Rockfire Resources (LSE:ROCK) — Investor Presentation

0:02 Good morning, ladies and gentlemen, and 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 at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your question and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the 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 we'll notify you when these are ready for your review.

0:34 I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll. Now like to hand you over to David Price, CEO of ROCKFIRE RESOURCES PLC. Good morning, David. Good morning, Paul, and good morning to everybody in London. Thank you for joining us today. Ideally, I would like to be there presenting to you live, But as we all know, that's not possible, and this is certainly the next next best thing. So thank you for joining me. I'm going to take you through our presentation, which we released to the, the AIM market on Monday morning. And, it's it's it's quite a, an update to the previous presentations that we've had, and, I think it's a really great opportunity to be able to walk you through each of the slides, introduce you to the projects, and to to show you what we're doing at ROCKFIRE and get a great handle on what we're doing and what we hope to achieve.

1:32 So we'll start through the presentation. The presentation, by the way, is on the ROCKFIRE website. You'll have ample opportunity to be able to look at that at your leisure. But, what I will focus on is the more technical aspects that you may not get from the presentation, simply by looking at it.

1:56 The first slide here, it's just, such a great jurisdiction to be in Australia exploring. Clearly, as the second most, attractive ranked country in the world. Interestingly enough, number one is Europe. So that that is certainly a shift for Europe, and, Australia, number two, from the Fraser Institute 2019 report. So clearly a very good destination for investment in Australia. We are commodity focused. We're looking at gold and copper, and we're, looking at projects very, very close to existing gold mines. That was one of our strategies when we picked up these projects. It's very, very important that projects are not, isolated from processing facilities.

2:46 So we have actually three gold processing plants within 50 kilometers trucking distance of our plateau gold project, and you'll see that on the the bottom left of the screen there. And, we're very fortunate to have those processing plants there. It was a deliberate strategy when we acquired these projects, and that means that if we are able to use some of the existing neighboring processing plants, it minimizes our capital cost. And that could be anywhere up to forty to fifty million pounds of capital cost savings. So it's a it's a tremendous position for our assets to be among operating gold mines, and they are very large multimillion ounce gold mines. So we're very, strategic in the way that we, have selected these areas.

3:37 And ROCKFIRE owns its assets 100%. That is a deliberate strategy that we will try to maintain for as long as we can. Very typically, projects outgrow the ability of the company. They do become too large, and partners are often sought at a specific time. ROCKFIRE is determined to maintain their 100% ownership as long as possible. So as you can see there in the bottom, 208,000 ounces of gold has been identified at Lighthouse. We came out with that, estimate in, January, at the end of January, and that is a significant upgrade from the 40,000 ounces we had as our maiden resource in 2019. You'll see there the two statistics on the right hand side of this slide.

4:26 There have been more than 13,000,000 ounces of gold already produced from within 50 kilometers of lighthouse, And the bottom there, there's more than 200 oh, sorry. I'm sorry. 20,000,000 ounces of gold that are in resources already defined and yet to be mined within 50 kilometers of lighthouse. So this is a great place for us to be. It is part of our strategy, and the old adage that gold is where you find it, rings true in Queensland. We're amongst multimillion ounce deposits, and we're looking to try and find another one of those.

5:08 A little bit about our board. I love my board dearly, but we we haven't selected them simply as friends. Some boards are chosen with mates on the board. Ours is a very, very functional a very deliberate board, and, of course, they're top blots too. So Gordon I have worked with Gordon before, our chairman, and he's an ex stockbroker. So he brings the financial sides and the equity side of our experience and our exposure as a board. Myself, I'm a geologist by training, so I bring the technical side to the board. Ian Staunton is an ex auditor, a brilliant man, and, fantastic to have an auditor on your board. It's, it's really something. So Ian brings a massive skill base to our board.

5:55 Nicholas Wally is just awesome. He's our biggest shareholder. He's been our biggest shareholder for a very long time, and, we're great to have him there. He's there to help us realize what are our shareholders' expectations of our board and our company. So he's great to have there a very astute businessman, a very successful man, and great to have him there alongside us. Patrick Elian. Patrick is our mergers and acquisition specialist. A great guy as well. Lots and lots and lots of experience, these people. You can see the board. Graham Hogan is an accountant by training. He has extremely good secretarial and governance experience. So a very diversified board, a very deliberate board, and that's what you want in a board to be able to to have those varied skill sets.

6:51 This information is quite readily available to a lot of you, so I won't dwell on this, this this image here. You can see the number of shares there, the market cap, which is quite low. The number of shareholders, much of that, of course, is in nominee companies. Our shareholder base, as mentioned, Nicholas Wally, one of our directors, is our largest shareholder, and, he sits there, holding more than 6% of the company. Our second largest shareholder, Michael Somerset Leek, is a very, very good shareholder. He's been there since 2012. He has a lot of faith in what we're doing as a board. He has a lot of faith in our projects. He's staying there. He's not going anywhere, and it's really great to have Michael there as well while supporting the stock.

7:36 You can see there the four directors, myself, Edward Fryer's our exploration manager, Patrick and Gordon. We all have skin in the game. You can see there we've got a percentage each. And amongst the board and the directors and the management, we have 11% off the company. A little bit about Queensland. Queensland is the the the smaller brother, if you like, to Western Australia. And, however, 6% of Australia's annual gold production does come from Queensland. So there's some very big mines in Queensland. There are 14 operating gold mines. There are 13 operating copper mines. And as you'll see there in the bottom of this slide, 995 tons of defined gold. That's 32,000,000 ounces of gold already defined in resources and reserves in Queensland.

