Rockfire Resources - Interim Results
22/09/2025 07:00
RNS Number : 1433A
Rockfire Resources PLC
22 September 2025
22 September 2025
Rockfire Resources plc
("Rockfire" or the "Company")
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:
| Director | No. of options | Exercise price | Option expiry date | Total no. of options now held |
| David Price | 50,000,000 | 0.25 pence | 20 February 2028 | 65,000,000 |
| Gordon Hart | 50,000,000 | 0.25 pence | 20 February 2028 | 65,000,000 |
| Ian Staunton | 25,000,000 | 0.25 pence | 20 February 2028 | 34,000,000 |
| Nicholas Walley | 25,000,000 | 0.25 pence | 20 February 2028 | 34,000,000 |
| Patrick Elliott | 25,000,000 | 0.25 pence | 20 February 2028 | 34,000,000 |
| Total | 175,000,000 | 232,000,000 |
| Rockfire Resources plc: | info@rockfire.co.uk |
| David Price, Chief Executive Officer | |
| Allenby Capital Limited (Nominated Adviser & Broker) | Tel: +44 (0) 20 3328 5656 |
| John Depasquale / Dan Dearden-Williams (Corporate Finance) Matt Butlin (Sales and Corporate Broking) | |
| CMC Markets UK Plc (Joint Broker) | Tel: +44 (0) 20 3328 5656 |
| Douglas Crippen |
| Item | Definition |
| "3D" | three dimensional |
| ''Ag'' | silver |
| "Cu" | copper |
| ''Ge'' | germanium |
| ''g/t'' | grams per tonne |
| ''JORC'' | Joint Ore Resource Committee |
| "km" | kilometre |
| "m" | metre |
| ''Pb'' | lead |
| "Ppm" | parts per million |
| "pXRF" | portable X-Ray Florescence |
| "VMS" | volcanogenic massive sulphide |
| ''Zn'' | zinc |
| "ZnEq'' | zinc equivalent |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | 12 months to 31 December 2024 | ||
| £ | £ | £ | ||
| Note | (Unaudited) | (Unaudited) | (Audited) | |
| Interest income | - | 2 | 5 | |
| Administrative expenses | (536,087) | (887,574) | (2,000,761) | |
| Loss before taxation | (536,087) | (887,572) | (2,000,756) | |
| Taxation | - | - | - | |
| Loss attributable to shareholders of the Company | (536,087) | (887,572) | (2,000,756) | |
| Items that may be subsequently reclassified to profit or loss: | ||||
| Foreign exchange translation movement | (91,137) | (37,003) | (291,640) | |
| Total comprehensive loss attributable to shareholders of the Company | (627,224) | (924,575) | (2,292,396) | |
| Loss per share attributable to shareholders of the Company | ||||
| Basic and diluted (pence) | 4 | (0.01) | (0.03) | (0.07) |
| As at 30 June 2025 | As at 30 June 2024 | As at 31 December 2024 | ||
| £ | £ | £ | ||
| Note | (Unaudited) | (Unaudited) | (Audited) | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 5 | 5,843,194 | 5,441,856 | 5,657,375 |
| Property, plant and equipment | 38,775 | 26,215 | 40,888 | |
| Other receivables | 74,856 | 111,811 | 73,591 | |
| Total non-current assets | 5,956,825 | 5,579,882 | 5,771,854 | |
| Current assets | ||||
| Cash and cash equivalents | 140,079 | 514,725 | 936,205 | |
| Trade and other receivables | 72,634 | 99,300 | 65,491 | |
| Total current assets | 212,713 | 614,025 | 1,001,696 | |
| Total assets | 6,169,538 | 6,193,907 | 6,773,550 | |
| EQUITY AND LIABILITIES | ||||
| Equity attributable to shareholders of the Company | ||||
| Share capital | 7 | 10,128,111 | 8,551,535 | 9,933,289 |
| Share premium | 21,398,106 | 21,215,680 | 21,271,228 | |
| Other reserves | 2,295,035 | 2,295,035 | 2,295,035 | |
| Merger relief reserve | 190,000 | 190,000 | 190,000 | |
| Foreign exchange reserve | (637,102) | (291,328) | (545,965) | |
| Retained deficit | (27,387,813) | (25,834,749) | (26,931,012) | |
