Rockfire Resources (LSE:ROCK) — Investor Presentation

0:01 Good morning, ladies and gentlemen, and welcome to the ROCKFIRE RESOURCES PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions at any time and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all of the questions submitted today and publish responses where it is appropriate to do so. These will be available via your investor meet company

0:33 dashboard, and we will notify you by email when these are ready for your review. Before we begin, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to CEO, David Price. Good morning, sir. Good morning, Jake, and good morning, everybody. It's great to be back here on Investor Meet present company. It's just such a great platform. It's an ideal opportunity to at least give you an update of what is happening at ROCKFIRE. I'm sorry that I can't listen to you and and meet you face to face, but that will change in June. We plan to have our annual general meeting in London this year, so I look forward to meeting lots of you there, I hope. That'd be really great. And we're mainly talking about the Mollai project today to bring you up to date with what's happened at Mollai over the last month or so since we last met.

1:28 And there's been a lot of a lot of developments, of course, including our JOCK up a maiden JOCK resource. So I'll talk to you about that. During the presentation, I'll show you very brief slides of our other projects so that you can become familiar with them if you haven't seen them before, and also to recap if you have seen them and are familiar with them. So I'll start the slide presentation here, and you you can see here on our on our first slide, this is the summary of ROCKFIRE and what it's all about. So you can see we are successfully finding deposits of precious and base metals. ROCKFIRE is a is a true exploration company.

2:13 That's it's it's it's I know that there are a number of people out there that say, oh, they should be doing this. They should be doing that. But our job is to explore for resources. We are doing that. We're doing it successfully, and we've done very, very well. As you can see there on the left hand side, JORC RESOURCES there. And this is early last year. Early twenty twenty one, we announced our upgraded JORC resource at plateau. A 121,000 ounces of gold, 800,000 ounces of silver. Late last year, in and early this year, we announced our copperhead maiden resource, 80,000 tons of copper, 9,400 tons of molybdenum, and 1,100,000 ounces of silver.

2:59 And, of course, recently, we've now announced our maiden jock resource at Molay, 210,000 tons of zinc, 39,000 tons of lead, and three and a half million ounces of silver. So these resources have all come about in the last eighteen months, And I think that's a really pertinent point because we have been very busy. And as somebody pointed out in one of the questions that I have had sent through before the submission is that all of this work has occurred recently. And during the pandemic, of all things, we've been able to maintain our exploration successfully. Now we're building these resources. And, critically, as you'll see on the right hand side of the screen there, we are a successful explorer.

3:47 That's what we do. We're 100% owning all of our assets in ROCKFIRE. We do focus on attractive investment jurisdictions. That's an important point. And, of course, we have a very experienced and diverse board of directors. So we've got a lot of experience there, and that's testimony in the last eighteen months of the amount of gold, the amount of silver, zinc, lead, molybdenum that we've been able to to define as well as copper, of course. And it's it's been a tremendous eighteen months for us, and I I am really proud of the team and the work that they've done to build these resources.

4:29 On to Greece quickly. I wanted to show you why Greece is such an attractive investment jurisdiction. ROCKFIRE is able to own the licenses for the project a 100%. 100% foreign ownership is is reasonably rare throughout the world, and it's a great opportunity for us to be able to control the asset and to be able to work closely with the Greek government who have been able to, you know, be generous enough and thoughtful enough to be able to to present that to us, those licenses. So we intend to work very closely with the Greek government. The licenses are granted for exploration and mining rights. So I think that's something that is also pertinent because the mining rights mean that when we come to make the decision to mine, we don't have to go back and go through an enormous rigmarole of permitting to get those mining rights. We already have those mining rights. The licenses are granted for a thirty year tenure.

5:27 So that's a tremendous tenure. Not many countries are able to do that, and we're very, very happy that Greece has this mining act in place. They are very active mining industry. They have a very active mining industry. You can see I've I've put a couple of photographs there. One of the scurry is copper gold deposit, which is currently being built in Greece. That's a large CIP plant that you see there in that photo. And the bottom one is Stratonin, which is silver lead zinc, same as Moly. And so very well developed, very modern mining act. They know what they're doing. The Greeks know precisely what they're doing. They have active modern mines in their country. This is not new to the Greeks. They're very familiar with mining.