8:29 17,000,000 tons of copper in resources and reserves as well. So it's a prolific producing state. It's a very mining friendly jurisdiction, a very well known mining act, and, it's it's a really great place to be, and we're very happy that we're there. Lighthouse. Lighthouse is our our primary project. It is a gold project there. You can see from these little symbols, underneath the word lighthouse, you've got, gold, silver, and copper. So we it is perspective, the tenement for gold, silver, and copper. You can see it sits just South Southeast of Southwest of Townsville, and it's you'll see there the JORC indicated and in food resource which we released in January 2021, 11,000,000 tons at point six grams and four grams silver.

9:21 The grade, at point six is, is the entire deposit. There are subsets of that 11,000,000 tons which are higher grade, and we're going to be focusing in and targeting those higher grades.

9:39 Lighthouse has been explored by a lot of big companies. You can see the names there, Kennecott, Penaroya, SO, Battle Mountain, CRA, WMC, big, big, big company names. Very often, when these companies come into new projects, they'll drill them. And in their first drill program, if they can't immediately see several million and sometimes up to 5,000,000 ounces in the first drilling program, the potential for that, then very often they will walk away. And this is what they've done at Lighthouse. These big companies have been here. They have drilled. They couldn't immediately see 5,000,000 ounces, and they walked away. However, they hit fantastic gold, and that is prime opportunity for for for ROCKFIRE. So coming in after the majors, we're effectively picking up their throwaways, which is great for us because we can make money from something that CRA or WMC can't. So it's a great strategy, and as I mentioned, they did hit some very good gold. I'll go into that a bit later in the presentation.

10:41 There's there's 15 prospects have been identified within the lighthouse tenement. We're 27 kilometers by road from the nearest operating gold processing plant, and it also is prospective for gold, silver, copper, and some zinc. We have zinc prospects within the lighthouse tenements. We have the Thalanga Zinc Mine is about 70 kilometers to the west. That's an operating zinc mine, and we have similar geology to the Thalanga Zinc Mine. So it is perspective. We know the zinc's there. We're not focused on that zinc. Our prime focus, of course, is the gold and the copper. This is a Google Earth image of our tenement, our lighthouse tenement. You can see down in here, and I'll, try and draw this for you the, the lighthouse deposit in here. There's the lighthouse gold deposit.

11:33 This circle in here, this one in here, the gold one is the, 25 kilometer radius from, from the center of the lighthouse tenement. Now the, the interesting thing is this shows the processing plants. So we have an operating processing plant at Ravenswood in here. That's, 45 kilometers away. We have an operating processing plant here, which is the Pajingo Gold Mine, which is only 27 kilometers away, and we have a non operating, a care and maintenance plant at the Blackjack Mine. So these are the three plants within the trucking distances. As I mentioned, this is only 25 kilometer radius, so they're very close. These are easy trucking distances for Australia.

12:20 And and three of them in that distance, it gives us flexibility and options. This is the critical thing. Small companies must have options. We have options of plenty. So it's brilliant for ROCKFIRE to be in this environment. Charters Towers gold mine up in here. This one up in here has been has been sorry. This one in here. That's Charters gold mine up in there. It's it's produced more than 17,000,000 ounces of gold. It's a huge gold mine, and, they have a lot still ahead of them as well.

12:55 Mount Wright Gold Mine is part of the Ravenswood Complex. Ravenswood is the one that's 45 kilometers to the northeast of plateau. We have very, very similar geology. It's similar in every way. If you have a look at these, these bits of dark material in here, and here they are in here, and these blebs and blobs, these are all sulfides. They are carrying gold, and this is our rhyolite hosted mineralization. We also have the very fine gray brown, which is pervasive through the andesite mineralization. These two rock types are hosting gold, and they're very similar rock types to what you find the same geological setting up at Mount Wright. Now Mount Wright, they produced over one and a half million ounces of gold.

13:41 They mined down to about 1.1 kilometers depth, So this is really exciting to have the similarities in the geology, the similarities in the dimensions, and the similarities in the geochemistry. So this all bodes well for Plateau. There's a 107 drill holes that have been drilled at Plateau. That's 14,000 meters of historical and more recent drilling. We've updated our jock, as you can see there, updated in 2021 with potential for further expansion of that jock, by the way. The geology, as I mentioned, is similar to Mount Wright, and, and the potential that we're looking at is both open cut and underground. So we've drilled plateau to 700 meters. We're still hitting good gold at 700 meters. Now one of our holes hit point seven of a meter at, 16.9 grams gold at depth, so we're still hitting the gold. And and this is the critical thing. It tells us that the system is still active. It tells us that the gold is still being deposited.

14:42 This is incredible. This is great for us and something that we're quite excited about. This is this is plateau. This is what we call the central breccia at plateau. You can see the dimensions here. This is the one that we've drilled to 700 meters. It's 300 meters in length in and out of the page. And you can see there on the left hand side of this image, we're getting very, very long intervals of low grade gold.

15:10 Now the long intervals of low grade gold, there's not that many companies that are getting such long intervals with low grade gold. What it is, it's an outer halo of low grade mineralization around a centralized core. Now we haven't drilled the core yet, but very typically, these systems, they come up from the depths and they will be very convoluted. They'll be very fractured. And and so you won't always find the core in the first few drilling campaigns. However, what encourages us is that we're still in the grade the the low grade halo. That's important. That's critical because there are lots and lots of factors that go to to actually making sure that gold is mineralized and deposited. We're in that environment. So we're still hitting gold. Every hole drilled at plateau has hit gold. Now within these broad envelopes, you'll see here that there is also open cut potential, and the open cut potential, by that I mean the top 90 to a 100 meters, And in here, these lengths and the grades on the left hand side of this are within the top 70 meters.

