Rockfire Resources plc (LON: ROCK) Interim Results

Rockfire Resources plc (LON: ROCK), the zinc-germanium-silver-lead and gold-copper exploration company, is pleased to announce its unaudited interim results for the six months ended 30 June 2025. The loss attributable to the shareholders of the Company for the six months ended 30 June 2025 was £536,087, a decrease of £351,487 from the comparable period to 30 June 2024.

Rockfire continues to be focussed on the development of the Molaoi zinc/germanium/silver/lead deposit in Greece. The deposit is in category transition from Inferred to Indicated Resources and Management expects that the pre-feasibility stage of development will soon commence. Rockfire is preparing to progress the project through the feasibility stage and the appointment of Mr. Steven Hunt to the Board of Directors is part of that preparation. Steven is the current Chair of the Australasian Joint Ore Resource Committee (“JORC”) and has been for the last 11 years. He previously worked for Rio Tinto continuously for more than 26 years, including 9 years as its Chief Advisor Orebody Knowledge and 5 years as Chief Advisor Resources and Reserves, both global roles.

PROJECT PORTFOLIO SUMMARY

Molaoi Zinc-Lead-Silver (+/-Germanium) Deposit, Peloponnese, Greece

A portable X-Ray Fluorescence (“pXRF”) soil survey conducted in early February found a geochemical anomaly comparable to the surface signature at the main resource area at Molaoi. Being comparable in size to the existing resource provides a clear target to potentially double the JORC resources at Molaoi.

With the expansion of new, large resource targets, it became important to distinguish between mineralised areas for clarity. The drilled JORC resource referred to as “Kalamaki” is distinguishable from the new target, which is referred to as “Gkagkania” (pronounced “Gagania”), approximately 600m to the north of Kalamaki.

The high-resolution pXRF soil survey, which was based on a 50m x 25m grid density successfully identified a new, coherent and strong zone of zinc at the Gkagkania prospect. High responses of zinc-in-soil, exceeding 0.15% Zn (+1,500ppm), which is considered very strongly anomalous, were reported by the XRF machine.

The surface expression of Gkagkania anomaly is approximately 250m x 200m in size, which is comparable to the main zinc resource at Kalamaki.

A tenement-scale pXRF survey was undertaken on a 200m x 25m grid density to cover the remaining 4km zinc trend, further to the north of Gkagkania.

On 28 March 2025, it was reported that strong, coherent zones of zinc and lead were identified to the north of Gkagkania, with the Fournos Prospect becoming another important target for the expansion of zinc resources. A new, extensively mineralised zone called the Agios Eustratios Prospect to the south of the main resource area of Kalamaki was also highlighted by the XRF survey.

Between March and June, a 3-dimensional (“3D”) lithofacies model of the Molaoi Project was developed and was highlighting important geological similarities to the 2024 mineralisation model. This 3D model improves targeting for future exploration and is expected to lead to significant resource growth along the 5 kilometres still to be drilled towards the north. Now, more than half a dozen sites are deemed favourable targets for exploration along strike. These targets are supported by surface enrichment of zinc, and/or old workings and/or historical drill holes which successfully encountered high-grade zinc mineralisation.

Rockfire’s technical team completed a program of comprehensive pXRF logging of the available historical drill core at the Greek Geological Survey in Athens. A total of 1,798 pXRF measurements were taken from the historical core. It is important to note that the pXRF machine does not measure germanium values.

·      154 readings exceeded 1% Zn, including 85 readings above 5% Zn. A total of 51 readings were above 10% Zn, with a peak value of 41% Zn.

·      80 readings were higher than 1% Pb, with a peak value of 13.85% Pb amongst 3 samples which exceeded 10% Pb.

·      227 readings were higher than 10ppm Ag, with 34 of those exceeding 50ppm Ag. The top readings included 10 samples above 100ppm Ag and a peak value of 2,273ppm Ag.

Drilling planned for the second half of 2025 is expected to see the resource category increase from Inferred to Indicated, in readiness for scoping and pre-feasibility studies. One of the outcomes from this next phase of drilling is also to establish a maiden JORC resource for germanium. This will be the only JORC resource of germanium in Europe, placing Rockfire at the forefront of the critical mineral supply chain for Europe.

Lighthouse Au-Ag deposit, Queensland, Australia

On 5 January 2023, Rockfire entered into a binding agreement with ASX-listed Sunshine Metals Limited (”Sunshine”) to farm-in to Lighthouse and earn up to a 75% interest in the tenement. On Sunshine achieving 75% ownership, Rockfire has the right to elect to contribute 25% of on-going expenditure, or to convert to a 1.5% Net Smelter Royalty (NSR).

On 27 March 2025, Sunshine announced a placement raising AUD$3 million to accelerate development of its near-surface gold resources in North Queensland, including Plateau. The funds raised by Sunshine were expected to be applied on accelerating drilling, metallurgical test work and mining studies on the shallow oxide gold resources at Liontown and Plateau, and advanced targets at Tigertown and Coronation. Drilling was scheduled to commence in May at Plateau.

Sunshine’s strategy is to identify shallow (<50m) oxide gold resources for processing at potential nearby toll treating mills during a time of high gold prices. The company is aiming to rapidly evaluate the commercial potential of its multiple deposits.