6:14 As you can see there on the center, the Greek gross domestic product from mining is on the rise, and that's because of these new tenures that are coming out, the new developments for all sorts of commodities, in fact. And Greece is very active in trying to attract new investment into the company in into the country. And, of course, we've been very fortunate to be able to to secure the rights to Moly. I'll touch briefly on Lighthouse to remind investors, of of the resources that we have there. You can see, 3,900,000 tons at 1.1 grams gold and 6.4 grams silver. It's a 131,000 ounces of gold and 800,000 ounces of silver. That's the half gram cut.

7:01 So, effectively, you're ignoring everything under half a gram that goes into the block model. And this is this is what it looks like. This is the actual deposit in three dimensions. So you'll see over here, you've got the the surface up in in here. I'll try and grab that one down here. There's the surface. I'm not very good at this. Haven't done this for a while, but there's the surface. That's what the resource looks like at depth, and we're we've got 300 meters long, so that's looking in and out of the page there. We've got half a gram cut off. There's our 3,900,000 tons at 1.1 grams that I mentioned to you in the previous slide. And over on the right hand side, over here, we've actually got a 1,400,000 tons at 1.2 grams gold and 8.8 grams silver.

7:53 That's within the top 70 meters from surface. That is potentially open cuttable, and don't forget that we actually have neighbors nearby, a number of neighbors, two neighbors that have got operating CIP plants. So these are fantastic assets to have sitting there. We will be developing them. I I hope people don't think that we've neglected or forgotten plateau. It's in the front of our mind. We will be exploring that. We will be adding to those resources, and we will be building those resources as we go forward.

8:30 On to Copperhead. Early this year, we came out with our maiden jolt resource, 64,000,000 tons of point 19% copper equivalent for a 120,000 tons of copper equivalents. Now point 19% copper equivalent is reasonably low grade, and we're fully aware of that. However, if you look at this graph the chart here, this is all of the drill holes going down to 500 meters. In fact, it's 400 meters there, but they're 500 meters down hole length. And you can see that every hole has hit copper and molybdenum, and this is just showing the copper, and it's wide open. It's wide open for another three kilometers of soil anomalism and rock chip anomalism. It's open at depth.

9:16 This is a very, very large target, and we've literally literally just scratched the surface of this. It was such a big deposit. It's gonna take a while to drill this out. There's no question about that. But we are, again, fully conscious of that. And what we wanna make sure is that the exploration dollars that we put into this deposit are maximized. So we wanna be very sure about where we drill, and we're going to be chasing this as we go. And and that's wide open, as I say. It's a very big target and something we will be focusing on.

9:53 And on to Molo. So as I say, a 100% owned by ROCKFIRE, and we came out recently with our maiden JORC RESOURCES, 2,300,000 tons at 11% zinc equivalent for 250,000 tons of zinc equivalent. Now in the industry, there's a a fairly broad rule of thumb that if you have greater than 10% zinc equivalent grade, then that is potentially economic or commercial grades. So we're we're certainly up there with the grades. It is a competitive grade when you look at mines around the world. And so we're pretty excited by the fact that we've ended up with with 250,000 tons of zinc equivalent at a potentially economic grade. So that's a great place for us to be, and this is what it looks like when we look towards the West. So you can see the the North up here on our up there's North up in there, there's South, and we're looking towards the West. And what I wanna draw your attention to is the grades down here. The pink is more than 10 zinc. Not zinc equivalent, 10% zinc alone.

10:59 So we've got seven to 10% zinc in the red and five to seven in the orange. So this distance has 1.4 kilometers. It's been drilled previously by the Greek government, and we've now put this maiden jolt compliant resource on it. When we look at the this is something that I I want to draw your attention to. The capped decline, which was built in 1988, extends to the base of the oxide ore. Now oxide is obviously just a weathered ore, and we're dealing with fresh sulfide ore. So, deliberately, we've taken out the top 40 meters from the surface in our resource. So we've rejected that altogether. The mineralization goes right to the surface. You can put your hand on the mineralization.