16:19 So you're looking at four and three, 22 at 1.8, six and four, 12 at one, twelve at one, etcetera, etcetera. These are within the top 70 meters. This is the potential that we see for open cut mining to the top 70 meters. As you can see there on the bottom left hand side of this slide, the Central And Eastern Brexia combined in the top 100 meters have 1,400,000 tonnes at 1.2 grams gold and 8.8 grams silver. Now 1.2 grams gold in an open cut is not too bad grade. And what we're doing at the moment is doing very, very early scoping studies. This is a deliberate strategy to make sure that we're on the right track to monetize this asset. The scoping studies feed into our exploration as we go forward to say, you need to do more work here, you need to infill this, you need to expand here. So this is what these scoping studies are designed to teach us and to tell us.

17:18 If we move over to the Eastern Berkshire, this Eastern Berkshire is only a 137 meters, a 137 meters away from the Central Berkshire, and these are tremendous grades. They're tremendous widths, all in the top 60 meters. The left hand side of this, 10 at 1.8, 11 at two, fifteen at one, ten at two. These go on and on and on. These are just a selection of samples, that I'm providing here as an example of

17:44 what we have in the top 60 meters. Again, what we're looking at is the opportunity for open cut mining. So these you'll you'll see that as we go forward, one of our plans, one of our focuses going forward is to actually do, a lot more of the infill near surface drilling, and that's what's going to boost up this potential to get into open cut production. So that's that's the Eastern Breaksha. If we look at that now in plan view so this is looking straight down, and I'll grab my drawing tool here. This there we are. That rock type there in the middle is the rhyolite. This has come up from depth. It's it's actually something that's punched up from depth. And as it's come up, all of the gases have escaped, it shattered the rock, and it's become what they call a breccia. A breccia is effectively a shattered rock. So the gases shatter the rock, they then get influx by the fluids, the boiling hot fluids, and then those fluids are carrying the gold, the copper, and the silver.

18:50 And when the conditions are absolutely perfect, so you're looking at pressure, temperature, and acidity, pH, When those conditions are perceived, gold will precipitate. Now we're getting gold being precipitated over 700 meters. Now that says a lot to me. If you understand these systems, this is a very, very exciting project. So

19:11 that's why, you've got this rhyolite. The edges of the rhyolite are shattered. And then here we have on the bottom right hand side here, on the bottom, this is the central Brexure. So this is what we've just looked at. Here's the Eastern Brexure over here. These are both open. Open to the east, open to the west, and, of course, open at depth. But have a look at this. This is very exciting up in here. We've got completely undrilled up in the top. There's 12 grams of gold in the rock samples up here. 12 grams, 1.4, 2.2, 1.4, 2.2. Fantastic to have high grade gold rocks up here that are completely undrilled. You've got two and one gram gold out here that's also open and undrilled.

19:56 We have six grams gold down in here at the surface, which is completely undrilled. So

20:02 these are additional targets near surface in the top 100 meters that will only add to our ounces when we start drilling them. And one of the things that we will focus on in the next six months is to drill these targets. So we're going to expand our near surface gold. We see ample opportunity, and this is the plan that we have going forward.

20:25 When we look more, more regionally further away, here we are with, with plateau down in here. Here's plateau there. We've got Split Rock up in here. We've got to the North. We've got Jeddah to the South. We've got Bell Rock, and you'll have heard about the soil sampling that we have at Bell Rock, a very high grade gold in the in the in the soil samples there. Native bee, you'll hear a bit more about native bee. This is in our Kookaburra license. So the the Kookaburra license is here. This this blue one here, and, of course, this is lighthouse over here. So Kookaburra, Koola North, and and Native Bee, they haven't really been explored much by rock fire, but they will. You will hear more about these because they sit so close to plateau that we we are hoping that what we can achieve is actually a a cluster of deposits that we can then truck to a

21:18 centralized mill, I e hopefully hopefully an existing processing plant. So what we're doing is deliberately building up our new surface ounces at ROCKFIRE within the lighthouse tenement. You can see here these circular features. I'll see if I can draw one of these circles in here for you. It's pretty impressive. Oh, I can't really, of course. But it's in there. These circular features in here, these are these intrusions that have punched up from beneath and shattered all the rock and brought the gold and the copper and the silver. So we've got a number of these. I'll I'll see if I can undo these and get rid of those there. So you can see a number of these circles on there, and we'll be looking at these in in the near future. So we've got a lot to look at within our lighthouse tenement. We've got a lot to look at in in Kookaburra. This is a really exciting area to be. And guess what?

22:08 We're bang between two multimillion ounce deposits of gold and and mine. So this is great. Great place to be. Very, very happy with the progress of Lighthouse. Within Lighthouse itself, these are some of the other, projects within Lighthouse. You can see the plateau down in here. There's plateau down in the bottom here. There's plateau. And you can see over here on the left hand side, I've named a few of the prospects, Jeddah, Bell Rock, Split Rock, Double Event, Lower Lighthouse, Bluff Creek, and I've provided there an example of some of the historical exploration that has been at each of these? For example, at at Jeddah, Jeddah sits down in here. Jeddah, 10 meters at 1.6 grams gold from a continuous rock chip sample. Now I I should explain continuous rock chip sample.

22:57 If you take a rock chip sample, you literally chip the rock and you put it into a bag. A continuous chip rock chip sample, it differs to a channel sample. If you've got an outcrop like this and you you form a channel, you chip a channel right across a continuous channel, then you that that's actually a channel sample. A continuous ROCKFIRE sample is collecting ROCKFIRES as you go across the entire outcrop. And in this case, the outcrop is 10 meters wide, and we took a continuous rock chip into one bag across 10 meters. That's why we get a an interval on a rock chip. So it is a continuous rock chip sample, very different to a channel sample and very different to a rock sample.

