Final Results

25 June 2026 

Oracle Power PLC

("Oracle" or the "Company")

Final Results and Notice of AGM

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce its Final Results for the year ended 31 December 2025 and that the 2026 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 24 July 2026 at 11.00 a.m. (the "AGM").

 Oracle's Annual Report for the year ended 31 December 2025 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 oracle@stbridespartners.co.uk 

Chairman's Report

I am pleased to present the Annual Report for Oracle Power Plc ("Oracle" or the "Company") for the year ended 31 December 2025. Given that we are a natural resource-based development company, we are reporting a loss for the year after taxation of £570K, albeit a reduction compared to the previous year of £712K and we have again been successful in financing our development projects by raising fresh new capital by the way of a placement of new equity in both April and August 2025 and the small exercise of outstanding options in October 2025.

During the last year, the Company's main focus has been in Australia where we have been working with our partner, ASX-listed, Riversgold Limited ("Riversgold") in further growing and adding value to our Northern Zone Gold Project, located only 25km east of Kalgoorlie in Western Australia.

These efforts culminated in an exciting announcement in September 2025 that Oracle and Riversgold agreed and signed a binding Right to Mine and Co-Operation Agreement with MEGA Resources Pty Limited ("MEGA Resources") and Bain Global Resources Pty Limited ("BGR") for the right to mine with respect to the Northern Zone Gold Project.

MEGA Resources is a full-service mining contractor that will now be providing all of the funding for the operation, through BGR. MEGA Resources will also provide geological and engineering services and manage project approvals. As project owners, there is no upfront funding required from Oracle or Riversgold and the profits will be shared equally (50/50), between MEGA Resources and the project owners, Oracle (20%) and Riversgold (80%).

I believe this is an outstanding deal for Oracle, as it accelerates the development of the Northern Zone Gold Project, at a time of rising gold prices, with a proven project developer and manager while also removing the liability of all the funding costs from the Company, from now through to production. Since that announcement in September 2025, the Company and its partners have made an application for a Mining Lease, which is expected to be granted imminently and after that, we anticipate first gold production during the second half of 2026.

Elsewhere in Australia, limited work has been done on the Blue Rock Valley Copper and Silver Project as we assess the completed ground-based gravity surveys and consider an appropriate work program to take account of the large size (102 sq km) and scale of this tenement.

Against a challenging and ever-changing macro global political and economic background, we continue to work diligently with our various partners in Pakistan and during the year we successfully extended the MOU with China Electric Power and Technology Co. Ltd for the development of our green hydrogen project. These are both major projects with numerous stakeholders, and we remain committed to working with those stakeholders to advance these projects further along the value chain.

A more comprehensive overview of the Company's operational highlights follows in the Chief Executive's Report.

Finally, I would like to thank the Company's Directors, employees, consultants and advisors for all their hard work during what has been an exciting year for the Company, as the Northern Zone Project moves ever closer to production and as a result the Company itself finally moves from being a developer of assets to a full-fledged gold producer. 

David Hutchins

Non-Executive Chairman

24 June 2026

Chief Executive's Report

The last calendar year has been significant, as during this period the Company advanced towards potential operations in Western Australia. We entered into a commercially viable contract with a mining operator, who is expected to commence the mining operations at the prospective Northern Zone gold mine in 2026.

In 2025, post-completion of all commercial and technical studies for Green Hydrogen and Green Ammonia, State Grid Cooperation of China through its Pakistani subsidiary, China Electric Power and Technology Co. Ltd ("CET"), continued to support the commercialisation of our Green Hydrogen and Green Ammonia Project. In April 2025, the strategic MOU to potentially develop, finance, construct, operate and maintain Oracle Energy's Green Hydrogen Project in Thatta, Sindh Province, Pakistan was renewed for an additional two years. The extension of this important partnership is testament to CET's commitment to the development of the project going forward. Oracle Energy is looking to secure off-take arrangements and aims to complete financial arrangements in the medium term.

In July 2025, I was appointed to the National Hydrogen Working Group in Pakistan. The Group has been established by the Ministry of Planning, Development & Special Initiatives, and is tasked with developing a long-term national hydrogen strategy. This includes frameworks for hydrogen research, production, storage, consumption, and export, with an emphasis on enabling Pakistan to harness green hydrogen as part of the energy transition and for economic growth. This is a relevant and important development given that the off-take for Green Hydrogen in the local market is very much dependent on the formulation of a robust National Green Hydrogen Policy.

