New partner to advance the Marengo Goldfield

Rockfire Resources plc (LON: ROCK), the base metal, critical mineral and precious metal exploration company, is pleased to announce that the Company has entered into a new Farm-in Agreement at its 100%-owned Marengo Gold Project in Queensland, Australia. The purpose of the Farm-in will be to advance exploration for high-grade gold, silver and copper.

Highlights

• Rockfire has entered into a binding Farm-in agreement with Eastern Resources Limited ("Eastern") to advance the Marengo gold deposit in Queensland. Eastern is listed on the Australian Stock Exchange (ASX:EFE).
• The Farm-in is over the Marengo tenement (EPM25715) (the "Tenement")
• The Farm-in sees Eastern sole-funding exploration at Marengo for the next 3 years, with funding being engaged on direct expenditure on the tenement.
• Rockfire will continue to focus its financial, logistical and human resources on the Molaoi zinc deposit in Greece, which hosts an Inferred, JORC resource of 15 million tonnes @ 7.26% zinc, 1.75% lead, and 39.5g/t silver for 1.5MT of zinc equivalent. The project also hosts the critical mineral, Germanium.
• Rockfire has the option to retain 20% ownership of Marengo, and to participate 20% expenditure in on-going exploration, or it may elect to convert its right over a 20% share to a 1.5% net smelter royalty. With this structure, any discovery success by Eastern will directly benefit shareholders of Rockfire.

David Price, Chief Executive Officer of Rockfire, commented:

"The establishment of this Farm-in and eventual joint venture is a positive step for the Marengo project and for Rockfire generally. This enables our team to focus its efforts on the Molaoi project in Greece and allows for the advancement of Marengo at the same time."

"The joint venture structure is designed so that Eastern will sole-fund exploration costs on the project, with minimum allowance for administration costs. We are delighted to welcome Eastern Resources to the Marengo Project, and we believe that the team at Eastern will deliver sound geological understanding to the project, which we all hope will result in a significant discovery."

"In the meantime, our drilling at Molaoi in Greece has recommenced and the market will be informed regularly as our drilling programme progresses and as drilling results are received."

Principal terms of the joint venture

The Farm-in involves the Marengo Goldfield Project exploration permit EPM25715 in Queensland, Australia.

As at 30 June 2025, the Company's last announced financial statement, the Tenements accounted for £292,831 of the Company's Intangible assets. As all expenditure on the Tenement is capitalised, there were no losses or profits attributed to the Tenement.

During the sole funding period, Eastern must keep the Tenements in good order and meet all statutory reporting, rehabilitation and expenditure obligations. This includes meeting the following expenditure on the Tenement (being for exploration and compliance activities):

• within the first 12-month period (Stage One), expend at least AUD $250,000
• within the second 12-month period (Stage Two), expend an additional amount of at least $500,000; and
• within the third 12-month period (Stage Three), expend an additional amount of at least $750,000

This results in a total expenditure of AUD$1,500,000 to the end of Stage Three.

On meeting expenditure in each Stage, Rockfire will:

• at the completion of Stage One, transfer a 20% interest in the Tenement;
• at the completion of Stage Two, transfer an additional 31% interest in the Tenement; and
• at the completion of Stage Three, transfer an additional 29% interest in the Tenement,

This results in a total of 80% interest in the Tenement once all of the expenditure has been made.

The broad outline of the Joint Venture Agreement (to be subsequently signed) allows for the following:

• Once Eastern has achieved an 80% equity in Marengo, the parties will continue to fund the project jointly on a pro-rata basis in accordance with a Joint Venture Agreement to be finalised.
• Eastern shall pay AUD$1 million to Rockfire in cash or Eastern shares at Eastern's option, upon Eastern announcing a JORC Mineral Resource Estimate (MRE) of at least 500,000 ounces of gold, with a minimum average grade of 2.5 grams per ton Au. If Eastern elects to issue shares, the value will be at the 30 day VWAP for such shares at the time of announcement.

Douglas Crippen