TIDMROCK
RNS Number : 9794A
Rockfire Resources PLC
28 September 2022
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.
28 September 2022
Rockfire Resources plc
("Rockfire" or the "Company")
Interim Results
Rockfire Resources plc (LON: ROCK), the gold and base metal
exploration company, is pleased to announce its unaudited interim
results for the six months ended 30 June 2022.
Rockfire has continued its focus on a strategic campaign to
attain value growth, primarily through exploration success. This
forms an integral part of the growth strategy adopted by the Board
to achieve increased asset value and thereby, shareholder
wealth.
The Company's exploration activities have focused on its
large-scale battery metal and critical metal Molaoi
zinc-lead-silver-germanium deposit ("Molaoi") in Greece, at a time
when European energy supply is being revised and zinc prices have
materially increased. The Board believes the timing of higher zinc
prices and exploration drilling at the Company's 100%-owned Molaoi
Deposit within the strategic EU country of Greece are combining to
Rockfire's advantage.
The loss attributable to the shareholders of the Company for the
six months ended 30 June 2022 was
GBP302,582, a reduction of GBP123,355 from the comparable period
to 30 June 2021. The primary reason for the reduction is that the
prior period included a share-based payment expense of GBP116,049.
There were no grants of options during this current period.
Rockfire project portfolio
Molaoi Zinc-Lead-Silver-Germanium Deposit, Peloponnese,
Greece
Rockfire announced on 8 March 2022 that it had won the
international tender for the high-grade Molaoi zinc-lead-silver
deposit in Greece via the local Greek company of Hellenic Minerals
IKE. Hellenic Minerals IKE was acquired by Rockfire Resources plc
(as announced on the 16 May 2022). Some of the outstanding results
from historical drilling at Molaoi include:
-- 10.4 m @ 10.63 % Zn, 1.45% Pb, & 62 g/t Ag (AN011, from 79 m)
-- 15.0 m @ 11.94 % Zn, 1.96% Pb, & 66 g/t Ag (AN017, from 136 m)
-- 7.0 m @ 14.96 % Zn, 2.13% Pb, & 63 g/t Ag (AN028, from 187 m)
-- 7.0 m @ 19.17 % Zn, 2.89% Pb, & 76 g/t Ag (B010, from 43 m)
-- 9.9 m @ 18.06 % Zn, 2.87% Pb, & 91 g/t Ag (B011, from 184 m)
-- 2.8 m @ 26.51 % Zn, 1.87% Pb, & 80 g/t Ag (BG013, from 57 m)
As part of our technical due diligence, the historical diamond
drill core for Molaoi was located within the Greek Government
storage facility (as announced on 3 May 2022). Select intervals
were chosen for re-analysis using an independent geochemical
laboratory (ALS). Samples were selected to verify a spread of
original assays ranging from 0.9 % Zn to a maximum of 36.75 % Zn.
Additionally, the samples represented a spatial spread to include a
1.5 km distance where most of the historical drilling has occurred.
Re-analysis of historical diamond drill core has returned
high-grade zinc, lead and silver values which closely replicate
historical analyses.
On 10 May 2022, the Company announced the discovery of the
critical metal germanium (Ge) at Molaoi during the re-analysis of
the historical diamond drill core. The European Union Environmental
Agency includes germanium in the top 20 raw materials which have
been identified by the European Commission as being critical
metals, owing to risk of supply shortages. The weighted average
grade of the 51 samples collected during the re-analysis of core
from Molaoi is 51 grams per tonne (g/t) Ge, with a peak value of
197 g/t Ge. 41% of samples returned germanium values above 50 g/t
Ge. The germanium metal ingot price is currently US$ 1,330 per
kilogram (USD$ 1.3M per tonne) which, if commercially recoverable
in concentrate from Molaoi, would add material value to the overall
financial metrics of the Molaoi deposit. Germanium is used in the
manufacture of everyday technology including mobile phones,
electronics, solar cells, camera lenses, satellites, computer
screens, as well as steering and parking sensors for vehicles.
