Red Rock Resources Regulatory News (RRR)

Red Rock Resources PLC

("Red Rock" or the "Company")

Announcement by Jupiter Mines Ltd

18 February 2021

Red Rock Resources Plc, the natural resource development company with interests in gold, copper/cobalt, manganese and minerals, announces, further to the update of 21 January 2021, an update in relation to its investment in Jupiter Mines Ltd ("Jupiter").

Jupiter made the following announcement today to the Australian Stock Exchange (ASX), a full text of which is also available at www.jupitermines.com:

"TSHIPI DECLARES ZAR1.1 BILLION H2 DIVIDEND

Jupiter Mines Limited ("Jupiter") (ASX: JMS) is pleased to announce that the Board of Tshipi é Ntle Manganese Mining Proprietary Limited ("Tshipi") has declared a final dividend to its shareholders of ZAR1.1 billion for FY2021. Jupiter will receive ZAR521.5 million (approximately A$46.1 million; net of withholding tax). Jupiter will also receive ZAR30.6 million (approximately A$2.7 million) in marketing profits.

Throughout the uncertainty caused by the COVID-19 pandemic, mining challenges, excessive rain and depressed manganese prices, Tshipi has demonstrated its abilities to continue to remain proftable and cash positive.

Tshipi will end FY2021 with approximately ZAR1.757 billion cash at bank. The Tshipi board has not yet made a decision on the expansion study in light of further areas of the study to be explored. Tshipi has distributed a total of ZAR9.26 billion to its shareholders over the past 5 years against its construction costs of approximately ZAR2 billion.

The Board will consider the dividend to Jupiter shareholders along with its full year results, and will make any final dividend declaration for FY2021 in line with the reporting timeframe."

Red Rock Chairman Andrew Bell comments: "As a Jupiter shareholder, Red Rock welcomes this evidence that Tshipi profitability has recovered well from the impact last year of Covid-19 on South Africa. The trend of Tshipi dividend announcements since 2019 shows the impact of a dip in manganese prices followed by the impact of Covid shutdowns, and the subsequent recovery:

February 2019 ZAR 1.1bn

September 2019 ZAR 600m

March 2020 ZAR 265m

September 2020 ZAR 330m

February 2021 ZAR 1.1 bn

This augurs well for Jupiter's final dividend declaration, given the high payout ratio that Jupiter has historically adopted."

Further Information

Jupiter's principal asset is a 49.9% stake in Tshipi é Ntle Manganese Mining Proprietary Ltd, which operates the Tshipi Borwa mine, an open pit manganese mine in the Kalahari Manganese Field located in the Northern Cape of South Africa. Tshipi is one of the largest and lowest cost manganese exporters globally.

Jupiter announced on 21 January 2021 the demerger and Initial Public Offering on the Australian Stock Exchange of its Central Yilgarn Iron Ore assets ("CYIP") through the newly created company Juno Minerals Ltd ("Juno").

Juno intends to issue 120,000,000 shares to Jupiter, in exchange for the CYIP assets and $5 million in seed capital provided by Jupiter. Jupiter will then distribute these shares in-specie to its shareholders.

A public offer is being made of up to 80,000,000 Juno shares to raise an amount of up to $20 million (before costs), and closes on 26 February 2021, with trading expected to start on 8 March .

The Central Yilgarn Iron Ore Project consists of (a) the Mt Ida magnetite deposit, where a 1.23 bn ton JORC compliant Indicated Resource of 29.79% Fe in its Central Zone, capable of beneficiation to a 66.65% concentrate, and a JORC compliant Inferred Resource of 615m tons at 28.86% in the Northern and Southern Zones, was announced by Jupiter on 8 January 2013, and (b) the Mt Mason DSO haematite deposit, where Jupiter announced a 5.9m ton Measured and Indicated Resource of 60.1% ore on 30 January 2012.

Red Rock has a 0.7% holding in Jupiter Mines valued currently at approximately £2.72m. The Company also has a 1.3% gross revenue royalty over the Mt Ida iron ore project. Anglo-Pacific Group plc has an obligation to purchase 0.45% of this royalty interest from Red Rock for $8m upon the achievement by Jupiter of certain milestones in relation to Mt Ida, namely (a) a definitive feasibility study and decision to proceed, and (b) commercial production.

For further information, please contact:

Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited

Mark Treharne 0203 700 2500 Broker Pello Capital Limited