Rockfire Resources - Interim Results

Rockfire Resources

28/09/2026 07:00

RNS Number : 5315W
  
Rockfire Resources PLC
  
28 September 2026
  
 



The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.


 


28 September 2026


Rockfire Resources plc


 (“Rockfire” or the “Company”)

Interim Results


Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to announce its unaudited interim results for the six months ended 30 June 2026. The total comprehensive loss attributable to the shareholders of the Company for the six months ended 30 June 2026 was £1,126,157, an increase of £498,933 from the comparable period to 30 June 2025. The increase in total comprehensive loss principally reflects the increase in expenditure during the period, including increased activity associated with the Company’s drilling and project development activities. 


Rockfire is actively pursuing the development of the Molaoi zinc/germanium/silver/lead deposit in Greece. A transition from the Inferred JORC category to the Indicated JORC category of resource remains in progress. Several factors have resulted in this process taking longer than expected, including extensively broken ground conditions, a scarcity of experienced drillers and a shortage of available drilling rigs throughout Europe. Rockfire is addressing these issues by acquiring its own drilling rig to provide the Company with improved productivity from the drilling schedule.


Drilling to upgrade the resource and to increase the resource to the north is expected to continue until at least the end of the 2026 calendar year. Several long lead-time surveys have commenced, including an Ecological Study, a Hydrology Study, and comminution tests. Each of these activities will feed directly into a pre-feasibility study, scheduled to commence in the second quarter of 2027. 


PROJECT PORTFOLIO SUMMARY


Molaoi Zinc-Lead-Silver-Germanium Deposit, Peloponnese, Greece


Diamond drilling to upgrade the Inferred Resource to Indicated status resumed after the Christmas/New Year break on 13 January 2026, as scheduled.


Most drill holes drilled to their intended depth so far at Molaoi by Rockfire has intersected potentially economic grades and conceptually mineable widths of zinc/silver/lead and germanium.


Results for hole HMO-010 were announced to the market on 17 February 2026. Multiple high-grade zinc and germanium lodes were intersected including 1.2m @ 5.5% Zn and 18g/t Ag from 97.50m depth, including 0.30m @ 54 g/t Ge. A second lode averaging 5.60m wide graded 1.3% Zn, 16g/t Ag from 195.45m depth and a third lode 4.00m wide returned 5.1% Zn, 23g/t Ag and 15g/t Ge from 256.50m depth.


Strong germanium grades were still being intersected all the way through the southern zones of the resource area. Results returned from hole HMO-011 include 2.00m @ 5.13% Zn, 20.2g/t Ge, 27.4g/t Ag and 1.33% Pb. This interval commences at 36.10m below surface, with the highest individual assay in this interval being 1.10m @ 9.12% Zn and 30.0g/t Ge.


Hole HMO-012 returned results from a 2m wide zone at 67.23m depth which assayed 4.3% Zn, 20.5g/t Ge and 23.7g/t Ag. A second, 1m wide lode at 76.00m depth returned 59.0g/t Ag and 0.2% Cu. A narrow (0.15m) interval at 119.85m depth intersected 1.7% Cu, which is the second-highest copper value ever recorded at Molaoi.


Hole HMO-013 intersected a 1.20m wide zone grading 32.2ppm Ag, 1.2% Pb, 4.86% Zn and 17.9g/t Ge. This zone occurs at 47.00m depth.


Hole HMO-014 encountered slow and difficult drilling conditions. This hole had a target depth of more than 380.00m but was suspended at 195.80m due to caving of the hole and will be re-drilled later.


The Rockfire Board advised the market on 10 April 2026 that it had committed to the acquisition of the Company's own drilling rig. 


On 18 May 2026, results from drill hole HMO-015 were announced to the market, with a headline interval of 11.90m @ 8.8% Zn, 49.0g/t Ag and 25.2g/t Ge from 354.90m downhole depth. A second lode of 3.02m @ 7.5% Zn, 40.9g/t Ag, 19.0g/t Ge and 1.3% Pb was encountered at a depth of 386.28m from surface.


Analytical laboratory results from hole HMO-016 include 0.76m @ 22.4% Zn, 187g/t Ag, 8.8% Pb and 34.6g/t Ge at 314.18m downhole depth, 1.08m @ 8.2% Zn, 42.5g/t Ag, 1.6% Pb and 22g/t Ge from 407.11m downhole depth and 4.50m @ 3.0% Zn, 20.7g/t Ag, 0.9% Pb and 20g/t Ge from 417.95m downhole depth.