We have also continued to engage with potential buyers for hybrid renewable power as a first step of the commercialisation of the stand-alone proposed hybrid power plant in Thatta, which is a part of the larger Green Hydrogen project. As part of this initiative an initial dialogue with the Government of Sindh for potential sale of hybrid power was initiated in the last quarter of 2025.

In parallel, we await the go ahead from the Chinese Government's financing department, in order to develop the 1320 MW coal-based power plant. and our strategic partner, Power China also maintains a regular dialogue with the relevant authorities. We had previously signed an off-take agreement with a consortium of parties including the Government of Sindh, Karachi Electric ("KE"), and PowerChina International Group Limited for the off-take for this power. The Company is hopeful to secure similar current demand. Furthermore, given the introduction of the CTBCM (Competitive Trading Bilateral Contracts Market), all off-takers including Government and private buyers such as KE can bid to fulfil demand registered in the national demand account. KE, as per its long-term generation plan, has a strategy to build a base load capacity of over 2,000 GW by 2033. The strategic importance of Thar coal as base load continues to strengthen, driven by Pakistan's policy focus on reducing reliance on imported fuels and increasing utilisation of indigenous energy resources.

The Company remains actively engaged with potential investors. We are in dialogue with a number of parties for collaboration, and investor response has been highly promising. During the year, AsiaPak Investment submitted a proposal in February 2025, followed by China International Service Group in July 2025, and most recently post-period First SMG Infrastructure LLC in April 2026.

Furthermore, the Company continues to participate in national-level initiatives related to Coal Gasification and Liquefaction through representation in various working groups. This demonstrates alignment with evolving government policy and commitment to advancing Thar-based energy solutions. Engagement with China National Coal Development Company is ongoing, and the Company awaits the formal announcement of a National Coal-to-Gas and Coal-to-Liquid Policy.

During 2025, in Western Australia the Northern Zone gold project continued to advance as a result of significant exploration under the earn-in arrangement with Riversgold Limited ("Riversgold"). In May 2025, Riversgold exercised its option and became 80% owners of the project after spending in excess of AU$600,000. Furthermore, Riversgold confirmed that it would give Oracle a free carry, until the time of the incorporation of the JV or beginning of mining operations.

Subsequently, exploration activities have been carried out rapidly by Riversgold, including extensive AC and RC drilling programmes, which have significantly expanded the known mineralised gold footprint and confirmed the presence of a large-scale gold system. Updated geological modelling and drilling results continue to support the potential for a substantial mineral resource, with an exploration target in the range of approximately 2.5Moz to 4.8Moz of gold. In September 2025, the project progressed significantly towards near-term development. A mine development agreement was signed with MEGA Resources ("MEGA"), under which MEGA will fully fund mining operations, with the project owners entitled to 50% of generated profits. This agreement will not change the principal agreement between Oracle and Riversgold in that that Oracle will retain 10% of the profits generated after MEGA deducts its 50% share.

After signing the deal with MEGA, a multiple grade control drilling programme has commenced with a view to refine the gold production target. Mining operations are expected to commence in 2026, representing a significant milestone in transitioning the project from exploration towards production.

In December 2025, Oracle together with its JV partner Riversgold, also executed a Deed for Grant of Mining Tenement and a Land Use Agreement with the Native Title Claimant Group in relation to tenements M25/389 and P25/2848 and the Company is now working closely with its legal team to progress the Mining Lease towards recommendation and formal grant by the Department of Mines, Petroleum and Exploration as soon as possible.

From a market perspective, the gold price has shown strong upward momentum during the period, and the Management expects revenues to be generated in 2026.

During 2025, the Blue Rock Valley Copper and Silver Project progressed through a structured exploration programme. In March 2025, the Company announced the commencement of its maiden geochemical sampling programme, undertaken by Apex Geoscience Ltd. This programme targeted multiple gravity anomalies identified along the approximately 2km Blue Rock Valley copper mineralised trend. The objective of this work was to refine drilling targets and enhance geological understanding, with consideration also given to advanced geophysical techniques, including the Expert Geophysics MobileMT drone-based system.

In July 2025, results from the maiden geochemical sampling programme were reported, highlighting a number of strong copper anomalies across the project area. The anomalies showed good correlation with known mineralisation, while also identifying new prospective zones to the northwest and southeast of the main workings. A priority target zone extending approximately 320 metres was defined, and preliminary drill traverses were designed to test these anomalies, subject to regulatory and heritage approvals. The results also indicated that further refinement of targets would be required through additional geochemical work and potentially expanded geophysical surveys.

