Rockfire Resources reports significant resource growth and strategic progress

LONDON - Rockfire Resources plc (LON:ROCK), a company specializing in the exploration of base metals, precious metals, and critical minerals, has released its audited results for the year ended 31 December 2024. The Company’s Annual Report and Financial Statements will be available on its website and sent to shareholders shortly, with an AGM scheduled for 27 June 2025.

The year 2024 marked a transformative period for Rockfire, with the delineation of a substantial zinc/lead/silver resource at the Molaoi project in Greece. The Inferred JORC Resource estimation for Molaoi grew to 15.0 million tonnes at 7.26% Zn, 1.75% Pb, and 39.5 g/t Ag, which equates to 1.5 million tonnes of zinc equivalent metal content. This places Molaoi among the top 20 undeveloped global zinc deposits.

Molaoi’s potential is further underscored by the presence of the critical mineral germanium, with a non-JORC germanium content of approximately 105,000 Kg contained within the zinc minerals. This could form a valuable by-product in future production. The significance of Molaoi is heightened by recent geopolitical developments, including China’s ban on germanium exports to the U.S. and the UK’s addition of zinc to its critical raw materials list, aligning with lists developed by the U.S. and Canada. Europe’s own critical raw materials list positions Molaoi as a potential near-term domestic source of germanium.

The Company successfully raised funds on several occasions throughout the year, deploying the majority directly into the Molaoi project. The financial review for the year shows a loss of £2,292,396, attributed to the Company’s focus on the project’s development.

Rockfire’s exploration review highlighted the twinned holes at Molaoi, which convincingly replicated historical drill holes, and the highest germanium grade drilled to date. Extension drilling commenced in March 2024, with outstanding intervals demonstrating the open-ended nature of the mineralization. Multiple critical topographic surveys were also completed, resulting in an elevation plan with an accuracy of +/- 5cm.

The Company’s corporate strategy included several fund raises and the pursuit of non-dilutive funding for the project going forward. The Board continues to examine opportunities for project sale or joint venture at an appropriate stage of development.

The financial statements have been prepared on a going concern basis, with the Directors expecting the Group to have adequate resources for the foreseeable future. However, the need for additional equity funding to continue exploration activities indicates a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.

This report is based on a press release statement.

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