The results of an engineering appraisal of the historical underground mining access at the Company's Molaoi project in Greece were announced on 11 June 2026. The conclusion of the appraisal was that the underground mine development is in good condition and is most likely to be capable of reuse for future access. The steel support sets visible from the entrance remain undeformed, with no evidence of structural failure or rockfall-related damage.


Lighthouse Au-Ag deposit, Queensland, Australia


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


On 30 April 2026, Sunshine announced the acquisition of the Mt Moss operation, including the operation’s gold crushing and grinding facility. At the same time, Sunshine also announced a AUD$22 million capital raising comprising a AUD$19 million two tranche placement and a share purchase plan to raise up to AUD$3 million.


Sunshine's strategy is to identify shallow (<50m), oxide gold resources for processing at the Mt Moss facility and the Company is rapidly evaluating the commercial potential of its multiple deposits, including Plateau. Plateau represents an advanced project with a near-surface, Inferred Resource totalling 49koz Au at 2.0 g/t Au. 


Marengo Au/Ag/Cu deposit, Queensland, Australia


Eastern Resources Limited ("Eastern") entered into a binding farm-in agreement with Rockfire on 29 September 2025 (the "Farm-in"), which sees Eastern sole-funding the exploration at Marengo for the next 3 years, with funding being engaged on direct expenditure on the tenement.


An update on exploration activity at Marengo was provided to the Australian Stock Exchange by Eastern on 1 June 2026. In this update, initial fieldwork, including mapping and rock sampling had been completed.


Post 30 June 2026, results of this rock sampling were announced to the market on 9 July 2026. All samples returned anomalous to elevated levels of gold, confirming gold-silver rich mineralisation close to surface.


CORPORATE


Exercise of Warrants


On 3 July 2025, the Company announced that it had conditionally raised £2 million by way of a placing of 2,000,000,000 new ordinary shares at a price of 0.1 pence. In addition, participants in the placing received warrants over 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 the issue price for a period of 24 months from admission of the placing shares to trading on AIM.


In late January 2026, the Company announced that it had received notice of exercise of 120,000,000 warrants for a consideration of £120,000.


Further exercise notices of 3,750,000 warrants for a consideration of £3,750, 2,500,000 warrants for a consideration of £2,500 and 5,000,000 warrants for a consideration of £5,000 were received on 9 February, 24 February and 18 March 2026 respectively. 


 


POST BALANCE SHEET EVENTS


On 10 August 2026, Rockfire announced a subscription of 1,954,545,446 new ordinary shares at 0.11 pence per share to raise £2.15 million before expenses. Temeraire Partners, as the broker arranging the subscription, received warrants equal to 4% of the value of the subscription shares, with each warrant entitling the holder to acquire one new ordinary share at an exercise price of 0.11 pence at any time in the 36-month period starting on the day of admission of the subscription shares to trading on AIM. Therefore, a total of 78,181,818 warrants were issued. If all the warrants are exercised in full, the Company will receive further gross proceeds of approximately £86,000. The subscription shares were admitted in two tranches with 1,913,636,356 being admitted on 24 August 2026 and the remaining 40,909,090 being admitted on 7 September 2026.


On 26 August 2026, Rockfire announced that options to subscribe for 400,000,000 new ordinary shares in the Company were granted on 24 August 2026 to Directors and senior managers of the Company at an exercise price of 0.23 pence per ordinary share, being double the mid-market closing price on 21 August 2026 of 0.11 pence plus 0.01 pence, in accordance with the terms of the Directors' service agreements. The options have a term of three years, and any unexercised options will expire at midnight on 24 August 2029.


