REG - Red Rock Resources - Conditional Sale of Ivory Coast Licences

Red Rock ResourcesAnnouncement

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RNS Number : 3735D  Red Rock Resources plc  15 October 2025

Red Rock Resources PLC

("Red Rock" or the "Company")

Conditional Sale of Ivory Coast Licences

 

15 October 2025

Red Rock Resources Plc, the natural resource exploration and development
company with interests in gold, base metals, battery metals, and hydrocarbons
principally in Africa and Australia announces the execution ("Execution")
of a binding conditional agreement to sell 100% of the issued shares of
LacGold Resources SARLU, a wholly owned subsidiary in the Ivory Coast which
holds Red Rock's gold exploration licences and applications in that country
("the Assets").

The buyer of the Assets is Dalaroo Metals Ltd ("Dalaroo" or "DAL"), an
Australian exploration company listed on the Australian Securities Exchange
(ASX.DAL).

Key points:

·    Red Rock to receive at Settlement 13,250,000 DAL shares with a
current value of AUD 715,500 (£350,000) or AUD 0.054 per share

·    DAL will pay Red Rock a Resource Definition Royalty of AUD 2 per
ounce of any future Indicated Resource.

Red Rock Chairman Andrew Bell comments: "We received three offers for our
Ivory Coast licences, and chose Dalaroo as our preferred partner.

We see the assets as highly prospective but given their considerable size, and
our other commitments, we believed their sale under a partnership model to an
aggressive explorer was our best way forward.

This was a part of our portfolio that was not regarded by shareholders as
significant to our prospects.

Our decision to monetise the unregarded or non-core assets in our portfolio
saw the recent sale of a gold royalty in Colombia, where we recently received
all the agreed consideration. With this sale, we receive free trading shares
now, giving us flexibility in managing our liquidity, and will participate in
future success if exploration leads to an Indicated Resource or to eventual
gold production."

Other Information on the transaction

The transaction is subject to two conditions precedent, these being
satisfactory conclusion of due diligence by DAL and approval by the
shareholders of DAL, and Settlement will occur five days after satisfaction or
waiver of these conditions. The parties will use all reasonable endeavours to
satisfy the Conditions Precedent as soon as possible after Execution and in
any case before 31(st) December 2025.

The number of DAL shares to be issued at Settlement is 13,250.000.

The Assets will be sold subject to the existing 1.5% NSR (net smelter return)
royalty.

The book value of the Assets in Red Rock's 31 December 2024 unaudited interim
report for the half-year ended 31 December 2024 was £123,863.

Information on Dalaroo

The principal activity of Dalaroo, as reported in its unaudited interim report
for the half-year ended 31 December 2024 ("Interim Report") is mineral
exploration for resources at the company's Namban and Lyons River projects
located in Western Australia which are prospective for Pb-Zn-Cu-Ag, Au, REE
and PGE-Ni-Cu-Au deposits respectively. On 20 February 2025, Dalaroo executed
a binding Heads of Agreement for an Option to acquire 100% of the Blue Lagoon
Zirconium-Niobium-Rare Earth Element Project (MEL2022-07) located in the Gadar
Province of Greenland. On 10 June 2025, Dalaroo announced it had agreed to
acquire up to 80% interest in the Bongouanoa Project in Cote D'Ivoire
comprising a 400km² application permit located in the richly gold endowed
Sefwi-Comé Belts.

In the Interim Report, Dalaroo announced a net loss after income tax for the
half-year of AUD875,722 (2023 loss: AUD315,298). At the end of the half-year
the company had AUD1,400,176 in cash (30 June 2024: AUD409,236). Capitalised
mineral exploration and evaluation expenditure (including acquisition costs)
was AUD971,759 (30 June 2024: AUD971,759).

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed
in accordance with the Company's obligations under Article 17.

 

For further information, please contact:

Andrew Bell 0207 747
9990
  Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396
NOMAD Beaumont Cornish Limited

Bob Roberts 0203
8696081
  Broker Clear Capital Corporate Broking

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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