Rockfire Resources (LSE:ROCK) — Investor Presentation

0:02 Good morning, ladies and gentlemen. Welcome to the ROCKFIRE RESOURCES PLC Investor Presentation. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted any time via the Q and A tab situated on the right hand corner of your screen. Simply click q and a, scroll to the bottom of the screen, type in your question, and press send. Company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Me company dashboard, and you'll be notified once these are ready for your review. I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to David Price, CEO of ROCKFIRE RESOURCES PLC. David, good morning. Well, good morning, Paul, and welcome everybody to the investor meet company presentation of ROCKFIRE RESOURCES. I'm delighted you're able to join me today.

0:49 Last time I gave a presentation, I was, was, I think, in January or February that, on the investor meet company platform. And this is an opportunity to update you on, the things that ROCKFIRE have been doing. And, looking forward to, welcoming new investors in, in ROCKFIRE, and I will touch on some of the, the older information for the new investors and people who are not familiar with ROCKFIRE. And then I'll also spend a bit of time bringing everybody up to speed with our more recent exploration. So I'll start with the the presentation. The slides are on our website, so please feel free to go and have a look at these at your leisure. There'll be a number of slides that I'll pass through very quickly, and you'll be able to look at them

1:36 at your leisure on our website as we go forward. So we'll we'll get cracking on this. We're here for a a long time, not a good time, so get comfortable, and we'll we'll we'll hook into it. So as you can see, ROCKFIRE is in Queensland, Australia. It's a great place to be. It's it's ranked number two in the in the world from the Fraser Institute destination for investment dollars, and it's tremendous to be in Queensland. It's a mining friend friendly jurisdiction. And and it obviously, it has a a long history with mining, having Mount Isa there as one of the world's leading mines. So a great destination there for us to be there. We've got a 100% of our assets are owned by ROCKFIRE, so we haven't joint ventured out. We haven't joint ventured in. We acquired them. We've had them a 100%, and we will continue to hold them for a 100% as long as we can.

2:37 Very often, projects will outgrow companies. They the projects will get too big, and I I anticipate that our projects will get to that point at some time. So we're we're we will continue to hang on to them as long as we can. So, copper and gold in Queensland, quite a simple story. We're focused on copper and gold. We're focused in Queensland and Australia, and, it's, of course, looking where we already know that there is gold and copper found. So that's why we're there. A little bit about our board. It's a very diverse board. You can see Gordon Hart there with his equities and finance background. And Gordon is our chairman. You've got myself there from a technical point of view as a geologist. Ian Staunton, an auditor.

3:24 It's so good having an auditor on your board, so don't underestimate how good that is. So it's great to have him there with a finance background there. Nicholas Wally is our largest shareholder, a great shareholder, and a very loyal shareholder. And he brings the shareholder expectations to our board as well, of course, being a astute businessman. So it's great to have Nicholas on board. Patrick Elliott, a very successful mergers and acquisitions investor. He's done tremendous work in previous mergers and acquisitions globally, and it's great to have Pat on board. Graham Hogan has joined us as company secretary and has lots and lots and lots of experience in company secretary work and corporate governance. And to boot, there are there are a bunch of really good guys, but just don't tell them that, please. So really good guys. Great to work with them and a tremendous spread of skills on our board.

4:22 And the corporate snap snapshot, I won't spend a lot of time on this. This is something that you can look at your leisure. There's a million sorry, a billion shares out there. So we're getting up there. And quite a small market cap for the number of shares, and you can see there the shareholders and quite a few of them there are are, of course, directors and management who hold just under 10 of the company shares. So we've all got skin in the game there, and it's it's something that you can have a look at at your leisure as I mentioned. Queensland Australia, just a little bit about that. You can see there's some of the statistics, 14 operating gold mines and 13 operating copper mines. So it's a it's a great producer. And more importantly there, there's 995 tons of defined gold in resources and reserves and 17,000,000 tons of defined copper in resources and reserves.

5:18 So this is ahead of us in Queensland, and it that's a that's a very promising future for copper and gold in Queensland. So we're in the right spot, and we have been having success. I'll I'll talk about that success and still having success. So you can have a look at that as you go. Let me start with Lighthouse. Now we're not focused on Lighthouse at the moment. Lighthouse is our gold project in Queensland. We're currently drilling on our copper prospect in in Queensland. But I thought I would run over Lighthouse again for the people that might not know the ROCKFIRE story very well and just show you what we've achieved at at Lighthouse. So Lighthouse has been explored by some of the majors you can see there, SO Australia, Battle Mountain, CRA, Newcrest.

6:04 They all have been there, and they've all had success. And they all hit gold, interestingly. And and we follow these larger companies into these prospects because very often, they actually can't immediately see the five or 6,000,000 ounces that they need straight away, and they'll walk away from prospects that little old ROCKFIRE can actually make some pretty good progress on and some, potentially some some really good dollars on that. So that's why we follow them in. We, don't have the overheads that these big companies have, and so, we've been very successful in our exploration. Lighthouse has 15 prospects there, and I've listed there the types of of prospects, the type of gold deposits. And importantly, we're 27 kilometers from an operating gold plant.