 


The grants made were as follows:



Name of Director or manager




Number of options




Exercise price




Option expiry date




Total number of options held




Gordon Hart




70,000,000




£0.0023




24/08/2029




135,000,000




David Price




70,000,000




£0.0023




24/08/2029




135,000,000




Ian Staunton




30,000,000




£0.0023




24/08/2029




64,000,000




Nicholas Walley




30,000,000




£0.0023




24/08/2029




64,000,000




Patrick Elliott




30,000,000




£0.0023




24/08/2029




64,000,000




Steven Hunt




30,000,000




£0.0023




24/08/2029




30,000,000




Christos Skevas




50,000,000




£0.0023




24/08/2029




50,000,000




Georgios Skevas




30,000,000




£0.0023




24/08/2029




30,000,000




George Vlachos




30,000,000




£0.0023




24/08/2029




30,000,000




Konstantinos Christodoulou




30,000,000




£0.0023




24/08/2029




30,000,000




Total




400,000,000




 




 




632,000,000



 


 


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



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 / Ashur Joseph (Corporate Finance)


Matt Butlin/ Kelly Gardiner (Sales and Corporate Broking)




 




CMC Markets UK Plc (Joint Broker)




 Tel: +44 (0) 20 3003 8632




Douglas Crippen 




 




Oak Securities (Joint Broker)




 Tel: +44 (0) 20 3973 3678




Jerry Keen/ Robert Bell




 



 


 


 


Qualified Person Statement


The technical information in this announcement is based on information compiled by Mr David Price, the Chief Executive Officer of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (F.AusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.


 


ROCKFIRE RESOURCES PLC


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


FOR THE SIX MONTHS ENDED 30 JUNE 2026



 




 




6 months to 


30 June 2026




6 months to 


30 June 2025




12 months to 


31 December 2025




 




 




£




£




£




 




Note




(Unaudited)




(Unaudited)




(Audited)




 




 




 




 




 




Interest income




 




196




-




48




Gain on remeasurement of deferred consideration




 




-




-




96,200




Administrative expenses




 




(1,289,762)




(536,087)




(1,428,330)




 




 




 




 




 




Loss before taxation




 




(1,289,566)




(536,087)




(1,332,082)




 




 




 




 




 




Taxation




 




-




-




-




 




 




 




 




 




Loss attributable to shareholders of the Company




 




(1,289,566) 




(536,087)




(1,332,082)




 




 




 




 




 




Items that may be subsequently reclassified to profit or loss:




 




 




 




 




 




 




 




 




 




Foreign exchange translation movement




 




163,409




(91,137)




45,145




 




 




 




 




 




Total comprehensive loss attributable to shareholders of the Company




 




(1,126,157)




(627,224)




(1,286,937)




 




 




 




 




 




 




 




 




 




 




Loss per share attributable to shareholders of the Company




 




 




 




 




 




 




 




 




 




Basic and diluted (pence)




4




(0.01)




(0.01)




(0.03)



 






ROCKFIRE RESOURCES PLC


CONSOLIDATED STATEMENT OF FINANCIAL POSITION


AS AT 30 JUNE 2026



 




 




As at


30 June 


2026




As at


30 June 


2025




As at 
31 December
 2025




 




 




£




£




£




 




Note




(Unaudited)




(Unaudited)




(Audited)




ASSETS




 




 




 




 




 




 




 




 




 




Non-current assets




 




 




 




 




Intangible assets




5




7,387,309




5,843,194




6,428,080




Property, plant and equipment




 




83,076




38,775




21,477




Other receivables




 




174,122




74,856




91,818




Total non-current assets




 




7,644,507




5,956,825




6,541,375




 




 




 




 




 




Current assets




 




 




 




 




Cash and cash equivalents




 




1,829,762




140,079




1,057,236




Trade and other receivables




 




236,984




72,634




168,278




Total current assets




 




2,066,746




212,713




1,225,514




 




 




 




 




 




Total assets




 




9,711,253




6,169,538




7,766,889




 




 




 




 




 




EQUITY AND LIABILITIES




 




 




 




 




 




 




 




 




 




Equity attributable to shareholders of the Company 




 




 




 




 




Share capital




7




14,747,052




10,128,111




12,308,110




Share premium




 




21,654,434




21,398,106




21,177,646




Other reserves




 




2,295,035




2,295,035




2,295,035




Merger relief reserve




 




190,000




190,000




190,000




Foreign exchange reserve




 




(337,411)




(637,102)




(500,820)




Retained deficit




 




(29,473,372)




(27,387,813)




(28,183,806)




Total equity




 




9,075,738




5,986,337




7,286,165




 




 




 




 




 




 




 




 




 




 




Current liabilities




 




 




 




 




Trade and other payables




6




635,515




183,201




480,724




Total current liabilities




 




635,515




183,201




480,724




 




 




 




 




 




Total liabilities




 




635,515




183,201




480,724




 




 




 




 




 




