Member Info for oilmanmike

I think I will drop them an email and ask

Earlier today, the Company announced the unaudited net asset value per share, including income, of 40.3p, as at 17th March 2022. As described, due to the continued closure of the Moscow Exchange (MOEX), the Company considers that there has been a material change to the market value of its investments and it is in the best interests of the shareholders to apply an alternative valuation method. Following the unavailability of prices for the MOEX, RDXUSD (Russian Depositary Index USD) and prices of American Depositary Receipts (ADR) and Global Depositary Receipts (GDR), the Company has applied a fair value against these investments. While the Company has applied a fair value against these investments there is no certainty that any value will be achievable from them over the short, medium or even long term due to the factors arising following the imposition of additional sanctions against Russia.

As at 17th March 2022, the Company's unaudited net assets, after the application of a fair value, were £16,296,992 and the breakdown as a percentage of unaudited net assets was as follows:

Companies listed in Kazakhstan: 66.8% (no fair valuation applied)

MOEX traded securities, GDRs and ADRs: 6.5% (fair valuation applied)

Russian securities traded on other international stock exchanges:
11.3% (no fair valuation applied)

Cash and cash equivalents held in US$ money market funds: 15.4%

When the above is reversed and market value instead of fair value is applied I expect the NAV to be 300 to 400

Trades on the London market as a listed equity.
should not be prohibited

bonus would be if the FSB decided to 'take out' Putin, or at least arrest him. Chance is 10% IMO. More if he really starts losing the war

I have 300p penciled in for when the pricing reflects the true value
This is a 25% discount to NAV assuming an over 50% drop in Sterling values of Russian equities.
Although there is a heavy weight towards energy of 50% odd which will offer some extra support as I cannot
see oil coming down a lot from here, maybe $100 until demand builds. If Iran deal is done it will dip to $90
before recovering.

If not today then Monday

It will be interesting to see what they come up with at 11am, or thereabouts time wise.
A delay would be of note IMO

I just ran an NAV on their P/F as at 31/01/22 using todays MOEX prices or a 50% drop in sterling and it comes in at 401.6p a share. So this trades at a 75% discount to the 50% drop in the price of Russian assets. Seems too much to me.
Also pleased to report the fund has very little exposure to ADR's or GDR's
GAL

Russian assets, by contrast, were more buoyant. The ruble traded at only 95 to the dollar, a 50% gain from its low point in the immediate aftermath of the sanctions. The ruble-based MOEX index rose 9.6%, amid reports that Russia's sovereign wealth fund was actively buying to support prices. The central bank has banned short-selling and not all Russian equities have resumed trading.

The fund is 58% energy and 11% metals (mostly Nickel)

Having looked at the latest copy of the P/F I could find it turns out that 11% of it is NOT Russian equity. The valuation before the war was £385m. so thats £42.4m. If you discount the Russian stuff by 90% then you can add another 9% to get back up to £77m.
Of course the Russian equity market will not be down 90%. 60% may be the bottom IMO. Adding back that 36% to the non Russian stuff gets the valuation to £181m or approximately 47% of it's pre war level.
That is 440p here.
All my own work.
All my own opinion

put the proverbial sock in it will you CJ
I you want to come back and discuss
you will have to stop all this nonsense.

David Price is coming to London in Q2 and I believe he will come armed with some very dry and powerful gunpowder, in the form of 2 maiden Jorcs one for Copperhead worth 2p to 2.5p a share based on 3% of contained copper eq and one for the Zinc Asset we acquired today from DP and GS (greek chap) worth another 2.5p a share. With an expanded potential for the gold at Plateau in his back pocket he will hardly have time to mention the second large Porphyry at Copperdome. After a longish wait looks like this is growing legs.

I run a Telegram Chat where we discuss all this and more, but it is for shareholders only so a screen shot you the position no matter how small or large is required.

