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I'll try help out. Firstly those 12 million trades are from yesterday, and therefor show as unknown.

Secondly, every share has a normal market size, I think 2 million for ROCK. So a MM has to quote you a price to buy or sell up to that amount. Now those 12 million trades are 6 times the market size, and so the MM said if you want that many, you will have to pay a premium. They paid a 0.005p premium for 2 lots!

Now, the MM's are allowed to delay the publication of trades over two times normal market size. They say this is to help maintain an orderly market.

That's how I understand it, but I'm sure more knowledgeable posters can expand.

Peter Tzeferis

• Following

Gen. Director, Mineral Raw Materials Directorate

51m •

The European Commission has approved a €400 million Greek state aid scheme. to support strategic investments in the production of clean technologies and critical raw materials. This measure, which will be in force until the end of 2030, aims to strengthen the country's production capacity and accelerate the transition towards a net-zero economy.

https://www.linkedin.com/posts/petertzeferis_%CF%80%CF%81%CE%AC%CF%83%CE%B9%CE%BD%CE%BF-%CF%86%CF%89%CF%82-%CE%B1%CF%80%CF%8C-%CF%84%CE%B7%CE%BD-%CE%BA%CE%BF%CE%BC%CE%B9%CF%83%CE%B9%CF%8C%CE%BD-%CE%B3%CE%B9%CE%B1-%CE%B5%CE%BD%CE%B9%CF%83%CF%87%CF%8D%CF%83%CE%B5%CE%B9%CF%82-share-7432489385767542787--GaB?utm_source=share&utm_medium=member_desktop&rcm=ACoAAE_wsRUBLk0GbTmvd-4ZBsjmQVRUxHKFQJ8

2 x 12 million buys above the ask reported from yesterday @ 0.215p , explains the sp holding up.

Tiger, do you really think ROCK would be looking to a "large Minor" when not even 1,000 m of a 10,000 m drill campaign is completed?

The whole point of the campaign is to raise JORC to indicated status, as well as conforming to NATO standard. That is preparation for EU ownership of the assets, not a minor JV partner bid. But hey, if a bid was made now it would be interesting to see what they offered.

If they bought a brand new rig at €400,000 , manned it themselves, and limited Geotest to only 5,000 m of drilling, there would be about a €300,000 saving compared to the initial expected €1.7 million outlay. Then ROCK would have their own rig to test their northern zone.

All be revealed soon, maybe just a squeeze on Geotest saying we'll do it without you, your loss of business.

Like most, a little disappointed in the sp performance today after such good pXRF results today. Not only good results, but also showing the Molaoi deposit is larger and more valuable than first thought.

But investors seem to have focused on ROCK buying a second rig, assuming another raise is on the way. A brand-new, factory-ordered Massenza MI12 with modern features (Radio Remote Control, 8-speed multipurpose head, and Stage V engine) is quoted in the region of €350,000 to €450,000.

There is enough cash at hand for this outlay, and this acquisition could pay for itself in time. ROCK are paying Geotest €170 per metre drilled. Then there would be the extra capital required to drill the equally large zone to the north. With their own rig they can reduce the amount needed to pay Geotest, and not require another raise for the northern campaign.

Again, as ROCK makes decent headway, we always seem to find another obstacle to bump into. We could have done without scaring investors about a possible raise, alngside good results today.

Tebbin, I hope you're not investing based on my comments, as nothing goes up in a straight line. But I do think if you can afford to accumulate at these levels, then in a year's time we should be rewarded for our patience.

Results from hole 11 will be interesting, and should be landing mid March in my opinion. Why? Looking at 6th October RNS, the University of Patras found nickel @ 20g/t and peak values of 256 g/t of gold. This may only equate to 0.5 g/t from lab assays, but it should attract investors interested in precious metals. I think the hole 11 zone is where the old cores came from that Patras tested. This would give Molaoi another valuable resource.

Of course I may be totally wrong, but there has to be a reason why the sp is so fundamentally undervalued. Are the big players waiting for JORC to be become indicated, confirmation of gold deposits as well as germanium and silver or just still too early/risky for them?

The 6th October RNS is worth another read.

Ronjon promoting Superbio soon. Still not sure if this is relevant to CPAI, and no mention of it in the post.

https://www.linkedin.com/posts/ronjonnag_agbt2026-share-7431740239024652288-8w7-?utm_source=share&utm_medium=member_desktop&rcm=ACoAAE_wsRUBLk0GbTmvd-4ZBsjmQVRUxHKFQJ8

I wasn't aware that germanium was being looked at for next gen batteries. Greece is currently making a massive push to net zero carbon energy efficiency.

AI Overview

Germanium (Ge) is a promising next-generation battery anode material, offering roughly four times higher theoretical specific capacity than graphite, along with superior electrical conductivity and faster lithium-ion diffusion

. Research focuses on mitigating its major limitation—substantial volume expansion during cycling—by utilizing nanotechnology, carbon composites, and, specifically, 3D porous structures.

Some more publicity here.

https://outofthegrnd.com/content/pdfs/pdf_00cd8cd06ebc6331.pdf

With the Greek farmer blockade now seemingly over, motorways are clear for large haulage traffic to flow. Thousands of tractors were blocking ports and strategic highways to the south.

Maybe this was the holdup for the second rig delivery?

Https://www.linkedin.com/posts/paul-karamichos-b6738a54_service-day-and-cleaning-projections-for-activity-7430636924576612352-fyaj?utm_source=share&utm_medium=member_desktop&rcm=ACoAAE_wsRUBLk0GbTmvd-4ZBsjmQVRUxHKFQJ8

This isn't a Geotest rig, but shows the current rig bottleneck in Greece may be loosening.