Subsequently, in August 2025, the Company confirmed that it would proceed with an expanded exploration programme. This included extending geochemical sampling towards the northwest, where stronger anomaly responses were identified beneath colluvial cover. In addition, the Company requested a quotation for a MobileMT geophysical survey to evaluate structurally hosted copper and gold mineralisation, reflecting a strategic move to adopt advanced exploration techniques following encouraging initial results.

The Company has delayed plans to proceed with further exploration in the last quarter of 2025, pending results from exploration programme in the adjoining Green Rock project, in order to assess best methodology and areas for further exploration. It is expected to proceed with further exploration in the second half of 2026, and also further engage with potential JV partners for the development of this prospect.

This is a relatively new exploration asset but in a very promising area. The current carrying value of this asset, which is based on the cost of acquisition plus capitalized expenditure, does not need to be adjusted at this time because of the positive indicators seen so far.

In 2025, the Company has succeeded in progressing one of its projects towards operations through its strategy of forming right partnerships and realising timely exits for its projects. It is our objective to maximize returns and shareholder value through forging relationships with partners in order to inject capital and expertise for the advancement of our projects and, enhance returns on the 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 very much 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 value over the longer term.

Ms Naheed Memon

Chief Executive Officer

24 June 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 31 DECEMBER 2025

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

The Company's loss for the year was £438,350 (2024: £554,727).

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

PRIOR FINANCIAL YEAR

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025

COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. GENERAL 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 minemouth 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 company 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.

The Board considers on an annual basis whether there are any indicators suggesting that impairment is required on a basis that is in line with applicable standards. This is particularly important in relation to the Group's intangible assets that relate to its various mining projects. More specific detail is set out in note 2.5 below, however, based on the assessment of relevant internal and external indicators of impairment, the Board have concluded that no impairment to the Group's assets is required.

At the balance sheet date, the intangible assets are carried forward at their cost of £5,708,306 (2024: £5,795,108) less impairment of £565,726 (2024: £598,833).

The principal area requiring significant judgement is the assessment of whether impairment indicators exist in respect of the Group's intangible assets (exploration and evaluation assets). This assessment is inherently judgmental and is conducted by reference to the relevant internal and external indicators set out under IFRS 6. Where indicators are identified, the key estimation uncertainties include assumptions around commodity prices, the timeline to production, the probability of securing funding, and the outcome of licence and regulatory approval processes. No formal discounted cash flow model has been prepared; the assessment is based on the qualitative and quantitative indicators described in note 2.5.

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

The Group's intangible assets comprising exploration and evaluation assets are accounted for in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources. At each reporting date, the Directors assess whether any facts or circumstances exist that indicate the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The indicators considered by the Directors are those set out in IFRS 6.20, including: whether the licence period has expired or will expire in the near future without expectation of renewal; whether substantive expenditure on further exploration is neither budgeted nor planned; whether exploration activities have not led to commercially viable discovery and the Group has decided to discontinue such activities; and whether the carrying amount of the asset is unlikely to be recovered in full from successful development or sale. Where such indicators are identified, a formal impairment test is carried out in accordance with IAS 36.

(i) Intangible fixed assets - 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 which will then be 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.

(ii) Intangible fixed assets -project costs

Project costs relate to an intangible asset for which the technical feasibility and commercial viability of the project have been established, but for which mining operations have not yet commenced. Expenditure on the projects to achieve final project approval prior to the start of mining operations which include related finance and administration costs are capitalised. Such costs are carried forward in the statement of financial position under intangible assets.

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. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate 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. When the Group's share of losses of an associate exceeds the Group's interest in that 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. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment.

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. 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. Exchange differences arising are recognised in other comprehensive income and accumulated in equity.

2.11 Employee 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

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. 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. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than those at fair value through profit or loss) are added to or deducted from the fair value on initial recognition.

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.

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 2025 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 and copper (the "Australia Gold and Copper 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. To-date the Group has raised a total of £24.72m and spent £18.11m on the Pakistan Energy Project, £1.44m on the Australia Gold and Copper Projects net of impairment of £0.6m and £1.14m on the Pakistan Green Hydrogen Project.

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:

Segment liabilities

Other Disclosures for the Reportable Segments

\* These amounts exclude additions to financial instruments.

4. EMPLOYEE BENEFITS EXPENSES

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 18, and the Financial Controller of the Company.

The monthly average number of persons employed during the year was 4 (2024: 5), 3 Directors (2024: 4) and 1 administration (2024: 1).