False Alarm on the silver it is 150g/t for 15m oz NOT 1500mg/kg which is 1500g/t.
This has been confirmed by the company now. Still 15oz Silver as a byproduct has a market value of £307m. The contained Zinc and Lead has an MV of £639 and £162 respectively. Total contained metal is £1.1 billion, just 5% is £55m or just over 5p a share.
Read the email reply.
Then buy as many as you dare hold.

Thank you for your email through David and I am happy to respond.
We are very pleased to have won the tender on such an exciting project. We, as you have pointed out, agree it is a great addition to our portfolio.
I must admit, I am very impressed with your research. With regards to the historic resource estimates, we elected not to quote them owing to a lack of knowledge on the QA/QC. This is a vital part of the JORC compliancy and we hope to address the QA/QC component as soon as possible. The historic silver grades were closer to 150 g/t Ag.
With regards your second question re; shares issued at an implied value of 1p per share, the agreement with Hellenic was an agreed allotment of 50m shares which at the time were valued at 1p per share. At a 1p share price this equates to GBP 500,000. At .4p this equates to GBP 200,000 in shares issued to Hellenic.
In regard to our North Queensland projects, I can confirm that field work is ongoing. At our Plateau gold project, a number of areas immediately surrounding the resource are being advanced through soil sampling during the current wet season. At this point in time, we are still planning a deep hole at Plateau. Our maiden JORC resource estimate at Copperhead is in progress and I can confirm that Rockfire will advance all it’s projects simultaneously.

Thank you very much for your email and we look forward to providing positive results in the future.

Regards Gordon Hart
Chairman
Rockfire Resources plc
201 Temple Chambers
3-7 Temple Avenue
London
United Kingdom
EC4Y 0DT

Dear Gordon,

I represent a group of shareholders who collectively account for 14% of Rockfire's issued capital.

We were very pleased to hear today that Rockfire has been successful in the acquisition of the Molaoi Zinc Deposit and agree it is a fantastic addition to the metals Portfolio.

Having looked at the historic Greek Government resource estimate for Zinc, Lead and Silver I have some questions from the group and since David is an 'arms length seller' I have contacted you for clarification on a couple of points

The historic resource estimate is 2.9Mt at 7% Zn, 3% Pb and 1500mg/kg Silver, however we note that you do not reference these figures in any announcements. Can you please comment on these historic estimates.

In particular the very high silver content of the ore at 1500mg/kg which appears to be 50 ounces per ton of ore.

Secondly is the question of shares being issued to the CEO at an implied price of 1p a share which is a 135% premium to today's closing price. We realise that David cannot comment but want to know what, in your 30 years of corporate experience, the likely market reaction would be to shares being issued at such a high premium

In the absence of David being in a position to comment, we as shareholders are turning to you, the Chairman, for some clarification of what is now in the public realm.

The next two questions are more general and are. When do you expect the new field season to start in N Queensland and do you still expect to drill a deep exploration hole at Plateau.

Lastly is it the company's intention, wherever possible to progress all three advanced projects, Copperhead, Plateau and now Molaoi, at the same time going forward.

For clarity I personally own 14.3m shares and there are four or five other double digit million shareholders. David is aware of our group but we understand he is unable to comment currently.

Molaoi 1.35p, Copperhead 2.7p (125,000t Cu) Plateau 1.37p
At 0.43p what is not to like. Sensible answers only

no drilling to update the historic resource estimate which is public info if you look

He and the Greek national seem to know enough to land the tender.

173 cored holes have been drilled by the Greek State at Molaoi, largely concentrated in a strike length of 1.5 km long.

· Multiple, stacked, zinc-bearing layers have been mapped over a total strike length of 7 km, providing enormous upside for additional expansion of zinc mineralisation.

the required experience in not dependent on jurisdiction
The non Jorc estimate is for 203,000t Zn, 87,000t Pb and a fair amount of silver.
5% of MV of contained metal is 1.35p a share. Easy to update the old estimate to 2012 Jorc compliant as all the drilling has already been done