Molaoi Drilling Update

• Diamond drilling to upgrade the Inferred Resource to Indicated status resumed after the Christmas/New Year break on the 13th of January, as scheduled.
• The fourth drill hole, (HMO-011) has now completed successfully at a total depth of 250.10m and drilling of the next hole has commenced. Hole HMO-011 is a hole drilled in the very south of the resource and confirms that mineralisation continues and remains open towards the south.
• Several narrow, mineralised intervals have been intersected in hole HMO-011 in line with our expectations from resource modelling. A zone of 1.75m width has returned peak pXRF values of 23.16% Zn, 64ppm Ag, and 2.2% Pb from 36.3m depth.
• Between 105.00m and 105.65m depth (0.65m), pXRF readings returned values including 7.87% Zn, 1.2% Pb and 41g/t Ag.
• A noteworthy interval of 0.65m width at 127.60m depth has intersected a vein of barium with average pXRF readings of 65.6% Ba. Barium is of particular interest, as this mineral is often associated with low-sulphidation silver/gold epithermal mineralisation. Importantly, this vein also hosts an average of 71.66g/t Ag from four pXRF readings. This interval will be analysed for gold as well.
• pXRF readings are considered preliminary and all the intervals identified will be comprehensively analysed at ALS Laboratories in Ireland, including for germanium, which is not measured by the pXRF equipment.
• Assay results from hole HMO-010 are awaited and core from hole HMO-011 will shortly be sent to the laboratory.
• A Hydrology Study remains in progress to monitor and measure water quality and quantity prior to mining being undertaken.
• An Ecological Study is in progress to observe and record fauna and flora surrounding Molaoi prior to any planned mining activity commencing.
• A second rig is still awaited and our drilling contractor, Geotest Consulting Engineers in Athens continues to advise Rockfire that a second rig is soon to be provided.

David Price, Chief Executive Officer of Rockfire, commented:

"Drilling is progressing well, and it is excellent to see that high grades of zinc remain present at the southern extremity of the modelled resource. The portable XRF readings throughout the hole will be confirmed by comprehensive analysis at the laboratory. In most cases, high zinc values are usually accompanied by high germanium values."

"The presence of extremely high-grade barium is encouraging for the evolving geological model being adopted as we learn more about the Molaoi deposit. Lithofacies modelling and laser ablation studies have both suggested that Molaoi is likely to comprise an epithermal overprint of a VMS origin. Narrow veins of elevated copper being encountered by pXRF readings in hole HMO-011 at 188.50m (0.94% Cu) and at 249.00m (0.52% Cu) support this theory."

"SLR Consulting (formerly Wardell Armstrong) has been commissioned to assist tracking the current drilling program effectiveness. SLR has developed a more conservative mineralisation model which is also strongly supportive of an epithermal component to the mineralisation at Molaoi."

"It is expected that drilling will continue throughout much of this calendar year. Work remains ongoing for a Hydrology Study and an Ecological Study which are both required for any future feasibility study. Quotes are also being sought to commission a ground or aeromagnetic survey over the entire licence area.

"We will continue to update the market with our progress including analytical results from the laboratory as they are received."