267,715) |
(570,233) |
|
Depreciation |
300 |
- |
87 |
|
Impairment loss on intangible assets |
- |
- |
- |
|
Impairment loss on loans to associates |
(4,761) |
2,292 |
3,301 |
|
Loss/(gain) on foreign exchange movement |
(43,406) |
22,957 |
5,945 |
|
Finance income |
(11,141) |
(13,420) |
(26,922) |
|
Share of loss / (gain) from associate undertaking |
(1,161) |
208 |
(14,807) |
|
|
(309,592) |
(255,678) |
(602,629) |
|
Decrease / (increase) in trade and other receivables |
(9,614) |
19,785 |
17,389 |
|
Increase / (decrease) in trade and other payables |
14,625 |
(50,894) |
(11,823) |
|
Cash used in operations |
(304,581) |
(286,787) |
(597,063) |
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of the statement of financial position amounts:
|
|
(Unaudited) 6 Months to 30 June 2026 £ |
(Unaudited) 6 Months to 30 June 2025 £ |
(Audited) Year ended 31 Dec 2025 £ |
|
Cash and cash equivalents |
305,419 |
557,986 |
697,085 |
NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
1. Basis of preparation
These interim financial statements for the six-month period ended 30 June 2026 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable UK adopted International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to reporting groups under IFRS. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2026, and which are also consistent with the accounting policies applied for the year ended 31 December 2025 except for the adoption of any new standards and interpretations.
These interim results for the six months ended 30 June 2026 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2025 have been delivered to the Registrar of Companies and filed at Companies House and the auditors’ report on those financial statements was unqualified but contained a material uncertainty relating to going concern. The auditors’ report did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Loss per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares of 15,721,394,613 (30 June 2025: 10,957,353,572 and 31 December 2025: 12,840,948,429) outstanding during the period.
There is no difference between the basic and diluted loss per share.
NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
3. Called up share capital
The number of shares in issue was as follows:
|
|
Number of shares |
|
Balance at 31 December 2024 |
10,272,823,185 |
|
|
|
|
Issued 1 January 2025 – 30 June 2025 |
1,770,000,000 |
|
|
|
|
Balance at 30 June 2025 |
12,042,823,185 |
|
|
|
|
Issued 1 July 2025 – 31 December 2025 |
3,678,571,428 |
|
|
|
|
Balance at 31 December 2025 |
15,721,394,613 |
|
|
|
|
Issued 1 January 2026 – 30 June 2026 |
- |
|
|
|
|
Balance at 30 June 2026 |
15,721,394,613 |
|
|
|
At 30 June 2026, there were no warrants outstanding (31 December 2025: nil; 30 June 2025: 113,544,706).
For further information please contact:
|
Oracle Power PLC Naheed Memon |
+44 (0) 203 580 4314 |
|
Strand Hanson Limited (Nominated Adviser and Broker) Rory Murphy, Matthew Chandler, Rob Patrick |
+44 (0) 20 7409 3494 |
|
St Brides Partners Limited (Financial PR) Susie Geliher |
+44 (0) 20 7236 1177 |
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