6:52 Now that's critical because you don't want a stranded asset that you find gold, and then there's no way to treat the gold. So one of the original strategies for Lighthouse was that we had to identify a gold prospect that was not a stranded asset and that we could actually start to lean on some of our our neighbors should our exploration prove successful. So that was a a strategy from the word go. It turns out that we've got three operating goal sorry, two operating gold mines in trucking distance and a third plant on care and maintenance. So that's that's really good to be able to have operating gold mines nearby. And, of course, you can see there it is perspective for gold, silver, copper, and some zinc, and I'll show you that a little bit later. This is a a Google Earth image of where Plateau is. You'll see it there in the, in the gold writing.

7:43 And, you can see the the Purjingle active processing plant down in here. I'll just circle this for you. So we've got an an active processing plant here. That's 27 kilometers away. We have an active processing plant here at Ravenswood, and we have a plant on care and maintenance up here at Blackjack. So that's not operating at the moment, and it's only a reasonably small plant. It's about 300,000 tons per year, so it's a small plant. But it's not currently operational, but it's there. And this is the important thing is that we're sitting between these, and you can see there are other gold mines there, Hadley Castle, Charters Towers, Mount Lashen, of course, quite a a famous gold deposit in North Queensland, and a really good place to be bang in the middle of these multimillion ounce deposits.

8:31 So that's why we're there. And since ROCKFIRE has held these these tenement, the Lighthouse Tenement, we've been very, very successful. So you can see there that we've modeled the gold that we found at the Plateau Deposit, and Plateau has two deposits here, the Central Brexure on the left hand side and the Eastern Brexure on the right hand side there. That's what the gold looks like under the ground. So you'll see the the surface there, and we've drilled that Central Brexure to 700 meters. We've drilled the Eastern Brexit to 200 meters, and we've hit gold all the way down. So interesting statistic that every hole that ROCKFIRE has drilled has actually hit gold at plateau. So I don't know that there are many companies that can boast that, and I think it's a really good outcome for the project and the company. So you can see there that if we use a point two gram cutoff, which is a low grade cut, we have 11,000,000 tons of point six gold.

9:27 So the low the it's fairly low grade point six grams of gold, 208,000 ounces of gold, 1,500,000 ounces of silver. If we raise the low grade cut to half a gram, then we end up with 3,900,000 tons at 1.1. And 1.1 is a pretty reasonable grade for certainly for open cut mining. A 131,000 ounces and 800,000 ounces of silver. Importantly, if we look at the open pit potential, and this is the top 70 meters in the open pit, you'll see their grades and widths of the Central Berkshire and grades at widths of the Eastern Berkshire. And they're pretty robust widths. They're pretty robust grades for open pit, and we have done some work on a scoping study, and I'll show you that in in the following slides. But the top 100 meters, you'll see there on the bottom left of the screen, 1,400,000 tons at 1.2 grams gold. So there's fifty three fifty three thousand ounces of gold and 390,000 ounces of silver just in the top 100 meters.

10:29 And it's it's tremendous to to have this success in in the time that we've drilled this. We've been drilling over the last two to three years at plateau, and we've ended up with with a resource which we then went into early scoping studies. Early scoping studies don't necessarily tell you that this is gonna make lots and lots and lots and lots of money. The whole idea of doing early scoping studies is to try and and get the economics to drive your exploration. If you're just doing geological exploration for the fun of it, you might as well give up because we're all here to make money. And what we wanna do is keep that focus on the economics. Can this be economically viable? And this is something that the sooner you can work this out, it drives your exploration in particular directions, and that is important. We did the early scoping studies. It came out with anywhere between 6,800,000 Australian and 19 400,000 Aussie. You can see there the Great Britain pounds, 3.7 to 10.7, just in the top 100 meters.

11:29 There are multiple targets still to be drilled as well as infilling the resource. So, very often, when you do infill, you can get higher grades. That doesn't necessarily mean you will, but we can. And in fact, at plateau, each time we've done an infill program, our grades have boosted. So I think that's a that's a really nice point to be to to make there on that infill. We also had multiple targets and and extension targets. So the top 100 meters was incorporated into the study. It assumes utilization of one of the nearby plants, and I think that's the critical thing. What it means is that our capital costs are minimized, and the whole purpose of this exercise is to try and minimize our capital output and maximize our inflow. So that's what these studies are doing. They're driving us in particular directions to say, look. This is where you're gonna make most money when you push the button for that. So we're not there yet, and I think it's important to to let people know that we are expecting to do more exploration. We are expecting to do the infill drilling. We have metallurgical test work ahead of us at plateau, and it's very important that people understand that that process is well in train. But the critical thing is we've got the focus on the economics and having a positive outcome.

