Molaoi Update

Rockfire confirms solid resource scale and technical progress at its Molaoi zinc project.

What the company is saying

Rockfire Resources is highlighting operational momentum at its 100%-owned Molaoi zinc deposit in Greece, emphasizing that diamond drilling has resumed on schedule after the summer break, with hole HMO-021 underway. The company stresses the technical validation of its ore, citing SLR Consulting's comminution test showing a Drop Weight Index of 8.66 kWh/t, which falls well within the global norm for SAG mill energy consumption. Management frames these results as supportive of cost-effective processing options, specifically mentioning the potential for SAG milling over conventional ball mills. The update also covers logistical progress, noting that Rockfire’s own drilling rig is now expected in Athens at the end of October or early November 2026, slightly behind schedule, and that recruitment for drilling staff is ongoing. The announcement foregrounds the scale of the Molaoi resource—15.0 million tonnes at 7.26% Zn, 1.75% Pb, and 39.50g/t Ag, totaling 1.09 million tonnes of zinc, 260,000 tonnes of lead, and 19.1 million ounces of silver—while also referencing farm-in arrangements for Australian assets. The tone is confident and technical, with CEO David Price directly quoted to reinforce the credibility of the test work and resource base.

What the data suggests

The Molaoi deposit holds a JORC Inferred Mineral Resource of 15.0 million tonnes grading 7.26% zinc, 1.75% lead, and 39.50g/t silver, equating to 1.5 million tonnes of zinc equivalent metal. This resource, using a 4% low-grade cut, contains 1.09 million tonnes of zinc, 260,000 tonnes of lead, and 19.1 million ounces of silver. The comminution test work by SLR Consulting reports a Drop Weight Index of 8.66 kWh/t, placing Molaoi’s ore squarely within the 6–12 kWh/t energy draw typical for SAG mills globally. This suggests that processing costs should be competitive versus industry norms. Drilling has resumed post-summer, with hole HMO-021 in progress, and the company’s own drilling rig is now scheduled to arrive in Athens at the end of October or early November 2026. The Plateau deposit in Queensland is reported to contain 131,000 ounces of gold and 800,000 ounces of silver (using a 0.5g/t Au cut-off), with 53,000 ounces of gold within the top 100 meters, and is subject to a farm-in by Sunshine Metals Ltd. The Marengo prospect, also in Queensland and under licence, is subject to a farm-in by Eastern Resources Ltd. No new financial figures, cash balances, or cost estimates are provided; all disclosed numbers relate to resources, technical test results, and operational milestones.

Analysis

The announcement provides a factual and detailed operational update, with specific technical results (e.g., DWi of 8.66 kWh/t) and JORC-compliant resource estimates for the Molaoi and Plateau deposits. Most claims are realised and supported by numerical data, such as drilling progress and laboratory results. Forward-looking statements are limited and relate mainly to the expected arrival of a drilling rig and ongoing recruitment, both of which are near-term and operational rather than aspirational or promotional. There is no evidence of exaggerated language or overstatement; the tone is positive but proportionate to the disclosed progress. No large capital outlay or long-dated, uncertain returns are discussed, and the technical disclosures are credible for an exploration-stage company. The gap between narrative and evidence is minimal, with no material hype detected.

Risk flags

• ●Resource estimates are at the Inferred category, which carries significant geological uncertainty and may not convert to higher-confidence resources or reserves without further drilling and technical work. Investors should recognize that Inferred resources are not directly convertible to mineable reserves.
• ●The arrival of Rockfire’s own drilling rig has been delayed, now expected at the end of October or early November 2026. Delays in critical equipment can impact the project schedule and may introduce further operational risk if additional slippage occurs.
• ●No financial data, cost estimates, or funding details are disclosed in this update. The absence of cash position or capital expenditure figures makes it impossible to assess near-term funding needs or runway, which is a material risk for a pre-revenue explorer.
• ●Farm-in arrangements for the Plateau and Marengo projects are referenced but without any disclosed terms, timelines, or financial contributions. The lack of detail limits visibility on the potential value or risk-sharing from these partnerships.

Bottom line

Rockfire’s update confirms that the Molaoi zinc project in Greece has substantial scale, with 15.0 million tonnes at 7.26% zinc and supporting lead and silver credits, and that recent technical test work supports industry-standard processing costs. Drilling has resumed, and the company’s own rig is due in Athens in late October or early November, indicating steady operational progress. The resource remains at the Inferred stage, so further drilling and technical studies are required before any development decision. No new financial or funding information is provided, leaving open questions about the company’s ability to finance ongoing work. Investors should focus on the conversion of resources to higher-confidence categories, the timely arrival and deployment of the drilling rig, and any future disclosures on feasibility, funding, or offtake. The main takeaway is that Rockfire is moving forward on schedule with technical de-risking, but the project remains at an early stage with material execution and funding risks.

Announcement summary

(LON:ROCK) Rockfire Resources plc provided an update on its 100%-owned Molaoi zinc deposit in Greece. Diamond drilling has recommenced on schedule after the summer vacation, with hole HMO-021 currently in progress. Preliminary comminution test work results from SLR Consulting indicate the Molaoi ore is 'Medium-Hard' with a Drop Weight Index (DWi) of 8.66 kWh/t, which sits well within the standard energy consumption range for global mining projects, as Semi-Autogenous Grinding (SAG) mills typically draw 6 kWh/t to 12 kWh/t. Rockfire received an update from Epiroc that its own drilling rig is expected to arrive in Athens at the end of October or early November 2026, slightly behind schedule. The company has started interviewing experienced drillers for its subsidiary Hellenic Minerals S.A. and is making progress in securing drilling assistants for later in the year. The Molaoi deposit has a JORC Inferred Mineral Resource of 15.0 million tonnes at 7.26% Zn, 1.75% Pb, and 39.50 g/t Ag, for 1.5 million tonnes of ZnEq. metal, using a 4% low-grade cut, equating to 1.09 million tonnes of zinc, 260,000 tonnes of lead, and 19.1 million ounces of silver. Molaoi is also reported under the UNFC Code with classification E2, F2.1, G3 for Zn, Ag, and Pb, and E3.2, F3.1, G4.1 for Ge. The Plateau deposit in Queensland has a JORC Inferred Resource of 131,000 ounces of gold and 800,000 ounces of silver, using a 0.5 g/t Au cut off, with 53,000 ounces within the top 100m from surface, and is subject to a farm-in by Sunshine Metals Ltd (ASX:SHN). The Marengo prospect in Queensland, which is entirely under licence by Rockfire, hosts high-grade gold, silver, and copper and is subject to a farm-in by Eastern Resources Ltd (ASX:EFE).

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