REG - Red Rock Resources - Update

Red Rock ResourcesAnnouncement

12/06/2025 07:00

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RNS Number : 4795M  Red Rock Resources plc  12 June 2025

Red Rock Resources PLC

("Red Rock" or the "Company")

Update

 

12 June 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
arbitration and associated proceedings in the DRC further to its announcements
of 15 January 2025, 29 January 2025, 31 March 2025 and 15(th) May 2025.

The Company has been conducting proceedings in the Cour de Cassation (Supreme
Court) in support of and in parallel with its Arbitration. This course of
proceeding is founded in the initial judgements obtained in 2022 confirming
the Company's 50.1% joint venture interest in copper and cobalt assets near
Kolwezi that had been without the Company's knowledge or consent the subject
of a $20m sale ("Sale") to a third party ("Buyer"), and therefore its right to
$2.5m of the $5m consideration already paid at the time of the action, plus
$2m damages and interest ("Judgement"). The Arbitration was begun, with the
Buyer a party, in order to confirm the Company's rights in relation to the
$15m unpaid balance of the Sale.

The Company is now looking forward to the forthcoming publication of the
Supreme Court judgement, and will update the market as this and other related
events occur.

The Company's position is that the Sale was illegitimately carried out behind
the Company's back, and significantly undervalued, by an order of magnitude,
the assets. As an initial step the Company sought the Judgement, and has since
taken additional actions to preserve and assert its rights.

2025 Developments

The Arbitrator, which had held initial arbitration sessions in 2022, summoned
the parties to a meeting in January 2025 in order to seek a conclusion to
proceedings, either by a settlement or by an award.

The Arbitrator indicated that he would find a judgement on certain matters by
the Supreme Court of assistance, and in accordance with this the Company
prioritised the conclusion of its proceedings (in relation to the
enforceability of its original judgements) that were already with the court.

The current Supreme Court proceedings, where a judgement is in the course of
issuance, is expected to give finality on key issues. Red Rock Chairman Andrew
Bell comments: "We reiterate the  confidence expressed in our announcements
this year that the outcome of the litigation and arbitration will be a
significant and positive event for the Company. Although winding up these
matters has been much slower and much more time-consuming than the very speedy
process envisaged in January, we do still expect this in the near-term. We
have held back from updating earlier in the expectation that publication of an
award would already have been made. The delay does not reflect anything other
in our view than the delays that can be attendant on any court administrative
process. The Management remains focussed on delivery of these results as
expeditiously as possible."

OTHER DEVELOPMENTS

The Company notes that last week, having obtained duty exemption and customs
clearance for gold testing and processing equipment in Burkina Faso, it
removed the equipment to a storage site as it prepares a gold programme for
exploration and then production at its Boulon licence, which is required to
start within the next two months. An approach has been received for another
Burkina licence, where due diligence is being carried out.

The Company notes the announcement by Soma Gold that it plans to restart
operation of its gold production facilities at El Limon in Colombia by the end
of the current month. Red Rock has a royalty over gold produced or treated
through El Limon.

Otherwise, there are no material developments across our other activities
which have remained on a slow track pending resolution of our claim in the
DRC. A general review and assessment of gold opportunities is being prepared
in order to set priorities among non-DRC operations. A further announcement
will be made shortly when the Company has assessed the impact of the above and
has considered its funding needs.

 

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"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority, is acting
as nominated adviser to the Company in connection with this announcement and
will not regard any other person as its client and will not be responsible to
anyone else for providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals. Beaumont
Cornish has not authorised the contents of, or any part of, this document and
no liability whatsoever is accepted by Beaumont Cornish for the accuracy of
any information, or opinions contained in this document or for the omission of
any information. Beaumont Cornish as nominated adviser to the Company owes
certain responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other person.

 

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