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.
9
September 2024
Rockfire Resources
plc
("Rockfire" or the "Company")
Interim Results
Rockfire Resources plc (LON: ROCK), the precious metal, base metal and critical
mineral exploration company, is pleased to announce its unaudited
interim results for the six months ended 30 June
2024. The loss attributable to the shareholders of
the Company for the six months ended 30 June 2024 was £887,572, an
increase of £476,427 from the comparable period to 30 June 2023.
The primary reason for the increase is attributable to increased
administrative costs from Hellenic Minerals during drilling and
costs associated with evaluating and appraising new business
opportunities.
Rockfire has continued its focus on
the Molaoi zinc/silver/lead/ (+/-germanium) deposit in Greece,
which is shaping up to be a significant project, not only for
Rockfire, but also for the nation of Greece. Due to the more
advanced and more geologically predictable mineralisation at the
Greek project, the Molaoi Deposit has become the Group's primary
focus, ahead of the Queensland exploration
portfolio.
The Molaoi Project will continue to
be the focus of the Company as we convert our Inferred Resources
into Indicated Resources in accordance with the JORC Code for
Reporting of Mineral Resources and Ore Reserves. The conversion of
Inferred to Indicated Resources is an important one, with Indicated
Resources able to feed into planned scoping and feasibility
studies. Rockfire management is confident of progressing the
project through the feasibility stage and is excited by the
development opportunity the project offers for the
Company.
PROJECT PORTFOLIO SUMMARY
Molaoi Zinc-Lead-Silver
(+/-Germanium) Deposit, Peloponnese, Greece
On 4 September 2024, Rockfire
announced a significant upgrade to the mineral resources at Molaoi.
This upgrade has resulted in a JORC Inferred Resource
of:
15 million tonnes @ 9.96% ZnEq. for
a total of 1.5 million tonnes of zinc equivalent metal.
The updated JORC Resource is 500%
larger than the Maiden Resource announced in May 2022. This updated
Resource surpassed all expectations and places Molaoi within the
top 20 undeveloped zinc resources globally in terms of tonnage,
grade and zinc equivalent metal content.
The calendar year commenced with the
announcement on 30 January 2024 that the Company's geotechnical
drilling at Molaoi had successfully and convincingly replicated
historical drill holes. This drilling was necessary to build
confidence in the relative position of the historical holes and to
compare the strength of mineralisation in each position.
Hole MO_GTK_008 was sited to
replicate historical hole AN031. Hole MO_GTK_008 intersected 4.75m
of mineralisation, which compares favourably with 5.0m of
mineralisation in historical hole AN031. Hole MO_GTK_008 has an
average grade of 8.41% Zn, which compares favourably with an
average grade of 9.95% Zn in historical hole AN031.
Hole MO_GTK_009 was sited to
replicate historical hole B025. Hole MO_GTK_009 intersected 2.20m
of mineralisation, compared with 4.20m of mineralisation in
historical hole B025. A second zone of 1.90m grading 4.05% Zn was
encountered in hole MO_GTK_009. Hole MO_GTK_009 has an average
grade of 11.20% Zn, which compares favourably with an average grade
of 11.37% Zn in historical hole B025.
The replication of these historical
holes was recommended by SRK Consulting Geologists to provide
increased confidence in the positioning and grades/widths of
historical drill holes. The results indicate that the similarities
between the original holes and the new holes are close.
On 4 March 2024, the Company
announced that Hole MO_GTK011 at Molaoi had encountered the highest
germanium grade drilled by Rockfire so far. From 155m depth, 0.6m @
136.5g/t Ge was intersected, along with 34.4% Zn and 95.6g/t Ag.
This interval occurs within a broader zone of 2.3m @ 11.6% Zn,
54.94g/t Ag and 50.88g/t Ge.
High-grade zinc intersected beneath
the main resource was announced to the market on 19 March 2024.
Hole HMO-001 was Rockfire's first resource expansion drill hole.
This hole targeted an undrilled extension of the resource model at
depth. HMO-001 intersected 3.44m @ 11.4%
ZnEq. (5.1% Zn, 36.6g/t Ag, 0.94% Pb, 35.9g/t Ge) from 228.02m
depth. A second zone in hole HMO-001 at
239.00m depth intersected 3.30m @ 35.7% ZnEq. (18.5% Zn, 158.5g/t
Ag, 2.7% Pb and 81.8g/t Ge). A third zone of 2.40m @ 11.2% ZnEq.
