REG - Rockfire Resources - New partner to advance the Marengo Goldfield

Rockfire ResourcesAnnouncement

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RNS Number : 1056B  Rockfire Resources PLC  29 September 2025

29 September 2025

Rockfire Resources plc

("Rockfire" or the "Company")

 

New partner to advance the Marengo Goldfield in Australia

 

Rockfire Resources plc (LON: ROCK), the base metal, critical mineral and
precious metal exploration company, is pleased to announce that the Company
has entered into a new Farm-in Agreement at its 100%-owned Marengo Gold
Project in Queensland, Australia. The purpose of the Farm-in will be to
advance exploration for high-grade gold, silver and copper.

 

Highlights

 

•      Rockfire has entered into a binding Farm-in agreement with Eastern
Resources Limited ("Eastern") to advance the Marengo gold deposit in
Queensland. Eastern is listed on the Australian Stock Exchange (ASX:EFE).

 

•      The Farm-in is over the Marengo tenement (EPM25715) (the
"Tenement")

 

•      The Farm-in sees Eastern sole-funding exploration at Marengo for
the next 3 years, with funding being engaged on direct expenditure on the
tenement.

 

•      Rockfire will continue to focus its financial, logistical and
human resources on the Molaoi zinc deposit in Greece, which hosts an Inferred,
JORC resource of 15 million tonnes @ 7.26% zinc, 1.75% lead, and 39.5g/t
silver for 1.5MT of zinc equivalent. The project also hosts the critical
mineral, Germanium.

 

•      Rockfire has the option to retain 20% ownership of Marengo, and to
participate 20% expenditure in on-going exploration, or it may elect to
convert its right over a 20% share to a 1.5% net smelter royalty. With this
structure, any discovery success by Eastern will directly benefit shareholders
of Rockfire.

 

 

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"The establishment of this Farm-in and eventual joint venture is a positive
step for the Marengo project and for Rockfire generally. This enables our team
to focus its efforts on the Molaoi project in Greece and allows for the
advancement of Marengo at the same time."

"The joint venture structure is designed so that Eastern will sole-fund
exploration costs on the project, with minimum allowance for administration
costs. We are delighted to welcome Eastern Resources to the Marengo Project,
and we believe that the team at Eastern will deliver sound geological
understanding to the project, which we all hope will result in a significant
discovery."

"In the meantime, our drilling at Molaoi in Greece has recommenced and the
market will be informed regularly as our drilling programme progresses and as
drilling results are received."

 

Principal terms of the joint venture

The Farm-in involves the Marengo Goldfield Project exploration permit EPM25715
in Queensland, Australia.

As at 30 June 2025, the Company's last announced financial statement, the
Tenements accounted for £292,831 of the Company's Intangible assets. As all
expenditure on the Tenement is capitalised, there were no losses or profits
attributed to the Tenement.

During the sole funding period, Eastern must keep the Tenements in good order
and meet all statutory reporting, rehabilitation and expenditure obligations.
This includes meeting the following expenditure on the Tenement (being for
exploration and compliance activities):

•           within the first 12-month period (Stage One), expend at
least AUD $250,000

•          within the second 12-month period (Stage Two), expend an
additional amount of at least $500,000; and

•          within the third 12-month period (Stage Three), expend an
additional amount of at least $750,000

This results in a total expenditure of AUD$1,500,000 to the end of Stage
Three.

On meeting expenditure in each Stage, Rockfire will:

•           at the completion of Stage One, transfer a 20% interest in
the Tenement;

•          at the completion of Stage Two, transfer an additional 31%
interest in the Tenement; and

•          at the completion of Stage Three, transfer an additional 29%
interest in the Tenement,

This results in a total of 80% interest in the Tenement once all of the
expenditure has been made.

The broad outline of the Joint Venture Agreement (to be subsequently signed)
allows for the following:

•        Once Eastern has achieved an 80% equity in Marengo, the parties
will continue to fund the project jointly on a pro-rata basis in accordance
with a Joint Venture Agreement to be finalised.

•        Eastern shall pay AUD$1 million to Rockfire in cash or Eastern
shares at Eastern's option, upon Eastern announcing a JORC Mineral Resource
Estimate (MRE) of at least 500,000 ounces of gold, with a minimum average
grade of 2.5 grams per ton Au. If Eastern elects to issue shares, the value
will be at the 30 day VWAP for such shares at the time of announcement.

 

About Eastern Resources Limited

Eastern Resources is a diversified minerals explorer currently progressing an
Iron and Copper Project in Victoria and two Lithium Projects in Western
Australia

 

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

 

 

 Rockfire Resources plc:                                        info@rockfire.co.uk (mailto: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)                              +44 (0)20 3003 8632
 Douglas Crippen

 

 

 

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.

 

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.

 

·    The Plateau deposit in Queensland has a JORC 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).

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