Molaoi drilling update

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to announce that drill hole HMO-005 has intersected multiple zinc lodes at its 100%-owned Molaoi zinc deposit in Greece. This hole extends zinc/silver/lead +/-germanium mineralisation both northwards and deeper than the resource outline and expands the resource model significantly. A resource update is in progress.

Highlights

• Hole HMO-005 has intersected multiple lodes in the one drill hole:

¨ 1.70m @ 11.5% ZnEq. from 218.70m depth

¨ 5.05m @ 3.4% ZnEq. from 248.78m depth

¨ 2.74m @ 4.5% ZnEq. from 259.09m depth

¨ 1.91m @ 7.1% ZnEq. from 281.43m depth

¨ 3.07m @ 2.91% ZnEq. from 328.00m depth

• These results extend the zinc, silver, lead, +/-germanium beyond the mineralisation model to the north and at depth.
• A resource update for Molaoi remains on track and update is anticipated in 2024. 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.
• The drone-supported, multi-sensor survey at Molaoi is now complete and results from this survey are being evaluated. It is expected that this survey will ensure high-accuracy topography and drill hole positioning.
• The portable X-Ray Florescence (pXRF) machine is proving most useful and readings as high as 47% Zn have been recorded in spot sampling of the current drill hole HMO-007. It must be kept in mind that this machine only provides an indication of zinc presence, rather than an absolute value. Laboratory analysis is still required to define the precise quantity of zinc in any one interval.

Zinc Equivalent formula:

Zn % + (Pb %*0.74) + (Ag ppm*339.9) + (Ge ppm*1010.9) + (Ga ppm*276.3)

Long Section view of the zinc resource (silver colour), looking towards the west.

This RNS refers to hole HMO-005 as shown circled in the image above.

David Price, Chief Executive Officer of Rockfire, commented:

"Drilling at Molaoi continues and each hole has been successful in expanding the resource outline. This is anticipated to result in a significant upgrade to the current resource of 250,000 tonnes of zinc equivalent content. Rockfire's resource consultant has identified a minimum of 12 lodes so far and recent drilling has confirmed the continuation of these lodes to the north and at depth."

"Our target of a minimum of 400,000 tonnes of zinc equivalent tonnes is considered realistic and achievable and hole HMO-005 has been successful in confirming the new mineralisation model. Hole HMO-006 has core samples at the laboratory awaiting analysis and hole HMO-007 remains in progress. Hole HMO-007 is a step-out of 150m to the north of hole HMO-005."

"Drilling results will continue to be released to the market as they are received from the laboratory and following interpretation by our geologists."