(6.8% Zn, 2.7g/t Ag, 0.73% Pb and 30.5g/t Ge) was intersected in
the same hole at a depth of 245.80m. The entire mineralised zone in
hole HMO-001 returned 20m @ 9.1% ZnEq. (4.6% Zn, 34.6g/t Ag, 0.6%
Pb and 23.0% Ge), which commences at 228.02m downhole
depth.
High-grade zinc was also encountered
400m to the north of the currently defined resource area, as
announced to the market on 21 May 2024. Hole HMO-002 intersected
4.52m @ 9.3% ZnEq. approximately 400m to the north of the main zinc
resource of 250,000t of zinc equivalent. This hole confirms that
zinc mineralisation continues to the north for at least 400m, with
more than 5 kilometres of old zinc workings and outcropping zinc
mineralisation still to be drilled to the north.
On the same day, it was announced
that Hole HMO-003 had intersected 4 separate lodes of zinc. These
are:
· 2.47m
@ 14.20% ZnEq. from 202.53m depth
· 2.37m
@ 7.40% ZnEq. from 226.00m depth
· 4.00m
@ 11.50% ZnEq. from 256.00m depth
· 3.10m
@ 3.40% ZnEq. from 293.50m depth
Rockfire's strategy to increase the
resource at Molaoi to at least 400,000 tonnes of zinc equivalent
metal remained on track, with a quality hit 400m north of the main
resource outline. This intersection opens the resource up towards
the north and may allow for a rapid expansion of tonnes of
contained zinc in the resource.
On 10 June 2024, the Company
announced that drilling had intersected a very wide and strongly
mineralised zinc zone. This extensive intercept of zinc, silver and
lead is expected to result in a material increase in resource
tonnage. Hole HMO-004 intersected a continuous mineralised
zone averaging 24.6m @ 8.0 % ZnEq., starting from 243.42m depth.
This interval includes an upper 10.6m zone averaging 7.4 % ZnEq.
from 243.42m depth, and a second, lower interval of 11.0m @ 10.9 %
ZnEq. starting from 257m depth. A revised resource estimate is in
progress and management and the technical team are eagerly awaiting
the outcome of this update.
Importantly, it was reported that
there are no drill holes which terminate the zinc mineralisation at
depth, or towards the north and south. Our aim is to continue
chasing the zinc both at depth and to the north in our target to
achieve a minimum of 400,000 tonnes of zinc equivalent
metal.
Rockfire provided a general update
of exploration activities at Molaoi on 26 June 2024. This included
the commencement of the following important surveys, designed
to produce high-quality images (photos) to increase accuracy of
location and elevation data.
· Digital Terrain Model ("DTM") topographic survey in
progress.
· Ortho-mosaic photographic survey in progress.
· Light
Detection and Ranging ("LiDAR") survey in progress.
· Portable X-Ray Florescence ("pXRF") survey in
progress.
· Resource consultant has identified a minimum of 12 parallel
zinc lodes.
· Updated resource estimation is in progress.
A local Greek contracting company
had been engaged to complete a drone-supported, multi-sensor survey
at Molaoi. This is the first time that high-tech instrumentation
and modern survey techniques have been used at the Molaoi
project.
This drone survey encompassed a
Light Detection and Ranging (LiDAR) survey, which measures light
reflectivity from the surface of the earth. Unlike traditional
reflectivity surveys, (which use the sun's reflected rays), LiDAR
uses a light laser beamed towards the ground from the drone and
measures the reflectivity arriving back at the sensors on the
drone. This high-tech method allows for vegetation to be filtered
out of the imagery, allowing for a more accurate elevation
survey.
Rockfire also announced on 26 June
2024, that it had commissioned a specialist resource estimation
consulting firm to complete a resource update for Molaoi, as well
as a specialist geological consulting firm to assist the drilling
and wider field programmes. The resource update will include all
the geotechnical, twinning and expansion holes drilled by Rockfire
so far (20 holes in total), as well as all historical drilling (179
holes in total) completed by the Greek Government in the
1980's.
As part of their review of the
geology and mineralisation, both consulting firms recommended the
acquisition and utilisation of a portable XRF machine to identify
mineralised zones, some of which are not easily recognised visually
in the core. This has proven to be excellent advice, with narrow
intervals in uncut and unsampled core returning strongly
mineralised readings including 0.96% Cu, 31.1% Zn, 46g/t Ag and
2.85% Pb from various depths in hole HMO-004.
