Molaoi Update

Rockfire Resources plc (LON: ROCK), the base metal, critical mineral and precious metal exploration company, is pleased to announce that initial ore sorting tests have resulted in a material increase in the average grade of zinc.

TOMRA Mining was commissioned to investigate the possibility of sensor sorting using the latest X-Ray Transmission (“XRT”) technology. The test results provide support for an ore sorting stage to be included in the processing flow sheet at Rockfire’s 100%-owned Molaoi zinc deposit in Greece.

Highlights

Preliminary ore sorting tests confirm that there is high potential that the XRT sorter will successfully detect zinc-bearing particles and sort potential ore from waste.

The initial feed grade into the sorter was calculated to be 5.85% Zn.

This feed grade was upgraded from 5.85% to 13.6% Zn, representing a 132.5% grade uplift after the first sort. This is considered the high-density ore, with a mass pull of 34.5%.

After removal of the high-density ore, the second sort resulted in a medium-density ore with an average grade of 11.7% Zn, representing a 99.5% grade uplift from the original feed grade. The total mass pull at this stage was 46.8%.

After removal of the medium-density ore, the third sort resulted in a lower-density ore with an average grade of 9.9% Zn, representing a 69.7% grade uplift from the original feed grade.

The third sort achieved the highest mass pull of 57.7% and an overall combined recovery of 97.7% of the zinc in the initial sample.

The Company's maiden JORC germanium resource is nearing completion.

Methodology

Forty-eight (48) samples of quarter core samples (65kg total weight) were provided to TOMRA

The core samples ranged between high grade (>4% Zn.Eq.), medium grade (4.0 - 0.5% Zn.Eq.) and waste (<0.5% Zn.Eq.) from Molaoi.

All samples were crushed to <25 mm, and then screened at 8 mm. Only the material +8 mm to <25mm was sorted.

Adopting a "cascade" method and using an XRT-sorter, various metal grade fractions were sorted by changing the instrument sensitivity.

For X-Ray Transmission (XRT) sorting, TOMRA uses a technology that measures the attenuation of X-rays within each rock on a pixel-by-pixel basis. The higher the atomic density of the material (e.g., Zn, Pb), the more radiation is absorbed, resulting in a darker image.

A significant portion of the material (approximately 30%) consists of very high-density particles, indicating a high percentage of dense sulphides. This material is ejected during the first sorting stage of the cascade.

The second sort stage targets rocks with a lower density, followed by stages focusing on specific proportions of decreasing density, and so on, until only barren waste remains.

The final step is to obtain the chemical analyses of the sorted product to compare with the grade of the initial feed material. The test result is then displayed in a “grade-recovery” curve, which is included below.

Results of four ore sorting tests showing zinc grades (in Zn%), mass pull and recoveries.

David Price, Chief Executive Officer of Rockfire, commented:

“These initial ore sorting tests are very promising and demonstrate that the TOMRA XRT method of sorting can distinguish between ore and waste. This is an important first determination.”

The next stage will be to provide TOMRA with a much larger bulk sample to undertake tests under commercial conditions. This bulk material is likely to be obtained from the underground once that is re-opened.”

The uplift in grade is extremely encouraging, which may potentially negate any overbreak dilution during mining of the stopes. The mass pull is vital and it’s very pleasing to see such high percentages of material being successfully identified and separated from the waste rock.”

“This has been a very successful and most worthwhile exercise to decide if ore sorting is suitable for the Molaoi ore. These tests have confirmed that an ore sorting stage should be considered for installation prior to feed being introduced to a ball mill. The processing flow sheet provided for the upcoming feasibility study will include the capital and operating costs required to include an ore sorting stage.”