Final Results

23 June 2025 

Oracle Power PLC

("Oracle" or the "Company")

Final Results and Notice of AGM

Oracle Power PLC (AIM:ORCP), the international project developer, is pleased to announce its Final Results for the year ended 31 December 2024 and that the 2025 Annual General Meeting of the Company is to be held at the offices of Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD on Friday, 18 July 2025 at 11.00 a.m. (the "AGM").

Oracle's Annual Report for the year ended 31 December 2024 and the Notice of AGM and associated Form of Proxy are available on its website at https://oraclepower.co.uk/investors/financial-reports/ and will be posted to shareholders later today. 

For further information visit www.oraclepower.co.uk or contact: 

Oracle Power PLC 

Naheed Memon - CEO +44 (0) 20 3580 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 

Chairman's Report

I am pleased to present the annual report and financial statements for Oracle Power plc ("Oracle" or the "Company") for the year ended 31 December 2024.

It has been a busy year for the Company with progress on multiple fronts and the acquisition of an exciting new copper and silver project in Western Australia. 

The Blue Rock Valley Copper and Silver Project is located in the Ashburton Basin in the northwest region of Western Australia and was acquired in April 2024. Assays from historical drilling and significant historical rock chip samples suggest the presence of high-grade copper and silver mineralisation as well as the potential for uranium. Since the acquisition we already have completed ground based gravity surveys and APEX Geoscience have been appointed to further advance exploration on the project, with potential drill targets identified during the course of 2025.

Elsewhere in Australia, our Northern Zone Gold Project ("Northern Zone") has continued to advance under the management of local partner, ASX listed Riversgold Limited ("Riversgold"), with further excellent drill results announced during the course of 2024 and, in December, we submitted our mining lease application to the Department of Energy, Mines, Industry Regulation and Safety in Western Australia. The mining lease application can take more than 12 months and during this time we will continue with on-going drilling to further develop this project before proceeding to a maiden Mineral Resource Estimate ("MRE"). 

Subsequent to the year end, Riversgold advised that it had completed the minimum required expenditure on the Northern Zone to exercise their 80% option. The joint venture ("JV") is currently undergoing formalisation, with completion of JV documentation anticipated to be by 31 December 2025. Upon finalisation, Oracle will retain a 20% beneficial interest in the project.

In Pakistan, the Company continues to make progress on its domestic projects, albeit slowly, although a number of significant milestones have been achieved during the year for the Green Hydrogen Project. These milestones are outlined in detail in the Chief Executive's Report, although the highlight was clearly the completion of the technical and commercial feasibility study undertaken by Thyssenkupp Uhde, which provided a very positive outlook for the project.

Elsewhere in Pakistan, we continue to maintain a useful and active dialogue with the Power Division, Ministry of Energy, in connection with the proposed development of the Company's planned 1,320MW coal to power project under the China Pakistan Economic Corridor ("CPEC"). We also signed a significant Memorandum of Understanding for the off-take and planned development of this project, which is also outlined in detail in the Chief Executive's Report.

On the corporate front, we were pleased to welcome Ms Emma Priestley as a new Non-Executive Director to the Company in July 2024. Ms Priestley is an experienced mining executive, who is also a graduate of the Camborne School of Mines and a Chartered Mining Engineer and Charter Mineral Surveyor.

Other changes to the Board of Directors during the year included the resignation of Mr Mark Steed, and we once again thank Mr Steed for his past service and contribution to the Company's development.

During the year the Company raised a total of £866,667 via two share placements and the exercise of outstanding warrants and the Board would like to thank shareholders for their continued support with regard to these fund raisings. These funds are being used to progress the Company's various projects and for general working capital purposes.

A more comprehensive overview of the Company's operational highlights for 2024 is set out in the Chief Executive's Report.

We continue to be most grateful to the Pakistani authorities for their continued support and to the West Australian mining authorities for helping to facilitate exploration and development activities in their region.

And finally, I would like to thank the Company's directors, employees and consultants for all their hard work during the year and also thank the shareholders for their support and patience and we look forward to the year ahead with anticipation and excitement as we look to move all our projects further along the value chain.

