Oracle Power PLC (AIM:ORCP) announced it has raised £500,000 to accelerate development work in Australia after securing the mining lease for its Northern Zone Gold Project near Kalgoorlie.
The AIM-listed international project developer placed 1.25 billion new shares at 0.04p each, a 20% discount to the closing mid-market price on 2 July. Oracle said the placing price was 186% above the price of its previous placing, completed in August 2025.
Net proceeds will be used primarily to progress the company’s Australian projects, with Oracle saying it now aims to move swiftly towards gold production at Northern Zone. Funds will also be put towards its Pakistan projects and general working capital.
Chief executive Naheed Memon said the mining lease was “a key milestone” for Northern Zone and that the fundraise would provide additional capital “to accelerate development activities until we are able to generate revenue from our gold activities.”
In London, Oracle shares dropped 22% to 0.043p from Thursday's 0.052p close.