Lighthouse and Kookaburra
Gold/Silver Project JV, Australia
ASX-listed Sunshine Metals Limited
("Sunshine"), Rockfire's Farm-in partner at Lighthouse and
Kookaburra reported on 19 January 2024 that it had received
encouraging first pass drilling results from Lighthouse. Rockfire
issued an RNS dated the same day. Sunshine is farming into
Rockfire's Lighthouse tenement and has the option to earn a maximum
75% interest in the tenement by expenditure of AUD$2.2m over a
3-year period starting on 20 March 2023.
· Drilling at Lighthouse comprised 11 RC holes (1,167m) testing
three separate prospects: Cardigan Dam, Plateau and Horse
Creek.
· Drilling at Cardigan Dam (5 holes, 565m) targeted two separate
gossanous shear zones which sit within a ~300m long soil anomaly.
The program identified multiple anomalous gold zones including a
shallow intersection requiring follow-up of 3m @ 1.56 g/t Au from
31m (23CDRC002).
· Plateau drilling (5 holes, 505m) assessed the northeast corner
of the mineralised rhyolite pipe. Prospective breccia was
intersected in 3 holes and returned 1m @ 2.29 g/t Au from 41m
(23PLRC004).
· A
likely meteorite was identified in outcrop at Horse Creek. The
prospect remains prospective for Cu and Au.
In accordance with the
Lighthouse Farm-in Agreement dated 20 March 2023, a minimum
expenditure of A$600,000 was required to be spent by Sunshine for
the first 12-month period following the signing of the
agreement.
Only A$364,671 was expended on
the 2 licences by Sunshine, comprising A$329,825 for EPM25617
(Lighthouse) and A$34,846 for EPM26705 (Kookaburra). This resulted
in a shortfall of A$235,329 to satisfy the minimum spend
requirements.
Rockfire wrote to Sunshine on 10
April 2024 to inform them that Rockfire was willing to accept that
this shortfall in expenditure may be met in the following period,
being Stage 2 of the agreement. This has resulted in the minimum
expenditure for Stage 2 (to 20 March 2025) being A$600,000 +
A$235,329.
CORPORATE
On 1 February 2024, Rockfire
announced that US$2 million had been returned to Rockfire's bank
account. This return of funds was a result
of Rockfire terminating the proposed
acquisition of Emirates Gold DMCC and Emperesse Bullion LLC in the
United Arab Emirates in the year ended 31 December 2023. The
proposed acquisition and subsequent termination were fully
disclosed in the the audited consolidated
financial statements of the Group for the year ended 31 December
2023.
The majority of these funds have
been put towards multiple activities which the Company has
undertaken. Mainly the continuation of drilling at Molaoi in
Greece. Funds have also contributed to the on-going working capital
requirements of the Company.
The Company also confirmed that it
is continuing to assess opportunities to attract partners to invest
in Rockfire's Queensland projects. The board considers the projects
in Queensland to hold further exploration potential, but the
company's human and financial resources are being deployed at the
more advanced Molaoi project.
POST BALANCE SHEET EVENTS
On 5 July 2024, Rockfire announced
the appointment of Thomas Geissler as an Executive Director of the
Company. Thomas Geissler is the major shareholder of TPM Middle
East ("TPM"). TPM is interested in 315,600,000 shares in the
Company, representing 12.35% of the Company's current issued share
capital.
Thomas Geissler is an experienced
professional in the precious metals industry, with over 10 years of
experience. Thomas has worked internationally and held various
senior positions, particularly at the philoro group of companies.
Thomas' roles have included managing regional operations,
developing scrap gold businesses and establishing international
bullion trading ventures. Thomas is also the founder and managing
director of TPM. Thomas has a degree in law and economics from the
University of Salzburg.
On 4 September 2024, Rockfire
announced a JORC Mineral Resource upgrade of 500% at the Molaoi
zinc/silver/lead deposit in Greece. This
new resource has surpassed all expectations and places Molaoi
within the top 20 undeveloped zinc resources globally in terms of
tonnage, grade and zinc equivalent metal content.
The Inferred JORC Resource estimation for Molaoi
is: 15.0 million tonnes @ 7.26 % Zn, 1.75 % Pb and 39.5 g/t Ag
(9.96 % zinc equivalent). Molaoi contains 1,090,000 tonnes of zinc,
260,000 tonnes of lead, and 19.1 million ounces of silver.
