Rockfire Resources (AIM:ROCK) has conditionally raised approximately £2.15 million before expenses through a subscription for 1.95 billion new shares at 0.11p each.
The base metal, precious metal and critical mineral exploration company, which holds the Molaoi zinc-lead-silver-germanium deposit in Greece and gold-copper-silver projects in Queensland, arranged the raise through Temeraire Partners.
The issue price represents an 18% discount to the 0.135p closing bid price on 7 August, the last practicable date before the announcement. The new shares will make up approximately 18.3% of Rockfire's enlarged share capital.
Proceeds will fund an application to reopen and rehabilitate Molaoi's underground mine, pre-feasibility work including comminution and ore sorting tests, continued drilling at the project, and general working capital.
Rockfire is currently infill drilling to upgrade its inferred JORC resource towards indicated status, and has commissioned a new drilling rig to run alongside its existing contractor rig, which will be redeployed to explore north of the main deposit.
The current drilling programme also aims to deliver a maiden inferred resource for germanium, a rare critical metal found alongside Molaoi's zinc, lead and silver.
Rockfire says only one other quoted resource globally, McMillan Pass in the United States, currently hosts germanium.
Temeraire Partners will receive warrants over 78.18 million shares, exercisable at 0.11p within 36 months of admission.
"These funds will be put towards all these activities underway," said chief executive David Price, adding that the company is "striving hard to develop the project."
News Intelligence what this means for the company
Rockfire Resources has raised £2.15m at 0.11p per share to fund a mine reopening permit application, pre-feasibility studies, and continued drilling at its Greek Molaoi zinc-silver-germanium project. The capital injection directly advances the company's path from exploration to development: it finances the formal application to reopen Molaoi's underground mine and the technical work (comminution, ore sorting tests) needed to move toward a feasibility study, while also funding infill drilling to upgrade the resource classification and deliver a maiden germanium resource estimate.
The raise dilutes existing shareholders by 18.3% but funds a material step-change in project maturity—from resource definition to mine reopening and pre-feasibility work. Molaoi's germanium content, with peak assays of 52.3 g/t Ge, remains a differentiation point; the company says only one other quoted resource globally hosts germanium. Execution risk on the permit application and pre-feasibility timeline now becomes the key near-term catalyst.
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