11:47 But what we've done is that, deliberately, we have rejected the top 40 meters for two reasons. One is we are planning underground extraction only. In Greece, I think in Europe, generally, I think it's very prudent to to look at underground extraction only. Open cut mining has all sorts of environmental and social issues, and I don't think we wanna be there. So we have told the Greek government that we'll be focusing on underground extraction, and they like that. They feel that that is preferable. And the second reason is, of course, if we can rehabilitate this old decline, then we already have direct access to the sulfide ore, the top of our our model as you can see there on the screen.

12:34 So that is a great place to be. Now the original decline was actually lined with metal supports, steel supports, and with timber support. So there's a combination of timber and metal supports throughout the length of the decline. So we've spoken with the government, and they feel that they would probably still be in quite reasonable condition once we remove the cap from that portal. So that's something that we will certainly appraise. We're going to get that costed. We're going to look at what permits might be required to be able to do that, and that's something that we will do sooner rather than later. That gives us then direct access to the underground sulfide rich ore, which we can see here extending for 1.4 kilometers and open for another 5.5 kilometers to the north. So this is a very, very big target ahead of us.

13:29 If you look in cross section now, there's the surface you can see at the top there, and we have multiple targets which are in parallel layers. Now we've drilled the the government has drilled through these layers and hit high grade zinc. You can see the red numbers there in front of you. They have been included in the resource. You can see we've got four intervals of high grade zinc, which we've included in our model, but we have one, two, three, four, five, six, seven additional zinc intersections which have not been included in the resource. Three meters at 6%, a meter at fourteen, nine meters at three, two meters 11, on it goes. Now the reason that we have not included them is that we felt that they had not been adequately drilled to be able to include in our resource.

14:22 We could have put them in. We could have put them in because they exist. They are zinc layers there, but what we wanted to do is to deliberately be quite harsh on this resource to make it realistic. We wanted to start from a realistic known base, and we will infill between these layers to the north above and below above and below the main zone, and we will add them into our upgrade, our next resource upgrade. So we've got potential there, not only a long strike for 5.5 kilometers, but we've also got multiple layers. And if you read the literature on VMS, volcanogenic massive sulfide deposits, they typically occur in layers. And sometimes these layers are quite predictable. So we're we're pretty confident that we'll be able to hit additional layers, and we will then build those into our into our resource. And, ultimately, they will feed into our mine plan.

15:21 So there's a lot to go through in this, and there's a lot more zinc there than our resource already states. So we're looking forward to drilling this and being able to bring those additional loads in once we adequately test them. Zinc starts its surface. There it is on the right hand side. That's my arm standing there, and that's the zinc. And you've even got a dip on that with the hammer there. And on the left hand side, you'll see the the portal side. So that's where they developed the access to the underground mine. So they drove their trucks in. It is capped with concrete. Drove their trucks in. They drove down a 700 meter long decline through the very poor quality oxide weathered zone with the supports, and they got to the hard sulfide rock ore.

16:16 So we're already down there with this with this development. It's incredible infrastructure. It saves rock fire literally millions and millions and millions of pounds by if we can reuse this old decline. So that's something that will be important to us if we can achieve getting that reopened. So that's exciting. That's what it looks like, and it's it's just such a great project. We're pretty excited by it all. Now this is a a quick slide to show what the landscape looks like. You can see down in the bottom here, and I'll draw another line there because I enjoy this. This these these are olive trees. Of course, you're gonna have olive trees all over the joint because it's Greece. That's what they're famous for, and they've got incredible some of these olive trees are are 700 years old. It's just unbelievable.

