Mining Lease Granted - Northern Zone Gold Project

Oracle Power PLC

02 July 2026

 

2 July 2026

Oracle Power PLC

 ("Oracle" or the "Company")

Mining Lease Granted for Northern Zone Gold Project

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that Mining Lease M25/389, which covers its Northern Zone Gold Project ("Northern Zone"), has now been granted.

Northern Zone is located 25km east of Kalgoorlie in Western Australia (see Figure 1).

The Mining Lease has been granted for a term of 21 years to 01/07/2047 and is renewable thereafter.

Highlights:

·    Mining Lease M25/389 has now been granted for a term of 21 years and is renewable thereafter

·    Major milestone met for funding and development partnership to proceed with Mega Resources Pty Limited ("MEGA Resources" or "MEGA")^[1]

·    Site clearance application, National Vegetation Clearing Permit (NVCP) due for submission this month

·    Company now focusing on completing the inputs for the requisite Mine Development and Closure Proposal (MDCP) and its submission to Government

Naheed Memon, CEO of Oracle, commented:

"This represents a key milestone for our very exciting gold project that is so close to Kalgoorlie. To finally have this mining lease formally granted after an exhaustive 18-month process is a tremendous result for the Company, our JV partner, Riversgold Limited ("Riversgold") and our funding and production partner - MEGA Resources.

"Not only does the grant of the mining lease secure long-term tenure, but it also provides us with the ability to submit the NVCP and MDCP. The MDCP team that includes Resources WA and MEGA Resources have been working in parallel to the grant application for M25/389, in order to progress all the inputs required for the submission of the MDCP which will then lead to the operating permit for the start of mining operations.

"A significant number of the inputs have already been completed, such as flora and fauna surveys, hydrogeological wells and testing and heritage surveys with the last of the inputs currently being finalised. I look forward to updating shareholders further in the near term."

On 30 September 2025, Oracle and Riversgold announced that a Mining and Co-Operation agreement had been signed with MEGA Resources to fully fund operations with the project owners to receive 50% of the profits. The grant of Mining Licence M25/389 is highly significant with respect to meeting a key condition precedent in the MEGA Resources agreement.

In summary, as announced previously:

·    Riversgold had signed, on the Project Owners' behalf, a Right to Mine and Co-Operation Agreement with established WA Goldfields mining services provider MEGA Resources (MEGA) - for full project funding, mining, and haulage services at the Northern Zone Gold Project which is located 25km from Kalgoorlie.

·    MEGA is a full-service mining contractor that will be providing all of the funding for the operation; MEGA will also provide geological and engineering services and manage project approvals.

·    The Northern Zone Gold Project near Kalgoorlie is owned 80% by Riversgold and 20% by Oracle (the "Project Owners"). No upfront funding is required from the Project Owners.

·    MEGA will share profits equally (50/50) from operations with the Project Owners.

·    10% of the project's profits generated monthly (funded on a 50/50 basis) will be reinvested back into expansion grade control and step out drilling.

·    Northern Zone Gold Project drilling has already identified a gold mineralised porphyry around 600m wide and around 500m deep from diamond drilling.

·    Conditions Precedent: The MEGA agreement is subject to the conversion of P26/2651 into mining lease M25/389, the execution of a formal Mining Services Agreement which will include a schedule of rates and receipt of any third-party approvals.

<ENDS>

For further information on Oracle, visit the Company's website at http://www.oraclepower.co.uk or contact:

Oracle Power PLC

Naheed Memon - CEO                                                                                  [phone]

Strand Hanson Limited (Nominated Adviser & Broker)

Rory Murphy, Matthew Chandler, Rob Patrick                                    [phone]

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de Salis                                                                       [phone]

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which 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.

Figure 1: Location of Northern Zone Project showing proximity to the Kalgoorlie "Super Pit", Golden Mile/Fimiston.

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[1] Announcement dated 30 September 2025 - " Riversgold Signs Mining and Co-Operation Agreement for Northern Zone Gold Project Near Kalgoorlie - MEGA Resources will fully fund the operations with Project Owners to receive 50%

of the profit

 

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