Company Announcements

The Company has been notified that it is about to receive an invitation to a final session of the arbitration leading to release of the award. Red Rock remains open to and is discussing the possibility of agreeing an earlier outcome direct with the other party by an Acte Transactionnel.

As of today there has been no recovery by Red Rock and there is no certainty that there will be until documents are executed and released. Also, Red Rock will seek further advice on remedies that may be available through further actions, including in other jurisdictions.

The Company has received an invitation to go to the DRC for discussions with a Governmental agency advancing a major and potentially cash-generative project.

The Company has also received an offer of co-operation on significant projects from a non-Congolese party.

Advancing any such projects would require prior settlement of the matter under arbitration, payment and repatriation of any award, and technical and legal due diligence. That such offers and invitations are being extended might on one view however be considered an indication of the Company's local standing and expectations that it will exit from the arbitration process shortly.

The payment of £250,000  due under para 5(c) of the Heads of Terms as previously announced ("Terms") has not been made by Red Rock by 18 September 2024 as required, and therefore the provisions of para 6(b)(3) of the Terms apply, by which a 60 day cure period is allowed for the payment to be made, in default of which the vendor may reacquire its sold interest for $1 plus a Note for any cash consideration paid.

A number of major shareholders have indicated their support for the increase in capital necessary to satisfy its purchase commitments under the Terms (should funds from a settlement or award in the DRC not be received in a timely manner) and subject to this, Red Rock's intention is to place equity sufficient to enable it to fulfil the payment within the cure period.

The Company has been engaging with brokers and listed companies in Australia to discuss possibilities for achieving a listing for the assets but has no binding commitments to report at this stage.

The Company has signed a consultancy agreement with Greypoint International ("Greypoint"), a company incorporated in the Democratic Republic of Congo, represented by Michael Billings acting as Project Director to provide project management services as required for the Company's alluvial gold projects in Burkina Faso and Ivory Coast.

Greypoint responsibilities will include:

·      Planning and overseeing all stages of the alluvial gold mining process.

·      Coordination with local teams, subcontractors, and suppliers.

·      Ensuring compliance with local laws and regulations.

·      Reporting regularly on the progress, budget, and safety performance of the Projects.

·      Advising on operational improvements and risk mitigation strategies.

·      Managing project timelines, resources, and workforce allocation.

In an initial 16 day period, the Consultant will:

·    Procure equipment, negotiate with suppliers and manage logistics.

·    Engage the Burkina Faso Embassy through the South African Chamber of Commerce to facilitate the logistical movement of the equipment, and open diplomatic and economic communication channels in Burkina Faso.

·    Engage the South African Embassy and the British Consulate in Burkina Faso to create a presence and assist and facilitate the effective communication and functioning within the Burkina Faso mining space.

·    Liaise with Red Rock representatives on permitting and licence issues

The Consultant will then mobilise plant to site and start operations, including a continuous programme of geological sampling and testing, the production of dore bars, and export.

The consultant referred to in the announcement of 27^th February 2024, whose brief report was announced on 29^th April 2024, has been unable to provide equipment on site according to the original and revised timetables, and has continuing delays resulting principally from the length, cost and complexity of the bureaucratic procedures required for permitting the Indian workforce intended to operate the consultant's concentrators and equipment on site.

To bring the assets into immediate scaleable production and ensure activity sufficient to ensure retention of the licences the Company has engaged Greypoint who are specialised in operations of this type.

The possibility remains of a larger scale operation involving the original consultant at a later date, but in the short term the Company took the swift action necessary to ensure delivery of the key objectives.

Red Rock has engaged lawyers to ensure the integrity of the process of licence renewal, which continues.

Red Rock has identified alluvial potential within its granted licences.

Greypoint personnel are familiar with and have operated in Côte d'Ivoire and after taking initial steps to set up the gold operation in Burkina Faso (see above) will follow the same course and timelines on the Company's licences in Côte d'Ivoire

Plans for an early listing have been dropped, but RRR expects finance to be secured which would mean that EOC will be capitalised to build value from the next phases of onshore exploration and if successful exit opportunities may still be available.

Although there are signs of improvement in the lithium market, it is too early to recommence operations and therefore no production is expected until otherwise advised.

Soma Gold Corporation, the owner of the El Limon mine, has announced the intention to restart gold processing in this quarter.