Member Info for Filterland

Yes SL, agree on all points and that is why I based a lowly 10% JORC resource quantity increase. Irons out the treble current valuation, possible metals price decline and extraction costs. I still think my values below are extremely conservative.

Looking at the "Narrow Vein Jumbo" (Drilling) machines, so compact and maneuverable underground should increase the economics of the site.

But hey, that's why the sp fluctuates, we all got different views and projections. I got a good entry price at 0.11p and can hold until my targets are met.

That is the risk element of explorers and producers. Nobody has a crystal ball, so adjust figures below for your future thoughts on whether the commodity cycle continues upwards or declines. Whichever you think though, still makes ROCK undervalued here.

Here is a table of how is valued at the moment. Apologies in advance for the formatting. Today's spot metal prices used.

The "Re-Rating" Table

If the market begins to price in the "Germanium Factor" and the 10% resource growth, here is where the share price goes based on different "Market Multipliers":

Scenario Market Multiple Implied Market Cap Implied Share Price

Current (Distressed) 0.2% of In-Situ £17.5 Million 0.20p

Conservative (Peer Avg) 0.5% of In-Situ £45.0 Million 0.51p

Strategic (Critical Metal) 1.0% of In-Situ £90.0 Million 1.03p

Takeover/Buyout 2.5% of In-Situ £225.0 Million 2.57p

Key takeaway for your investor: At a 0.20p share price, the market is currently valuing the project as if it were failing, despite the resource growing and metal prices doubling. A 10% increase in tonnage with a modest "strategic re-rating" to 1% of In-Situ value implies a 5x return (1.00p+) from current levels.

Sensitivity Analysis: 10% Resource Growth Scenario

Currently, Molaoi has an Inferred Resource of 15.0 Million Tonnes (Mt). If the current drilling campaign (Holes 10–15) successfully expands this by 10% to 16.5 Mt, here is how the numbers shift at today’s metal prices.

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

In-Situ Value (USD) ~$9.52 Billion ~$10.47 Billion +$950 Million

Poundage (Zinc Eq) ~3.3 Billion lbs ~3.63 Billion lbs +330 Million lbs

Germanium (Est.) 450,000 kg 495,000 kg +45,000 kg

Lots of new accounts appearing here lately or millionaires worrying over 200 quid.

Agree silver, just need a bit of patience.

Thanks for your reply, and no need for apologies.

I don't know how recently you invested, or if your research is more than reading Out Of The Ground reviews, but ROCK has raised £5 million for this campaign. Maybe only fees for aerial mapping of the 5km zone and the environmental studies have been used from that. Plenty left for a rig purchase, with a warranty and service plan in case of faulty equipment.

My main concern is getting this JORC upgrade complete this year. If we need another 2 rigs to do that, then so be it.

Your main concern appears to be with executive decisions, and replacing that executive. That is way beyond my current thinking, and politics is not my strength. This company is an explorer, and here to prove resources before a sale or JV with a domestic major.

That is where the power and influence of ACAM will come in. Making sure no low ball offers are accepted, or even financing development with new and more relevantly experienced leadership. I am quite sure they have a say in matters now, with a 15%+ stake here.

Good luck, and maybe with two rigs drilling, that bonanza strike will appear in half the time!

Hole 0011 assays due in a week or so, I'd imagine a gold assay of 1g/t with a good germanium result would narrow your window of opportunity to acquire more shares at these levels. But several more 5 million block buys later today should get us back to the mid 0.20's.

Best of luck.

A lot of DP's wording in an RNS is ambiguous, and therefor my assumption was for a purchase. Not sure about "all these assumptions", was just my assumption. To lease a modern and highly equipped rig could cost up to €25,000 a month. How long will a least last? 12 months, or metreage drilled? If they buy one, they could sell when no longer required and recoup a significant part of that back. That 5km zone is going to need extensive drilling, and asking Geotest to drill it could cost upward of €3.5 million (based on current 30 hole program cost of €1.7 million).

I do agree with you that only partially completing one hole in the first 3 months was a catastrophe. Then almost 4 weeks shutdown for Christmas really stifled any progress. Yes, blunders have been made, and we should have been at this point back in December.

Also agree the ACAM influence needs to be recognised by both shareholders and the board.