12:44 And you can see there some of the statistics there, the average mine grade, one point two six and one point nine four, and and then the spot gold price. And, of course, the study was done at 2,200. What is that? 1,718 US. It's it's just actually higher than 1,788. So it has gone up a little bit. Things a bit higher today as well. If we look at immediately surrounding plateau, we still have multiple targets here. We've got targets here at what we call the the Northern the Northeastern Brexure, which is up in here. Northeastern Brexure, the Northwestern Brexure. They're pretty original names, you must admit. Goodness knows how we came up with them. But, anyway but you can see there some of the the grades. You know, we've got 16.8 grams gold, 1.9 grams gold in in rock samples. So there's certainly gold out there, but it's it's undrilled, completely undrilled. So these are great targets to have here. Of course, the Eastern Berkshire and the Central Berkshire are both open to the East out in here, and they're also open out to the West out of here. So there's a lot to a lot for us to keep going on with the plateau, and we will get back to that. We're we're obviously restricted with with personnel and with budget and drill rigs, etcetera.

14:01 So we do intend to get back there and and advance that project and that you'll you will hear more much more about plateau as we go forward. This is an image of the the gravity data that we collected in June, so middle of the year, a month or so ago. And you can see the Eastern Brexure is is labeled there, the Central Brexure. And you can see the two very high gravity, high anomalies to the south of the Central Brexure and one over here in the East. I'll see if I can draw that again over in here. So this is completely untested, undrilled. There's a couple of drill holes into this, but there's probably a deeper target. And this is something that we will explore over time over here in the the Central Brexer. And and this one, of course, over in the East, we'll certainly take a good look at that as well. So this is ahead of us. It is showing that there are gravity highs. Now a gravity high, if you've got a a concentration of metal in the ground, it it becomes a density, an increased density. And what the gravity, of course, is measuring is that density. So with a gravity high, it means that you've got a concentration, potentially a concentration of metals there that are creating that gravity high. Of course, you can also get gravity highs simply from a rock type, and that's that's something that we need to investigate.

15:19 So, it doesn't necessarily mean that their gravity high has been caused by metal concentration, but, the signs are there. We've got gold. We've got some copper. We've got, certainly a lot of zinc in the system, and we're hopeful that they actually do represent concentrations of metal and simply not rocks.

15:39 More regionally, this is the lighthouse tenement, and it shows the number of prospects that we have in the lighthouse tenement. And I've given a few examples on the left hand side of the screen there of the rock samples and some of the drilling that's occurred at these prospects. So, interestingly enough, over in the East, over in this area here, you can see we've got zinc zinc prospects in here. So these are these are actually a concentration of zinc prospects. We we do know that they're there. And interestingly enough, about 70 kilometers to the west of us is the Tholanga Zinc Mine. The Tholanga Zinc Mine actually sits on exactly the same geological contact that runs through the lighthouse tenement. So it's interesting that we've got the same geology as Tholanga. We know that there are zinc deposits there. We haven't done any exploration for the zinc yet, but that is our plan for the future and something to keep an an eye on that we will be looking at zinc as we move forward. But at the moment, clearly and for very good economic reasons, our focus is on the gold and the copper.

16:47 Moving on to Copperhead. Okay. This is where it starts to get exciting because, we're drilling. We're currently drilling at Copperhead, and, I'll just run you very quickly through the background of, Copperhead and how it was discovered. So Copperhead, they've they being Carpentaria Exploration. Now Carpentaria Exploration actually became MIM Exploration, Mount Isa Mines Exploration. They were very successful explorers. And what they did is they came in and they did stream sampling, and this is the stream sampling bull's eye anomaly that they found at Copperhead. So this is a very high copper in streams, and that distance from there to there is about six kilometers six kilometers in that direction. Now this little bit in the middle here, actually, they followed up with soil sampling on the right hand side here. So this is the soil sampling that sits in the middle of that stream anomaly.

17:43 And the soil samples are very high. They get up to think it's about five or 600 PPM in the in the soils, a very high soils. And you can see here the brown outlines here are 400,450 PPM and above. So the interesting thing is that it runs off the edge of this soil grid, so the anomalism extends beyond this actual survey. So that's an important thing to keep in mind. Following the streams, they did the soils. When they finished the soils, they went mapping, and they had a look, and they found all these, what they called, sheeted quartz veins. And you can see the see the quartz veins are all aligned in this direction in here. And then multiple parallel quartz veins that are running through here, and they noticed in their mapping that they were hosting sulfides and particularly charcopyrite, copper copper sulfide.

18:36 So that encouraged them then to go in and do some drilling. In 1972, they drilled these five holes. There's two of them there. There's two there at the same color and one over here. These are the five holes, and this is looking towards the north. Now you may not be able to read this or see this very clearly, but, these are the traces of the drill holes. And because back in 1972, these these type of deposits, these porphyries were deemed to be homogeneous. It didn't matter anywhere in your drill hole that you sampled the core, you're going to get the same thing. So they were deemed to be homogeneous. Since 1972, we've learned a lot about porphyries, and we know that that's not true at all. So what they did in the day to, to minimize their expenditure on assaying, they actually sampled every 30 meters. So they took a one meter sample every 30 meters down the hole.

19:34 And that every sample every sample came back with copper to varying degrees. And as you can see, some from just below sort of 500 PPM right up to 2.1 2.8% copper. So, it's a, you know, a great range of of copper values. But interestingly, in the first campaign in 1972, they actually came back with every sample having copper. But ten years later, Costa in Australia came back, found the core, and sampled more of the old original 1972 core. That lifted the average grade. Yeah. And and that's that's when they found the 2.8% copper. There's also 1.5% molybdenum and up to 12 grams per ton silver. So there's silver, there's molybdenum, and there's copper.