David Hutchins

Non-Executive Chairman

20 June 2025

Chief Executive's Report

2024 has been a year of good progress in both Pakistan and Australia, as well as one in which our development strategy was implemented successfully.

During the year, we completed a number of final assessments for the proposed development of the Company's significant renewable power plant linked to the Green Hydrogen Project in Pakistan. Whilst we continued to de-risk these projects, we also initiated the planned commercialisation of the standalone proposed renewable power plant by participating in a public bid to supply 220 MW of hybrid renewable power to the largest private distributor in Pakistan, K-Electric Limited ("KE"). We continue to engage with other buyers for the sale of renewable power and dialogue with off-takers for green hydrogen and green ammonia is also progressing well.

In parallel, we also continued to engage with the Power Division, Ministry of Energy, in connection with the proposed development of the Company's planned 1,320 MW, coal to power project in Thar, under CPEC. In 2023, we signed an important Memorandum of Understanding ("MOU") for the off-take and planned development of this 1,320MW Thar coal-fired power plant with a consortium of parties including the Government of Sindh, KE, and PowerChina International Group Limited ("Power China"). Since the 1,320 MW project is included within CPEC, we await the go ahead from the Chinese Government's financing department, and our strategic partner, Power China, which maintains a regular dialogue with the relevant authorities. The power project is likely to require 7.6 million tonnes of Thar coal annually, which could be sourced from existing mines at Thar Block I and II or a new mine could be developed, if commercially viable. Furthermore, based on the introduction of the Competitive Trading Bilateral Contracts Market ("CTBCM"), all off-takers including Government and private buyers, such as KE, can bid to fulfil demand registered in the national demand account. Post period end, we also began discussions with potential buyers for our mine licence at Block VI.

In Western Australia, the Company continued to develop its Northern Zone asset, through its farm-in agreement with Riversgold, an ASX-listed company focused on the development of gold and lithium projects. The exploratory activities, which included a significant amount of drilling, delivered very promising results, defining the resource as low grade but with a large mineralisation with high extraction characteristics. During the course of the year, the positive metallurgical results continued to justify a drill programme, as we continued to advance towards a MRE. The aircore ("AC") drilling programme more than doubled the prospective gold system's footprint by tagging basement geology, expanding the mineralised porphyry. The Reverse Circulation ("RC") drilling programme also confirmed high-grade gold intercepts, highlighting significant mineralisation at various depths. At the end of the period, a mining lease application was submitted. During the mining lease application period, the Company intends to continue drilling to advance the project before proceeding with a maiden MRE. Post period end, Riversgold crossed the expenditure threshold which triggered the JV and it exercised its option to acquire 80%. of the Northern Zone. This arrangement is expected to be formalised by the end of 2025.

In June 2024, the Company acquired 100% of the Blue Rock Valley Copper and Silver Project. The project is located in the Ashburton Basin in the northwest region of Western Australia, approximately 102 km2 and is composed of one exploration licence. The project area is also highly prospective for gold and a number of uranium projects are also nearby and there is indication of potential sediment hosted uranium near hot granites in the Ashburton Basin. Assays from historical drilling and rock chip sampling suggested the presence of high-grade copper and silver mineralization as well as the potential for uranium.

Geologists recovered high-grade copper samples during a site visit in July 2024. Assay results from rock chip and grabbed samples confirmed historical evidence of copper mineralisation, with grades ranging from 8.56% to 25.70% copper. A ground gravity survey was completed in October 2024 over copper mineralisation and versatile time domain electromagnetic ("VTEM") anomalies. In December 2024, APEX Geoscience, a geochemical consultant, was appointed to carry out exploration work and they started the geochemical sampling programme post period. Exploration is expected to continue over the course of 2025.

Substantial progress has been made to date in the Green Hydrogen Project which is being developed through a joint venture with Sheikh Ahmed Dalmook Al Maktoum (through his wholly owned subsidiary Kaheel Energy FZE). The joint venture is split 70:30 in favour of Kaheel Energy FZEthereby significantly reducing Oracle's funding requirement. Principal investments to date include the acquisition of the necessary land for the renewable power project and, the successful completion of necessary studies and assessments, which have de-risked the project both commercially and technically.

