Oracle Power H1 2025: Small Loss, Big Steps Forward in Australia and Pakistan
Oracle Power has posted a modest loss for the half year to 30 June 2025 while pushing on with a busy work programme across Australia and Pakistan. The Group reported a loss after tax of £267,715 (H1 2024: £264,942) with no revenue, as expected for a pre-production developer. Funding continues via equity raises – £318,600 in April and a further £500,000 after the period in August.
The operational headlines are encouraging: a mining lease application has gone in for the Northern Zone Gold Project in Western Australia, fresh drill results and >90% gold recoveries support near-term mine concept work, and Blue Rock Valley has turned up a 2 km copper target trend with a 320 m priority zone. In Pakistan, the renewable power LOI was extended to May 2026 and Oracle’s green hydrogen collaboration with CET (a State Grid subsidiary) was extended to March 2027, with a planned 800 MW solar + 500 MW wind hybrid and battery storage.
Key H1 2025 numbers at a glance
| Metric | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|
| Revenue | £0 | £0 | £0 |
| Loss after tax | £267,715 | £264,942 | £711,875 |
| Administrative expenses | £280,927 | £278,700 | £730,119 |
| Finance income | £13,420 | £11,901 | £21,679 |
| Cash and cash equivalents | £557,986 | £528,464 | £619,197 |
| Net assets | £6,676,542 | £6,649,885 | £6,786,766 |
| Shares in issue (period end) | 12,042,823,185 | 7,452,310,364 | 10,272,823,185 |
| Fundraises | £318,600 (April 2025) | £300,001 (H1 2024) | £1,096,667 (FY 2024) |
| Post-period fundraise | £500,000 (August 2025) | not disclosed | not applicable |
| EPS (basic) | (0.002)p | (0.01)p | (0.01)p |
| Warrants outstanding | 113,544,706 | 2,280,211,573 | 113,544,706 |
Northern Zone Gold, WA: Mining lease lodged, JV formalised, strong metallurgy
The Northern Zone Gold Project took a meaningful step towards development. In February 2025, Oracle lodged a mining lease application with DEMIRS to convert the existing prospecting licence to a mining lease. Shortly after, partner Riversgold exercised its 80% option, creating a joint venture in which Oracle retains a 20% interest and is free-carried until the JV agreement is signed.
Two rigs hit the ground in 2025: a 1,280 m reverse circulation (RC) programme drilled to 100-120 m, and a 2,000 m aircore programme to test shallow mineralisation. The results confirmed high-grade gold intercepts within a broader halo, with oxide gold at the top of the porphyry exceeding expectations. Metallurgical bottle roll tests reported exceptional gold recoveries between 90.64% and 94.70%, averaging 92.56%. That is highly supportive for simple processing routes and early “starter pit” concepts for toll treatment.
Management reports that the oxide zone looks capable of linking the western and eastern mineralised areas, and discussions with mining operators are ongoing. This is what you want to see at this stage: permitting in motion, technical de-risking, and practical paths to initial production being scoped.
Blue Rock Valley Copper-Silver, WA: 2 km copper trend with a 320 m hot zone
Oracle fast-tracked the Blue Rock Valley Copper and Silver Project in the Ashburton Basin. APEX Geoscience ran a maiden geochemical sampling programme that identified copper targets over 2 km, including new anomalous zones to the northwest and southeast of the main workings. The priority target over the central workings extends for approximately 320 m.
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.