Germanium is also used in numerous military applications, including
weapons-sighters (scopes) and infrared night vision.
On 23 May 2022, the Company delivered a maiden JORC 2012
compliant inferred mineral resource of
2.3 million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq at
Molaoi. This resource uses a 4% low- grade cut, with individual
elemental grades of 9.4 % Zn, 1.7 % Pb and 47 g/t Ag. Molaoi
currently contains 210,000 tonnes of zinc, 39,000 tonnes of lead,
and 3.5 million ounces of silver. Only 1,400 m of a potential
strike extent of 7 km has been included in the resource and the
resource remains open at depth and along strike. Multiple, parallel
mineralised lodes, which are not included in the resource, are yet
to be fully tested. The images of the resource model, which can be
viewed via the link below, demonstrate the quality of zinc
intercepts in parallel lodes which may add materially to the
resource in future estimates. Metallurgical flotation test work
completed in 1984 resulted in 96% zinc recovery, 92% lead recovery
and 91% silver recovery into a bulk concentrate. These recovery
factors have been applied to the mineral resource to calculate the
resulting zinc equivalent tonnes and grade. Mineralisation starts
at surface. Despite this, and to ensure a practical estimate is
delivered, the top 40 m has been excluded from the mineral
resource. Rockfire is planning underground mining only to minimise
social and environmental impacts. Germanium has not been included
in the resource estimate owing to limited quantitative
analysis.
Plateau
Soil sampling was completed at Plateau (announced 21 June 2022)
in an undrilled area outside of the defined JORC 2012 mineral
resource. The soil sampling returned a large gold anomaly which
extends for over 200 m. This anomaly is located on the margin of
the breccia/rhyolite intrusion complex and returned very high gold
values with a maximum value of 0.67 g/t Au.
On 2 August 2022, Rockfire announced the results of rock samples
which were collected in areas of geophysical and geochemical
anomalism. 17 rock samples collected during June 2022 outlined two
of the new exploration targets, with results including 10.7 g/t Au,
3.2 g/t Au and 2.3 g/t Au. 29% of the samples returned results
above 0.5 g/t Au, with more than 80% of results being above 0.1 g/t
Au.
Copperhead
As part of Rockfire's maiden drilling program at Copperhead, the
results for drill hole BCH003 were announced on 20 January 2022.
Hole BCH003 returned 370 m @ 0.20 % CuEq. from 57 m, with copper
veins observed throughout the entire 429 m long drill hole. The
drill hole finished in copper-bearing veins. Within this broad
zone, a higher-grade interval of 50 m @ 0.35 % CuEq. occurs from
259 m downhole depth, and a more intensely veined interval of 22 m
@ 0.41 % CuEq. has been intersected from 271 m downhole depth.
Copper mineralisation has been significantly expanded 100 m
directly east of hole BCH001 and 200 m north of hole BCH002,
resulting in another significant increase in the footprint of the
drilled copper-bearing area. Alteration and visible copper
mineralisation in each hole continues to indicate that the
Company's drilling is occurring in the upper, "phyllic" levels of a
large porphyry copper system.
On 21 March 2022, Rockfire announced a maiden JORC 2012
compliant mineral resource of 64 million tonnes @ 0.19 % Cu EQ for
120,000 tonnes of Cu Eq. in the inferred category. The resource
contains 80 Kt of Cu (@ 0.12%), 9.4 Kt of Mo (@0.015 %), and 1.1
Moz Ag (@0.55 g/t Ag). The mineral resource remains open to the
north, east, west and at depth, leaving scope for significant,
further resource increases. This resource comprises five diamond
drill holes drilled by Rockfire, which were designed to validate
historical drilling results and to attain a JORC resource. Both
aims have been comprehensively accomplished. The extent and tenor
of mineralisation at Copperhead have yet to be fully tested. Copper
mineralisation starts at surface and continues for at least 400 m
vertically below surface. With continued exploration success and
expansion of the resource, Copperhead demonstrates potential to
form a low-cost, bulk-tonnage, open cut mining scenario. The copper
price remains robust with the continued strong demand for electric
vehicles and green energy, including wind turbines and solar
panels. Copperhead is situated approximately 250 km by road from
Australia's largest copper smelter near Townsville.