In February 2024, we completed the comprehensive technical and commercial feasibility study for the proposed 1.3 GW hybrid renewable power facility, which was completely funded by State Grid Corporation of China ("State Grid"). The Environmental & Social Impact Assessment ("ESIA") for the renewable power plant was also completed and submitted to the Sindh Environmental Protection Agency ("SEPA") for review. Within a month, a 'No Objection Certificate' ("NOC") was awarded. During this year, the technical and commercial feasibility for green hydrogen and ammonia, undertaken by Thyssenkrupp, was integrated with hybrid renewable study undertaken by State Grid. Also, post period end, the development MOU that had been signed with State Grid has been renewed until March 2027. The integrated results generated favourable outcomes with projected double-digit returns. A comprehensive evaluation has been obtained to support the viability of green hydrogen and ammonia. In November 2024, the transmission & grid interconnection study, also funded by State Grid, was completed and submitted for review by the Pakistan Government. This is expected to enable a detailed front-end engineering design (FEED) study in the next phase and it will also provide a solid foundation for securing potential power off-take agreements.

In 2023, the Company demonstrated the benefits of its strategy of forming the right partnerships, when it signed the JV agreement with Riversgold for the Northern Zone. It is our objective to maximise returns and create shareholder value through forging relationships with partners who can inject finance and expertise for the advancement of our projects and enhance returns on the Company's portfolio.

I remain grateful to all the relevant authorities in Pakistan and Western Australia for their support. I am also thankful to our teams in the UK, Pakistan and, Australia for their dedication and hard work. I am also appreciative of the continued confidence, patience and support of our shareholders, to enable us to deliver on our plans. The Company remains committed to increasing shareholder value and to growing into an enterprise of greater size and scale over the longer term.

Ms Naheed Memon

Chief Executive Officer

20 June 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

The Company's loss for the year was £554,727 (2023 ‑ £658,448).

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

PRIOR FINANCIAL YEAR

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

Prior Financial Year

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Oracle Power PLC is a public company, limited by shares and registered and domiciled in England and Wales. It is the ultimate holding company of the Oracle Power PLC Group. The Group is primarily involved in an energy project, based on the exploration and development of coal and construction of a mine mouth power plant in Pakistan. The Group also has two exploration projects in Western Australia and a green hydrogen project in Pakistan. The presentation currency of the financial statements is Pounds Sterling (£). The Company's registered number and registered office address can be found in the General Information section of this report.

2. ACCOUNTING POLICIES

2.1 Going concern

During the year under review, the Group experienced net cash outflows from its operating activities which it financed from existing cash resources held at the start of the year and cash received from the issue of new equity share capital. The Directors have considered the cash flow requirements of the Group over the next 12 months and believe that additional funding will be required to meet the Group's cash requirements over that period. This additional cash requirement creates a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. However, the Directors expect to be able to meet the funding requirements for the Group to continue as a going concern for at least 12 months from the date of the approval of these financial statements through the use of existing cash resources and further issue of new ordinary share capital and, consequently, the Directors consider it appropriate to adopt the going concern basis in the preparation of the financial statements.

2.2 Compliance with accounting standards

These financial statements have been prepared in accordance with UK adopted International Accounting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to reporting groups under IFRS.

The financial statements have been prepared under the historical cost convention.

2.3 Significant accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year and the amounts reported for assets and liabilities at the statement of financial position date. However, the nature of estimation means that the actual outcomes could differ from those estimates.

The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are the measurement of any impairment on intangible assets and the estimation of share based payment costs.

The principal risk and uncertainty in respect of the intangible assets (exploration assets) is that the Group may not reach financial close. The Board has tested the intangible assets for impairment. For this test, the Board considered market values of the assets (where applicable); results from technical and feasibility studies and reports; and the possibility of future project options available. Based on this, the Board have concluded that no impairment provision is required. 

The Group determines whether there is any impairment of intangible assets on an annual basis.

At the balance sheet date, the intangible assets are carried forward at their cost of £5,795,108 (2023: £5,357,888) less impairment of £598,833 (2023: £598,833).

2.4 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.

Business acquisitions have been accounted for in accordance with IFRS 3, 'Business Combinations'. Fair values are attributed to the Group's share of net assets. Where the cost of acquisition exceeds the fair values attributed to such assets, the difference is treated as purchased goodwill and is capitalised.