17:04 Some of them are incredible. But what we've done is that we've spoken with the local landowners, and we've spoken with the Department of Mineral Resources. What we're gonna do, you can see the big gap here. I'll just get rid of that. The big gap here, we will sit our rig between the trees. So we're gonna minimize the number of trees that we disturb, and and that's gonna be something that the government has already said to us. Look. If you can minimize it, that's great. We'll support that. What we don't want you going in there is is bulldozing hundreds and hundreds and hundreds of trees, and that's fair enough Because this is the this is the local landowner's livelihood. So we're not there to destroy their livelihood. We're there to enhance it. And what we'll do is strategically place the the drill rig to be able to drill this out as we go forward. You can see on the left hand side, some of it is quite rugged, and this is untouched virgin landscape with shallow incised gullies. So they've said already, yep. That's okay. You can you can track track your rig into there. You're not disturbing any olive trees. So, you know, this is the this is their livelihood. We're fully conscious of that, and it's something that is important to them. And we will respect that, and we will make sure that we do our best to avoid trees. Now one of the questions I get asked is, is there a landowner agreement and a compensation agreement required? The answer is yes.

18:18 In nearly every country that I certainly, every country I've worked in, there is always a landowner agreement. There was always compensation, and the that is a standard agreement. And what we do is that we take that to the landowner, and we've already spoken with about three landowners which cover quite a lot of the resource. And they have said, yep. That's okay. What we'll do is we charge per tree that you remove, and that's why we'll be minimizing the number of trees that we remove. And this is the other reason why we're looking at underground extraction because the portal is already there. Our disturbance to the surface will be minimum. You can see that on the top right hand side there, we've already found our courtyard. We've got a lease over this courtyard. It it it doubles as an an office and triples as field accommodation. So we've got beds in there, we've got offices, and it's it's an idea. And this sits bang in the middle of the resource, so it's a great opportunity for us to be close to the resource, have our field teams there, and be able to explore on a long long campaign basis. So that's fantastic. So we've got our office there and pretty well set up on-site.

19:24 So this is the license outline. This is what the Monai license outlines here in blue, the light blue outline, and that's seven point seven kilometers north south. So it's along the length of it is seven kilometers. You can see in the bottom right our our JORC resource, the current I'll see if I can do this. The current zinc resource, 1.4 kilometers long. That's the blue in here, and I'll just do this one. So there it is there. That's the blue. Oh, wrong direction. That's the blue anyway. That's our model. And all of these red lines that you can see on here, they're actually matte zinc gossen. Now gossen is the exposed outcropping part of an ore deposit. So the Greek government has already gone through there. They've done soils. They get screaming zinc soil anomalies. They've been through there, and they've taken rock samples.

20:21 They get screaming rock samples. So we know that the zinc outcrops for that seven kilometers now in addition to that, you've got repetitions. So you can see these layers that we I've been speaking about. Now they add tonnage, which is fantastic. And you can see here up on the top right hand, parallel loads, repetitions, and splays off the main ore body provide a total target length of 11 kilometers that we can explore for zinc. Now I've given a couple of examples there. Example one, two, three, and four of some of the hits that have been encountered in previous drilling. So these are drilling drilling intervals, and they're they're scattered along there. You can see the black dots and drill holes. So we know that there's zinc along that seven kilometers.

21:14 They've it it it's manifested in the soils, the rocks, the mapping, and the and the drilling. So this is ahead of us to infill this and bring all of that into our resources. So this is a great target. Very, very exciting. You know, this could be multiples of where we are now with our 250,000 tons of zinc equivalent. The infrastructure. The infrastructure is amazing. It was discovered in nineteen sixties by the Greek government, and they've drilled a 173 cord drill holes. So that already saves probably tens of millions of euro of of drilling for us, which is incredible. Greece has an abundant, highly qualified, and experienced mining workforce.

22:01 Most of the great geologists I've met have got PhDs on PhDs and post doctor doctoral doctorates. They're incredibly qualified. They're amazingly qualified. And and they've got experience in and what they do is they tend to go all over the world, and they get experience in all of these incredible minds. And so we're getting people coming back saying, well, I I worked here and there and there. I'd love to come home. So, you know, the the workforce will be there when we're required, and, of course, there's an active mining industry in Greece. So they're highly qualified and very experienced in in mining. The project is readily accessed by a single road. In fact, there is a sealed arterial road that goes through the middle of the of the license and, of course, local tracks to the through the olives olive groves.