Plateau represents an advanced target with a near-surface, Inferred Resource totalling 49koz Au at 2.0 g/t Au. To advance the resource classification, ~1,000m of drilling and metallurgical testing are required.

On 11 July 2025, Sunshine provided a further update regarding the drilling results at Plateau. Resource infill drilling of 8 RC holes, for a total of 599m were drilled at Plateau. Results include:

·      8m @ 3.17g/t Au and 31g/t Ag (25PLRC006)

·      Including 2m @ 6.97g/t Au and 84g/t Ag

Sunshine stated that a sample for metallurgical test work had been collected from hole 25PLRC006. The new RC drilling and subsequent metallurgical results will be used to update a resource for Plateau in late 2025.

CORPORATE

The Company announced on 27 February 2025 that it had successfully met the technical milestone that triggered the final tranche of the consideration payable to the vendors of Hellenic Minerals S.A. (“Hellenic”). Hellenic is a wholly owned subsidiary of Rockfire and controls 100% ownership of a 30-year licence to explore and mine the Molaoi deposit.

This final tranche comprised a cash payment of £100,000 and an issue of 185,000,000 new ordinary shares of 0.1 pence each in the Company.

David Price, the Chief Executive Officer of Rockfire, first identified the Molaoi Project in 2005 from archived scientific reports. It was also Mr Price who identified the presence of germanium in the zinc at Molaoi. There is an historic agreement between Hellenic and Mr Price dating back to 2005 which entitles him to a share in the proceeds from the sale of Hellenic. In accordance with this agreement, and for the sake of transparency and governance, Mr Price declared that he is a beneficiary of this final tranche of consideration. Mr. Price elected to receive his portion of the share allotment (being 72,500,000 ordinary shares) but is deferring his portion of the cash component (being £50,000) until a later time.

New options for the Directors of Rockfire to subscribe for 175,000,000 new ordinary shares in the Company were granted and announced to the market on 21 February 2025. These options were granted in accordance with their service agreements.

The options have an exercise price of 0.25 pence per ordinary share, which is double the mid-market closing price on 21 February 2025 of 0.12 pence, plus 0.01 pence, in accordance with the terms of the service agreements. The options have a term of three years, and any unexercised options will expire at midnight on 20 February 2028.

The grants made are as follows:

 On 27 February, Rockfire announced the appointment of CMC Markets UK Plc (LSE: CMCX) (“CMC”) as the Company’s joint broker with immediate effect.

On 2 June 2025, Rockfire announced that a new Director had been appointed to the Rockfire Board. After an extensive search for suitably qualified and experienced mining executives to lead Rockfire through the development stages of Molaoi, Rockfire welcomed Mr. Steven Hunt to the Board of Directors.

Steven’s appointment strengthens the technical and governance capability of the Board at a time when strong technical leadership is paramount to successfully steer a project towards production. As Rockfire heads towards the scoping/feasibility stage of development at Molaoi, it is prudent for the Board to prepare for the additional skills that will be required within the Company. 

Steven is the current Chair of the Australasian Joint Ore Resource Committee (“JORC”) and has been for the last 11 years.

He previously worked for Rio Tinto continuously for more than 26 years, including 9 years as its Chief Advisor Orebody Knowledge and 5 years as Chief Advisor Resources and Reserves, both global roles.

During his lengthy career with Rio Tinto, Steven spent 3 years as the Geology Superintendent of the 7.8-million-ounce Kelian Gold Mine in Indonesia and 6 years as the Mine Geology Manager for the 34-million-ounce Lihir Gold Mine in Papua New Guinea.

POST BALANCE SHEET EVENTS

On 3 July 2025, it was announced that the Company had conditionally raised £2 million (before expenses) by way of a placing of a total of 2,000,000,000 new ordinary shares of 0.1 pence each in the Company at a price of 0.1 pence per ordinary share. Allenby Capital Limited acted as sole broker in connection with the placing. On  10 July 2025 the Company completed the placing.

The placing was led by ACAM LP (“ACAM”), which subscribed for 1,000,000,000 new ordinary shares, representing £1 million and following the issue of the shares, held 16.31% of the total voting rights in the Company.

In addition, on admission of the new ordinary shares to trading on AIM, participants in the placing received warrants over, in aggregate, 1,000,000,000 new ordinary shares, representing 1 warrant for every 2 new ordinary shares subscribed for. The warrants are assignable and exercisable at a price of 0.1 pence per ordinary share for a period of 24 months from admission of the new ordinary shares to trading on AIM.

The net proceeds of the placing will be used, in conjunction with Rockfire’s existing available cash, to continue development of the Company’s Molaoi zinc/silver/lead project in Greece and to fund on-going working capital requirements within the Company. An upgrade of the zinc resource at Molaoi is anticipated following additional drilling. This drilling will also result in a Maiden JORC Resource for germanium. A JORC germanium resource will be the only germanium resource known within Europe and will be unique globally.

On 15 September 2025, it was announced the Company has received notice of exercise of 25,000,000 warrants over New Ordinary Shares of 0.1p each at an exercise price of 0.1p per share, for a consideration of £25,000.

For further information on the Company, please visit  www.rockfireresources.com or contact the following: