Europe’s only defined zinc–germanium development project, advancing through active drilling in the Peloponnese, Greece.
A significantly de-risked zinc–germanium development project at a fraction of its in-situ value, with active drilling underway and a clear pathway to further re-rating.
Rockfire holds the Molaoi deposit in the Peloponnese, Greece: 15 million tonnes of JORC Inferred resource grading 7.26% zinc, 1.75% lead, and 39.5g/t silver, with an in-situ value of approximately US$4.2 billion at prevailing zinc prices. The company is targeting a maiden JORC-compliant germanium resource that could make Molaoi the only defined germanium deposit in Europe, at a time when the continent is actively seeking domestic critical raw material supply. Active diamond drilling is ongoing, with the primary aim of upgrading the resource to the Indicated category and supporting future economic studies. At a market capitalisation of around £14 million, Molaoi is materially undervalued relative to the scale of the asset.
Following extensive verification work, including twinning of historic drill holes, Rockfire released an updated JORC (2012) Inferred Mineral Resource for Molaoi in 2024. The resource grew approximately 500% to 15 million tonnes. This figure represents 1.5 million tonnes of zinc-equivalent metal and an in-situ value of approximately US$4.2 billion at a zinc price of US$2,826 per tonne. The project benefits from more than 50 years of exploration history and close to 200 drill holes completed by Rockfire and the Greek government, providing an unusually strong geological foundation for an AIM-listed junior explorer.
Independent research by the University of Patras confirmed that germanium at Molaoi is primarily hosted within sphalerite, also the principal zinc-bearing mineral. This supports the potential for germanium to be recovered alongside zinc concentrates as a by-product. Additional valuable metals identified include silver and gallium, further strengthening the polymetallic character of the deposit. With Europe increasingly focused on securing domestic supplies of critical raw materials, a defined germanium resource at Molaoi would carry significant strategic weight, both for the company’s economics and its attractiveness to potential partners or acquirers.
Diamond drilling commenced in September 2025 and is ongoing, with multiple holes intersecting visible sulphide mineralisation at predicted depths. As at March 2026, hole HMO-013 had been completed to 220.40m and HMO-014 had commenced. Portable XRF readings show very high zinc values up to 39.9% Zn and emerging copper mineralisation up to 1.03% Cu. Significant silver and barium readings suggest potential zonation toward a more silver and copper-rich system. Full laboratory assays are pending. Results are being released progressively as the programme advances through 2026.
In addition to Molaoi, Rockfire retains exposure to several gold and silver projects in Queensland, Australia, without diverting capital from its flagship. Eastern Resources is fully funding up to A$1.5 million in exploration at the Marengo Gold Project under a farm-in agreement. Sunshine Resources continues to advance the Plateau gold-silver deposit under a separate agreement. These partner-funded programmes provide potential additional value creation with no direct cost to Rockfire shareholders.
A flagship critical minerals project in Greece backed by more than half a century of exploration history, complemented by partner-funded gold exposure in Australia.
JORC (2012) Inferred Resource: 15 million tonnes at 7.26% Zn, 1.75% Pb, 39.5g/t Ag. In-situ value approximately US$4.2 billion. Active diamond drilling ongoing. Targeting resource upgrade to Indicated category and maiden germanium resource definition.
The Molaoi deposit sits in the Peloponnese region of southern Greece, a well-established and accessible jurisdiction with a long history of mineral exploration and extraction. The project benefits from more than 50 years of exploration work, including close to 200 drill holes completed by Rockfire and the Greek government. Rockfire has undertaken extensive verification of historic data, including hole twinning, providing a high degree of confidence in the geological model underpinning the JORC resource.
Diamond drilling commenced in September 2025 with the primary objective of upgrading the resource to the Indicated category. As of March 2026, hole HMO-013 has been completed to 220.40m and HMO-014 is in progress. Portable XRF readings report zinc values up to 39.9% Zn, copper up to 1.03% Cu, and significant silver and barium readings. These suggest potential for a more complex polymetallic zonation than previously modelled. Full laboratory assay results from accredited testing facilities are pending and will be released progressively.
Alongside drilling, Rockfire has commenced hydrological and ecological baseline studies, key preparatory workstreams for a Pre-Feasibility Study. These activities signal the company’s transition from pure exploration toward development-stage status and are expected to de-risk the project and enhance its attractiveness to potential financiers, joint venture partners, or strategic acquirers. The company has also been evaluating the acquisition of its own drill rig to reduce dependence on contractors and improve scheduling control.
Six directors spanning geological expertise, capital markets, corporate finance, and JORC committee leadership.
Over 35 years in equity capital and financial advisory markets. Spent 12 years as Managing Director of Venture Group Equities Pty Ltd, advising on transactions totalling more than US$300 million. A Graduate of the Australian Institute of Company Directors with a Graduate Diploma in Corporate Governance.