20:21 And, we don't talk a lot about the molybdenum and the silver, but they do add value to the to the copper. And, interestingly enough, all the samples that, that cost in tow took also contained copper. So that's a great sign. When we saw this, we thought there's got to be more there. There's got to be something more there, and that's what led us to acquire this project. And and and we've now started our drilling. And as you can see here, this final point here, it's open in all directions and and potential for significant copper discovery. Prior to our our drilling, we flew a helimag survey because we wanted to find out more about the structures. In porphyry coppers, it's the structures, the internal structures, the internal veining, the fracturing, the dikes that come through in these porphyry, they actually play quite a critical role in, not only transporting, copper, but also remobilizing copper and remineralizing copper. So they are important, these structures, and we needed to find out more about these these structures.

21:27 And it's brought up beautifully in this helimag survey. You can see here we've got a series of North South faults, and I'll I'll draw them for you. They come through here. There's one of them through here. That these North South faults, and they intersect this magnetic high zone in here. You can see I'll try and outline it a bit there. You can see it's sort of like that, that sort of shape. And that magnetic high is unusually high for a start, and it's it's cut by these. And then we also have these regional faults that come through here and through here. So you've got these intersection of these faults to the North north south, and then there's Northwest faults. So this this is important, the geology and certainly the structures for feeder zones and trying to find higher grades in in the in the copper.

22:17 Now the original area that was, explored by the, the surface soil sampling is in this area here. And our Helimag actually expanded it and almost doubled the size of our target. So so we're we're looking at at quite a few areas there, and particularly, that's the original source sampling, and and this is it in here where we expanded this. So this is a great target for us. At the moment, I'm not sure if you can see that, but just in there are the five original drill holes. So it's a tiny, tiny, tiny part of the target that's actually being drilled. So there's an enormous scope for expanding this. And one of the things that we're doing first off is verifying the original drilling.

23:06 Here's an image looking down. This is a Google image, and you can see the traces of the original five drill holes in black, and they're drilled into the side of the hill. Now the here's the the track that we've developed. This is an access track right on the spine of the ridge, right at the top of the ridge coming up through here. And we've extended this out to the west because we anticipate that we're actually going to expand out here as our exploration progresses. So we got the tracking preparation there. There's another tracking here that accesses the drill the the drill sites. So this comes in here. You can see it wobbles around around the topography. There's the track that we've developed into here. So these are the the old drill tracks.

23:51 We're drilling where the original drilling was to verify the original grades that they hit. What

23:58 we wanna do, first of all, and this is part of our technical due diligence, is make sure we can replicate this. Can we get the same copper in every in every meter over those sort of distances? So this is something that's very, very important. From there, assuming success, we'll then step out. And you can see here that these are the the planned holes in red, and our current drill position is in right bang there in the middle at the twenty third. That's yesterday, and we're drilling away there happily. So these red dots are ahead of us, and you'll be able to to see the news flow as we continue to drill here and hopefully hitting lots and lots of copper. So that's the the the aim.

24:42 This is a cross section looking towards the west. So this is our current drill hole. You can see in the blue here, the the original I'll just see if I could be this one in here. That hole, that's one of the original drill holes that was drilled by carpenteria, And you can see our hole, it's not directly replicating it. It's coming in between those two holes, those one there, and it's extending to 500 meters depth. That was 300 meters depth. There's a 300 in there, but we're taking it to 500 meters depth. Now the reason is that we actually want to we wanna see what what this structure is here, what this is. This is a magnetic high response, and our 500 meter hole is going to go into that and test that for us.

25:29 So there's something magnetic at depth, stronger magnetic response. I wanna know what that is because that could be driving the system at depth. We're not sure of this, but it's something we certainly love to find out.

25:41 This is some of the copper that we're hitting. So I'll see if I can assume do you some of the, the arrows here? So this is this is the chalkopyrite. That's the copper. This is magnetite, and it's great to have magnetite in with the copper because the magnetite is actually a higher temperature mineral, and it does tend to suggest that we're actually getting closer to the core. So I really like it when we see magnetite with the with the copper. You can see it really this is a really interesting vein. I've pulled this one up because there's the magnetite, there's the copper in the same vein, and then down in here in this corner, that's pyrite. That's fool's gold. It's not gold, but it's a silver color.

26:26 And I'm not sure if you can see it from that slide, but it's a distinctly more silver than the copper. So this single vein is grading from magnetite through charcoal pyrite into pyrite in here. So that's a really interesting slide photo. This is all charcoal pyrite over in here. I'll just all all of this is charcoal pyrite in in in blobs, blebs, if you like, through the core. And I've added two more photos in here. This is deeper in the system now. This is deeper in the hole, and you can see here that we've got some some some blebby material, which the this is the the the chalcopyrite. We've got more chalcopyrite in here. We've got chalcopyrite right through this vein. So this is vein hosted chalcopyrite. And then down in here, all of this material in here is disseminated chalcopyrite. So this is really nice. We're getting two types of mineralization, two types of copper. So one is being introduced in in the veins, and one is being introduced in in the rock itself, interstitial, what we call interstitial between the grains of the rock. And I and that that then provides for a much larger target. So I'm very pleased to be seeing these two types of of mineralization at Copperhead.