22:52 Mains electricity wires extend right through the center of the license, which is just ideal for us again. 1998, the portal, as I mentioned, 700 meters long decline to the base of the oxidized or weathered ore. Now we're 9.3 kilometers from the coast, so that means we have opportunity to be able to truck the ore only 9.3 kilometers to the coast, load it onto a barge, and ship the concentrate to anywhere in the world from that at that location. So that's incredible. One of the one of the things with these base metal deposits and and particularly to make them economic is access to markets. It's a critical thing that many analysts will look at, and this has incredible access to the markets, and we're very fortunate that this occurs only nine kilometers from the coast. ROCKFIRE is planning underground extraction, which I mentioned earlier, and our processing is planned using conventional flotation. Flotation. Now con the conventional flotation is just flotation concentrate, which basically means that we we crush and pulverize the rock and and the ore, and we then put it into vats. We aerate the vats, and we put flocculants into these, and and the vats then bubble up, and they bubble up. And and the bubbles actually take all of the heavy minerals to the surface. So the bubbles actually carry the metals to the surface. It's then skimmed off, and you end up with this this massive of metal concentrate, and it's a really efficient technique.

24:23 And so that's the process that we'll be using. Now, of course, that that concentrate will have the zinc. It will have the lead. It'll have the silver, and it will also have the germanium, which we we identified recently in our resampling of the old core. So what our metallurgist will look at, of course, is trying to super concentrate and effectively pull out the zinc separately, pull out the zig the lead separately, pull out the germanium separately. But we've yet to determine whether that's achievable. But at the moment, most concentrates are are sold as as bulk concentrates. If we can extract them preferentially, we certainly will try to do that. That's what it looks like. So there's my over there, the big yellow arrow pointing to it, and then there's a road that connects that to the Port Of Elia, and it's only 9.3 kilometers. The port's already there, and it's it's just fantastic infrastructure. So it's a great place to be, and it's it's just ideal. It's ideal for for for shipping off to all these markets that we might be able to achieve.

25:35 By the way, the closest port facility is is Sardinia that is owned by Glen Glencore, but we don't know how long that will remain open for. That's something that's yet to be determined by Glencore. And, also, we have road access into Bulgaria. They have zinc and lead smelters in Bulgaria, and we will look at the others. I I believe there's one in Spain. So that's ahead of us to try and find the right market, but there are a number around, and that's great opportunity for us. And our fast track towards production. So, we are in the middle of submitting our work program to the government, and that will be for the first two years. So that's stage one and stage two.

26:22 And that's a a full detailed outline of the holes that we will drill, how many we drill, how deep they'll be, the angle of them, whether they disturb any of the of the trees. Can and and we've actually got really good really good sites that avoid all of the trees. So that's something that'll that'll help us. The reopening of the existing portal and decline to the ore will be appraised, as I mentioned earlier. Now our metallurgical studies have actually already started. They've commenced in Perth. So the core that we resampled, we had it analyzed, and then the remaining core, we sent off to Perth for metallurgical studies. So we've got metallurgical studies in train at the moment, and they're a very bright outfit, these metallurgists in in Perth, the guys that we've chosen there, and they've got a lot of experience in this. So this is fantastic to have this underway.

27:19 And it's something we it's I think it's prudent to determine early on whether you can actually extract all of the metals preferentially or whether you actually just have a bulk concentrate. So that's something that we'll be looking at. Then we're looking at some of the crushing parameters and the and the grinding parameters, and we'll be able to to get some great information out of this. It'll be early stage information. So, you know, the this is this is probably one of the first resets, if you like, for the metallurgical studies. There have been metallurgical studies done historically, and what we wanna do is to see in twenty twenty five years later, can we actually improve recoveries? Can we get above ninety two percent? Can we get to ninety eight percent? So these are the sort of things that we're looking at early. A geologist has now been appointed to assist the work programs and the planning and approvals.