Thanks @seeartiem I had not seen that. Nice play by Price if he secures funding this year. Just need that second rig now to complete drilling program before autumn.

a metlen rep gave a like to that linkedin post - metlen have already received a €90 million funding from the critical raw materials act

like

elena ******idiview elena ******idi’s profile

3rd degree connection · 3rd+

msc energy systems | metlen energy & metals

and a member of the eu commission

dimos paraskevas

project adviser - industry & raw materials at health and digital executive agency (hadea), european commission

surely europe's only germanium resource is one of the 171 applications?

Peter TzeferisPeter Tzeferis • FollowingVerified • Following Gen. Director, Mineral Raw Materials DirectorateGen. Director, Mineral Raw Materials Directorate 1h •

1 hour ago • Visible to anyone on or off LinkedIn

The European Union's effort to ensure its autonomy in critical raw materials is entering a critical phase. The European Commission has announced that it is completing the completeness check of 171 new applications for "Strategic Projects" under the Critical Raw Materials Act (CRMA). Among them are some Greek projects that mark a new perspective for the mining sector. The successful completion of this process is expected to define the map of Europe's strategic investments, strengthening the resilience of its industry in an unstable geopolitical environment.

Https://www.linkedin.com/posts/petertzeferis_crm-act-%CF%83%CF%84%CE%B7%CE%BD-%CF%84%CE%B5%CE%BB%CE%B9%CE%BA%CE%AE-%CE%B5%CF%85%CE%B8%CE%B5%CE%AF%CE%B1-%CE%B7-%CE%B1%CE%BE%CE%B9%CE%BF%CE%BB%CF%8C%CE%B3%CE%B7%CF%83%CE%B7-share-7429947510871396353-e3p2?utm_source=share&utm_medium=member_desktop&rcm=ACoAAE_wsRUBLk0GbTmvd-4ZBsjmQVRUxHKFQJ8

Https://www.lse.co.uk/rns/ROCK/molaoi-drilling-update-9nnih4mbccbigml.html

Very last comment.

Https://x.com/aim_gravy/status/2024128512525832679

Or this (very) recent post.

Look at any RNS and you will find the details you ask for.

https://www.youtube.com/watch?v=4LglK6zW2y4&t=2s will give you the why 5% (buyer capture).

Previous and more adept posters than I have already shown the breakdowns you want.

Wish you all the best.

I've given your post a rec @raging. All the details you ask for are in RNS for quantities and grades, commodity prices are variable, hence the mentioned silver $75/$100/$150 prices. 19 million multiplied by whichever value you choose, say at $100 an ounce is $1.9 billion.

As I stated, this is only my opinion, and as also stated I am definitely not an expert at valuing a company.

But even I can see that £1.4 billion ($1.9) in silver alone makes a £20 million market cap here look ridiculously undervalued.

The zinc alone will pay for the mining capex and other associated costs.

I'll let you make your table as you go through recent RNS, using whatever ore $ value you like. I think you'll find my 0.4p per share valuation is on the low side. When you add it all up, take just 5% of that figure.

Then bear in mind ROCK is an explorer, not a miner. It's here to upgrade the JORC resources, show how valuable Molaoi is to the EU, and sell off whilst keeping a healthy revenue stream from which ever big producer buys it.

As for dilution, current campaign is fully funded. If ROCK don't mine, then further funds may be required for additional drilling to the north. By then I think ROCK will have farmed out and so wouldn't need dilutive fundraising.

May even have revenue from their farmed out Australian gold mines by then.

And again, this is just my opinion.

I really am no expert in valuation of miners or explorers. But my view is that 0.4p here is still a bargain. Look at the recent US funding of $12 billion whose explicit mandate is to go out into the big wide world and secure supply chains of rare earths. The US imports 100% of requirements of germanium, 70% barite and 64% of silver requirements. For a huge country to be so reliant on such imports, this should support and sustain any commodity price rises for these metals. And if the new Fed chairman is as dovish as Trump hopes he is, then who knows what value germanium, silver or gold will reach as the $ weakens.

So in a few months, ask yourself 5% of what? 5% of 19 million ozs of silver at $75, or at $100 or even $150 an ounce?

Germanium prices have doubled this year to $8 million a tonne. What price will it be 6 months?

Then there is the barite, which usually means the presence of gold. So do we start including gold as part of the resources available too?

I can only see a lot of upside here and think ROCK is incredibly undervalued. When JORC status turns to indicated and feasibility studies complete, that' s when the risk to successfully mine the area is greatly reduced.

All just my opinion. Need to be patient and not let price swings or delays cause you to panic sell. I am buying what I can afford to buy, so that the market can't turn me into a forced seller. Now it is just time to wait.

Dansey, ROCK is an explorer not a producer. In situ resources valued at £4.5 billion, with the as yet to be explored North zone thought to be able to double that. As the CEO recently said, explorers are usually valued at 1% of JORC inferred value.

At the end of this drilling campaign the resources will become JORC indicated, which then typically equates to a 3% to 5% valuation of in the ground resources. Also, the first European site to have a known commercial germanium deposit.

As Metlen is known to be interested in funding the mining stage, with EU funding available for critical and rare earths, the lowest offer would be a farm out at 10%. Metlen have just built a plant to extract Gallium and this is an extremely similar process used for germanium extraction.

Site infrastructure is already there, the ores are there and big Greek producers are aware. So if you think £50 million valuation is high, your eyes will water when the true economics of this 2.2 km strip are revealed.

Ah, almost forgot about ACAM. If only £300 million is required to mine this zone, that's peanuts for them. So there's 2 companies at least that have shown an interest in Molaoi, with one of them having a 16% stake in ROCK.