Rockfire Resources - Molaoi Underground Appraisal
11 June 2026
Rockfire Resources plc
("Rockfire" or the "Company")
Molaoi Underground Appraisal
Potential for significant capital cost savings
Rockfire Resources plc (LON: ROCK), the base metal, critical mineral and precious metal exploration company, is pleased to announce the results of an engineering appraisal of the historical underground mining access at the Company's Molaoi project in Greece. The conclusion of the appraisal is that the underground mine development is in good condition and is most likely to be capable of reuse for future access.
Underground Appraisal
Rockfire's consulting mining engineers in Athens have visited the historical portal at Molaoi to determine its suitability for reuse for future mining.
Following a site visit conducted on 24 May 2026 and the associated technical assessment, the current condition of the underground, which was only observed from the entrance, did not exhibit visible deterioration of the existing support system. The steel support sets visible from the entrance remain undeformed, with no evidence of structural failure or rockfall-related damage.
With appropriate engineering design and implementation of the necessary technical and permitting works, the portal and decline could potentially be reactivated either as an underground exploration development or as part of a future mining operation.
The following were recommended steps for management to consider:
o Surface geotechnical investigation
o Underground geotechnical mapping
o Preparation of a geotechnical engineering study
o Re-design of the underground to include ventilation and emergency egress
o Environmental impact assessment and permitting procedures
o Issuance of installation and operational permits
o Localised enlargement of sections of the main decline
o Installation of additional support measures, where required
o Construction of a secondary emergency egress.
A photograph taken from the entrance of the underground showing that the concrete collar and steel support structures remain in good condition. From what is observable from the entrance, the decline remains open, with very little evidence of major collapse. The decline is approximately 700m in length and extends to approximately 55m below the surface (at an average 12% gradient).
Description of Historical Mining
At Molaoi, a decline was developed in 1991 with the portal at an elevation of +165m above sea level. Slope angles varied from steep (15%) at the start of the decline and decreasing to approximately 12% further along the decline.
From an elevation of +135m, the development and exploration work commenced on the orebody to extract material for bulk metallurgical purposes. Although the decline itself appears to be largely open, most of the crosscuts to the orebody and the ore strike drives are now backfilled.
In general, the decline is 3.0m x 3.5m in dimension, whilst some sections of the decline have been enlarged to be 4.0m × 4.0m. Mining was by long hole drilling with cemented backfilling. The backfill material used in the stopes was supported by an installation area for the paste and a small feed silo created inside the central crosscut at the +135 elevation.
David Price, Chief Executive Officer of Rockfire, commented:
"The assessment of the portal and decline condition is very exciting news for Rockfire. The technical assessment concludes that, from what has been observed at the entrance, the infrastructure remains in good condition and that there is a high likelihood that the underground development from the early 1990's may well be able to be rehabilitated for future use.
It is usually voids closest to the surface in the strongly oxidised zone where the highest likelihood of collapse will occur. It is very encouraging to observe that the near-surface, highly weathered section remains open and in reasonably good condition.
If the underground infrastructure is indeed able to be reused, this has the potential to save up to 700 meters of underground development costs, including drilling, blasting, bogging, hauling and storage of waste. This may provide Rockfire with savings of up to €5 million in underground development costs. The backs (roof) will require additional, modern reinforcement.
Rockfire is pursuing quotes from our mining engineers in Athens to complete environmental and technical permitting for the refurbishment of the underground mine. The market will be kept informed on the progress of this activity."
For further information on the Company, please visit www.rockfireresources.com or contact the following:
Rockfire Resources plc
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Joint Broker):
Tel: +44 (0) 20 3328 5656
John Depasquale / Ashur Joseph (Corporate Finance)
Matt Butlin (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 Geotest Consulting Engineers S.A., which consults to Rockfire Resources plc. Geotest Consulting Engineers have sufficient experience relevant to the appraisal of underground mines 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. Geotest Consulting Engineers consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
Glossary
Item
Definition
"3D"
three dimensional
'' Ag''
"Au"
Silver
Gold
"Cu"
"Ga"
Copper
Gallium
'' Ge''
Germanium
'' g/t''
grams per tonne
''JORC''
Joint Ore Resource Committee
"km"
Kilometre
"m"
"Ni"
Metre
Nickel
'' Pb''
Lead
"ppm"
parts per million
"pXRF"
portable X-Ray Florescence
"VMS"
volcanogenic massive sulphide
''' Zn''
Zinc
"ZnEq''
zinc equivalent
Notes to Editors
Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral exploration company, with a high-grade zinc/lead/silver/germanium deposit in Greece and a portfolio of gold/copper/silver projects in Queensland Australia.
· The Molaoi deposit in Greece has a JORC Inferred Mineral Resource of 15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag, for 1.5 million tonnes of ZnEq. metal. This resource uses a 4% low-grade cut, and equates to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. Molaoi is also reported under the UNFC Code with classification E2, F2.1, G3 for Zn, Ag, and Pb, and E3.2, F3.1, G4.1 for Ge.
· The Plateau deposit in Queensland has a JORC Inferred Resource of 131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t Au cut off. 53,000 of these ounces lie within the top 100m from surface. Plateau is subject to a farm-in by ASX-listed Sunshine Metals Ltd (ASX:SHN).
· The Marengo prospect in Queensland hosts high-grade gold, silver and copper within an historic goldfield, which is entirely under licence by Rockfire. Marengo is subject to a farm-in by ASX-listed Eastern Resources Ltd (ASX:EFE).
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