28:08 An environmental baseline study will be initiated, and that's a twelve month monitoring period. What you do is monitor the existing environmental baseline as it stands right now. That then feeds into the feasibility and your impact studies. What impacts will a mine have on this existing environment? So that's something that we have we know we have to have this monitoring for twelve months, and we're keen to get that started as quickly as we can so that twelve month monitoring is behind us. We had met with their community advisory committee, and they're they're fantastic group of people. And they're going to provide input to us, and it it just means that we have a two way conversation going. So there are five members of their community advisory committee, and they come from various walks of life in the Molay community.

28:59 They're delighted that we're there, and, they said, look. We're happy you guys are here. Let's keep the dialogue going. So that's a great start, and, we will be working very, very closely with the community. We've already said that we were employing people, locally as far as we can. So this is something that we we take very strongly is employing local people, and, and and they really appreciate that. And this is a summary slide. So as I mentioned earlier, we are building resources. The value of our resources are increasing all the time we come out with a chalk. We have a 130,000 ounces of gold and 800,000 ounces of silver at plateau. We have a 120,000 tons of copper equivalent in in Copperhead, and now we have 250,000 tons of zinc equivalent in Moli. So this is a tremendous build on our resources, and this is where the value will drive from.

30:01 You know, there's a lot of exploration companies out there that go out and they do exploration programs, and sometimes they find nothing. Well, we've gone out and we found gold. We found silver, copper, molybdenum, zinc, lead, silver. So, look, we've been very successful in our exploration. We've been able to get these into joint compliancy, and we will continue to build these resources as we go forward. So we're not neglecting any of them onwards and upwards as I always say. And that's the end of the presentation. David, that's great, and thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the top right hand corner of your screen. But just while David takes a few moments to review those questions submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

30:55 David, as you did mention, we did receive a number of pre submitted questions that came in ahead of today's event, which I know you've kindly provided recent responses to. And of course, we'll publish those to the investors after today's presentation. But as you can see, we've also received a number of questions that have come in throughout today's presentation. Firstly, can I thank all the investors for submitting their questions? And, David, if I could just hand back to you to run through that q and a tab and where it's appropriate to do so, If you could just please read out the questions and give you a response, and then I'll pick up from you at the end, that'd be great. Sure. That's great. Look. I'll start with the presubmitted questions, and I'll run through these. There's only about five or six of them. And then I'll move on to the ones that I've received during the presentation. Will a fundraise be needed to advance the recently acquired asset? So the my answer is ROCKFIRE has sufficient funding to advance the asset with our current work plan. So that's, that's where we stand with that, and we're we're comfortable at the moment with the funds that we have on hand.

31:52 David, my group now holds 140,000,000 shares, and we note the metal value of inground metal is £2,100,000,000. If ROCKFIRE was valued at 3% of the metal value like many other aimless to juniors, the share price would be over 5 p. And we wanna know how you intend to address this extreme undervaluation. So my response is ROCKFIRE has recently increased its asset base with the addition of the Moai asset. The market will be informed of each of our milestones along with our growth trajectory. We expect our aim of monetizing our assets through either production, a sale, or a joint venture with another group will be achieved. In the meantime, ROCKFIRE will continue to explore and expand the resources of our assets as we have been successfully achieving over the last few years.

32:45 Question three, the other thing we would like to know is whether the company intends to use cash flow from a shallowed mine at plateau to fund Molay as strategically this is the obvious thing to do. My response is I agree that funding exploration from mine production is the logical growth formula. As mentioned above, our aim is to monetize our assets through either of production, the sale, or joint venture with another group. This aim has not shifted. What has changed is our significant increase in resources over the last eighteen months. Question four, I've calculated that the profit on a ton of 50% zinc concentrate with associated credits is in the order of $800 to a thousand dollars.

33:31 A discounted cash flow model for the Moly mine indicates a value of around 3 p a share, which is consistent with the 3% of metal value of contained metals valuation in the previous question. Please, can you confirm we're in the right ballpark? At this point in time, I'd not like to speculate on potential revenue. If, as you've seen in my presentation, our expression along the remaining 5.5 kilometers of strike at Molot is successful, then we would be looking at a production profile materially larger than our current in ground resource could possibly achieve. So we're pretty confident of that, and that's why I don't wanna start talking about potential revenue at this stage. I believe that that might be well and truly undervalued.