Experienced geologist and senior executive with over 30 years in the global mining industry, including 20 years securing funding for exploration projects. A Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a JORC Competent Person. Previously CEO of Golden Tiger Mining and Convergent Minerals, and Managing Director of Millennium Mining.
Over 40 years in the City of London across audit, corporate finance, and equity roles. A retired Fellow of the Institute of Chartered Accountants in England and Wales. Former Equity Partner at Chantrey Vellacott DFK and Senior Equity Partner at Moore Stephens. Chairs the Audit Committee.
Over 45 years in resources and industrial company management, including senior executive positions at Consolidated Gold Fields (Australia) and Morgan Grenfell Australia. Holds an MBA in Mineral Economics from Macquarie University. Currently Executive Chairman of Argonaut Resources NL (ASX-listed).
Business background spanning agriculture, property, construction, plant hire, food and beverage packaging, leisure, and charitable work. Brings experience in logistics, infrastructure, organisational management, and sales, providing broad commercial perspective to the board.
Appointed June 2025. Current Chair of the Australasian Joint Ore Resource Committee (JORC), a position he has held for 11 years. Spent over 26 years with Rio Tinto, including roles as Chief Advisor Orebody Knowledge and Chief Advisor Resources and Reserves. Managed geology at the 7.8Moz Kelian and 34Moz Lihir gold mines.
A £3.0 million institutional placing in December 2025 provides the capital to advance drilling, resource definition, and baseline technical studies at Molaoi.
Rockfire strengthened its balance sheet in December 2025 through a £3.0 million placing, with continued participation from ACAM LP, a specialist institutional mining investor and significant shareholder, alongside subscriptions from company directors. This provides funds to advance the ongoing drilling programme, complete resource definition work, and progress hydrological and technical studies required for the Pre-Feasibility Study pathway.
| Metric | H1 2025 | H1 2024 |
|---|---|---|
| Revenue | £nil | £nil |
| Operating loss | (£536,087) | (£887,574) |
| Change year-on-year | -40% reduction | — |
The reduction in operating loss reflects tighter cost discipline across administrative and corporate expenses. As an exploration company, Rockfire generates no revenue; losses represent the cost of maintaining the business while advancing Molaoi toward development studies.
| Item | Detail |
|---|---|
| Shares in issue | ~8.75 billion |
| Nominal share value | 0.1p per share |
| Share price | 0.1625p |
| Market capitalisation | ~£14.2 million |
| December 2025 placing | £3.0 million raised |
| Key institutional shareholder | ACAM LP |
Rockfire has seen ongoing small warrant exercises in early 2026, each at 0.1p per share, contributing modest additional cash. These exercises reflect continued warrant holder engagement and incrementally increase the company’s cash position, though each individual tranche is small (ranging from 5 million to 15 million shares per exercise). These are separate from the main December 2025 placing and represent existing warrant holders converting their positions.
Rockfire has a series of tangible near-term milestones that could each act as meaningful re-rating events as the Molaoi project advances.
Rockfire is an early-stage resource exploration company. The risks below are not exhaustive but represent the key factors investors should weigh carefully.
There is no guarantee that ongoing drilling will successfully upgrade the resource classification from Inferred to Indicated, or that a maiden germanium resource will be defined. Future drill holes may intersect lower-grade or discontinuous mineralisation. The portable XRF readings reported to date are indicative only and may not be confirmed by certified laboratory assays.
While the December 2025 placing provides near-term funding, Rockfire will require further capital to advance through Pre-Feasibility and beyond. Future fundraising rounds are likely to be dilutive to existing shareholders. The company’s ability to raise capital at acceptable terms depends on market conditions, drilling success, and broader investor appetite for junior resource equities.
Drilling programmes in Greece can face delays due to contractor availability, ground conditions, permit timing, or logistical challenges. The company has previously noted delays in securing a second drill rig and is evaluating the purchase of its own equipment to mitigate this. Delays could push back the timeline for assay results and resource updates, impacting investor sentiment.
The economics of Molaoi are materially sensitive to the prevailing prices of zinc, lead, silver, and germanium. A sustained decline in zinc prices in particular would reduce the in-situ value of the resource and could make development studies less commercially compelling. Germanium prices are also subject to volatility, with supply dominated by China and pricing affected by geopolitical and policy factors.
Rockfire operates in Greece under an existing exploration and exploitation licence. While the company has not flagged material permitting concerns, progression toward mine development will require additional approvals including environmental permits. Greece operates within the EU regulatory framework, which provides a degree of transparency and predictability, though the process for advancing to production carries inherent regulatory risk common to all mining jurisdictions.