Rockfire Resources backs Molaoi but posts widened interim loss

(Alliance News) - Rockfire Resources PLC on Monday expressed "confidence" about the feasibility of the Molaoi project, despite reporting a widened interim loss on cost hikes.

For the six months ended June 30, the Greece and Australia-focused gold, base metal and critical mineral exploration company reported a pretax loss of GBP887,572, widened from GBP411,145 a year prior.

The firm attributed this to increased administrative costs from Hellenic Minerals during drilling, as well as to costs associated with evaluating and appraising new business opportunities.

As at June 30, the company had total assets of GBP6.2 million, up from GBP5.2 million the previous year.

Looking ahead, Rockfire said that Molaoi in Greece continues to be a focus. The zinc, silver, and lead deposit is "shaping up to be a significant project", said the firm.

Management is "confident" of progressing the project through the feasibility stage, and "excited" by the development opportunity the project offers for the company.

Shares in Rockfire Resources were trading 2.7% lower at 0.21 pence each in London on Monday morning.

By Holly Beveridge, Alliance News senior reporter

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