23:40 Looking down at double event, the drilling results ten, three minutes of 10 grams. Please feel free to have a look at these at your leisure, but you will hear more about these prospects as we go forward. We know they're there. It's it's tremendously well endowed tenement, and we're very excited by it as I keep saying. So moving on to our our copper projects, and of course, with the price of copper, we're pretty excited. We we see copper being sustained with these levels if not higher. I saw an outrageous prediction of copper price the other day. It was something like $15,000 a ton. So, you know, you you ask three people, you get more opinions on the copper and gold price. But, look, you know, some pretty impressive predictions of prices. I I tend not to predict prices. I try not to predict prices because I'm always wrong. And the other thing is that there are so many other people predicting prices that I don't feel I need to. But look, we're very positive on copper.

24:36 We're very bullish on gold, extremely bullish on gold. Excuse me. Sorry. On gold, I think gold has a long way to go yet. I think there's going to be a lot of financial crisis with a lot of the easing that that will be happening with financial crutches, if for want of a better term globally. And once they those crutches are are taken away, I think we're we're in for a bit of a rough I think gold will do well. And copper, of course, I think will do very, very well indeed, not only for electric vehicles, but also the the construction of of things like windmills. You know? I I noticed BHP was had advertisements on the Australian television saying that there's about four tons of copper used in each wind turbine. So there's copper will will become a very important element if it isn't already for future EV and and green energy. So we're bullish on copper. Our copper projects are very large.

25:32 We have two copper projects. One of them is Copperhead. And Copperhead, it's interesting. This on the left hand side of this image, that's the stream sampling. That is historical stream sampling. And I challenge you to find a better bull's eye than that. It's a pretty impressive bull's eye, but and and quite high. This is above 200 PPM copper in in the stream. Very high stream samples. I think in most deposits, if you're getting fifty fifty PPM and above, you'd be pretty happy with that, but we're getting 200 in the streams. That area there is six kilometers. That yellow

26:07 the yellow outline is six kilometers long. Inside that inside that, the red is is actually on the right hand side of this slide, which is the soil sampling, and you'll see there that that soil sampling is three kilometers long. Now inside that soil sampling, the soils were returning over 500 PPM copper. Now, again, 500 PPM copper in soils is very high, and I think most most companies would be pretty comfortable if they're getting anywhere near a 100 PPM. So to have 500 PPM, and we've got lots of it. You have a look at the brown red color in that image, you'll actually see that it's it covers almost the entirety of that three kilometer strike. So it's a big surface expression of the copper surface in the soils. We have six kilometer stream sample anomaly, which will retract to this three kilometers in the soil sampling, and you'll see there in the middle, I'll try and and put them yep. I'll be able to do that. Around here in there, you'll see those four black dots. That's historical drilling that was done by Carpentaria Exploration in 1972.

27:18 Carpentaria Exploration actually ended up becoming MIN Exploration, Mount Isa Mines Exploration. So they were very professional and very good outfit that became very, very successful. So they did those drill holes. Guess what? They all hit copper, and this is what they hit. So this slide is showing the drill holes that were drilled, there are five of them. You can see the traces of the five drill holes. These drill holes are down to 300 meters deep, from the surface. Now in the 300 meters, you'll actually see here that you've got a

27:57 a blues blue dot tick there. You've got a blue tick there. You've got a yellow tick in there. These are the assays. They were taken a single assay was taken every 30 meters down the hole. In the seventies, porphyry coppers were deemed to be homogeneous, which means it didn't really matter where you took your sample. You're going to get the same grade. We now know that that's not true. Porphyry copper is very enormously in grade. And what they did in 1972 is that they took a single sample every 30 meters down the hole, and every sample came back with copper. And not only that, the geological logs actually record visible copper minerals, chalcopyrite, from the top of every hole through to the bottom of every hole. And this is great. This is we're not when we've hit copper. It's there. We know it's there. This has been drilled in five consecutive holes. They hit copper. Ten years later, a company called Costain Australia came back. They found the original core, and they sampled more of the core.

29:10 And they got up to 2.8% copper in the samples that they took after Carpentaria had already done their 30 meter sampling. This is fantastic. They lifted the average overall average grade of the copper by coming back and sampling more of that core. So we're we're pretty, bullish about what we're gonna hit when we start to drill this. And, one of the things we will do because we don't have access to this chords, it's nineteen seventy two chord. It has disappeared. We've looked everywhere. We can't find this chord, but, but it does mean that we will have to drill our own holes. That's fine. So we intend to drill here, and, what we'll do is come into this area and verify these results first, and then we'll start stepping out and expanding copperhead.

29:55 So it's a great project. A lot of growth potential here. Potentially, it could be a very, very big deposit, and keep an eye on it because I think this will be really exciting as we start to drill this. So you can see there it's open in all directions, and, the big big, signature at surface, very exciting project. More recently, we flew a Helimag survey. Now I'll show you on here again with my drawing tool. No. I won't use that one. I'll undo that, and I'll use this one because this one's a better one. Here it is. This this green dotted line here, that's the soil sampling, the three kilometers of soil sampling that we just looked at. And you'll see here that it's characterized by red, high magnetism and these North South faults, these North South faults that are coming in here.

30:48 And these North South faults, are fracturing up the intrusion. You'll see here in the south here that we have effectively doubled the target size by flying this mag. You'll also see here that we've got the same North South faults running straight through the mag high. So this has effectively doubled our size of our targeted copperhead. And and this is fantastic because it it expands everything. We the area to the Southeast there that I just circled has not been soil sampled. There's been no soils. There's been no streams, so it's virgin territory for us. So you will see that we'll go into there. We will do some soil sampling in there, but, we do wanna drill this. It's important that we drill this. And the other thing that I wanted to quickly highlight for you is just in here, this tiny little circle in here. That's where our five drill holes are. So it's a tiny tiny piece of this entire deposit that's been actually drilled in the in the nineteen seventies, early nineteen seventies. This hilly mag has been really great for us.