Molaoi also contains one of the world's
geologically rare critical metals, germanium. A preliminary
germanium quantity, which does not comply with the requirements of
the JORC Code has been calculated at: 4.8 million tonnes @ 21.9 g/t
Ge (105,700 kilograms germanium).
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 / George Payne
(Corporate Finance)
Guy McDougall / Kelly Gardner (Sales
and Corporate Broking)
|
|
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 mineral exploration and development company with a portfolio
of 100%-owned mineral projects including a high-grade zinc deposit
in Greece and gold and copper projects in Queensland
Australia.
· The
Molaoi deposit in Greece has a JORC resource of 1,090,000 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 130,000 ounces
of gold and 800,000 ounces of silver.
· The
Copperhead deposit in Queensland has a JORC resource of 80,000
tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces
of silver.
Glossary
|
Item
|
Definition
|
|
''Ag''
|
silver
|
|
''Ge''
|
germanium
|
|
''g/t''
|
grams per tonne
|
|
"Inferred Resources"
|
this classification implies that the
quantity and grade of the deposit are predicted on limited
geological evidence and sampling.
|
|
"Indicated Resources"
|
is a category within the broader
classification of mineral resources. It signifies a medium level of
geological certainty regarding the size and grade of the deposit.
To qualify as an indicated resource, the density and quality of
data from exploration and sampling activities must be sufficient to
allow for the confident prediction of continuity in both tonnage
and grade between points of observation.
|
|
''JORC''
|
Joint Ore Resource
Committee
|
|
''Pb''
|
lead
|
|
"Ppm"
|
parts per million
|
|
''Zn''
|
zinc
|
|
"ZnEq''
|
zinc equivalent
|
ROCKFIRE RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR
THE SIX MONTHS ENDED 30 JUNE 2024
|
|
|
6 months to
30 June
2024
|
6 months to
30 June
2023
|
12 months
to
31 December
2023
|
|
|
|
£
|
£
|
£
|
|
|
Note
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
|
|
|
Interest income
|
|
2
|
1
|
2
|
|
Administrative expenses
|
|
(887,574)
|
(411,146)
|
(1,785,547)
|
|
|
|
|
|
|
|
Loss before taxation
|
|
(887,572)
|
(411,145)
|
(1,785,545)
|
|
|
|
|
|
|
|
Taxation
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Loss attributable to shareholders of the
Company
|
|
(887,572)
|
(411,145)
|
(1,785,545)
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translation
movement
|
|
(37,003)
|
(267,379)
|
(203,202)
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to shareholders of the
Company
|
|
(924,575)
|
(678,524)
|
(1,988,747)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to
shareholders of the Company
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (pence)
|
4
|
(0.03)
|
(0.03)
|
(0.10)
|
ROCKFIRE RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE SIX MONTHS ENDED 30 JUNE 2024
|
|
|
6 months to
30 June
2024
|
6 months to
30 June
2023
|
12 months to 31 December
2023
|
|
|
|
£
|
£
|
£
|
|
|
Note
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
(887,572)
|
(411,145)
|
(1,785,545)
|
|
|
|
|
|
|
|
Finance income
|
|
(2)
|
-
|
(2)
|
|
Expenses settled in
shares
|
|
8,612
|
8,540
|
32,484
|
|
Loss on property, plant and
equipment
|
|
189
|
-
|
1,770
|
|
Depreciation
|
|
2,867
|
4,158
|
7,317
|
|
Foreign exchange rate
changes
|
|
33,735
|
(31,525)
|
(40,854)
|
|
|
|
(842,171)
|
(429,972)
|
(1,784,830)
|
|
|
|
|
|
|
|
Decrease / (Increase) in trade and
other receivables
|
|
1,609,847
|
(41,258)
|
(1,671,558)
|
|
(Decrease) / Increase in trade and
other payables
|
|
(151,400)
|
(5,793)
|
97,949
|
|
Net
cash flow used in operating activities
|
|
616,276
|
(477,023)
|
(3,358,439)
|
|
|
|
|
|
|
|
Cash flow from investing activities
|
|
|
|
|
|
Exploration expenditure
|
|
(536,545)
|
(299,542)
|
(681,668)
|
|
Acquisition of property, plant and
equipment
|
|
(1,583)
|
(1,940)
|
(2,147)
|
|
Property, plant and equipment sale
proceeds
|
|
-
|
-
|
1,837
|
|
Interest received
|
|
2
|
-
|
2
|
|
Net
cash used in investing activities
|
|
(538,126)
|
(301,482)
|
(681,976)
|
|
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
|
|
Proceeds from issuance of ordinary
shares
|
6
|
-
|
879,998
|
4,380,286
|
|
Share issue costs
|
6
|
-
|
(105,810)
|
(323,551)
|
|
Net
cash generated by financing activities
|
|
-
|
774,188
|
4,056,735
|
|
|
|
|
|
|
|
Net
Increase/ (decrease) in cash and cash equivalents
|
|
78,150
|
(4,317)
|
16,320
|
|
|
|
|
|
|
|
Cash and cash equivalents at the
beginning of the period / year
|
|
436,575
|
420,255
|
420,255
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period /
year
|
|
514,725
|
415,938
|
436,575
|
ROCKFIRE RESOURCES PLC
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
FOR
THE SIX MONTHS ENDED 30 JUNE 2024
1
Principal activities
The Company is a public limited
company, admitted to trading on AIM and incorporated and domiciled
in England and Wales.
