Co-operation in Next Phase at Bilbale

This release is an update, further to the announcement of 23 January 2024, in relation to the Company's gold operations at Bilbale and Boulon in Burkina Faso.

Our planned February visit to join our colleagues at Riverstone Resources Ltd, a Hong Kong company owned by Mr Mahendran Samuel ("Riverstone") on site at Bilbale has now been scheduled for the first week of March, as a separate due diligence trip involving key team members had to be conducted at short notice

The team will include experienced geologists and engineers from India and Africa with experience of mine development, including in Burkina Faso, as well as our local staff. Initial work will consist of locating and setting up areas for initial trials, some trenching and benching, drilling of two bore holes, and civil works including ponds and preparation of areas for administration, fuel storage, laboratory, furnace, and security.

In parallel, Riverstone will deliver the machinery and equipment needed for exploration, much of which is held by them in stock, and which will be imported by air and sea with a transport time of 6-8 weeks. This equipment should arrive at a prepared site ready to start alluvial exploration operations with the minimum of delay.

Red Rock and Riverstone will implement a test programme processing alluvial material from different parts of the license, on a scale sufficient to establish gold grade, including high grade zones. Red Rock will operate initially on a trial basis, but expects to initiate the process of permitting for bulk production and processing. Initial activities will be those permitted by the exploration license.

Over the implementation period the parties will discuss the terms of future co-operation, taking into account the results of the phase of work now beginning. The license remains owned by Red Rock subsidiary Faso Greenstone Resources SARL.

Chairman Andrew Bell comments:

"Our partners in this new venture are committed to building a long term relationship with Red Rock and have extensive experience of gold production and gold project implementation in Africa.

Our expectation is that when we leave site, there will remain behind a core team that will work together in order to move the project through the steps towards production.

This alluvial project reflects our stated intention to move into cash flow at any of our projects where we can identify this potential. We and Riverstone believe it has potential to scale rapidly, and will be looking to prove that in the current phase of exploration. The experience of their personnel in working with alluvial deposits will we expect complement our capabilities. We will report as equipment is delivered and installed, and as other milestones pass. Both parties will be making contributions, and our further potential commitment in this phase is limited to £150,000 to £200,000. We consider that our current resources and facilities, and indications of support we have received, will enable us to meet this spend. In the event of discouraging results at any stage, work on the alluvial potential will cease and Riverstone will move equipment to another project. Red Rock will update the market as work proceeds.

We are now working with a group that is deeply committed to our success whose advice and help on other matters we have found invaluable."