Total equity and liabilities




 




9,711,253




6,169,538




7,766,889



 






ROCKFIRE RESOURCES PLC


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


FOR THE SIX MONTHS ENDED 30 JUNE 2026



 




Share capital




Share premium




Other reserves




Merger


relief


reserve




Foreign exchange reserve




Accumulated losses




Total




 




£




£




£




£




£




£




£




At 1 January 2025




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




Loss for the period




-




-




-




-




-




(795,995)




(795,995)




Foreign exchange translation movement




-




-




-




-




136,282




-




136,282




Total comprehensive loss




-




-




-




-




136,282




(795,995) 




(659,713)




Issue of share capital (Note 7)




2,179,999




(96,199)




-




-




-




-




2,083,800




Cost of share issue




-




(124,261)




-




-




-




-




(124,261)




Share-based payment




-




-




-




-




-




2




2




Total transactions with shareholders




2,179,999




(220,460)




-




-




-




2




1,959,541




 




 




 




 




 




 




 




 




At 31 December 2025 (Audited)




12,308,110




21,177,646




2,295,035




190,000




(500,820)




(28,183,806)




7,286,165




Loss for the period




-




-




-




-




-




(1,289,566)




(1,289,566) 




Foreign exchange translation movement




-




-




-




-




163,409




-




163,409




Total comprehensive loss




-




-




-




-




163,409




(1,289,566) 




(1,126,157)




Issue of share capital (Note 7)




2,438,942




692,308




-




-




-




-




3,131,250




Cost of share issue




-




(215,520)




-




-




-




-




(215,520)




Total transactions with shareholders




2,438,942




476,788




-




-




-




-




2,915,730




 




 




 




 




 




 




 




 




At 30 June 2026 (Unaudited)




14,747,052




21,654,434




2,295,035




190,000




(337,411)




(29,473,372)




9,075,738



 






ROCKFIRE RESOURCES PLC


CONSOLIDATED STATEMENT OF CASH FLOWS


FOR THE SIX MONTHS ENDED 30 JUNE 2026



 




 




6 months to 


30 June 


2026




6 months to 


30 June 


2025




12 months to 31 December 2025




 




 




£




£




£




 




Note




(Unaudited)




(Unaudited)




(Audited)




 




 




 




 




 




Cash flow from operating activities




 




 




 




 




 




 




 




 




 




Loss for the period before tax




 




(1,289,566) 




(536,087)




(1,332,082)




 




 




 




 




 




Depreciation




 




5,013




4,511




6,159




Expenses settled in shares




 




-




22,000




16,762




Loss on property, plant and equipment




 




-




-




17,856




Finance income




 




(196)




-




(48)




Foreign exchange rate loss/ (gain)




 




61,917




(85,782)




(88,978)




Share-based payment and warrant charge




8




-




79,286




79,288




Gain on fair value on deferred consideration




 




-




-




(96,200)




 




 




(1,222,832)




(516,072)




(1,397,243)




 




 




 




 




 




(Increase)/ decrease in trade and other receivables




 




(90,416)




(41,691)




90,630




Increase in trade and other payables




 




97,387




9,849




58,245




Net cash flow outflow from operating activities




 




(1,215,861)




(547,914)




(1,248,368)




 




 




 




 




 




Cash flow from investing activities




 




 




 




 




Exploration expenditure




5




(860,840)




(195,632)




(637,369)




Acquisition of property, plant and equipment




 




(66,699)




(2,580)




(3,957)




Deferred consideration payments




 




-




-




(50,000)




Cash settled deferred consideration




 




-




(50,000)




-




Interest received




 




196




-




48




Net cash used in investing activities




 




(927,343)




(248,212)




(691,278)




 




 




 




 




 




Cash flow from financing activities




 




          




          




 




Proceeds from issuance of ordinary shares




 




3,131,250




-




2,184,938




Share issue costs




7




(215,520)




-




(124,261)




Net cash generated by financing activities




 




2,915,730




-




2,060,677




 




 




 




 




 




Net increase/ (decrease) in cash and cash equivalents




 




772,526




(796,126) 




121,031




 




 




 




 




 




Cash and cash equivalents at the beginning of the period/ year




 




1,057,236




936,205




936,205




 




 




 




 




 




Cash and cash equivalents at the end of the period/ year




 




1,829,762




140,079




1,057,236



 


ROCKFIRE RESOURCES PLC


NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS


FOR THE SIX MONTHS ENDED 30 JUNE 2026


 


1  Principal activities


 


Rockfire Resources plc is a public limited company, admitted to trading on AIM and incorporated and domiciled in England and Wales. 