27:34 So so far so good. We are still drilling. We're drilling well, we're probably not drilling as we speak because it's it's 07:30 at night in in Queensland. So they're hope they're not drilling. They don't have any lights. So anyway but we're drilling way actively, and it's great to be to be active. Look. We do so much work to get to this point. We do all of our mapping. We do our soil samples and our stream sets. We do our geochemistry and geology and geophysics. And finally, we get to the drilling. And this is where it gets really exciting. So look, It's great to be drilling. It's great to be getting visible, Chakoparad as we go through the, the core. And, watch this space. We'll certainly keep the, the investment market up to date with what we're observing.

28:20 And, course, we will release results as we get them from the lab. And and finally, Copper Dome. I just wanted to touch on Copper Dome for you. This is our second porphyry copper, and I view this as very similar to to Copperhead. The only difference is that Copperhead, as I mentioned, is copper moly silver. This one is copper gold. Okay. So this is the difference between Copperdome and Copperhead. And Copperdome, again, it was 1972. Carpentaria were very active because they they got taken over by MIM, and they they looked at all of these projects, they they discovered copper at Copper Dome and at Copperhead. Fortuitously, we're following them into these deposits. You can see in the central photo there how hilly it is. That just looks like the terrain that we're going through. So it's quite an achievement to get up back into these hills. No one's been into these hills for fifty years. So we've put the tracks back in, and we're determined to find this, and we will find it. So look. We're so far so good, and we're looking to looking forward to drilling a copper dome as well. You can see here it's got a similar footprint, two kilometers by one kilometer, up to 23% copper, 950 grams silver, and 3.2 grams gold. So as I mentioned, the the gold, copper, silver is a really nice project to have all three in the one. So vastly underexplored.

29:43 This is one of the sides I won't dwell on this, but effectively what we've got in here in the blue, and I'll just highlight this. These blue are the the porphyries. This is then the multiple porphyries that are poking through from beneath, so they punch up from beneath and and break through the surface. These red dots in the middle are the drill holes and you can see it's reasonably low grade point 1.6, 0.8% copper. And then out in here, I'll just use an arrow, we've got very, very high grade veins that are coming off this. You can see 200 grams per ton silver, 3.2 grams gold. We've got 54 grams silver, 23% copper. So this is very typical. You get the main central low grade porphyries. And then on the edges, you've got these veins shooting out, and these veins are very strongly mineralized. And this is a great porphyry target for us. Very excited by this one, and we are working to to drill this one as well. So we work towards this one. In preparation for that, we did a Helimag survey, and we did that earlier in the year, this year. And the helicopter survey identified this tremendous looking, target, this big blob in the middle here, this big pink blob.

30:57 And when you look at this in the first vertical derivative, it actually breaks down. I'll see if I can show you this, but it breaks it down into a porphyry in here, and I'll try and trace that for you. And then there appears to be a second one, a third a second one there, a smaller one, and what looks to be another one out in here. So then you've got this thing, whatever this is. Okay? So there's something underneath all of this, and we were able to find that there are multiple intrusions. And that's good because what that gives you is differing geochemical fluids. Okay? So the mineralogy of the fluids is different. Very often, they will reinvigorate each other. They will re they will redissolve, they'll remobilize, and they'll reconcentrate the copper. So very often that does happen, and it's something that we're keen to to explore. When you look at this in the third dimension and you look down into the page, you end up with this whopping red bullseye. It's it's really great. I'm not sure how to describe it. Warping is probably not a bad word. Anyway, it's a high mag, and there they are. There are two of them. They are plunging towards us out of the page, and you can see the old drilling. Now I'll just show you the old drilling here.

32:10 The old drilling actually only went from there to there. That's the that's one of the deeper holes. I think there's a deeper hole probably there, but that's as far as they went. And they're still hitting point one three, point two three, point 11% copper. So beneath this, we find these magnetic anomalies here, and we're very keen to put a hole into these. So this is something that you'll see. We we'll we'll get in there, but let's focus on Copperhead first. Let's look at Copperhead, see what we've got there, and then we'll move over to Copper Dome. So this will you'll you'll read about this. You'll hear about this. A great great prospect and something that we're really keen to have a look at what's what's driving this at depth. And in summary, you can see here we are exploring in proven gold and copper mineralized areas. I think that's important. There's an old adage in Australia, I suppose it's a worldwide adage that copper gold is where you find it.

