23rd Jun 2025 13:02
(Alliance News) - Oracle Power PLC on Monday said it made "good progress" across its project portfolio in Pakistan and Australia in 2024, despite continuing to report an annual loss.
The Western Australia and Pakistan-focused minerals and power projects developer posted a pretax loss of GBP711,875 for 2024, narrowing from GBP789,795 a year prior. Loss per share also narrowed to 0.01 pence from 0.02p. The group reported no revenue for the year, unchanged from the year before.
Oracle said its focus remained on progressing its green hydrogen and coal-to-power projects in Pakistan, alongside exploration work in Western Australia.
The company expects to move into a front-end engineering design (FEED) stage for its green hydrogen project in Pakistan following favourable outcomes from a technical and commercial feasibility study.
The joint venture with Kaheel Energy FZE includes a 1.3-gigawatt hybrid renewable power plant, which has already received environmental clearance and a grid connection study funded by China's State Grid Corporation of China.
In Australia, Oracle said its Northern Zone gold project continues to yield encouraging drilling results. Joint venture partner Riversgold Ltd is now expected to formalise its 80% stake by the end of 2025. Oracle retains a 20% interest.
Additionally, Oracle said it has started talks with potential buyers for its mining licence at Thar Block VI in Pakistan and reported "positive" gold and lithium drilling outcomes at its Australian assets. The company also highlighted the 2024 acquisition of the Blue Rock Valley copper and silver project, where high-grade copper samples were recovered.
Chair Naheed Memon said the group had made "substantial progress" in de-risking and advancing its strategic assets and would continue to pursue partnerships to maximise shareholder value.
No dividend was declared for 2024, unchanged from the previous year.
Shares in Oracle Power were down 3.0% at 0.016 pence each in London on Monday afternoon.
By Eva Castanedo, Alliance News reporter
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