31:54 It's it's identified the fracture patterns. It's identified the high mag, and it's effectively double what we're looking for. So, a growing project, and, you'll hear more about Copperhead as we go forward.

32:07 And our second project is Copper Dome. Our big porphyry copper is Copper Dome. It sits about 50 kilometers from Copperhead. And, as you'll see here, both of these are listed in the global mineral resource estimate assessment. These are done by the geological survey, The United States Geological Survey, and they did a global assessment of mineral resources. And both Copperhead and Copperdome are mentioned in that global assessment. So they are important projects. ROCKFIRE is very fortunate to have them in there in our portfolio, and and we we aim to advance both of them as we go forward. Now Copper Dome, you can see the rock sample there on the top left photo. It's bright blue. That's the asiarite that comes in. On the the right hand photo, that's a cliff face, and the the very light green there is, is malachite.

32:57 It's a copper carbonate that's actually leaching out of the wall. So there's a there's an outcrop there and the the copper is just leaching out of that wall. So really great to have visible copper at the surface of Copper Dome. That's what it looks like in the middle photograph there that's from plane that we hired to be able to get that photo of Copper Dome from from that distance. It's such a big target that we can't we can't show it as a drone, and this is a great photo it shows here. And you'll see on the on the left hand side there that you've actually got a collapsed structure here and here, and you can see here this in here. That's that's a slump. It's just collapsed there, and this is very typical of these domes. And copper occurs underneath that dome.

33:44 It occurs underneath, under there, under that that dome, and copper and gold also occur inside that collapsed structure. So, there are historical workings. There's actually an old hand winch there from when they used to mine the copper by hand back in the old days. So these historical workings, huge copper, 23 copper in the rock samples, 950 grams silver, three grams gold. It's a very typical porphyry copper, and these samples I'll show you where we took them because that's quite important to the overall story. Big footprint, two kilometers by one kilometer. Some of the drilling results I've given there, 15 meters at point eight eight copper. Now they're only shallow drilling. Again, was done by Carpentaria Exploration in 1972, very historical drilling.

34:32 A very very shallow drilling, but they hit great copper. And and, of course, they hit gold 51 meters of point two grams of gold. Now point two grams gold may not sound like a lot, but that is very, very typical of porphyry copper gold grades. So that excites us to have that gold sitting there. Vastly under explored. This is what copper dome looks like from the air looking straight down. Now what you've got is these blue shapes in here. These are diorites. These are the intrusions. These are the ones that have the rocks that have punched up from beneath and formed that that opening, the fracturing of the dome. And you'll see here I'll see if I I'll put them out over here. Did I yep. That should work. That's okay. Okay. Down here. Three grams gold, 200 grams silver, three grams, and 23% copper down in here. Now these are actually on a very small fracture plane. You can see there's a red line there. There's a very fine red line here.

35:39 There's a very fine red line here, and you can see 54 grams silver, 1.8% copper. There's another fine line. These are

35:47 fractures. As these these domes have punched upwards, it's fractured all of the rocks surrounding these intrusions, and those fractures typically have very high grades but very narrow. And what you find is that we went and sampled them to make sure that these are typical porphyry copper deposits because you get these very, very high grades, out in these fracture planes outside the main dome. The big prize for ROCKFIRE are the blue rocks there. It's the porphyries. You'll you'll be always able to get spectacular grades from these very narrow high grade veins out on the edges, and we'll certainly look at them. We're not going to ignore them, but the big prize is the porphyry copper in the middle. So, where you can see some of the drilling results in yellow there, please feel free to take your time and to look through these at your leisure.

36:46 And, finally, this is our final project Moringa. And Moringa, as you'll see there from the, the symbols, gold, copper, and silver. So it's, it's an historical gold rush town. There were 200 people living at Moringa at one point. There was a gold rush in the eighteen nineties. So, there were 37 old historical workings there, and, ROCKFIRE has the whole gold field under tenement. So as you can see there, eighteen seventies, 200 prospectus. It's very, very high grade gold, copper, silver. There's a 149 grams gold in the rock sample, 17% copper and 78 grams silver. So very high grades in the rocks. Now despite this, ROCKFIRE is looking for, expressions of interest to come in from other companies to be able to help explore this.

37:37 We're not ignoring it, and I think it's important to make that very clear. We have a lot of faith in Marengo. You don't get copper leaching out of the rocks in samples like that one in the photo that you have there in front of you, and and you don't get extreme grades of gold without there being a very big driving system there. So we're confident there's a system there, but ROCKFIRE wants to focus its human resources and its financial resources on the earlier prizes being open cut opportunities at plateau, and, of course, the very big prizes at our core poultry company. So I think it makes logical sense for us to be able to make sure that we bring someone in, but it will be someone capable. And, they'll come in, they'll assist us, by funding that. And, and we may even help them with the, with the with the technical side of things, but that's that's entirely up to the agreement. If one eventuates, we've not, we've not signed anything. There's been no advancement on that call for interest.

38:38 And, well, we're still seeking partners, and, it's out there. It's a great prospect, and, you will hear more about it. So, it's not gonna fall off the radar. And finally, just a summary slide. These these are the investment reasons why, ROCKFIRE, is a very focused and prudent explorer. We are exploring between multimillion ounce gold mines. We've got the two large porphyries. We have a commodity focus on gold, copper, silver. We've already got 208,000 ounces of gold and growing, an experienced and diverse board. We have the geographical focus in Queensland, which has been, by the way, a godsend during COVID because all of our technical staff, all of our contractors are all in Queensland, and we've been able to continue our exploration throughout that, that, terrible pandemic. We're an successful explorer.