33:05 And if other people have found gold there or copper there, then it's a great place to start looking. So that's what we've done. We've got two large porphyry copper projects. We have the commodity exposure to gold, copper, silver, and other base metals like the zinc. Already 208,000 ounces of gold, 1,500,000 ounces of silver plateau. We are looking and targeting a maiden jaw copper resource at Copperhead. So that's the end of the presentation, and very happy to to answer any questions that may have come through. David, thank you so much indeed and thank you very much for the presentation. Ladies and gentlemen, do please continue to submit your questions using the Q and A tab situated on the right hand corner of the screen. Just click Q and A, scroll to the bottom, type in your question and press in. Just while David takes a few moments to review those investor questions submitted already, I'd like to remind you that recording of the presentation along with a copy of the slides and the published Q and A can be accessed via investor dashboard on the Investor Meet company platform.

34:02 I'd also like to remind you that your feedback is important to David and the company. And immediately after the presentation has ended, we'll be redirected for the opportunity to provide your feedback in order the team could better understand your views and expectations. David, perhaps before we move on to some of the live questions, we had a couple of pre submitted questions, which I want to start the Q and A session off with, if I may. The first one is from a very appreciative shareholder. Love the company. Love those involved in the phase of exploration. Where do you hope to see the company in the next six to twelve months? And is a market cap of a 100,000,000 achievable with what you believe you have in the ground? Aiden, thanks very much. It's a great question. Look. Where do I see ROCKFIRE in six to twelve months? Look. I think that what we'll achieve in the next six to twelve months is that we'll have defined the the gold jalk resource, which we have at plateau. That's that's a given with it.

34:53 In the next six to twelve months, we're looking at defining a a gold a a copper jolt resource at Copper Dome copper head. And all going well, in the next six to twelve months, we'll also end up with a jolt maiden jolt copper resource at Copper Dome. So that's where I see us. And now with three significant jock resources, one for gold and two for copper, it puts ROCKFIRE in a great position. And it it just every time we define these resources, then it it adds value to your investment. There's no question. It makes the company more valuable. The projects become more valuable. So that's what we're achieving. And, in the next six to twelve months, of course, we're we're we're we're gonna be drilling up until we get stopped by the wet season in, in probably in December, and we'll we'll keep drilling as far as we

35:42 possibly can. So next six to twelve months, we'll be looking at at trying to achieve those three jock resources, which should make the company quite a valuable position. Thank you very much indeed. The next one we've got here is the share prices has seen a dramatic fall over 40% in the last three to six months. Whilst this is not in control of the board of directors, what commitment does the board of directors have to restore shareholder value? Well, I have to, I guess, take my word for your your 40% decline. I I haven't done the math, but I I guess what we're looking at is lows of about point seven in the last six months and highs of about 1.3 from memory. So we're sitting somewhere in the middle there. It's it's it's something that as you quite rightly say, it's it's not really in the hands of the board of directors.

36:29 Obviously, share price is driven by demand of the shareholders. But look, what we will continue to do in order to achieve value for shareholders is continue to do exactly what you expect us to do, and that's to explore these prospects, find copper and gold as best we can. And we we are relentless in trying to find these deposits, and we will put all of our effort into this, and we'll put as much of our financial resources into into actually drilling and finding these resources. That's what you expect us to do, and that's what we are doing. So I trust that that answers your question. David, thank you so much. Obviously, concludes the pre submitted question. We have had a number of questions submitted during the presentation today. If I may just hand back to you and where appropriate to do so, if you could read out the question and just give you a response, that'll be absolutely fantastic. Thank you.

37:19 Sure. So, the r and s on the 06/10/2019 stated a 555,000,000 pound, 122,500 ton estimate for 5% of copperhead. Since the target has doubled and copper price risen, can this please be elaborated? Thank you. Probably not, actually. It's by Michael d. Probably not, Michael, because you I think you have to remember that these were pre JORK. These are 1972 mineral estimates, and and they were based on very limited data. So what we had quoted then is the the the the numbers that had been published in 1972. Now what is critical for us and look. If you do the math, the numbers are correct. But what's critical for us is, first of all, we have to, in this modern day, we have to be able to verify the original drilling. We have to verify the original grades. There's a there's a lot more accountability on on companies to be able to achieve these sort of numbers. So that's what was found in the day.

38:18 Without doubt, it is only 5% of copperhead that's been tested. When you look at those expanded targets, the target has indeed doubled, and the copper price has risen substantially. So you're you're correcting that. But bear in mind that these were pre JORK estimates. They were based on limited data. We're in there drilling away. We're going to verify that, and then we're going to expand. So, look, I I look forward to to being able to to verify these grades that were found in 1972 and being able to build on them. So that's what we're aiming for, Michael, and you'll be able to read about that as we go forward. The next question is a lengthy one. I'm asking these questions on behalf of my ROCKFIRE Telegram groups. One eight six a 186 members who hold between them around 7% of the issued shares. Can you ask these questions from the Mandalorian on behalf of Gray Group members? The 500 meter red line on slide 21, was that the drill depth? Let me find slide 21 quickly. I'll go back. I'll go like this.

39:21 Might not be able to do that. I'll have to go back this way. 21. Let's find the red line. There we go. 21. Is it Slide 21? A red line? Maybe I'm on the wrong side. Red line. The 500 meter red line on Slide 21. Okay. Was that the drill depth on Monday just gone? I'm not sure about the red line. This is Mike, not sure about the red line. I'm assuming I'm on the correct slide. It's the one with the with the Google image earth. Was that the drill depth on Monday? Oh, I'm sorry. It's it's probably this one. It's this one. Sorry. Sorry. Yes. Okay. Was that the drill depth? No. No. No. No.