At year end there were outstanding pension contributions of £1,943 (2024: £2,358).

5. DIRECTORS' REMUNERATION

During the year, no Directors (2024: no Directors) exercised share options.

The highest paid Director exercised no share options during the year (2024: none) and has no retirement benefits accruing under money purchase schemes (2024: 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 £581 (2024: £1,263) which have been capitalised as exploration costs by the subsidiary company in accordance with the Group's accounting policy.

​

8. INCOME TAX

​

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The Group and Company has estimated UK excess management charges of £11,981,536 (2024: £11,580,629) to carry forward against future income. The overseas subsidiaries have losses of £863,990 (2024: £792,125) which will be carried forward to offset future profits.

9. EARNINGS PER SHARE

At the year end, there were no warrants outstanding (2024: 613,544,706) that could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share because they are antidilutive for the period(s) presented.

10. PROPERTY, PLANT AND EQUIPMENT

​

Group

The following table sets out the movements in property, plant and equipment for the Group and Company during the year ended 31 December 2025:

Company

11. INTANGIBLE ASSETS

​

Group

Australia exploration costs

The Australia exploration costs comprise two assets: the Northern Zone, which is close to production, and Blue Rocks, which is at an early stage of exploration. The Directors have assessed whether impairment indicators exist by reference to the indicators set out in IFRS 6.20.

For the Northern Zone, the Directors note that: the mining licence is expected to be issued imminently; a mining contractor is in place; substantive expenditure is continuing; and there has been no decision to abandon the project. On this basis, no indicators of impairment have been identified and the Directors consider that no impairment is required. The expected future economic benefits, based on current development plans and anticipated production profile, are considered to significantly exceed the carrying value.

For Blue Rocks, the Directors note that: the licence remains in good standing; active exploration activities are ongoing; expenditure incurred to date is relatively limited given the early stage of the project; and there has been no decision to discontinue activities. On this basis, no indicators of impairment have been identified.

Pakistan project costs

The Pakistan project costs relate to a project for which technical feasibility and commercial viability have been established but mining operations have not yet commenced. Detailed feasibility studies carried out when the projects commenced demonstrated that they were feasible and capable of delivering an acceptable rate of return. Successful implementation remains dependent on attracting investors and obtaining the appropriate government and regulatory approvals.

The Directors have assessed whether impairment indicators exist by reference to the indicators in IFRS 6.20. The relevant licences and approvals remain in place; substantive expenditure on progressing the project towards development remains budgeted and planned; and there has been no decision to abandon or discontinue the project. Ongoing engagement with potential investors continues to demonstrate interest, and progress is being made in developing strategic commercial relationships and obtaining regulatory support. The key uncertainties are the timing of finalising investor commitments and the outcome of regulatory approval processes; however, the Directors do not consider these uncertainties to constitute indicators of impairment at this stage.

On this basis, no indicators of impairment have been identified and the Directors consider that the carrying value does not require impairment.

The Group's Australia Exploration costs of £529,029 (2024: £505,735), Australia Exploration - Copper costs of £302,860 (2024: £256,580) and Pakistan Project Costs of £4,310,691 (2024: £4,433,960) are currently being carried forward at net book value in the financial statements. The Group will need to raise funds to reach financial close on all three projects. Financial close involves the raising of finance, potentially both debt and equity for the construction and start-up of a future mine and the proposed construction of a power plant. If the Group is ultimately unable to raise such finance, some of the assets may require impairment.

Company

During the 2023 financial year, the Directors reviewed the Australia Exploration costs asset and following the receipt of geology reports commissioned by the Company which indicated insufficient potential gold levels in the Jundee East tenement, the Company determined the recoverable amount of the exploration costs on this project to be zero based on the expectation of no cash inflows.

The Company's remaining Australia Exploration costs of £313,299 (2024: £313,229), Australia Exploration - Copper costs of £230,000 (2024: £230,000) and Pakistan Project Costs of £3,352,393 (2024: £3,352,393) are currently being carried forward at net book value in the financial statements. The Group will need to raise funds to reach financial close on both projects. Financial close involves the raising of finance, potentially both debt and equity for the construction and start-up of a future mine and the proposed construction of a power plant. If the Group is ultimately unable to raise such finance, some of the assets may require impairment.

12. INVESTMENTS

Company

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Sindh Carbon Energy Limited

Registered office: 44/2, Street B6, Phase V, Off Khayaban-e-Shaheen, Defence Housing Authority, Karachi, Pakistan.

