REG - Red Rock Resources - Progress Implementing New JV in DRC

Red Rock ResourcesAnnouncement

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RNS Number : 5924E  Red Rock Resources plc  23 October 2025

Red Rock Resources PLC

("Red Rock" or the "Company")

Progress Implementing New JV in DRC

 

23 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 an update on the Company's
joint venture with Koto DRC SARL in the DRC ("Koto JV") further to its earlier
announcements of 1st November 2024 and 6(th) November 2024.

On 6(th) November 2024 the Company announced the signature of a framework
agreement with the company of its local partner Patrick Tuseku covering a JV
opportunity. The planned JV was intended to create optimal conditions for Red
Rock and its associates to be granted copper-cobalt mines. As stated therein,
"the  agreement is conditional upon, and its operational terms depend upon,
the JV being allocated a suitable asset or assets upon terms agreeable to the
partners".

The concept was that by agreements under the Public-Private Partnership Act of
2014 Koto and Red Rock would obtain sufficient reliefs from taxation and
royalty to enable them to contribute significantlyto the Government's
provision of low cost housing, in partnership with Government entities, and so
help fulfil the social objectives of the Administration.

In October 2025 one of the elements of the Koto JV was put in place with the
execution of a "Memorandum d'Entente" between the Ministry of Rural
Development, representing the Government of the DRC, Koto DRC SARL, the
corporate vehicle of Patrick Tuseku, and its business partner Red Rock.

Upon signature of that Memorandum the Ministry has agreed to mobilise funding
for the purchase and commissioning of three factories to kick-start production
of social housing, with each factory capable of producing at least 3000 units
a year.

Red Rock expects in the next few days to visit some of the short-listed
licences.

Red Rock chairman Andrew Bell comments: "The implementation of the structures
planned under the framework Koto JV has reached an important milestone with
the signing of the Memorandum d'Entente with the Ministry of Rural
Development.

The initial financial cost of the social housing programme is now secured,
from external sources.

An initial 3 factories for the production of housing units will be built,
assembled on site, and commissioned, a process in which Koto will assist the
Ministry. The Ministry's objective is to build eventually 142 factories in all
parts of the DRC.

Creating this visibility for the social aspect of the plan, where Red Rock
acts in an advisory capacity, allows us to start the process of visiting and
identifying copper, cobalt and gold mining projects from our short list which
could support the detailed implementation plans and future growth of the joint
venture, Expert advisers will ensure that we select sites ready for
production.

The Company had been reluctant to make further investment in the DRC before
obtaining a judgment on its financial claim in relation to the sale of its VUP
joint venture assets, which has been slow in coming but which we expect in the
near term.

We had therefore been cautious in advancing the Koto JV, despite the fact that
it is an entirely separate project with different partners. It was also
anticipated that although we might obtain licences without immediate cost,
financing might be required for the establishment of the initial housing sites
and factories. However the progress we have recently made in structuring and
advancing the Koto JV has been achieved without recourse to additional funding
or commitments from the Company, which changes the calculus entirely. "

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

 

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