Post-period end
On 24 August 2022, Rockfire announced that metallurgical
test-work on the Molaoi historical core returned excellent
recoveries of zinc (89% Zn) and lead (74% Pb). Additionally,
commercially saleable grades of zinc (57% Zn), silver (856 g/t Ag),
lead (63.6% Pb), germanium (117 g/t Ge), copper (2.62% Cu) and gold
(0.52 g/t Au) are readily returned.
The flotation process was successfully able to separate two
distinct concentrates, the first being a zinc- germanium
concentrate with first-pass metallurgical recovery of zinc of 89%.
This figure is likely to increase with more detailed tests. The
Company's consultants, BHM Process Consultants Pty. Ltd., report
the performance of the zinc system as "excellent" with a product
grade of 57% Zn concentrate achieved in a single pass through a
3-stage flotation circuit. This is well above the desired product
grade of 50% Zn contained for a saleable concentrate. Germanium
reports to the zinc concentrate with a commercially competitive
grade of 117 g/t Ge and is expected to be recovered as part of the
zinc concentrate. This is expected to be a valuable credit in the
concentrate. The second being a lead- silver-copper-gold
concentrate.
First-pass metallurgical recovery of lead is 74%, with this
figure also expected to increase with more detailed test work. The
lead circuit recovery is at a greatly over-concentrated value of
63.6% Pb concentrate achieved in a single pass through a 3-stage
circuit configuration. This also far exceeds the market requirement
of 40% - 50% Pb contained for a saleable concentrate. Silver
recovery is 85.6% from the rougher tails, with 15.2% of the silver
reporting through to the lead concentrate at a grade of 856 g/t Ag.
Copper and gold both reported to the lead concentrate with grades
of 2.62% Cu and
0.52 g/t Au. Historical copper mines exist in the northern part
of the Molaoi tenement, suggesting copper and gold is likely to add
material value to future concentrates.
The metallurgical test-work company believes that these recovery
figures may be conservative, as there is much metallurgical
development and many optimisation tests still to occur on the
project. A differential flotation system was tested, by which the
first stage targets the recovery of lead, copper, and silver
together into a single bulk sulphide concentrate, whilst sphalerite
(zinc) is depressed. The second system targets the recovery of zinc
(with germanium). The results available so far are for tests on
composite samples from Molaoi core which have been blended to
produce an "industry average" grade. The composite average feed
grade used in the tests is 5.9% Zn and 1.6% Pb. Test work remains
in progress on a much higher average grade composite sample of
18.9% Zn and 4.5% Pb, which Rockfire's management believes may be
closer to the ultimate feed head grade, based on drilling at
Molaoi. More definitive testing will be initiated using core
obtained from the planned diamond drilling later in the year. This
work will include crushing, milling and abrasion work indices.
Competent person statement
Information in this announcement that relates to exploration
results is based on information compiled by Mr Edward Fry, the
Exploration Manager of Rockfire Resources plc, who is a Member of
the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr
Fry 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 Competent Person
as defined by the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves (the JORC Code) and under the AIM Rules - Note for Mining
and Oil & Gas Companies. Mr Fry consents to the inclusion in
the announcement of the matters based on their information in the
form and context in which it appears.
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 Tel: +44 (0) 20 3328
Adviser & Broker) 5656
John Depasquale / George Payne (Corporate
Finance) Matt Butlin / Kelly Gardner
(Sales and Corporate Broking)
Yellow Jersey PR rockfire@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
Notes to Editors
Rockfire Resources plc (LON: ROCK) is a mineral exploration
company with a portfolio of 100%-owned gold and copper projects in
Queensland Australia and a high-grade zinc deposit in Greece.