But we are where we are and need to move swiftly and positively forward with this JORC upgrade, and the next 5km zone. If €400,000 to buy a rig is more expensive than leasing for the next year, then a decision what path needs to be taken has to be made.

Don't be shortsighted in thinking we only need another rig for the remaining 23 holes. As I have stated, you can buy and man a rig far cheaper than paying Geotest €170 per metre drilled. That northern zone will cost €3.5 + million if Geotest drill it - or save a million or so by manning and drilling themselves. In my view that is looking after and spending wisely every penny of the £5 million recently raised.

Recent months have seen a huge upturn in resource exploration and extraction, not just in Greece or the EU, but worldwide.

There is going to be a huge squeeze on drilling equipment and skilled crew in the months ahead, and probably the reason why Geotest have not been able to provide a second rig to us. They have an €8 million contract with Eldorado, which will be expanding further soon. We are the small player here at the moment.

That is the reason I will support DP in purchasing a rig and using experienced in house staff to train a local workforce. That will bond the local residents to, and further support the Molaoi development going forward. The rig will become a company asset, and the new local workforce (6 to 8 people) an asset to future proving up of the 5km northern strip. It would also be a cost saving for drilling that 5km strip. Geotest will get €1.7 million for 10,000m of drilling this 2.2km strip. For an initial outlay of €400,000 (estimated), we could save over €3 million outsourcing costs by drilling the 5km zone ourselves.

I hope DP is allowed to proceed and rid ourselves of the over reliance we have with a local contractor.

Blue Moon/Apex deal $50M+ deal for the 1Mt Apex mine (compared to Rockfire’s 15Mt Molaoi). The Disconnect: If a 1Mt past-producing mine is worth $50M in the US, Rockfire’s 15Mt (with 3-4x the metal content) should logically be worth significantly more. Probably when the "Inferred" resource becomes "Indicated".

This deal was for a germanium producjng mine.

Fundamentally nothing changed here, in fact resource value is higher. Price not far off opening price on a little buying pressure there, well done those that added! I've seen the price fall less on much bigger volume.

A little extra from ROCK amongst the gloom today. Narrative is shifting to extraction of resources.

https://x.com/Rockfireplc/status/2028420048201695401

Seriously? You are trading in and out of a £2k position that is only 0.2% of your share portfolio, which in turn is only 10% of your overall wealth?

Https://media.licdn.com/dms/image/v2/D4D22AQG2_SQYwTvJ4w/feedshare-shrink_1280/B4DZyelx09JkAg-/0/1772187229857?e=1773878400&v=beta&t=YSrCQ9fZoWqhL2eX6Ue63zvSE_XaIJ-So2cPZaxm74w

What we have is in the top right corner of that chart, right where we want it to be. Put simply, we got stuff that everyone else wants really bad.

Been a quiet board this since I invested over a year ago. That's what I like, people with genuine interest to invest, not traders.

Sell just before assay results or news of second rig? I'll keep mine thanks, so I don't have to buy back higher.

Whilst it quiet, an article explaining how the EU aims to fund projects like Molaoi.

https://www.miningsee.eu/unlocking-capital-for-europes-mining-renaissance-financing-under-the-critical-raw-materials-act/

Good on ya Vik, can afford to get some decent new tyres for the Maserati then !

Hopefully this is the time that people will sell, only for the price to continue it's rise.

Nice buying, been 4 weeks since hole 11 sent for assay. This is the first hole that DP requested gold assay for, so some extra interest in build up to release of those results.

Regarding cash, we have raised almost £5 million last 8 months. We haven't paid Geotest anything yet, probably about £500k for environmental studies. So should be lots of cash still in the bank to buy another rig or outsource again. Can't see another raise being needed.

If we bought a rig and completed the 10k drill, then sold the 2.2km strip on to whoever, another 3 or 4 million could be made defining the northern strip as a rig operator.

Just a bit of ironic fun !

If that included a 20% royalty on profits, I'd take a penny for half my shares. With all these grants and funding available, the likes of Metlen will froth at the mouth to get Molaoi. And probably why sp kept low, for a sneaky low ball offer. Carry on drilling Dave, expand the resource with added germanium and possibly gold to force the valuation higher.