Nature of business: Coal exploration and mining.

The subsidiary company was incorporated in Pakistan on 23 January 2007 for the exploration and future extraction of coal in Pakistan. Oracle Power Plc agreed to acquire 80% of the ordinary share capital of the company at par, fully paid in cash.

On 14 March 2016 Oracle Power Plc took up a rights issue to acquire a further 9,000,000 ordinary shares of the company at par for consideration of £603,141. The acquisition was settled through a reduction of the intercompany loan and increased the holding in the subsidiary to 98%.

On 12 March 2018 Oracle Power Plc acquired the remaining 2% of Sindh Carbon Energy Limited. This was acquired via a share for share exchange whereby Oracle Power Plc issued 95,652,174 shares in exchange for the remaining 199,999 ordinary shares of Sindh Carbon Energy Limited.

The investment in share capital for the 100% holding amounts to £2,867,256 (2024: £2,867,256).

Thar Electricity (Private) Limited

Registered office: PIA Building, 3rd Floor, 49, Blue Area, Fazlul Haq Road, Islamabad, Pakistan.

Nature of business: Energy production.

The subsidiary company was incorporated in Pakistan on 17 June 2015 for the future generation of electricity in Pakistan. Oracle agreed to acquire 100% of the ordinary share capital of the company at par, fully paid in cash.

The investment in share capital for the 100% holding amounts to £31,075 (2024: £31,075).

Oracle Gold Limited

Registered office: Tennyson House, Cambridge Business Park, Cambridge, England, CB4 0WZ.

Nature of business: Administration and financial support.

The subsidiary company was incorporated on 29 October 2020 but has not yet commenced trading and had no profit or loss for the year. The investment in share capital amounts to £100 (2024: £100). Post-period end, this company has been dissolved.

The Company has guaranteed all outstanding liabilities of the subsidiary company as at 31 December 2025. The subsidiary company has taken an exemption from preparing and filing accounts as per the provisions of Section 394A, 394C and Section 448A and 448C of the Companies Act 2006.

Oracle Gold Resources Limited

Registered office: Tennyson House, Cambridge Business Park, Cambridge, England, CB4 0WZ.

Nature of business: Administration and financial support.

The subsidiary company was incorporated on 29 October 2020 but has not yet commenced trading and had no profit or loss for the year. The investment in share capital amounts to £100 (2024: £100).

The Company has guaranteed all outstanding liabilities of the subsidiary company as at 31 December 2025. The subsidiary company has taken an exemption from preparing and filing accounts as per the provisions of Section 394A, 394C and Section 448A and 448C of the Companies Act 2006.

Oracle Gold Pty Limited

Registered office: Suite 23, 513 Hay Street, Subiaco, WA 6008.

Nature of business: Gold exploration and mining.

The subsidiary company was incorporated in Australia on 16 November 2020 for the exploration and potential future extraction of gold. On the same date, Oracle acquired licences to operate two gold projects in Western Australia. These projects are managed and operated by the company. The acquisition of the projects was satisfied by way of a cash payment of £90,000 by the parent company, Oracle, and the issue of 42,857,143 new ordinary shares of 0.1 pence and warrants to potentially subscribe for a further 42,857,143 Ordinary Shares in Oracle exercisable at a price of 1.1p each.

The investment in share capital for the 100% holding amounts to £0.56 (2024: £0.56).

13. INVESTMENTS IN ASSOCIATES

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The Company's investments at the Statement of Financial Position date in the share capital of associate companies include the following:

Associates

Oracle Energy Limited

Registered office: House No 91, Shahrah-E-Iran, Block 5 Clifton, Karachi, Saddar Town, Karachi South, Sindh.

Nature of business: Energy production.

The associate company was incorporated in Pakistan on 19 November 2023 for the future generation of power.

The investment in share capital for the 30% holding amounted to £734,602 (2024: 30% £724,861).

Oracle Energy FZCO Limited

Registered office: FD-172.0, Floor No. 18, Sheikh Rashid Tower, Dubai World Trade Centre, Dubai, United Arab Emirates.

Nature of business: Energy production.

The associate company was incorporated on 5 October 2023.

The investment in share capital for the 30% holding amounted to £2,362 (2024: £6,788).

There is no significant restriction on the ability of associates to transfer funds to the Group in the form of cash dividends, or to repay loans or advances made by the Group.

Summarised financial information in respect of each of the Group's material associates is set out below. The summarised financial information below represents amounts in associates' financial statements prepared in accordance with IFRS Accounting Standards.