 


The Company and its subsidiaries (together, the ‘Group’) principal activity continues to be that of the exploration for base metals, precious metals and critical minerals in Molaoi, Greece and Queensland, Australia. 


 


2 Basis of preparation 


 


The unaudited consolidated financial statements are for the six-month period ended 30 June 2026. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2025.  


The financial statements are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied.


The financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group’s financial statements for the year ended 31 December 2025.


The financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company as at 30 June 2026.


The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2025 have been filed with the Registrar of Companies. Those financial statements received an unqualified audit report and did not contain statements or matters to which the auditors drew attention under the Act.


The Group’s consolidated financial statements are presented in GB pounds sterling (“£” or “GBP”) which is also the functional currency.


 


3 Critical accounting estimates and judgements


 


The preparation of the Group’s consolidated interim financial statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. 


Significant estimates and accounting judgements


The judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the interim financial information are consistent with those followed in the preparation of the Annual Report and Financial Statements for the year ended 31 December 2025 which are filed with the Registrar of Companies.


4 Loss per share


Basic and diluted loss per share


The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of £1,289,566 (30 June 2025: £536,087) and a weighted average number of ordinary shares in issue of 8,719,959,682 (30 June 2025: 4,062,844,837).


 


5    Intangible assets


 



 




 




30 June


2026




30 June


2025




31 December


2025




 




 




£




£




£




 




 




 




 




 




At 1 January




 




6,428,080 




5,657,375




5,657,375




Additions




 




860,840 




195,632




637,369




Foreign exchange differences




 




98,389




(9,813)




133,336




At 31 December




 




7,387,309




5,843,194




6,428,080















 


6              Trade and other payables



 




 




As at


30 June 


2026




As at


30 June 


2025




As at 
31 December
 2025




 




 




£




£




£




 




 




 




 




 




Trade payables




 




359,868 




91,778




307,506




Other payables




 




272,792




70,206




139,274




Accruals




 




2,855




21,217




33,944




 




 




635,515 




183,201




480,724



 


 


7 Share capital



 




 




30 June 


2026




30 June 


2025




31 December


2025




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




 




8,751,384,361




4,132,442,063




6,312,442,063




 




 




 




 




 




 




 




30 June
 2026




30 June
 2025




31 December 2025




Issued share capital




 




£




£




£




Fully paid




 




14,747,052




10,128,111




12,308,110




 




 




14,747,052




10,128,111




12,308,110



 


Ordinary shares



 




 




30 June


2026




30 June


2025




31 December


2025




 




 




Number




Number




Number




Allotted, called up and fully paid




 




 




 




 




At 1 January




 




6,312,442,063




3,937,620,625




3,937,620,625




Issued for cash 




 




2,307,692,298




-




2,000,000,000




Issued on exercise of warrants




 




131,250,000




-




180,000,000




Issued in respect of deferred consideration




 




-




185,000,000




185,000,000




Issued in lieu of fees 




 




-




9,821,438




9,821,438




At 31 December




 




8,751,384,361




4,132,442,063




6,312,442,063



 


Share capital



 




 




30 June


2026




30 June


2025




31 December


2025




 




 




£




£




£




Allotted, called up and fully paid




 




 




 




 




At 1 January




 




12,308,110




9,933,289




9,933,289




Issued for cash1




 




2,307,692




-




2,000,000




Issued on exercise of warrants1




 




131,250




-




180,000




Issued in respect of deferred consideration




 




-




185,000




185,000




Issued in lieu of fees 




 




-




9,822




9,821




At 31 December




 




14,747,052




10,128,111




12,308,110















 


1In the period ended 30 June 2026 includes issue costs of £215,520 (30 June 2025: £nil; 31 December 2025: £124,260). 


Fully paid ordinary shares carry one vote per share and carry the right to dividends. There are no shares held by the Company or its subsidiaries. 


The deferred shares carry no voting or income rights. The only right attaching to deferred shares is to receive the amount paid up on a winding up of the Company once the holders of ordinary shares have received £1,000,000 per ordinary share.


