Oracle Power Reports H1 2025 Loss but Advances Key Projects in Australia and Pakistan

Next steps under consideration include expanding geochemical sampling to the north-east across a major crustal suture and into higher magnetics, running Expert Geophysics’ MobileMT, and potentially moving to drill traverses. It is early days, but the footprint and multiple anomalies are promising for a copper system with scale potential.

Pakistan: Renewable power LOI extended, green hydrogen MOU extended

In Jhimpir, Sindh, the Government of Sindh extended the Letter of Intent for the renewable power plant to 13 May 2026. Oracle also extended its JDA/MOU with CET (a subsidiary of State Grid Corporation of China) to 1 March 2027, focusing on technical and financial development of the Green Hydrogen Project. The concept includes a hybrid renewable facility combining 800 MW of solar and 500 MW of wind, plus battery storage.

Engagement with prospective investors continued during the period, and post period, Oracle notes significant interest from the Government of Pakistan. The CEO, Naheed Memon, has been appointed to Pakistan’s National Hydrogen Working Group. Separately, Oracle is exploring options, including potential divestment, for Thar Block VI, with dialogues underway.

Funding, cash and dilution: the practicalities

Oracle ended the half with £557,986 in cash and cash equivalents and net assets of £6,676,542. With no revenue and administrative expenses of £280,927 in the half, the company remains reliant on equity funding to advance its portfolio. The company raised £318,600 in April and another £500,000 after the period end in August, indicating continued access to capital in a tough market.

The share count rose to 12,042,823,185 at 30 June 2025 (from 10,272,823,185 at year-end), and there were 113,544,706 warrants outstanding. Shareholders should be mindful of dilution risk as projects move forward. The FY 2024 audit carried an emphasis of matter on going concern – not unusual for pre-revenue developers, but a reminder that timely project milestones and financing will be key.

Why this update matters for investors

• Northern Zone is maturing: a mining lease application is a major step, strong metallurgy (>90% recoveries) supports a lower-cost processing pathway, and toll treatment starter pits are being scoped. Near-term production concepts can transform a junior’s risk profile.
• Blue Rock Valley’s scale potential: a 2 km copper trend and defined 320 m priority zone set up a clear pipeline for geophysics and drilling to test for economic grades and continuity.
• Pakistan momentum, longer runway: extensions to the Jhimpir LOI (to 13 May 2026) and CET MOU (to 1 March 2027) provide time to progress technical and financing work on a very large-scale renewables and hydrogen concept. It is ambitious and capital-intensive, but government engagement is a positive signal.
• Financing risk remains: modest cash balance, repeated small raises, and a growing share count are the trade-offs while the assets advance. Delivery of near-term catalysts is crucial to improving funding options.

What to watch next

• Northern Zone: outcome of the mining lease application; formal JV agreement with Riversgold; updates on starter pit/toll treatment scenarios; any new drilling or resource definition plans; progress of discussions with mining operators.
• Blue Rock Valley: expansion of geochemical sampling; MobileMT geophysical results; decision to drill test anomalies and initial drill results.
• Pakistan: investor partnerships or funding structures for the Green Hydrogen Project; any milestones on the renewable power plant under the LOI; updates on Thar Block VI divestment discussions.
• Financing: additional capital raises, warrant exercises, or non-dilutive funding options to support the work programme.

My take: cautiously constructive

This is the kind of interim update that quietly builds the case. The loss is small, the cash balance is tight, but operationally Oracle is making tangible progress, especially at Northern Zone where metallurgy and drilling continue to de-risk a near-term mine concept. Blue Rock Valley’s early results justify ramping up work, and the Pakistan extensions give breathing space for a large green hydrogen and renewables vision.

The big swing factor is execution: converting permits, securing JV terms, landing funding, and – ideally – initiating cash-generating activities at Northern Zone via toll treatment. If Oracle can tick those boxes, today’s dilution could set up tomorrow’s re-rating. For now, it is one to watch closely for permitting and JV milestones.