34:21 Clearly, the Greek asset is a fantastic acquisition for ROCKFIRE RESOURCES, and the closeness to production is particularly attractive. However, ROCKFIRE's largest opportunity in my view still lies in the copper. I'm aware that we intend to drill Copper Dome sometime in q three, but can you elaborate on when you intend to return to Copperhead to prove up fresh ground? What is the possibility of having two rigs running concurrently down under this field season? My response is the Copperhead project is a very large system which will take considerable financial resources to comprehensively drill. Copper Dome is another large system. We intend to test that to see what we might what might be causing those large magnetic features at depth. Molloyd project provides more immediate opportunity for the company, but we do not intend to neglect our Queensland assets. We continue to monitor the supply demand cycles of the commodity market, and ROCKFIRE is in an enviable position to take advantage of changing market dynamics in a number of commodities.

35:28 Is is there any preferential funding from the EU because of the germanium? The germanium has only recently been identified, and we cannot yet comment on the volume of germanium at Molay. The only comment I can offer is that the germanium is present in a limited number of sample at potentially commercial grades. I'm sure interest will peak as we analyze for germanium in our planned drilling campaigns. So that's the end of the, pre submitted q and a, and I've received a few more here, which I'll go through quickly now. Matthew r. Thank you, Matthew. What catalysts should we look out for for the remainder of the year? It's a great question. And the catalyst that we will be looking for are additional drilling results at Molay. So we intend to drill out the the immediate northern extension of the existing resource, An additional 400 meters towards the north will drill that out, and we're expecting that that will be substantially larger resource estimation. Now the reason is not only do you have the extension, but we'll bring in those parallel loads that I that I was talking about during the presentation. So that will be a tremendous catalyst to start drilling at Molla and start coming out with some of these results.

36:50 And, of course, the the drilling at Copper Dome. So that's something we're looking very seriously at, and that also will be a catalyst. So there'll be a couple of very exciting catalysts this year, and that's two of them. John M asked, will we be able to use our Australian gold funds to fund our zinc find in Greece? Well, I think we I covered that question in the presubmitted questions whether we could rely on the mining from from plateau, and, I I think that may have covered that adequately. If not, you are very welcome to to contact me again on that one. Do you have any visibility on when exactly the resource delineation and extension of drilling was done at Mollai? Ryan, in great question.

37:37 And the answer is that it will definitely be in q three again this year. Now we have a period of about two to three months to get our environmental and technical program together, and it is composed of two two aspects, the environmental side and the technical side. Basically, the Greek government want to know during your drilling program, how many holes are you gonna drill, how many trees are you gonna disturb, you are gonna drill through people's lounge rooms? And things like that. So these are the things that they wanna know, and we are going through that process now. We've actually start that process, and I there'll be a two to three month window. Now that includes the preparation of the reports and then the the answer, hopefully, from the government. Jane, yes. What about Copper Dome, and has the weather in Australia improved?

38:25 Copper Dome, yes. We still intend to drill at Copper Dome, so that's still on the cards. That hasn't changed. Has the weather in Australia improved? Well, it it has been bucketing down in North Queensland. They've had enormous amount of rain. And and even today, I'm in I'm in Brisbane, and the the temperature has plummeted to 17 degrees centigrade. So we're I I thought people might like that one in London. But, look, the weather has not improved. There's been enormous amount of rain in North Queensland. I was speaking to the landowner of Plateau yesterday, literally yesterday, and he says there's enormous amount of rain they've had. So look. We're we're monitoring that, Jane, and it's something that we will continue to to monitor, and we'll be able to act when when the time comes for that to whether to improve.

39:16 Mark a, what progress has been made with regard to drilling at Copper Dome, and what in your opinion is the exploration potential here? Copper Dome is a very good pro very good prospect. It's we already know that there's copper and gold. Copper and gold, not copper and moly. That's the difference with Copper dome. It's copper gold, and copper head is copper moly. So the copper and gold is already existing at surface. You can crack the rocks there, you get very, very high grade copper and gold. The shallow drilling that's been done has hit copper all the way through those and gold, low grade gold, point two grams gold, which is very common for these porphyry systems. And then underneath this, at about half a kilometer down, we have these screaming magnetic anomalies, and it's something that we're keen to get a a rig into.

