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Greece is a religious country, so I expect a pause in drilling before this Friday for a week. Maybe get assay results during this lull. But who knows, I've given up trying to predict future announcements for ROCK. News will drop when it does.

Thanks Ric, I like this part :

The company is evaluating alternative sourcing options in Europe, the US and other geographies amid a broader global push to secure critical mineral supply chains.

ROCK could do with putting that in an RNS, get some interest and positivity back.

Usually delayed by 2 hours for that trade size. Normal market size is 2 million shares

Has taken a lot longer for assay results than I imagined, and nearly 4 weeks for hole 014. Probably the reasons peeps are nervous, on top of the recent general mining stocks downturn. They really need to step now.

Https://www.alsglobal.com/en/geochemistry

Here is the ALS web portal for sample assays - for those not aware, or time to kill !

I thought assays would be in no for hole 11. After the core samples are sent for testing, it's out of ROCK's hands how long assay results are.

And delays sometimes are for positive reasons, ie better than expected results can lead to retesting.

For the end game we probably need another 5 to 10 hole assay results to build confidence that JORC will be upgraded.

The patient will be rewarded. Metals haven't mysteriously vanished and are worth more now than in 2024. Just a case of how much is there, and when does JORC or UNFC get rerated. As ever, retail investors get nervous when news is quiet.

The previous post was not to jump ship into Amoroq, but to realise that ROCK is at a bargain basement price and should follow suit when JORC upgrades to indicated. Just requires patience, not a punt for a week.

This is a snippet from Charles Archer's piece on Amoroq, another company that ACAM invested in. Story sound familiar ??

When Trump put tariffs on China, the first two metals China stopped exporting were germanium and gallium.

Amaroq has both at Black Angel. Already in the ground. Already confirmed at commercial scale.

Black Angel is on course for Phase 1 mining in 2028, with feasibility studies underway and surface facility rehabilitation begun. A zinc-lead-silver operation with the two metals at the centre of the US-China supply chain war, on the same balance sheet as Nalunaq, currently valued at nothing.

Well done mnsa, hope you got your second lot too. Interestingly those 2 x 27 million trades were from yesterday, and at the ask price. The late 5 million blocks look like sells though. But only the buyer or seller really knows !

Let's hope Monday rewards our patience here.

Another £20k buy gone through pushing the ask up a tad. Who the hell still has £20k still to utilise in an ISA this time of the tax year!

I'm with you there Mark. Germanium Confirmed in 100% of Holes Drilled. Zero misses across 194 historical holes and Rockfire's own campaign. Maybe the big guns are waiting for JORC indicated status, or more holes confirming germanium and gold. Or even a second rig to bring forward the current timeline.

A little perspective Ballard. If you bought HE1 last July, you'd still be 35% down.

If you bought ROCK last July, you'll be up about 60%.

Personally, glad I bought ROCK, because as you say we have a lot of positives here.

Hindsight is a wonderful thing. A lot of weak hands gone now, and if anyone is shorting, then they have to buy them shares back.

Regarding assay results, think hole 11 complete on 26th Jan. Then 5 to 7 days to prep the cores (logging, cutting in half then shipping out to Ireland). Then a 4 to 6 week period for lab assays to complete. And the kicker, if high grades are found, the assay is repeated in order to confirm. Then a few days for DP to assess results and report in RNS.

We are firmly within a 2 week window of RNS of assay results. I thought from Monday 9th to Wednesday next week would be acceptable.

Still holding, not trading and watching for short positions being closed.

The Complete Strategic Picture — Final Assessment

Pulling everything together from last 6 months or so, ROCK now has six independent pillars of support:

Pillar 1 — Asset Quality

Top-20 global zinc project, Europe's only emerging JORC germanium resource, 50+ years of data, proven metallurgy, world-class grades.

Pillar 2 — Critical Mineral Macro

Germanium at $8,597/kg (+108% in 12 months), gallium at $2,101/kg, Chinese export bans, EU Critical Raw Materials Act, Pentagon buying critical minerals, Germany committing to support Ge/Ga mining.

