Oracle Power PLC (AIM:ORCP) shares jumped 18% after Riversgold Ltd (ASX:RGL) confirmed it had met the spending requirements to secure an 80% stake in the Northern Zone gold project in Western Australia.
Oracle will keep a 20% interest and will not have to contribute to costs until the formal joint venture agreement is signed, which is expected by the end of 2025.
Riversgold is now leading the project’s development and has already booked a drill rig for next year, submitted a mining lease application and begun work on a mineral resource estimate.
The deal follows a 2023 agreement giving Riversgold the right to take a majority stake in the site, provided it spent at least A$600,000 on exploration.
Oracle said the extension of the joint venture timeline would allow time to complete the mining lease process, while Riversgold continues to push the project forward.
The stock was up 0.003p at 0.02p.