Oracle Power (LON: ORCP), the AIM-listed pre-revenue resources developer, reported its unaudited interim results for the six months to 30 June 2026 earlier today. The pre-tax loss narrowed to £249,423, from £267,715 in the same half last year, on revenue that remained nil, continuing the company’s long-running pattern as a developer with no producing assets.
Shares fell 5.65% to 0.0401p, from a previous close of 0.0425p. The stock has swung between roughly 0.036p and 0.07p since June, so today’s move sits inside its usual volatility rather than marking a sharp market verdict on the results.
Cash and cash equivalents fell to £305,419 at the period end, down from £697,085 at 31 December 2025 and £557,986 a year earlier. The company relies on periodic share placings to fund itself, and raised £500,000 before expenses on the 3rd of July, after the period closed, at a premium to its previous raise in August 2025.
The operational focus is now almost entirely the Northern Zone Gold Project near Kalgoorlie, a joint venture with mining partner Riversgold and funded by MEGA Resources on a 50/50 profit-share basis. A 21-year mining lease covering the project was granted on the 2nd of July, satisfying a key condition of that funding arrangement.
David Hutchins, Oracle Power’s non-executive chairman, said: “The granting of the Mining Lease was a major milestone for the Company and its partners, with the focus now on completing the remaining inputs for the Mine Development and Closure Plan and its submission to Government, so we move closer to production.”
That plan, covering how the mine will be built and eventually closed, is now the critical step standing between the lease and actual production. Oracle continues to seek a divestment or partner for its Thar Block VI coal asset in Pakistan, but no transaction has been concluded and the asset contributes nothing financially in the meantime.
With cash reserves shrinking and the company dependent on further equity raises and third-party funding through MEGA to reach production, dilution risk remains the key issue for shareholders to watch, rather than the modest year-on-year improvement in the loss itself.