| Total equity | 5,986,337 | 6,126,173 | 6,212,575 | |
| Current liabilities | ||||
| Trade and other payables | 6 | 183,201 | 67,734 | 560,975 |
| Total current liabilities | 183,201 | 67,734 | 560,975 | |
| Total liabilities | 183,201 | 67,734 | 560,975 | |
| Total equity and liabilities | 6,169,538 | 6,193,907 | 6,773,550 |
| Share capital | Share premium | Other reserves | Merger relief reserve | Foreign exchange reserve | Accumulated losses | Total | |
| £ | £ | £ | £ | £ | £ | £ | |
| At 1 January 2024 | 8,548,460 | 21,210,144 | 2,295,035 | 190,000 | (254,325) | (24,947,177) | 7,042,137 |
| Loss for the period | - | - | - | - | - | (887,572) | (887,572) |
| Foreign exchange translation movement | - | - | - | - | (37,003) | - | (37,003) |
| Total comprehensive loss | - | - | - | - | (37,003) | (887,572) | (924,575) |
| Issue of share capital (Note7) | 3,075 | 5,536 | - | - | - | - | 8,611 |
| Total transactions with shareholders | 3,075 | 5,536 | - | - | - | - | 8,611 |
| At 30 June 2024 (Unaudited) | 8,551,535 | 21,215,680 | 2,295,035 | 190,000 | (291,328) | (25,730,467) | 6,126,173 |
| Loss for the period | - | - | - | - | - | (1,113,184) | (1,113,184) |
| Foreign exchange translation movement | - | - | - | - | (254,637) | - | (254,637) |
| Total comprehensive loss | - | - | - | - | (254,637) | (1,113,184) | (1,367,821) |
| Issue of share capital (Note 7) | 1,381,754 | 170,000 | - | - | - | - | 1,551,754 |
| Cost of share issue | - | (114,452) | - | - | - | - | (114,452) |
| Share-based payment | - | - | - | - | - | 16,921 | 16,921 |
| Total transactions with shareholders | 1,381,754 | 55,548 | - | - | - | 16,921 | 1,454,223 |
| At 31 December 2024(Audited) | 9,933,289 | 21,271,228 | 2,295,035 | 190,000 | (545,965) | (26,931,012) | 6,212,575 |
| Loss for the period | - | - | - | - | - | (536,087) | (536,087) |
| Foreign exchange translation movement | - | - | - | - | (91,137) | - | (91,137) |
| Total comprehensive loss | - | - | - | - | (91,137) | (536,087) | (627,224) |
| Issue of share capital (Note 7) | 194,822 | 126,878 | - | - | - | - | 321,700 |
| Share-based payment | - | - | - | - | - | 79,286 | 79,286 |
| Total transactions with shareholders | 194,822 | 126,878 | - | - | - | 79,286 | 400,986 |
| At 30 June 2025(Unaudited) | 10,128,111 | 21,398,106 | 2,295,035 | 190,000 | (637,102) | (27,387,813) | 5,986,337 |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | 12 months to 31 December 2024 | ||
| £ | £ | £ | ||
| Note | (Unaudited) | (Unaudited) | (Audited) | |
| Cash flow from operating activities | ||||
| Loss for the period before tax | (536,087) | (887,572) | (2,000,756) | |
| Depreciation | 4,511 | 2,867 | 5,409 | |
| Expenses settled in shares | 22,000 | 8,612 | 8,612 | |
| Loss on property, plant and equipment | - | 189 | 187 | |
| Finance income | - | (2) | (5) | |
| Foreign exchange rate (gain)/loss | (85,783) | 33,735 | (8,324) | |
| Share-based payment charge | 8 | 79,287 | - | 16,921 |
| (516,072) | (842,171) | (1,977,956) | ||
| (Increase)/ decrease in trade and other receivables | (41,691) | 1,609,847 | 1,719,798 | |
| Increase/ (decrease) in trade and other payables | 9,849 | (151,400) | 304,172 | |
| Net cash flow (outflow)/ inflow from operating activities | (547,914) | 616,276 | 62,662 | |
| Cash flow from investing activities | ||||
| Exploration expenditure | (195,632) | (536,545) | (979,962) | |
| Acquisition of property, plant and equipment | (2,580) | (1,583) | (20,377) | |