-- The Molaoideposit in Greece has a JORC resource of 210,000
tonnes of zinc, 39,000 tonnes of lead and
3.5 million ounces of silver.
-- The Plateaudeposit in Queensland has a JORC resource of
208,000 ounces of gold and 1.5 million ounces of silver (0.2 g/t Au
cut-off).
-- 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.
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
SIX MONTHSED 30 JUNE 2022
12 months
6 months 6 months to
to to 31 December
30 June 30 June 2021
2022 2021
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
Impairment of intangible
assets - - (12,324)
Administrative expenses (302,582) (425,937) (732,619)
------------- ------------ ------------
Loss before taxation (302,582) (425,937) (744,953)
Taxation - - -
------------- ------------ ------------
Loss attributable to shareholders
of the Company (302,582) (425,937) (744,953)
Items that may be subsequently
reclassified to profit or
loss:
Foreign exchange translation
movement 86,249 (42,929) (162,830)
------------- ------------ ------------
Total comprehensive loss
attributable to
shareholders of the Company (216,333) (468,866) (907,783)
============= ============ ============
Loss per share attributable
to shareholders of the Company
Basic and diluted (pence) 4 (0.03) (0.05) (0.08)
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30
JUNE 2022
6 months to 6 months to 12 months
30 June 30 June to
2022 2021 31 December
2021
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Intangible assets 4,095,276 2,925,443 3,447,739
Property, plant and
equipment 20,686 24,760 20,189
------------ ------------ ------------
Total non-current
assets 4,115,962 2,950,203 3,467,928
------------ ------------ ------------
Current assets
Cash and cash equivalents 853,601 1,493,441 1,473,599
Trade and other receivables 57,957 27,110 124,261
------------ ------------ ------------
Total current assets 911,558 1,520,551 1,597,860
------------ ------------ ------------
Total assets 5,027,520 4,470,754 5,065,788
============ ============ ============
EQUITY AND LIABILITIES
Equity attributable
to shareholders of
the Company
Share capital 5 7,131,114 6,950,667 7,078,136
Share premium 18,191,679 17,337,252 18,180,659
Other reserves 2,295,035 2,295,035 2,295,035
Merger relief reserve 190,000 - -
Foreign exchange reserve (103,757) (70,105) (190,006)
Retained deficit (22,711,002) (22,089,406) (22,408,420)
------------ ------------ ------------
Total equity 4,993,069 4,423,443 4,955,404
------------ ------------ ------------
Current liabilities
Trade and other payables 34,451 47,311 110,384
------------ ------------ ------------
Total current liabilities 34,451 47,311 110,384
------------ ------------ ------------
Total liabilities 34,451 47,311 110,384
------------ ------------ ------------
Total equity and
liabilities 5,027,520 4,470,754 5,065,788
============ ============ ============
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE
SIX MONTHSED 30 JUNE 2022
Other Merger Foreign
Share Share reserves relief exchange Accumulated
capital premium reserve reserve losses Total
GBP GBP GBP GBP GBP GBP GBP
At 1 January
2021 6,828,085 16,658,354 2,295,035 - (27,176) (21,779,517) 3,974,781
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Loss for the
period - - - - - (425,937) (425,937)
Foreign
exchange
translation
movement - - - - (42,929) - (42,929)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
comprehensive
loss - - - - (42,929) (425,937) (468,866)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Issue of share
capital 122,582 737,423 - - - - 860,005
Cost of share
Issue - (58,525) - - - - (58,525)
Share based
payments - - - - - 116,048 116,048
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
transactions
with
shareholders 122,582 678,898 - - - 116,048 917,528
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
At 30 June
2021 6,950,667 17,337,252 2,295,035 - 70,105 (22,089,406) 4,423,443
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Loss for the
period - - - - - (319,014) (319,017)
Foreign
exchange
translation
movement - - - - (260,111) - (260,111)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
comprehensive
loss - - - - (260,111) (319,014) (260,111)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Issue of share
capital 127,469 893,572 - - - - 1,021,041
Cost of share
issue - (50,165) - - - - (50,165)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
transactions
with