39:35 We have high growth assets, and, of course, we're a very low cost explorer. Our last updated Jawke resource was at about £6 per ounce discovery cost. So we pride ourselves on on being a very low cost explorer. And that's the end of the presentation. Fantastic, David. Thank you very much indeed for, presenting there. Ladies and gentlemen, do please continue to submit your questions using the q and a tab situated on the right hand corner of your screen. I'm just glad 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 your investor dashboard on the Investor Meet company platform. I'd also like to remind you that your feedback is important to the company. And immediately after the presentation has ended, you'll be redirected for the opportunity to provide feedback in order the company can better understand your views and expectations.

40:30 And, David, perhaps before we move on to some of the live questions, we've had a number of presubmitted questions from investors, and I wanted to start the q and a session off with these, if that's okay. Sure. Right. That's great. The first question we've had is considering the high impact nature of the projects, can you confirm there will be an extensive drill program this year? And also clarify if funding is required, and if so, will retail be able to participate in an equity issue via platforms such as primary bid? Sure. Yep. No problem. Look. Extensive drilling is planned. We've planned extensive infill and extension drilling at Plateau. We also want to do inaugural drilling at Copperhead and Copper Dome. So you'll be able to see that. And look. My aim is to try and get the Copper Dome and copper copperhead prospects drilled within the next six months. So that gives you a bit of a time that I'm thinking of.

41:22 And, of course, that that will involve not a huge amount of drilling at those because we do need to verify those historical results, but we do plan extensive infill and extensive extension drilling at plateau, of course, at those near surface targets. So depending on the results from the infill and the extension drilling at Plato, and, of course, the results from the copper projects, any future fundraise would be aimed at fulfilling an acceleration of that drilling or, in fact, a more sustained program. So we're a very dynamic company, and we try to make decisions based on results. We are results driven. So if we're finding that our drilling is is providing the goods and the classic example of this is the deep drilling that we did at plateau. We drilled one we drilled deep holes, and we didn't get the the bonanza core that we were hoping for in the first two holes. So we thought, wait a sec. Before we start drilling lots and lots and lots of very expensive deep holes, let's make sure that we get the the the the near surface underway.

42:27 Let's try and monetize this. That would then potentially fund the deep drilling. So we're very, conscious of our costs and how we use our money. So a raising for any reason would would be to sustain that drilling or in fact to accelerate it. Look. ROCKFIRE uses Allenby Capital as our as our broker. They do a great job for us, and we obtain a lot of advice and guidance from Allenby. So look. To be honest, I can't I can't be sure that primary breed would be used. However, of course, Allenby and ourselves review all the options with our advisers, and, and that would be done at the appropriate time. That's correct, David. Thank you. The next question we have here, reads as follows. As a long term holder of many years, could you please explain how two trades of £245,000 are late to trade on the February 12, and by the February 19, no t r one notices have been issued.

43:22 This is about 5% of the total shares in issue. Your guess is as good as mine, to be honest with you. Those two trades were brought to my attention the following morning, and my and my initial expectation was for a t r one. I was expecting the t r one to arrive in my inbox. And but in the meantime, I actually checked the share register, and I checked the share register. And in the share register, I can actually see if there's a record of any significant volumes above 500,000 shares traded in any one day. Those those trades don't appear. So, first of all, our share register doesn't show those trades. And secondly, I've still not received a t r one. So the answer is I'm as confused as you. I saw them. They were brought to my attention. I've had no t r one, and I can confirm that. I also can confirm that they don't appear on our register of of high volume try excuse me, trades. So, look, I'm not sure how prevalent errors are, but it to me, it it it seems seems to be a bit a bit, like an error. I'm not sure.

44:34 That's great, David. Thank you very much. Next question we have here. Do you consider it unfair to law long term shareholders to suffer further dilution unless a fund raise is available to them with future warrant shares? Look. Warrants warrants are an interesting one. With regards to warrants, we we've actually been actively trying to diminish the number of warrants, the outstanding warrants that ROCKFIRE has on issue. And over the last year, we've actually reduced the warrants, the overhanging warrants from about 190,000,000 down to just about 30,000,000 now. So we're well on the way to bringing that overhang. A lot of retail investors don't like that overhang because it translates into further dilution.

45:21 So we've been actively trying to diminish those. In fact, our last two fundraisers have been completed without warrants being issued. Now for us to do fundraisers without warrants being issued, I think that's ultimately very fair to our long term shareholders. What it does is effectively, excuse me, effectively minimizes dilution through those warrants. David, thank you. Next pre submitted question we have here, reads as ROCKFIRE in a very good position owning a 100% of each of its exploration areas. What is the position as regards a joint venture to leverage the cost of drilling? It seems that placings have been the way to raise cash in the past. Yeah. Okay. So, look, as I mentioned earlier, ROCKFIRE does have a strategy to try and maintain a 100% of its projects in its own ownership for as long as possible.

46:14 I think that's a very good strategy for for companies to have. Now, obviously, the further you advance projects, the the more valuable they become. Potentially, the more expensive it is to acquire them. So each project will ultimately become too big for ROCKFIRE. That's the natural growth process of of mining projects. And as the resources grow, the expenditure requirements increase. And they do tend to increase exponentially because you start getting into into feasibility and development costs. So there's there's actually a lot of costs to move projects on beyond the initial exploration, the discovery, then into the the scoping feasibility, full feasibility development, etcetera. So we will take it as far as we can as ROCKFIRE.