The Group's principal activities
continue to be exploration for precious metals , base 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 2024. 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 2023.
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 2023.
The financial statements incorporate
the financial statements of the Company and subsidiaries controlled
by the Company as at 30 June 2024.
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 2023
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 ending 31 December
2023 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 £887,572 (30 June 2023: £411,145) and a weighted
average number of ordinary shares in issue of 2,555,475,805 (30
June 2023: 1,508,396,608).
5
Trade and other receivables
|
|
|
As at
30 June
2024
|
As at
30 June
2023
|
As at
31 December
2023
|
|
|
|
£
|
£
|
£
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
|
99,300
|
95,823
|
1,732,419
|
As at 31 December 2023 other
receivables comprised standard prepayments and additionally an
amount of £1,568,744 relating to US$2,000,0000, being the initial
consideration for 10% shareholding in Emirates Gold DMCC and
Emperesse Bullion LLC paid in September 2023. This transaction did
not complete due to the Foreign, Commonwealth & Development
Office of the United Kingdom imposing sanctions on Paloma and
therefore Rockfire withdrew from the agreement. The full amount of
US$2,000,000 was due back to the Company with the full amount
received by the Company on 1 February 2024. There were no such
balances held as at 30 June 2024 or 30 June 2023.
6
Share capital
|
|
|
30 June
2024
|
30 June
2023
|
31 December
2023
|
|
Issued share capital
|
|
Number
|
Number
|
Number
|
|
Ordinary shares of £0.001
each
|
|
2,555,866,625
|
1,844,547,293
|
2,552,791,046
|
|
Deferred shares of £0.099
each
|
|
51,215,534
|
51,215,534
|
51,215,534
|
|
|
|
|
|
|
|
|
|
30 June
2024
|
30 June
2023
|
31 December
2023
|
|
Issued share capital
|
|
£
|
£
|
£
|
|
Fully paid
|
|
8,551,535
|
7,840,217
|
8,548,460
|
|
|
|
8,551,535
|
7,840,217
|
8,548,460
|
Ordinary shares
|
|
|
30 June
2024
|
30 June
2023
|
31 December
2024
|
|
|
|
Number
|
Number
|
Number
|
|
Allotted, called up and fully
paid
|
|
|
|
|
|
At 1 January
|
|
2,552,791,046
|
1,439,739,067
|
1,439,739,067
|
|
Issued for cash
|
|
-
|
400,000,000
|
1,100,000,000
|
|
Issued in settlement of
fees
|
|
3,075,579
|
4,808,226
|
13,051,979
|
|
At 31 December
|
|
2,555,866,625
|
1,844,547,293
|
2,552,791,046
|
Share capital
|
|
|
30 June
2024
|
30 June
2023
|
31 December
2024
|
|
|
|
£
|
£
|
£
|
|
Allotted, called up and fully
paid
|
|
|
|
|
|
At 1 January
|
|
8,548,460
|
7,435,409
|
7,435,409
|
|
Issued for
cash1
|
|
-
|
400,000
|
1,100,000
|
|
Issued in settlement of
fees
|
|
3,075
|
4,808
|
13,051
|
|
At 31 December
|
|
8,551,535
|
7,840,217
|
8,548,460
|
1In the period ended 30 June 2024 includes issue costs of £Nil
(30 June 2023: £105,810; 31 December 2023: £323,551).
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.
7 Farm-in
Agreement
On 20 January 2023, the Company
announced that it had entered into a Farm-in Agreement with
Sunshine Gold Limited to advance the Plateau gold deposit in
Queensland, Australia. The agreement will result in Sunshine Gold
Limited sole-funding exploration at Plateau for 3 years, with
funding being engaged on direct exploration activity.
