Red Rock Resources Regulatory News (RRR)

Red Rock Resources PLC

("Red Rock" or the "Company")

Jupiter Mines Q3 Results and Update on Iron Ore Spin Off

21 December 2020

Red Rock Resources Plc, the natural resource development company with interests in gold, copper/cobalt, manganese and minerals, announces, further to the update of 8 July 2020, an update in relation to its investment in Jupiter Mines Ltd (ASX:JMS)("Jupiter").

Jupiter has announced results for its third quarter ended 30 November 2020. Highlights of the results and the CEO Quarterly call, both of which may be found in full at jupitermines.com, were:

HIGHLIGHTS

· Cash generated from operations at Tshipi Borwa mine in Q3 of AUD 42.1m

· Rail allocations back to usual levels

· Despite poor weather in Q3, record mining production in October

· Drop in average FOB cost of production from Q2 to Q3 of approx. 15%

· Sales build up through Lüderitz port ahead of plan

· Return to 90% dividend payout policy projected for full year

and

· Aim for iron ore IPO end-February/beginning March

Red Rock Chairman Andrew Bell comments: "In a testament to the resilience and inventiveness of the company's management, Jupiter has already returned to pre-Covid activity levels, with sales in tons for the quarter up 32.2% year on year and up 27.6% quarter-on-quarter, despite difficult conditions during the quarter.

In October Jupiter achieved the highest production volume in its history, and as a result of increased volumes and a higher grade mix, unit costs of production saw a 3.5% drop year -on-year and a 15.4% decrease quarter-on-quarter.

Rail allocations were back to normal, and volumes through the new shipping route developed by Jupiter through Lüderitz to reduce costs on that part of production dependent on road transport to port are ahead of plan, exceeding 60,000 tpm.

After a 3.6% (one cent) interim dividend costing Jupiter AUD 19.6m, the statement of an intention to return to a 90% payout policy for the full year is encouraging.

The Jupiter management continues to aim at an end-February or eqrly March date for the projected iron ore spin-off IPO, As preparations have continued, conditions in the iron ore market have been improving, and we believe that there is a reasonable prospect that the new company will be launched into a receptive marketplace.

For Red Rock, as royalty-holders as well as shareholders, the iron ore price and IPO developments are particularly exciting."

Further Information

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 JMS announced a 5.9m ton Measured and Indicated Resource of 60.1% ore on 30 January 2012.

Red Rock has a holding in Jupiter Mines valued currently at approximately AUD 4.0m (£2.21m). 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