The nominal value of the issued share capital includes a cumulative foreign exchange difference of £925,331 which crystallised in 2017 when the Group’s functional and presentational currency was changed from US$ to GBP.


 


8 Share options and warrants


 


Share options



 




Options




 




Weighted 


average exercise


 price 




 




No.




 




£




 




 




 




 




Outstanding and exercisable at 1 January 2025




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




 




 




 




 




Outstanding and exercisable at 31 December 2025




232,000,000




 




0.003




 




 




 




 




Outstanding and exercisable at 30 June 2026




232,000,000




 




0.003



 


Share options are provided to those Directors responsible for delivering the Group’s strategy and to attract and retain the best executive management talent. This ensures alignment of the interests of management directly with those of shareholders. 


The fair value of the options granted during each period was calculated using the Black Scholes Model. 


During the period ended 30 June 2026, £Nil has been recognised as a share-based expense in the statement of comprehensive income related to the grant of share options.


 


 


 


Warrants



 




Warrants




 




Weighted 


average exercise


 price 




 




No.




 




£




 




 




 




 




Outstanding at 1 January 2025




-




 




-




Outstanding at 30 June 2025




-




 




-




Granted during the year 




1,000,000,000




 




0.0010




Exercised during the year




(180,000,000)




 




0.0010




Outstanding at 31 December 2025




820,000,000




 




0.0010




 




 




 




 




Outstanding at 1 January 2026




820,000,000




 




0.0010




Exercised during the year




(131,250,000)




 




0.0010




Outstanding and Exercisable at 30 June 2026




688,750,000




 




0.0010



 


9       Subsidiaries


 


The Group's subsidiary undertakings at 30 June 2026, were as follows:


 



Entity name




Proportion held




Class of shareholding




Nature of business




Country of incorporation




Registered office




BGM Investments Pty Limited




100%




Ordinary




Exploration




Australia




c/o MGD Financial Pty Ltd


Level 3, 88 Tribune Street, South Brisbane, QLD 4101, Australia.




Hellenic Minerals SA




100%




Ordinary




Exploration




Greece




Philellinon No 9, Alexandroupoli, 68131, Greece. 




Rockfire Resources PLC Pty Ltd*




100%




Ordinary




Exploration




Australia




c/o MGD Financial Pty Ltd


Level 3, 88 Tribune Street, South Brisbane, QLD 4101, Australia.



 


*Rockfire Resources PLC Pty Ltd was incorporated on 1 April 2026.


 


10 Joint Ventures


 


Lighthouse JV


On 20 January 2023, the Company announced that it had entered into a joint venture (‘’JV’’) with Sunshine Metals Limited to advance the Plateau gold deposit in Queensland, Australia. Under the terms of the JV, Sunshine Metals Limited may earn up to a 75% interest in the Lighthouse Project tenements through funding exploration and development expenditure.


The JV includes the Lighthouse Project exploration permit tenement EPM25617 and the adjoining Kookaburra exploration permit tenement EPM26705 in Queensland. As at 30 June 2026 these tenements accounted for £1,532,475 (31 December 2025: £1,461,003) of the Group's intangible assets. As all expenditure on the tenements are capitalised, there were no losses or profits attributed to the tenements.


During the farm in period, Sunshine Gold Limited must keep the tenements in good order and meet all statutory reporting, rehabilitation and expenditure obligations. 


As at 30 June 2026, Sunshine Metals Limited had incurred total expenditure of AUD$740,718 (excluding GST) across the project area. In July 2026, the parties agreed to extend the Stage 2 and Stage 3 expenditure deadlines to 19 March 2027 and 19 March 2028 respectively. 


 


 


 


 


Marengo JV


Eastern Resources Limited ("Eastern") entered into a binding farm-in agreement with Rockfire on 29 September 2025 (the "Farm-in"), which sees Eastern sole-funding the exploration at Marengo for the next 3 years, with funding being engaged on direct expenditure on the tenement.


An update on exploration activity at Marengo was provided to the Australian Stock Exchange by Eastern on 1 June 2026. In this update, initial fieldwork, including mapping and rock sampling had been completed.


Post 30 June 2026, results of this rock sampling were announced to the market on 9 July 2026. All samples returned anomalous to elevated levels of gold, confirming gold-silver rich mineralisation close to surface.


 


11 Availability of interim results


 


A copy of the half-yearly results can be viewed on the Company’s website at: www.rockfireresources.com.



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