Oracle Power (ORCP) H2 2023 earnings summary

Executive summary

• Advanced coal and power generation project in Thar, Pakistan, with government demand for 1,320 MW of Thar coal-based power by 2027 and non-binding offtake MOUs in place.

• Significant progress on the Green Hydrogen project in Thatta, Pakistan, including feasibility studies, site surveys, and strategic partnerships.

• Western Australia gold prospect (Northern Zone) advanced through a farm-in agreement with Riversgold Ltd, with drilling confirming a large mineralisation and high gold recovery rates.

• Post year-end, acquired a copper/silver exploration project in Western Australia and raised additional equity capital.

Financial highlights

• Loss for the year reduced to £789,795 from £1,289,658 in 2022.

• Administrative expenses decreased to £848,058 from £1,311,012 year-over-year.

• Basic and diluted loss per share improved to (0.02)p from (0.04)p year-over-year.

• Cash and cash equivalents increased to £203,526 at year-end from £150,905 in 2022.

• Net assets at year-end were £6,316,257, up from £6,268,982.

Outlook and guidance

• Continued focus on progressing the Thar coal and power project, subject to financing and regulatory approvals.

• Green Hydrogen project to move into FEED phase following completion of technical, commercial, and environmental studies.

• Ongoing exploration and resource definition at the Northern Zone gold project, aiming for a maiden JORC Mineral Resource Estimate in 2024.

• Strategy to diversify risk and maximise shareholder value through timely divestment and partnerships.