shareholders 127,469 843,407 - - - (319,014) 651,862
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
At 31 December
2021 7,078,136 18,180,659 2,295,035 - (190,006) (22,408,420) 4,955,404
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Loss for the
period - - - - - (302,582) (302,582)
Foreign
exchange
translation
movement - - - - 86,249 - 86,249
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
comprehensive
loss - - - - 86,249 (302,582) (216,333)
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Issue of share
capital 2,978 11,020 - - - - 13,998
Acquisition of
subsidiary 50,000 - - 190,000 - - 240,000
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
Total
transactions
with
shareholders 52,978 11,020 - 190,000 - - 253,998
--------------- --------------- ---------------- --------------- ------------ ----------- ------------ -----------
At 30 June
2022 7,131,114 18,191,679 2,295,035 190,000 (103,757) (22,711,002) 4,993,069
=============== =============== ================ =============== ============ =========== ============ ===========
ROCKFIRE RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX
MONTHSED 30 JUNE 2022
6 months to 6 months 12 months
30 June to to
2022 30 June 31 December
2021 2021
GBP GBP GBP
(unaudited) (unaudited) (audited)
Cash flow from operating activities
Loss for the period (302,582) (425,937) (744,953)
- Impairment of intangible assets - - 12,334
- Share-based payments - 116,048 116,049
- Expenses settled in shares 14,000 10,000 -
- Depreciation 2,614 3,312 7,052
- Foreign exchange rate changes 83,137 (20,311) (47,913)
----------- ----------- ------------
(202,831) (316,888) (657,431)
Decrease/ (increase) in trade
and other receivables 83,374 12,058 (61,748)
(Decrease) in trade and other
payables (81,352) (48,153) (9,147)
----------- ----------- ------------
Net cash flow used in operating
activities (200,809) (352,983) (728,326)
----------- ----------- ------------
Cash flow from investing activities
Exploration expenditure (501,471) (293,276) (918,667)
Acquisition of property, plant
and equipment - (2,705) (2,690)
Cash acquired from acquisition
of subsidiary 82,282 - -
----------- ----------- ------------
Net cash used in investing activities (419,189) (295,981) (921,357)
----------- ----------- ------------
Cash flow from financing activities
Proceeds from issuance of ordinary
shares - 850,004 1,881,046
Share issue costs - (58,525) (108,690)
----------- ----------- ------------
Net cash generated by financing
activities - 791,479 1,772,356
----------- ----------- ------------
Net (decrease)/ increase in cash
and cash equivalents (619,998) 142,515 122,673
Cash and cash equivalents at the
beginning of the period 1,473,599 1,350,926 1,350,926
----------- ----------- ------------
Cash and cash equivalents at
the end of the period 853,601 1,493,441 1,473,599
=========== =========== ============
ROCKFIRE RESOURCES PLC
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2022
1 Principal activities
The Company is a public limited company, admitted to trading on
AIM and incorporated and domiciled in England and Wales.
On 8 March 2022, Rockfire announced the winning of an Open
International Tender for a 30-year licence to explore and mine the
high-grade Molaoi Zn/Pb/Ag deposit, located in the Hellenic
Republic of Greece. Therefore, the Group's principal activities are
now exploration for gold and base metals in Molaoi, Greece and
Queensland, Australia.
2 Basis of preparation
The unaudited consolidated financial statements are for the
six-month period ended 30 June 2022. 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
2021.
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 2021.
The financial statements incorporate the financial statements of
the Company and subsidiaries controlled by the Company as at 30
June 2022.
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 2021 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 ("GBP" or "GBP") which is also the functional
currency.
3 Critical accounting estimates and judgements
In the application of the Group's accounting policies, the
Directors are required to make judgements, estimates and
assumptions about the carrying amounts of certain assets and
liabilities. The Directors have identified the following critical
judgements and estimates in applying the Group's accounting
policies that have the most significant impact on the amounts
recognised in this Interim Report.