2.5 Intangible assets

(i) Intangible fixed assets - Australia exploration costs

Expenditure on the acquisition costs, exploration and evaluation of interests in licences, including related finance and administration costs, are capitalised. Such costs are carried forward in the statement of financial position under intangible assets and amortised over the minimum period of the expected future commercial production of gold in respect of each area of interest where:

a) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale;

b) exploration activities have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active operations in relation to the areas are continuing.

An annual impairment review is carried out by the Directors when specific facts and circumstances indicate that an impairment test is required, such as:

(1) the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future and is not expected to be renewed.

(2) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned.

(3) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area.

(4) sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful future development or by sale.

In any such case, or similar cases, the entity shall perform an impairment test in accordance with IAS 36. Any impairment loss is recognised as an expense in accordance with IAS 36

Australia exploration costs are carried at cost less any provision for impairment.

ii) Intangible fixed assets - Pakistan project costs

Expenditure on the Pakistan project to achieve final project approval prior to the start of mining operations including related finance and administration costs are capitalised. Such costs are carried forward in the statement of financial position under intangible assets and amortised over the minimum period of the expected future commercial production of coal in respect of each area of interest

The Pakistan project costs are tested annually for impairment by comparing the carrying amount to the recoverable amount. Pakistan project costs are carried at cost less any provision for impairment.

2.6 Property, plant and equipment

Property, plant and equipment is stated at historical cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance

Motor vehicles - 20% on reducing balance

Computer equipment - 30% on reducing balance

2.7 Investments in subsidiaries

A subsidiary is an entity over which the Group has control. Investments in subsidiaries are stated at cost. The investments are reviewed annually and any impairment is taken directly to the statement of profit or loss. Investments in subsidiaries are fully consolidated within the Group financial statements from the date on which control is transferred to the Group and deconsolidated on the date when control ceases.

2.8 Investments in associates

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group's share of losses of an associate exceeds the Group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.

The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group's investment in an associate or joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.

The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassified the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an associate. There is no remeasurement to fair value upon such changes in ownership interests.

When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in the other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint ventures are recognised in the Group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

2.9 Leasing

All leases held are either short term leases or are for low value assets. The rentals paid are charged to the statement of profit or loss on a straight-line basis over the period of the lease.

2.10 Foreign currency

In preparing the financial statements of each individual Group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for exchange differences on foreign currency borrowings relating to assets under construction for

future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).

On the disposal of a foreign operation (i.e. a disposal of the Group's entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.

2.11 Employee benefits

Retirement benefit costs and termination benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

2.12 Share-based payments

Share based payment transactions of the Company

Where equity settled share warrants are awarded to employees, the fair value of the warrants at the date of grant is charged to the statement of profit or loss over the vesting period. Non market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of warrants that eventually vest. Market vesting conditions are factored into the fair value of all warrants granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where terms and conditions of warrants are modified before they vest, the increase in the fair value of the warrants, measured immediately before and after the modification, is also charged to the statement of profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, the statement of profit or loss is charged with the fair value of goods and services received.

2.13 Financial instruments

Financial assets and financial liabilities are recognised in the Group's statement of financial position when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Financial Assets:

The Group classifies its financial assets other than investments in subsidiaries and associates as financial assets at amortised cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

A financial asset is measured at amortised cost if it is held within a business model whose objective is to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVOCI if it is held within a business model whose objective is achieved by collecting contractual cash flows and selling financial assets and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVTPL if it is not measured at amortised cost or at FVOCI.

All of the Group financial assets are currently classified at amortised cost.

Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non current assets.

Trade receivables, with standard payment terms of between 30 to 65 days, are recognised and carried at the lower of their original invoiced and recoverable amount.

A loss allowance is recognised on initial recognition of financial assets held at amortised cost, based on expected credit losses, and is re measured annually with changes appearing in profit or loss. Where there has been a significant increase in credit risk of the financial instrument since initial recognition, the loss allowance is measured based on lifetime expected losses. In all other cases, the loss allowance is measured based on 12 month expected losses. For assets with a maturity of 12 months or less, including trade receivables, the 12 month expected loss allowance is equal to the lifetime expected loss allowance.

