Rockfire Resources (ROCK) H2 2024 earnings summary

Executive summary

• Achieved a 500% increase in Inferred Resources at the Molaoi zinc/lead/silver project, now ranking among the top 20 undeveloped global zinc deposits.

• Molaoi resource now stands at 15.0Mt @ 7.26% Zn, 1.75% Pb, 39.5g/t Ag (9.96% ZnEq), with 1.5Mt zinc equivalent metal content.

• Germanium identified as a significant by-product, with 105,700kg estimated, enhancing project value amid global supply constraints.

• Multiple successful fundraises during the year, raising over £1.5 million to support exploration and development.

• Focus remains on advancing Molaoi towards production and expanding resources through ongoing drilling and technical studies.

Financial highlights

• Loss for the year: £2,000,756 (2023: £1,785,545), reflecting increased exploration activity.

• Total comprehensive loss: £2,292,396 (2023: £1,988,747).

• Cash and cash equivalents at year-end: £936,205 (2023: £436,575).

• Intangible assets (exploration costs): £5,657,375 (2023: £4,972,616).

• No dividend recommended for the year.

Outlook and guidance

• Continued focus on resource expansion and technical de-risking at Molaoi, with infill drilling planned for 2025.

• Ongoing efforts to secure non-dilutive funding and progress towards feasibility and production.

• Positive market dynamics for zinc and germanium, both now on critical minerals lists in the UK, US, and EU.