Asset acquisition
In the acquisition of Hellenic, the Directors have determined
that the business does not meet the definition of a business as
outlined in IFRS 3. As such the Directors have elected to adopt the
policy choice not to recognise contingent consideration with
respect to an asset acquisition until such time as the related
activity that gives rise to the liability occurs.
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
GBP302,582 (2021: GBP425,937) and a weighted average number of
ordinary shares in issue of 1,096,066,785 (30 June 2021:
833,273,833).
5 Share capital
30 June 30 June 31 December
2022 2021 2021
Issued share capital Number Number Number
Ordinary shares of GBP0.001 each 1,135,444,195 954,997,653 1,082,466,125
Deferred shares of GBP0.099 each 51,215,534 51,215,534 51,215,534
============= =========== =============
30 June 30 June 31 December
2022 2021 2021
Issued share capital GBP GBP GBP
Fully paid 7,131,114 6,950,667 7,078,136
------------- ----------- -------------
7,131,114 6,950,667 7,078,136
============= =========== =============
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
GBP1,000,000 per ordinary share.
On 18 March 2022, the Company issued 1,228,070 new ordinary
shares to Patrick Elliott in settlement of
Director's fees.
On 13 May 2022, the Company issued 1,750,000 new ordinary shares
to Patrick Elliott in settlement of Director's
fees.
On 16 May 2022, the Company issued 50,000,000 new ordinary
shares to the vendors of Hellenic Minerals as settlement of Tranche
1 of the acquisition agreement for the Molaoi project in Greece.
David Price (or his related party nominees) was issued 25,000,000
of these new ordinary shares in the Company as per the historic
agreement which is outlined in the Strategic Report of the Group's
financial statements for the year ended 31 December 2021.
The nominal value of the issued share capital includes a
cumulative foreign exchange difference of GBP925,331
which was recognised in 2017 when the Group's functional
currency was changed from US$ to GBP.
6 Asset acquisition
On 8 March 2022, Rockfire announced the winning of an Open
International Tender for a 30-year licence to explore and mine the
high-grade Molaoi Zn/Pb/Ag deposit, located in the Hellenic
Republic of Greece. Rockfire participated in the tender under a
Memorandum of Understanding with a local Greek company, Hellenic
Minerals IKE ("Hellenic"), the applicant in the tender.
Subsequently, Rockfire acquired 100% of the shares in Hellenic.
On 16 May 2022, the Company acquired 100% share capital purchase
in Hellenic Minerals IKE. Consideration was paid by the Company
issuing 50,000,000 new ordinary shares to the vendors of Hellenic
Minerals at an issue price of 0.01p and potential deferred
consideration of GBP400,000 in respect of obtaining a JORC-
compliant mineral resource exceeding four hundred thousand tonnes
of zinc equivalent value. The principal reason for the acquisition
is that Molaoi is an outstanding high-grade zinc deposit, and the
addition of the project strategically complements Rockfire's
existing portfolio of precious and base metal assets. The following
table summarises the net liabilities acquired, and assumed at the
acquisition date:
Fair value
GBP's
----------
Trade and other receivables 17,070
Cash and cash equivalents 82,282
Trade and other payables (131,735)
----------
Net liabilities acquired (32,383)
----------
Consideration 362,147
----------
Fair value attributable to exploration
assets 394,530
==========
7 Post balance sheet events
There have been no material post balance sheet events that would
require disclosure or adjustment to these interim financial
statements.
8 Availability of interim results
A copy of the half-yearly results can be viewed on the Company's
website at: www.rockfireresources.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR SEDSAAEESEFU
(END) Dow Jones Newswires
September 28, 2022 04:15 ET (08:15 GMT)
Rockfire Resources (AQSE:ROCK.GB)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Rockfire Resources (AQSE:ROCK.GB)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