| Cash settled deferred consideration | (50,000) | - | - | |
| Interest received | - | 2 | 5 | |
| Net cash used in investing activities | (248,212) | (538,126) | (1,000,334) | |
| Cash flow from financing activities | ||||
| Proceeds from issuance of ordinary shares | 7 | - | - | 1,551,753 |
| Share issue costs | 7 | - | - | (114,451) |
| Net cash generated by financing activities | - | - | 1,437,302 | |
| Net (decrease)/ increase in cash and cash equivalents | (796,126) | 78,150 | 499,630 | |
| Cash and cash equivalents at the beginning of the period / year | 936,205 | 436,575 | 436,575 | |
| Cash and cash equivalents at the end of the period / year | 140,079 | 514,725 | 936,205 |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | |||
| £ | £ | £ | |||
| At 1 January | 5,657,375 | 4,972,616 | 4,972,616 | ||
| Additions | 195,632 | 536,545 | 979,962 | ||
| Foreign exchange differences | (9,813) | (67,305) | (295,203) | ||
| At 31 December | 5,843,194 | 5,441,856 | 5,657,375 | ||
| As at 30 June 2025 | As at 30 June 2024 | As at 31 December 2024 | ||
| £ | £ | £ | ||
| Trade payables | 91,778 | 42,123 | 24,202 | |
| Other payables | 70,206 | 15,660 | 495,712 | |
| Accruals | 21,217 | 9,951 | 41,061 | |
| 183,201 | 67,734 | 560,975 |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | ||
| Issued share capital | Number | Number | Number | |
| Deferred shares of £0.099 each | 51,215,534 | 51,215,534 | 51,215,534 | |
| Ordinary shares of £0.001 each | 4,132,442,063 | 2,555,866,625 | 3,937,620,625 | |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | ||
| Issued share capital | £ | £ | £ | |
| Fully paid | 10,128,111 | 8,551,535 | 9,933,289 | |
| 10,128,111 | 8,551,535 | 9,933,289 |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | ||
| Number | Number | Number | ||
| Allotted, called up and fully paid | ||||
| At 1 January | 3,937,620,625 | 2,552,791,046 | 2,552,791,046 | |
| Issued for cash | - | - | 1,381,754,000 | |
| Issued in respect of deferred consideration | 185,000,000 | - | - | |
| Issued in lieu of fees | 9,821,438 | 3,075,579 | 3,075,579 | |
| At 31 December | 4,132,442,063 | 2,555,866,625 | 3,937,620,625 |
| 30 June 2025 | 30 June 2024 | 31 December 2024 | |||
| £ | £ | £ | |||
| Allotted, called up and fully paid | |||||
| At 1 January | 9,933,289 | 8,548,460 | 8,548,460 | ||
| Issued for cash1 | - | - | 1,381,754 | ||
| Issued in respect of deferred consideration | 185,000 | - | - | ||
| Issued in lieu of fees | 9,822 | 3,075 | 3,075 | ||
| At 31 December | 10,128,111 | 8,551,535 | 9,933,289 | ||
| Options | Weighted average exercise price | ||
| No. | £ | ||
| Outstanding and Exercisable at 1 January 2024 | 36,000,000 | 0.02 | |
| Outstanding and Exercisable at 30 June 2024 | 36,000,000 | 0.02 | |
| Granted during the period | 57,000,000 | 0.003 | |
| Lapsed during the period | (36,000,000) | 0.02 | |
| Outstanding and Exercisable at 31 December 2024 | 57,000,000 | 0.003 | |
| Granted during the period | 175,000,000 | 0.003 | |
| Outstanding and Exercisable at 30 June 2025 | 232,000,000 | 0.003 |
| Stage | Milestone | Total participating interest earned by Sunshine at end of stage | Time frame |
| 1 | Sunshine has sole funded AUD600,000 in expenditure. | 40% | Maximum of 1 Year from execution date. |
| 2 | Sunshine has sole funded a further AUD600,000 in expenditure. | 51% | Maximum of 2 years from execution date. |
| 3 | Sunshine has sole funded a further AUD1,000,000 in expenditure. | 75% | Maximum of 3 years from execution date |