18 February 2025
Oracle Power
PLC
("Oracle" or the
"Company")
Riversgold Exercises 80%
Option over the Northern Zone Project
Oracle Power PLC (AIM:ORCP),
an international project developer, is pleased to
announce that further to its announcement of 9 May 2023 regarding
the binding Heads of Agreement ("HOA") with ASX-listed Riversgold
Limited ("Riversgold"),
Riversgold has advised that it has now surpassed the
minimum expenditure required to earn up to an 80%
beneficial interest in the Northern Zone Project, located 25km east
of Kalgoorlie in Western Australia (the "Northern Zone" or the "Project"). As a result, Riversgold has
exercised its option to acquire the 80% interest in the
Project. Oracle will retain a 20% interest and will receive a
free carry until the joint venture agreements are formalised and
signed (the "Joint Venture"
or "JV"), which is expected
by 31 December 2025.
Highlights:
·
Riversgold has met the minimum expenditure to
enable it to exercise its option to acquire 80% of Northern
Zone.
·
Oracle to retain a 20% beneficial
interest.
·
Joint Venture agreements to be formalised by 31
December 2025.
·
Oracle to be carried until formalisation of the JV
agreement, which means that it will not be responsible for any
costs prior to signing.
·
Riversgold to continue to advance Northern Zone
and to add value to the Project:
o Drill rig is booked to commence the 2025 drill
programme.
o Mining Lease application submitted.
o Mineral Resource Estimate (MRE).
As announced on 9 May 2023,
Riversgold signed a binding Heads of Agreement with Oracle Gold Pty
Limited (a 100% subsidiary of Oracle), whereby Riversgold had the
exclusive right to earn up to an 80% beneficial interest in the
Northern Zone project (P25/2651) conditional upon the immediate
cash consideration of A$50,000, which was paid on signing, and
committing to spend not less than A$600,000 in exploration
expenditure on the tenement by 9 May 2025.
Riversgold is 100% responsible for
the day-to-day management and exploration spend on the tenement
until the Joint Venture is formalised between the parties later
this year. The time to complete the formal Joint Venture
arrangements going forward was mutually agreed to be extended to 31
December 2025 to facilitate the conversion of the tenement to a
mining lease.
Naheed Memon, CEO of Oracle,
commented:
"Riversgold has spent the minimum commitment required to
exercise the exclusive option to acquire an 80% beneficial interest
in the Northern Zone and will now carry Oracle up to formalising
joint venture agreements by 31 December 2025.
"We now look forward to Riversgold continuing to add value to
the Project with further drilling to upgrade the tenement status to
a mining lease. With the gold price per ounce currently at
+A$4,500, this Project is looking like a potential candidate for
contract mining, trucking and toll milling operations. The aim is
to build a robust Mineral Resource Estimate (MRE) in the upper
section of the porphyry to generate an economic starter pit and I
look forward to providing further updates from Kalgoorlie in the
coming weeks."
**ENDS**
For
further information on Oracle, visit the Company's
website http://www.oraclepower.co.uk
or
contact:
Oracle Power PLC
Naheed Memon -
CEO
+44 (0) 203 580 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
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended by
virtue of the Market Abuse (Amendment) (EU Exit) Regulations
2019.