The Group's financial assets are disclosed in notes 14 and 15.

Financial Liabilities:

The Group classifies its financial liabilities at amortised cost or at FVTPL. A financial liability is measured at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition, otherwise it is classified at amortised cost.

All of the Group's financial liabilities are currently classified at amortised cost.

Financial liabilities at amortised cost are subsequently measured at amortised cost using the effective interest method. They are classified as non current when the payment falls due more than 12 months after the year end date.

2.14 Cash and cash equivalents

Cash and cash equivalents for the purpose of the cash flow statement comprise cash and bank balances.

2.15 New Standards and Interpretations applied

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year

beginning 1 January 2024 that would be expected to have a material impact on the Group.

New and revised standards not yet effective

Certain new accounting standards and interpretations have been issued but have not been applied by the Group in preparing these financial statements as they are not as yet effective. These standards are not expected to have a material impact on the Group in the current or future periods and on foreseeable future transactions with the exception of IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 when implemented from year ended 31 December 2027 will require additional analysis and disclosure for the Income Statement.

3. SEGMENT INFORMATION

Based on risks and returns, the Directors consider that the primary business reporting format is by business segment which are currently:

1) the principal activity of the Group which is an energy project developer, based on the exploration and proposed development of a coal mine and construction of a mine mouth power plant in Pakistan (the "Pakistan Energy Project");

2) an investment in certain tenements in Western Australia for the exploration and future extraction of gold (the "Australia Gold Project"); and

3) a green hydrogen project in Pakistan (the "Pakistan Green Hydrogen Project"). 

These segments are not yet revenue generating and the primary financial reporting metrics are the value of intangible assets relating to the projects and total spend to date. The Pakistan Green Hydrogen Project is carried out through the Company's investment in associates which is not included in the analysis below.

To date the Group has raised a total of £22.74m and spent £18.0m on Thar Block VI and £0.9m on the Australia Gold Project net of impairment of £0.6m.

The following is an analysis of the Group's results by reportable segment in the year under review:

The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 2. Segment profit represents the profit earned by each segment without allocation of the share of profits of associates and joint ventures, central administration costs including directors' salaries, finance income, non operating gains and losses in respect of financial instruments and finance costs, and income tax expense. This is the measure reported to the Group's Chief Executive for the purpose of resource allocation and assessment of segment performance

Segment assets

For the purposes of monitoring segment performance and allocating resources between segments the Group's Chief Executive monitors the tangible, intangible and financial assets attributable to each segment. All non-current assets are allocated to reportable segments as shown below:

Other Disclosures for the Reportable Segments

\* These amounts exclude additions to financial instruments.

In addition to the depreciation and amortisation reported above, impairment losses of £nil (2023: £18,516) were recognised in respect of non‑current assets. These impairment losses were all attributable to the Australia Gold and Copper Project.

4. EMPLOYEE BENEFITS EXPENSES

Group

All employee benefit expenses relate to key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the directors of the Company listed on page 21, and the financial Controller of the Company.

5. DIRECTORS'S REMUNERATION

During the year, no directors (2023 ‑ no directors) exercised share options.

No directors (2023 - 0 directors) had retirement benefits accruing under money purchase schemes.

The highest paid director exercised no share options during the year (2023: none) and has no retirement benefits accruing under money purchase schemes (2023: none).

6. FINANCE INCOME AND EXPENSE

7. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging / (crediting):

In addition to the depreciation charges shown above, the Group incurred charges of £1,263 (2023: £637) which have been capitalised as exploration costs by the subsidiary company in accordance with the Group's accounting policy.

8. INCOME TAX

Analysis of tax expense  No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Factors affecting the tax expense The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

The Group and Company has estimated UK excess management charges of £11,580,629 (2023: £11,597,714) to carry forward against future income. The overseas subsidiaries have losses of £792,125 (2023: £722,849) which will be carried forward to offset future profits. There is no charge for foreign taxation for the year (2023: nil).

The Group does not account for deferred taxation on losses as it considers the timing of achieving recurring profitability is uncertain. There are no undistributed subsidiary or associate profits that would require the Group to recognise a deferred tax liability.

9. EARNINGS PER SHARE