DRC and Gold Assets Update

Red Rock Resources plc

05 April 2024

 

Red Rock Resources PLC

("Red Rock" or the "Company")

DRC and Gold Assets Update

5 April 2024

Red Rock Resources Plc, (AIM:RRR) ("Red Rock" or "the Company"), is a natural resource development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia.

This release is an update specifically in relation to (a) the Company's arbitration in the Democratic Republic of Congo ("DRC") with respect to the claim the Company is pursuing in country for its interest in the VUP copper-cobalt joint venture, and (b) certain of the Company's gold assets in Burkina Faso.

DRC

On 5^th February 2024 Red Rock noted that a finalisation of the arbitration award in relation to the Company's claim for its share of the sale proceeds of a joint venture asset awaited signature and release. Following a period where Presidential elections and the formation of a new administration caused a pause in this and many other matters, we looked to an early resolution, but said that we would keep the market updated on progress, as we have done at monthly or more frequent intervals.

Our understanding has not changed, and as we believe that there is now a consensus in relation to our position, we expect this to now be resolved, irrespective of any third party matters, within a short timeframe. Recent intensive and direct discussions with the former JV partners mean that we may be able to approach the arbitrator with an agreed position.

Burkina Faso

Further to the Company's announcements of 24 January 2024 and 27 February 2024, and the Interim Statement of 28 March 2024, we note that the Company has stated that it will report as equipment is delivered and installed, and as other milestones passed. Currently, and as anticipated, a team from the Company and its technical partners is on the ground at Bilbale. The understanding as to grade and potential to which previous work and observations had led us has been confirmed by this expert review and we continue on the course outlined in our announcement of 27 February 2024, leading to early alluvial gold production initially at one location but then at up to four locations. The first gold wash plant is expected to arrive by air within a few days and will start operation.

Red Rock Chairman Andrew Bell comments: "The first team on site will be preparing a report giving further detail that we will hope to be able to share with the market as early as next week, whereupon Mr Samuel and myself will relocate to Burkina Faso to be on site for the whole period of transition into stable gold production and to prepare for larger scale mechanised mining.

This reflects the importance to us, and the potential scale, of this first project at the Bilbale gold mining camp.

The presentation on the Burkina Faso project remains available on the Company's website, broadly unchanged, with conceptual parameters reflecting our expectation of the range of possible outcomes."

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Bob Roberts 0203 8696081                                                        Broker Clear Capital Corporate Broking

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