Rockfire Resources (ROCK) H1 2024 earnings summary

Executive summary

• Loss attributable to shareholders for H1 2024 was £887,572, up £476,427 year-over-year, mainly due to increased administrative costs and new business evaluations.

• Molaoi zinc/silver/lead/germanium project in Greece is now the primary focus, with significant resource upgrades and ongoing drilling success.

• Queensland gold and copper projects remain in the portfolio, with farm-in agreements and JV activity ongoing.

Financial highlights

• H1 2024 loss: £887,572 vs. £411,145 in H1 2023.

• Total comprehensive loss for H1 2024: £924,575 vs. £678,524 in H1 2023.

• Cash and cash equivalents at 30 June 2024: £514,725, up from £415,938 at 30 June 2023.

• Net cash flow from operating activities in H1 2024: £616,276.

• Share capital increased to £8,551,535 as of 30 June 2024.

Outlook and guidance

• Continued focus on converting Inferred to Indicated Resources at Molaoi to support feasibility studies.

• Ongoing drilling and resource expansion at Molaoi, targeting at least 400,000 tonnes of zinc equivalent metal.

• Management confident in progressing Molaoi through feasibility and development stages.