47:03 And I think the board's continuously reviewing the process for each project, and we've got a very determined, attitude to retain a 100% for as long as possible. We do revise it regularly as a as a board. In the case of Moringo, it's appropriate to invite partners in at this point in time. It's very early stage, but it does warrant systematic and determined exploration at Maringo. And I think it's very prudent that the company actually focuses its resources on its near return options for for monetizing the assets. That's great. Thank you. Next question we've got does kind of, where we've covered some of that off in the previous question and obviously in the presentation itself. But does the board expect to be drilling in either of the copper assets in 2021?

47:51 Given the high price of copper, would a JV to accelerate one of these assets be the best route forward? Look. We we're planning to drill at, both Copperhead and Copper Dome. And as I mentioned, we'll try and get that underway in the next six months. So they're both very exciting projects, and they they do warrant drilling. So ROCKFIRE is determined to progress them this year. A joint venture would be off the cards, and and I don't think anybody could argue that a joint venture is one avenue for the company to be able to advance the prospects of the project. So a joint venture is always they're going to be considered. So we haven't actually talked about joint venturing at our big copper projects yet, and certainly not Lighthouse at this stage.

48:39 If the right offer came along, and that would be to progress the projects with significant expenditure, then we'd certainly consider offers. And I think I think our shareholders would expect us to do that, to be honest with you. And so we would look at offers. We haven't advanced to anyone. We've not approached anyone. No one has approached us about the big projects, the copper projects. And at the moment, we're quite comfortable with that. We'll take them as far as we can. We've got a lot of work that we can do there to be able to advance them. So we're that is the strategy. It's a very deliberate strategy, so that answers that. And, look, I do stress that we're not actively seeking joint venture partners for the copper projects. We want our shareholders to benefit from any discovery uplift when we start drilling. So rather than potentially having relinquished ownership or even part ownership of the project, if we make a great discovery there, then our shareholders are gonna be, very wealthy. So I prefer to give our shareholders that wealth than, than bring in a partner and share that wealth with them. So I think that's something that I hope that our shareholders will applaud.

49:48 That's great. Thanks, David. The final one we have here, although the share price rose significantly after the 500% jock increase at plateau, those gains were almost immediately lost. How does management propose to lock in shareholder value at ROCKFIRE? Look. I'm trying to just get the right words out here, but basically shareholder value will come with time. Each project takes time to explore it. It it takes time to understand the geology and advance them. There's very few mineral exploration projects that will be an instant reward scenario. So they're you're far between. Shareholders in ROCKFIRE will see value, real value increases through the following means, and they are that we can achieve further exploration success from the near surface shallow drilling at plateau, a positive outcome from our early scoping studies for open pit mining, exploration success at our deep drilling at plateau.

50:47 So these are all drivers that will really build value in the in not only the asset, but ultimately the company. Long intervals of copper being intersected with copperhead and copper dome, they will be catalysts for that value drive. A significant project acquisition. Now the management is always looking at new projects. I have new projects coming across my desk probably on a fortnightly basis at this stage, and we look into them in great detail. But we are very fussy. We're only going to take really cracking projects. So we do reject most of them. But if we find one that is transformational, certainly, we would look at that. And we have only accepted one project in four years now, and that's the Coppertone project. And that that will be, in my opinion, I think it'll be a cracker once we start drilling it. So that will be used that will help to to to increase the value of of the company assets. And, of course, the other thing is, which has already been mentioned, is bringing in a potential joint venture partner. That always increases value. So I think they're the catalyst, and you can look forward to at least one of them at least one of them, maybe two or three of those catalysts throughout the next twelve month period.

52:01 David, thank you. We have had a number of, questions submitted by investors during the presentation today, some of which you have covered off. But perhaps if I could just hand back to you, just to have a look at that q and a tab, and where appropriate to do so, if you could just read out the question and who it's from and and just give it a little bit further color. But do appreciate you have, covered off quite a few of those areas that we've got there. Sure. Sure. Sure. So, the first question is from Nick Jay. Go ahead, Nick. The question is, are you looking for partners to accelerate the projects? Well, Nick, I hope I've answered that adequately for you. And, the bottom line is, yes, we are for Moringo. That's a project that we would prefer somebody else to come in and spend their money on. And we would retain equity, by the way, Nick. We'd, we'd actually make sure that we retained a significant percentage of the project because we have a lot of faith in the project, and we wouldn't want to to to to minimize our exposure too much. So, yes, we are looking at Marengo. We're not actively looking at any other projects for partners at this point in time.

53:07 The second question is from Andy, Andy L. And, very impressing here. Andy writes, I'm very impressed with the geological potential of Lighthouse as described. How will initial open pit production be financed, and how soon might you aim to actually produce some gold? Great question, Andy. Look. The bottom line is that we're we're gonna charge down the road of of, towards production as quickly as we can. There's a lot of steps to go through as I'm sure you could appreciate. The one of the things that we do early is these scoping studies. Now the scoping studies, as I mentioned earlier, they're designed to say, look, at this stage, it may be economic. We might get a positive outcome from this, but it it's more than likely at this very, very early stage that they'll say, look, you need to do more drilling here. Now the reason I say that is because number of our resources are in inferred category.

54:04 This is the Jaw code. Now you can't do feasibility studies on inferred resources. You have to drill more holes between existing holes to increase the confidence, and it lifts the confidence from inferred up in indicated. Indicated resources you can use for feasibility. So these are the things that we need to be told. What do we need to improve to be able to lift the confidence? Of course, one of the things that I'm expecting is metallurgical test work, which we'll need to do, and we do plan to do that, by the way, in the in the next drilling program. So these are the steps that we need to be able to get into production. Now as far as financing the the production system, I'm hoping that we can minimize our capital costs. Now first of all, if we can get away without building a plant and, and potentially tapping a neighbor on the shop and saying, by the way, can we use your plant?

