Molaoi Drilling Update

• Diamond drilling to upgrade the Inferred Resource to Indicated Resource status continues with hole HMO-016 successfully completed and drilling of hole HMO-017 currently in progress.
• Several narrow, but strong zones of mineralisation have been encountered in hole HMO-016 based on portable X-Ray Florescence ("pXRF") readings of drill core.
• An individual pXRF reading of 54.3% Zn has been recorded at 314.5m downhole depth. This represents the second-highest grade of zinc ever encountered at Molaoi, with the highest being 62.0% in historical hole B027 at a depth of 53m.
• In the same narrow zone at 314.5m downhole depth, other note-worthy pXRF readings include 39.9% Zn, 35.8% Zn and 27.0% Zn.
• Also, at 314.5m downhole depth, pXRF values up to 31.8% Pb and 24.2% Pb have been recorded, as well as 470g/t Ag and 382g/t Ag.
• At a depth of 407m downhole, another narrow zone of mineralisation was intersected. This intersection has returned individual, spot pXRF results including 12.4% Zn, 13.0% Zn, 12.2% Zn and 10.6% Zn. This zone also hosts high grade silver, with average pXRF values from all readings taken in this interval of 44.8g/t Ag.
• Individual pXRF readings of 18.2% Zn, 13.9% Zn and 10.4% Zn occur at 418m downhole depth.
• The last intersection occurs at 422m downhole, where pXRF readings include 13.9% Zn, 9.7% Zn and 6.6% Zn. This zone includes individual pXRF readings up to 118g/t Ag and 3.6% Pb.
• At a downhole depth of 424m, an individual pXRF reading of 0.88% Cu has been recorded.
• The pXRF machine only provides a guide to the strength of mineralisation and does not detect germanium. The core is routinely analysed for germanium at the laboratory.
• Core samples from hole HMO-016 have been sent to the laboratory for analysis and analytical results from hole HMO-015 are still awaited.

Map showing the location of drill holes at Molaoi

David Price, Chief Executive Officer of Rockfire, commented:

"We are pleased with the improvement in progress speed being made with our drilling program to upgrade the resource from Inferred to Indicated category. In our efforts to speed progress further, a brand new Rockfire-owned drilling rig has been ordered, and a deposit has been paid. As this is a new build, we anticipate delivery of the rig into Athens by the end of October this year."

"Holes HMO-015 and HMO-016 are both successful and encouraging drill holes. Based on the preliminary pXRF readings, zinc, silver and lead are all strong in this central zone beneath a prominent ridge called 'Vigla Hill". We expect that germanium will also be detected during the analysis of these holes."

"As we drill more holes and learn more about the mineralisation, it is becoming apparent that the main zone of mineralisation could be steepening from an average dip of -60° to the east, to almost vertical when we encounter the mineralisation at depth. This could reflect a "feeder zone" which has not been detected yet at Molaoi. A feeder zone is typically the central vent from which heated mineralised fluids are intruded into the surrounding rocks. Such feeder zones are often characterised by average higher grades."

"If the mineralisation is indeed steepening at depth, this will likely result in easier, safer and more cost-effective underground mining. The market will continue to be informed and updated as new information and results come to hand."