40:08 That's the target depth of 500 meters. So we're on our way down to that 500 meters. So that is not the drill depth. That is our target depth. Out of the core picks from the stronger magnetic response zone no. Not yet. We're not there yet, actually, Mike. We're on our way to it, and it'll be really interesting. I'm really looking forward to seeing what that stronger magnetic looks like. So at this stage, we don't know because no one's drilled that deep. Not even carpenteria drilled that deep. So we're we're in a true exploration there, Mike. So I'm looking forward to that one. It'll be interesting to see if there's anything down there. And the drill have entered at and are the core picks from the stronger magnetic response zone will have ended at 400 to on slide 27 showing the Helimag for the Copper Dome. Are you interpreting the radial fractures in the first vertical derivatives as those typically associated with the partially eroded copper porphyry system? And following on from that, on the next slide, the red high mag porphyry copper gold targets the two sisters. Are they overall ore bodies, which we hope I wish they were. We'll have an overall grade of point two four. Okay. So let's go to that slide.

41:23 Okay. Let's start with this one. Okay. The first vertical. A lot of these these these are the let me see if I can draw this. Where's my drawing tool? There. Okay. So a lot of these these these structures out here, out in here, and these ones in here, they're actually regional structures. They when when these things punch up, they they rise from depth. These are the the plutons, the porphyries. They rise from depth for and then what they do is that they dome everything above it. Everything expands and fractures and cracks, and this is what we're seeing around the edges of these intrusions. So these are effectively expansion cracks. That's where some of the fluids leak into those cracks, you end up with very, very high grades, which is what we're seeing.

42:09 So if we move then on to the two sisters, I like that name. I might adopt that one. Then these these ones here. So these these these are not the ore bodies. These are targets. They're magnetic targets. So let's not get too ahead of ourselves. I'm I'm hoping they become ore bodies, but at the moment, they're not. At the moment, they are simply high mag porphyry targets, and we plan to drill into them. So it'd be nice if these these porphyry targets, particularly the high mag targets, as I mentioned in the core that we're drilling at copperhead, you tend to get magnetite. And magnetite is actually, closer to the heat source because it's a higher temperature mineral. So these could be magnetite in these red targets that we've got there that are forming the mag high. So if that's the magnetite, we may very well get high mag, high copper in those in those rocks. So that's that's what we're hoping. That's the model.

43:04 Do we hope that the overall grade of point 2.35? Look. The historical drilling at Copperhead is around the point two three to point two, 35% mark if you add in the copper, sorry, the, the molybdenum credit. So it's point 35%, copper equivalent. We don't know what the average grade is at Copper Dome, but it it look the surface drilling that's been done so far, which is very, very shallow, it's averaging around the point one to point 2%. And as you can see, there are grades up to point two three. So at that high level, I would hope that if these bodies at depth, the magnetic bodies at depth are actually mineralized, then I would expect stronger mineralization as we go deeper. You plan to start a shallow open cast operation at Plateau to fund future drilling in Copperhead in order to minimize dilution going forward.

43:54 Look. The we are some way off of an open cut mining operation at Plateau. We do have a lot more work to do there, and I I I can't, you know, I can't say that we're going to be in production in the next ten to twelve months. Now what what we are going to do is do the infill drilling. We will do the expansion drilling, and we will confirm up those numbers that we had from the scoping studies. Don't forget scoping studies are very early stage. We have prefeasibility ahead of us. We have feasibility ahead of us. So there's there's still quite a lot of work to do at at plateau, and that we will do. Simon, what do you see as the key value creation catalyst, and will you look to partner out assets to crystallize value to shareholders and accelerate projects. Well, look, the the value drivers, we've got a three pronged approach if you like, Simon.

44:42 We've got exploration success. You know, this is what we this is what we do. This is what we're good at. Exploration success. So that's our primary focus is our exploration success. We've done well at Plateau. We've ended up with 200,000 ounces of gold. We're sitting between multimillion ounce gold deposits and operating mines. At Copper Dome, we've we've identified targets. At Copperhead, we're drilling, and we're actually hitting some copper. So that's that's a great tick forward. So what we're finding is that I'm not sure where you're you're you're question is. Let me just quickly go back. Okay. So the the so the second prong is, of course, the ability to be able to find new deposits and find new targets and actually acquire projects. And, of course, the other way to to be a a catalyst for driving is, as you say, looking for a partner or having a partner approach us.

45:37 So, look, we we we're open to all three. You know, we will continue exploration. If someone comes and taps us on the shoulder in the meantime because of our exploration success, then we'll sit down and have a chat, and I'm not gonna rule that out. So look, for me, it's one of the ways to monetize these assets, and I think, everybody will expect us to to at least, sit and listen if somebody has interest in participation, put it that way. So, we're looking to accelerate them as quickly as we possibly can. In respect to the current drilling campaign, this is Chris Jay at Copperhead. Is it anticipated that we'll gather enough information to confirm commerciality, or will we expect to see further drilling for confirmation?