The agreement includes the
Lighthouse Project exploration permit tenement EPM25617 and the
adjoining Kookaburra exploration permit tenement EPM26705 in
Queensland. As at 30 June 2024 these tenements accounted for
£1,541,263 (31 December 2022: £1,630,604) of the Group's intangible
assets. As all expenditure on the tenements is capitalised, there
were no losses or profits attributed to the tenements.
During the sole funding period,
Sunshine Gold Limited must keep the tenements in good order and
meet all statutory reporting, rehabilitation and expenditure
obligations. On the occurrence of each milestone set out in the
table below, Sunshine Gold Limited will acquire the corresponding
participating interest in the tenements. Up until the point
Sunshine Gold Limited reaches the Stage 1 milestone, Sunshine Gold
Limited will have no participating interest in the
tenements.
|
Stage
|
Milestone
|
Total participating interest earned
by Sunshine at end of stage
|
Time frame
|
|
1
|
Sunshine Gold Limited has sole
funded AUD $600,000 in expenditure.
|
40%
|
Maximum of 1 Year from execution
date.
|
|
2
|
Sunshine Gold Limited has sole
funded a further AUD $600,000 in expenditure.
|
51%
|
Maximum of 2 years from execution
date.
|
|
3
|
Sunshine Gold Limited has sole
funded a further AUD $1,000,000 in expenditure.
|
75%
|
Maximum of 3 years from execution
date
|
At the conclusion of Stage 3, the
Company has 60 days from receipt of all data and reports and
proposed program and budget, by written notice, to elect to
either:
- Contribute its 25% share
of on-going exploration and development expenditure; or
- Convert its 25% share to
a 1.5% net smelter royalty.
The terms of the net smelter royalty
are to be based on the standard Energy & Resources Law
Association (formerly AMPLA Ltd) template.
In accordance with the Lighthouse
Farm-in Agreement dated 20 March 2023, a minimum expenditure of
A$600,000 was required to be spent by Sunshine for the first
12-month period following the signing of the agreement.
Only A$364,671 was expended on the 2
licences by Sunshine, comprising A$329,825 for EPM25617
(Lighthouse) and A$34,846 for EPM26705 (Kookaburra). This resulted
in a shortfall of A$235,329 to satisfy the minimum spend
requirements.
Rockfire wrote to Sunshine on 10
April 2024 to inform them that Rockfire was willing to accept that
this shortfall in expenditure may be met in the following period,
being Stage 2 of the agreement. This has resulted in the minimum
expenditure for Stage 2 (to 20 March 2025) being A$1.2m +
A$235,329.
8 Post balance sheet
events
On 5 July 2024, Rockfire announced
the appointment of Thomas Geissler as an Executive Director of the
Company. Thomas Geissler is the major shareholder of TPM. TPM is
interested in 315,600,000 shares in the Company, representing
12.35% of the Company's current issued share capital.
Thomas Geissler is an experienced
professional in the precious metals industry, with over 10 years of
experience. Thomas has worked internationally and held various
senior positions, particularly at the philoro group of companies.
Thomas' roles have included managing regional operations,
developing scrap gold businesses and establishing international
bullion trading ventures. Thomas is also the founder and managing
director of TPM. Thomas has a degree in law and economics from the
University of Salzburg.
On 4 September 2024, Rockfire
announced a JORC Mineral Resource upgrade of 500% at the Molaoi
zinc/silver/lead deposit in Greece. This
new resource has surpassed all expectations and places Molaoi
within the top 20 undeveloped zinc resources globally in terms of
tonnage, grade and zinc equivalent metal content.
The Inferred JORC Resource estimation for Molaoi
is: 15.0 million tonnes @ 7.26 % Zn, 1.75 % Pb and 39.5 g/t Ag
(9.96 % zinc equivalent). Molaoi contains 1,090,000 tonnes of zinc,
260,000 tonnes of lead, and 19.1 million ounces of silver.
Molaoi also contains one of the world's
geologically rare critical metals, germanium. A preliminary
germanium quantity, which does not comply with the requirements of
the JORC Code has been calculated at: 4.8 million tonnes @ 21.9 g/t
Ge (105,700 kilograms germanium).
9 Availability of interim
results
A copy of the half-yearly results
can be viewed on the Company's website at:
www.rockfireresources.com.