Pillar 3 — Strategic Interest Confirmed

Metlen (€2.8bn liquidity, public germanium interest statement to EU VP), Hellenic Gold — both reportedly in active contact per multiple Greek financial media sources.

Pillar 4 — Programme Progress

14 holes completed, HMO-013 returning highest zinc pXRF ever recorded, assays from 3 southern holes imminent, HMO-014 northern hole underway, second rig evaluation in progress. Note: holea HM_001 to 007 completed in2024 (see RNS 01 August 2024)

Pillar 5 — Smart Money Positioned

ACAM 16% strategic stake, warrants to mid-2027, Oak Securities appointed joint broker, December 2025 £3m raise fully subscribed.

Pillar 6 — Clear Timeline to Decision

Drilling complete 2026 → JORC Ge resource declared → Investment/JV decision 2027.

Another X post from ROCK, looks like a retweet of post last year.

https://x.com/Rockfireplc/status/2031004637453570203

And "Out of the Ground" just reposted their ROCK review. Interesting spate of reports or reviews recently.

Out of the Ground reposted their ROCK review : for those not seen it yet.

https://x.com/Outofthegrnd/status/2030632123862859848?s=20

@VikR nice one, hope it pays off for you.

Looking at the 2 big trades, seems like a short bet is rolling over, hence the 0.21 first closing the original and then 0.2098 the new rolled over bet. Probably on a T20 settlement. I remember many years ago rolling over a T20 buy, and my broker askind did I wat to roll over at bid or as. Surely a cumulative 150 million buy would have had a huge imact on the sp.

Sorry, said I wouldn't post for a while, but Greek Pete just dropped this post explaining how UNFC is used. May be useful to some members.

Peter Tzeferis

• Following

Gen. Director, Mineral Raw Materials Directorate

41m •

The UNFC (United Nations Framework Classification System) is an international standard for the categorization of natural resources, designed to assist governments, investors, and companies in making informed decisions. It evaluates each project using a three-dimensional model based on three main axes: E-Axis, which examines the environmental and socio-economic sustainability of mining, F-Axis, which assesses how technically ready and mature the project is, and G-Axis, which measures the degree of confidence in the existence and quantity of the resource itself. By combining the score across these three axes (e.g., 111, 222), projects are visualized as "cubes" and classified into color-coded categories, such as Sustainable, Potentially Viable, Unsustainable, or Forward-Looking Projects. In this way, the system clearly captures the readiness, risks and real development prospects of a natural/mineral resource.

My last post for while. Table below is for the current 15Mt JORC resource being upgraded. Based on today's metal prices, and not including tht 5km zone to the north, or any future southern extensions. Merely to indicate current in ground value and the disconnect in the share price.

This is based on DP's own reasoning of how an explorer's share price is normally calculated compared to it's in ground resource valuation. Looking forward to the upcoming assay results this month. GLA.

Sensitivity Table: 10% Resource Expansion (16.5Mt)

This table compares the current 15.0Mt resource value against a 16.5Mt expansion (adding just 10% more tonnage).

Metric Base Case (15.0 Mt) +10% Case (16.5 Mt) Difference

In-Situ Metal Value ~$9.42 Billion ~$10.36 Billion +$940 Million

Silver Value Contribution ~$1.59 Billion ~$1.75 Billion +$160 Million

Germanium Value (Est. 30g/t) ~$3.87 Billion ~$4.25 Billion +$380 Million

Implied Share Price Targets. Some metrics adjusted, so prices differ to earlier post.

With 8,746,384,361 shares in issue and the current price at 0.20p (£17.5M Market Cap), the disconnect between "Rock in the Ground" and "Market Valuation" is extreme.

Junior Explorer Reality: Explorers typically trade at 0.5% to 2.5% of their total In-Situ value as they move toward production.

Scenario Valuation Basis Implied Market Cap Implied Share Price

Current Market 0.20% of In-Situ £17.5 Million 0.20p (Current)

Conservative Re-Rating 0.75% of In-Situ £67.5 Million 0.77p

Strategic Asset Tier 1.5% of In-Situ £135.0 Million 1.54p

Takeover/Buyout Target 3.0% of In-Situ £270.0 Million 3.08p