40:01 So our our objective is still to drill that, Mark. And so the exploration potential is very high. And and what the progress has been made, well, we've we've progressed that pretty well. We've got a land owner access agreement. That's one of the first things that you have to get is a land owner access agreement. We've been able to achieve that. So we are making progress. We're keeping an eye on the weather, and we'll begin there and looking at drilling that this year. Jane s again. Have you had any interest from the companies from other companies in Molay? Yes. We have, Jane. And in fact, not only from from an participation point of view, but also people wanting to be involved, consultants and contractors and geologists and mining engineers, metallurgists, as well as companies that have actually taken note of it, and we've been able to we haven't actually spoken formally with any of them. But, yeah, the people are starting to take interest in Greece. It's quite interesting because a lot of people didn't a lot of people didn't know that Greece actually had mineralization and operating mines.

41:11 So I think it's opened a lot of people's eyes to Greece and the potential in Greece. It's an incredibly prospective country. And and don't forget, you know, all the gold that you see in the burial sites at Alexander the Great and all of the tombs, that's all Greek gold. So there's an enormous amount of gold in Greece. There's also zinc as we know being mined in in Stratoni. And and, of course, there's big copper and gold mine, which has been developed in Greece as well. So huge potential in Greece. We're pretty lucky to be in there. And, nothing it's not luck. We we plan to be in there because we saw the the opportunity. We see the potential of Greece and the resources that they have. That's a very friendly country from all aspects, most personal personal safety, safety of investment. It's it's just a great destination to invest in. So we're we're pretty pretty fortunate to be there.

42:07 So, Jane, yes, do you still intend to drill at Copper Dome? Yes. I think I've answered that one most certainly. And the final question is, have you tested for critical metals at plateau and to gain and gain gold funding? Have you tested for critical metals at plateau? No. We actually haven't, Jane. But for critical metals for certainly the germanium, it's an interesting question. The germanium, I actually read a geological paper that was written in 2012, and the geological paper was on Greek mineral deposits. And this paper actually said that that moly might be prospective for germanium, gallium, and Indian, three of the critical metals.

42:55 And I read this, and I thought, well, okay. We better test for these. So in the resampling of the old drill core, we we analyzed for germanium, indium, and gallium. And no indium, no gallium, but very high grade germanium. So we tested that based on research that I've done, and and it's proved that germanium is very highly elevated at Moai. We didn't include germanium in our resource estimation deliberately because there's only the samples that we took which were the resamples, it was quite a limited number of samples that we were able to take. And because we we weren't able to extrapolate that germanium over the entire deposit, 1.4 kilometers, then then we we we didn't include it, and that was deliberate. And as we drill and we find that the germanium is continuing, we we will build the germanium into our zinc equivalent grade.

43:53 So that's something to look forward to as we go forward. Okay. That's the end of the the questions. So David. I'll hand back to Jake, and thank you very, very much everyone for attending. Great. Thank you very much indeed for addressing all of those questions that came in from investors this morning. And, of course, if there are any further questions submitted today, we'll make these available to you immediately after the presentation has ended for your review. And ladies and gentlemen, we'll publish all those responses where it's appropriate to do so on the investor meet company platform, and you'll be notified by email when they're ready for your review. David, perhaps we're redirecting investors to provide you their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments to wrap up with, that'd be great. Sure. Sure. Look. I think the thing to look at at ROCKFIRE is that we are a true exploration company.

44:42 We put our money where our mouth is, and we we use our exploration dollars that come from you, from the investors in drilling. And we do a lot of drilling, and we we've been very successful over the last eighteen months with all of the resources that we've been able to build. We will continue to build on those resources, and we're very confident on each of our projects that we will build those resources. So I think, you know, it's a great place to be. Come and join us for the ride. That's perfect. David, thank you very much indeed for taking the time to update investors today. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company.

45:31 On behalf of the management team of ROCKFIRE RESOURCES PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.