REG - Rockfire Resources - Molaoi Underground Appraisal

Rockfire ResourcesAnnouncement

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RNS Number : 8499H  Rockfire Resources PLC  11 June 2026

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 (http://www.rockfireresources.com/)  or
contact the following:

 

 Rockfire Resources plc                                            E-mail: info@rockfire.co.uk (mailto:info@rockfire.co.uk)
 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''   Silver

 "Au"      Gold
 "Cu"      Copper

 "Ga"      Gallium
 '' Ge''   Germanium
 '' g/t''  grams per tonne
 ''JORC''  Joint Ore Resource Committee
 "km"      Kilometre
 "m"       Metre

 "Ni"      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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