17 February 2021

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration Update

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide the following update on the Company's 100%-owned exploration tenements in North Queensland, Australia.

Plateau Preliminary Scoping Study:

·    Rockfire has commenced an early-stage scoping study to consider the economic potential for open-pit mining at the Plateau Gold Deposit ("Plateau").

·    The central purpose of this study is to identify additional work required to progress the project through a logical and systematic pathway to development. One of the anticipated outcomes from the study is to highlight areas where additional drilling will be required.

·    The scoping study will include conceptual open-pit mining scenarios, with treatment of the ore being processed off-site.

·    The scoping study is expected to take approximately 4-6 weeks.

Copperhead 3D Magnetic Modelling:

·    The December 2020 Copperhead aeromagnetic data has undergone Magnetic Inversion Modelling.

·    A strongly magnetic body has been detected at Copperhead, which starts at approximately 450 m below surface. The high magnetic feature is approximately 4.5 km long and 1.5 km wide. The magnetic feature identified in the 3D model suggests a potential heat source for the copper-bearing fluids.

·    The strong magnetism is positioned beneath soil samples containing highly anomalous copper (up to 0.5 % Cu) and directly beneath five mineralised diamond drill holes drilled in 1972.

·    The five drill holes (300 m max. depth) were recorded in geological logs to be mineralised from top to bottom with visible copper sulphides (chalcopyrite) and iron sulphides (pyrite). Diamond drilling returned peak values of 2.8 % Cu, 12 g/t Ag and 1.5 % Mo, with the average of all samples collected being 0.25% Cu.

·    In the coming months, the Company intends to expand soil sampling undertaken in 1972 to cover the aerial extent of the recently identified magnetic target towards the south and southeast.

An image showing the magnetic feature in cross section at Copperhead can be viewed via the following link.

http://www.rns-pdf.londonstockexchange.com/rns/4092P_1-2021-2-17.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"The Company continues to advance its exploration projects at pace and the latest steps at both Plateau and Copperhead form part of that process.

"It is prudent for the Company to establish early, baseline scoping parameters to ensure future work at Plateau is driven by the potential for an economic outcome. Projects will often progress through several scoping studies during their development, to further de-risk the project and to ensure expenditure is focussed on monetising the project.

"At this point in time, scoping studies at Plateau will only examine open pit extraction of the near-surface gold and will be based on ore being processed off site by another party. Any potential for off-site processing is expected to minimise the capital costs of the project.

"The identification of a large magnetic body at Copperhead is of intense interest to the Company, but it is not yet known if the magnetic feature is mineralised with copper. Rockfire will follow its proven exploration strategy to ensure the Company has as much information available as possible prior to commencing drilling. As part of this strategy, soil sampling to cover the area outlined by the magnetic feature will commence initially to determine if the magnetic feature can be supported by surface geochemistry.

"The Company will continue to update the market as further exploration results become available."

For further information on the Company, please visit www.rockfireresources.com or contact the following: