Oracle Power (AIM:ORCP) has been granted Mining Lease M25/389 over its Northern Zone Gold Project, situated 25 kilometres east of Kalgoorlie in Western Australia, clearing a critical condition in the company's existing agreement with funding partner MEGA Resources Pty Limited.
The lease runs for 21 years to 1 July 2047 and is renewable thereafter.
The grant satisfies a key condition under the Mining and Co-Operation Agreement signed in September 2025, under which MEGA Resources agreed to fully fund all operations at Northern Zone, with the project owners receiving 50% of monthly profits, and 10% of profits reinvested into expansion drilling.
Oracle holds a 20% interest in Northern Zone, with JV partner Riversgold holding the remaining 80%; neither party is required to contribute upfront capital.
With the lease secured, Oracle said it will submit the National Vegetation Clearing Permit application this month, with focus then turning to completing and submitting the Mine Development and Closure Proposal, the final regulatory step before an operating permit can be issued.
"To finally have this mining lease formally granted after an exhaustive 18-month process is a tremendous result for the Company, our JV partner Riversgold and our funding and production partner MEGA Resources," said chief executive Naheed Memon.
Submission of the Mine Development and Closure Proposal to the Western Australian government represents the next concrete milestone before mining operations can commence.
