Q4 2024 Overview and Shareholder Q&A
14 January 2025
Oracle Power PLC
("Oracle" or the "Company")
Q4 2024 Overview and Shareholder Q&A
Oracle Power PLC (AIM: ORCP), an international project developer, is pleased to provide the following update in respect of its activities during Q4 2024 as it progresses the development of its project portfolio across Western Australia and Pakistan.
Green Hydrogen and Renewable Power Project, Pakistan
· Ongoing work towards advancing proposed 1.3 GW hybrid renewable power facility.
· Completed the Transmission & Grid Interconnection Study funded by State Grid China and submitted it to the National Transmission and Dispatch Company for review and approval by the Pakistan Government.
o This is expected to enable a detailed front-end engineering design (FEED) study in the next phase.
o Provides a solid foundation for securing potential power off-take agreements.
· Advanced discussions with various state-owned companies regarding potential equity investments and joint development opportunities in the project.
Northern Zone Intrusive Hosted Gold Project ("Northern Zone"), Australia
· Completed 1,545m drill programme in November, bringing the total drilled in 2024 to 8,971m of air core (AC) drilling and 1,363m of reverse circulation (RC) drilling.
· Further expanded the continuation of the high-grade oxide zone within the 600m wide porphyry system, which is open in multiple directions.
· Integrated drill results into an updated Leapfrog gold mineralisation model, which will be used to inform and guide future drilling campaigns.
· Submitted a Mining Lease (M25/389) application to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS), which is expected for approval during 2025.
· During the Mining Lease application period, the Company intends to focus on undertaking more drilling to advance the project before proceeding with a maiden Mineral Resource Estimate.
Blue Rock Valley Copper and Silver Project ("Blue Rock"), Australia
· Confirmed multiple gravity targets for follow up work along the main mineralised trend of approximately 2km strike.
· Appointed APEX Geoscience Ltd, a geochemical consultant, to advance exploration and refine drill targets, with a geochemical sampling programme expected to start shortly.
· Continued assessment for potential gold and uranium mineralisation.
Thar Block VI
· In line with Oracle's heightened focus on clean energy initiatives in Pakistan, the Board intends to divest, wholly or partially, its mining interests and is engaged in discussions to that end.
· The Company aims to advance its coal-to-power and coal-to-gas/liquid plans under its project status within the China Pakistan Economic Corridor (CPEC).
Corporate
· The CEO attended the 4th Global Energy Week 2024 at the House of Lords in London in October 2024, an event that brings together key players in the energy industry;
· Raised gross proceeds of £150,000 by way of a subscription through a single investor in November;
· Raised proceeds of £416,667 through the exercise of warrants in December to support further development of the Company's portfolio.
Naheed Memon, CEO of Oracle, commented: "I'm pleased to report that the final quarter of 2024 marked a period of continued progress for Oracle. At the Northern Zone and Blue Rock Valley projects, we achieved encouraging results that underscore their potential. The notable gold intersections at Northern Zone highlight the prospects of this project as we continue to expand the prospective gold system. Meanwhile, the high-grade copper assays at Blue Rock reinforce our confidence in the future value of this asset.
"We also remain committed to developing our flagship Green Hydrogen and Renewable Power Project in Pakistan, which made significant strides in 2024. With a planned 1.3 GW hybrid renewable power facility incorporating solar, wind, and battery storage, the project is designed to be a cornerstone of green hydrogen production in the region and is gaining notable traction with interest from several state-owned companies."
A shareholder Q&A session will be published on the Company's website later in the month. To submit questions, please email oracle@stbridespartners.co.uk with "Q4 2024 Shareholder Q&A" in the subject line; the deadline for submission of questions is 5pm on Tuesday 21 January 2025.
*ENDS*
For further information visit www.oraclepower.co.uk or contact:
|
Oracle Power PLC Naheed Memon - CEO |
+44 (0) 203 580 4314 |
|
Strand Hanson Limited (Nominated Adviser & Broker) Rory Murphy, Matthew Chandler, Rob Patrick |
+44 (0) 20 7409 3494 |
|
St Brides Partners Limited (Financial PR) Susie Geliher, Isabel de Salis |
+44 (0) 20 7236 1177 |
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