46:23 Chris, it would be very, very difficult to to to get commerciality out of our first half dozen drill holes. These deposits are typically very large, and they do take a lot of drilling. And our exploration success will determine the rate of drilling, and it will determine the longevity of our drilling program. So it'll also determine any potential partners coming in. So if we find that we're hitting really good copper and that continues to be the case, then, you know, who knows? Maybe we will get a tap on the shoulder. So that's something that we're not we're not planning for that at this stage, Chris, because I think we're having great success at the moment. And I think we one of the things I said early on in the the presentation is that I think that we should try and maintain a 100% of our assets for the benefit of our shareholders as long as we can.

47:13 And I think that without being silly about it, I think we would want the any exploration and discovery success to to be our shareholder success. So that's what we aim to do is to give our ex our shareholders as much exposure to that exploration success and discovery as we possibly can. So in the meantime, if somebody does come along and and likes what they see, then we'll certainly be chatting with them, Chris. So I hope that answers your question. Right. When do we we have a lot of questions. This is good. Chris J again. When do we expect the results to come start coming in for Copperhead? And, also, when do you expect to move on to Copper Dome? Okay. Copperhead, At the moment, we're still drilling, and what we do is that we complete one hole.

48:03 We drill one hole, and then we we cut the drill core, and then we submit that to the assay laboratories. Now the assay laboratories are pretty full at the moment. And, look, there'll be certainly a a number of weeks until we can get those assays, submitted to the laboratory. And then, it's really up to the laboratories as to how they prioritize our samples and also how busy they are. So it's it's hard to put a a a timeline on that, Chris. And I wouldn't like to mislead you and say that it was something that we could predict with any certainty. So we've got the actual processing of the core. And don't forget there's a lot of work that's done on the core before it even gets sampled. We do all of the geotechnical work. We do the geological work. We do magnetic susceptibility work on the core. So there's an enormous amount of work that we information that we extract from the core. We spend so much time getting the core.

48:53 We try and get as much information out of this course we possibly can before we actually start to cut it. One of the things that we do do is measure the the angle of all of the veins to the core axis. So the core axis is, is sitting, in a vertical position, and, what we have is veins cutting across the core, and what we do is that we measure them. And we're able to actually rotate that in three-dimensional space, And it's almost like having an outcrop, but at two or three, four hundred meters down. So it's really great to be able to see what the vein orientations are at those depths. So all of this leads us towards finding finding the main body of the resource. So this work is ahead of us, Chris. So, one thing you will need is a little bit of patience with these projects. They do take a lot of preparation. They do take a lot of work, and, there is time involved with that, but, we're we're moving as quickly as we can and as efficiently as we possibly can.

49:57 Lloyd h, how do you look to get down and process copper at 500 meters down in the ground? Well, Lloyd, it is done. It's done in other parts of the world and mainly in open cut mines, particularly porphyry copper deposits, which are very, very large tonnage, and they tend to be moved with open cut techniques, mined with open cut cut. So, look, I'm not saying that we're going to be mining down to 500 meters. What I think we need to do is to to target down to 500 meters to see what these mag high features are, and I think that's very, very important. It doesn't necessarily mean that we're gonna be mining to 500 meters. I hope we are mining to 500 meters, Lloyd. I think that'll be great. But at this stage, I think we're we're sort of clutching at straws to say that we're gonna be mining to 500 meters. So I think we might need to put the brakes on some of that prediction and just let's see how we go with this, and let's let's explore it as we go.

50:49 As we get more and more success, that will determine our exploration program going forward. And as I mentioned, the rate of drilling and the longevity of our drug. And I think that's the last question. That's fantastic. And David, thank you for for addressing those questions you came from investors indeed today. And if there's any further questions that do come through, of course, David will have the opportunity to review those. We'll publish those answered back on the investor me company platform. David, perhaps I could just ask you for a few final words to wrap up before we redirect investors to give you some feedback, please. Sure. Absolutely. Look, just to to let you reiterate that we're actually looking to end up with three very large and significant prospects projects, in fact. The gold at plateau, the copper at copper dome, and the copper at at copperhead.

51:37 So so far so good at at at Lighthouse. We've ended up with a good job resource there in gold and very close to operating mines. It copperhead, so far so good. We're drilling and hitting visible copper, and that's a that's a great sign. Of course, we wanna be seeing visible copper. We are seeing visible copper. And, of course, we've got the targeted copper dome, which you can see on the screen in front of you. So look, I think we've got some exciting discoveries ahead of us, and we're looking forward to continuing our drilling and and letting you know how we go about it. But at the moment, as I mentioned, we will need a bit of patience while we get this work done. There's a lot of work to do. We're hard at it and looking forward to to letting you know how successes we go. David, fantastic. Thank you again for updating investors today. Can I please ask investors not to close this session? You should be automatically redirected for the opportunity to provide your feedback in order that David and the team can better understand your views and expectations.

52:34 This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of ROCKFIRE RESOURCES PLC, we'd like to thank you for attending today's session. That now concludes the presentation. Thank you, and good morning. Thank you.