54:59 Then then it saves a huge amount of capital cost. As I mentioned, it's probably $40.40 to £50,000,000 that we'd save in building our own plant. Another thing is the camp. If we can get away with with bringing people in from Charter's Towers, which is a very, very big center on a on a daily basis, we'll probably anywhere up to 5 to £10,000,000 we'd save on building a camp. So we will look at all of these. They will go into some of these early studies to try and tell us what we can and what we can't finance. And and then, of course, we're we're looking to try and minimize that finance as much as possible. The specifics of where that money will come to from, we've not even discussed that at this point, to be honest with you, because we feel it's still a little down the track. We need to make sure that this thing makes money first. So that's the first thing. And how we aim to actually produce some gold? Our our priority one is to actually, lean on one of the big brothers that are producing nearby.

55:57 And, hopefully, we can, we can find that this thing does make money from the studies that we do. And and then we're in a a position to be able to go and, and talk to our neighbors. So so that's that's how we, we we aim to do that. I hope that answers your question, Annie. The next question is Malcolm h. Malcolm writes, what are your drilling plans throughout 2021? And are you or have you been in talks with any majors about a farm in or earning agreement? Plus how much money do you currently have in the bank? So, what are the drilling plans? The drilling plans, Malcolm, are to to to do the infill drilling and lift that confidence at the plateau gold deposit near surface in the top 100 meters. So that money, to be able to do that is already in the bank. It's it's left over from the two raises that we did last year.

56:47 We raised £2,000,000, and we've still got a proportion of that money left. So that will fund that very shallow drilling down to the top 100 meters. We also aim to expand the drilling to the north and south into those areas that I highlighted that had the high rock rock samples. So effectively, we're going to try and multiply the new surface resources that we've got there. Have we been in talks with majors? No. No. We haven't. We've not spoken with majors at all, and and that's our strategy. There's a fine line. You can bring majors in too early and lose the exploration upside and lose the discovery uplift that our shareholders should, and they deserve it. You know? Our shareholders are there. They've put the risk money in. They deserve the discovery, not some other company. So I'm I'm very, very tough on that one, I'm afraid. I think that we we can develop these quite a long way still as ROCKFIRE.

57:43 We get the uplift and the discovery, and and and I'm sure, ultimately, we won't need to go and talk to anybody. They'll be tapping on my shoulder. So that's that I hope that answers that question. How much money do you currently have in the bank? As I mentioned, we raised £2,000,000 last year. Quite a proportion of that is still in the bank. We've got enough there to be able to start that infill drilling and the expansion drilling. We've also got enough to be able to do a honeymag at Copper Dome, which is one of the things we told the market we'd like to do. So that will that will be used for that. Andy l, again, would you consider a joint venture on one of the copper assets? Andy, I guess, is the is the short answer. Of course, if somebody comes to me and says, Dave, we've got, £10,000,000.

58:29 We'd like to put it into Copper Dome. It'd be tough to say no to that, to be honest with you. But anyway, that hasn't happened. Would we consider it? Of course. Absolutely. I think you would expect us to consider that. That's part of our role in running this company. So, we would consider, if there's anyone out there with £10,000,000 to put into Copper Dome, feel free to give me a call. But, yeah, the short answer is yes. E and H. E and H says, how much do you expect to spend in achieving open cast mining, and how do you expect to raise it without a significant dilution of share capital? Well, Ian, what we're gonna try and do is to minimize that cost. Part of the strategy of ROCKFIRE and the very, very early strategy when we first put the company assets into ROCKFIRE, what happened is that we made a very deliberate strategy.

59:22 Gold must have been found at the projects. The gold must have been drilled. The drilling must have achieved potentially minable widths and potentially minor potentially economic grades. And the final fifth point is they mustn't be isolated assets. They must be very close to processing facilities. That puts a major hole in your capital costs. That was this deliberate strategy very early on. We're still on that strategy. And what we are going to do I'm really sorry that I can't provide you with actual numbers of what it will cost. I don't know that yet because we haven't done the scoping studies. These early scoping studies will put some of those economic parameters into the deposit, and they'll look at trucking. They'll look at blasting.

1:00:10 Do we need to blast? We might not need to blast. It's very soft rock. We might be able to free dig this, which which means you that you cut your your blasting costs out. So there's a whole pile of parameters that we're going to examine to see whether this thing can make us money or not. So I hope that that that answers that question, Ian. David, thank you very much. You you've addressed all those questions that we've had through from investors today. And if any further questions do come through, of course, David would be able to review all of those questions, and we'll Very happy to, Paul. That's great. Thank you. And we'll publish answers, where appropriate to do so on the investor me company platform. David, just before I redirect investors to give you a little bit of feedback, perhaps just a final couple of words just to wrap up, please.

1:00:56 Yeah. Well, look. Thank you for joining me. It's it's great to have the opportunity to actually explain this. You can only put so much in an RNS. They make the rules around RNS so restrictive that it's difficult to actually get the the message across. I'd like to do more of these, and and you will see that we will do more than I wanna keep you all up to date as much as possible. Feel free to contact myself at any time at the ROCKFIRE website, and you you will have these more frequently. I I I reckon they're great, and it's a good opportunity, to give you a a really good in-depth feel for what we're trying to achieve at ROCKFIRE, and thank you for joining me. David, thank you very much for updating investors today. Could I please ask investors not to close the session? You should be now automatically redirected for the opportunity to provide your feedback.

1:01:45 If you've accessed this meeting from our website, the feedback page will appear in front of you. If you've accessed the meeting via the link sent to you via email, you'll be simply asked to log back in to submit your feedback. It takes just a few seconds and is greatly appreciated by, David and the team. On behalf of ROCKFIRE RESOURCES PLC, we'd like to thank you for attending today's presentation. That now concludes today's session. Thank you, and good morning. Thank you.