Annual Report 2020
Company Registration No. 07791328
Rockfire Resources plc | 1 | |
Contents
Page | |
Company Information | 2 |
Chairman's Statement | 3 |
Directors' Biographies | 5 |
Strategic Report | 6 |
Directors' Report | 18 |
Corporate Governance Statement | 22 |
Independent Auditor's Report | 26 |
Consolidated Statement of Comprehensive Income | 31 |
Consolidated Statement of Financial Position | 32 |
Company Statement of Financial Position | 33 |
Consolidated Statement of Changes of Equity | 34 |
Company Statement of Changes in Equity | 35 |
Consolidated Statement of Cash Flows | 36 |
Company Statement of Cash Flows | 37 |
Notes to the Financial Statements | 38 |
Throughout this Annual Report, "Rockfire", "Rockfire Resources" or "the Company" means Rockfire Resources plc and "the Group" means the Company and its subsidiaries.
Annual Report and Accounts 2020
2
Company Information
Directors
Gordon Hart
David W Price
Ian Staunton
Patrick Elliott
Nicholas Walley
Secretary
Graeme Hogan
Company registration number
07791328
Registered office
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
Nominated advisor and broker
Allenby Capital Limited
5 St Helen's Place
London EC3A 6AB
Solicitors
Thursfields LLP
9-10 The Tything
Worcester WR1 1HD
Fladgate LLP
16 Great Queen Street
London WC2B 5DG
Independent auditor
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London E14 4HD
Registrar
Computershare Investor Services plc
Leven House
10 Lochside Place
Edinburgh EH12 9DF
Rockfire Resources plc
Annual Report and Accounts 2020
Rockfire Resources plc | 3 | |
Chairman's Statement
The year 2020 has seen Rockfire build the value of its exploration projects in Australia and it is with great pleasure that I present the Annual Report for Rockfire for the financial year ended 31 December 2020.
Despite the restrictions imposed on domestic and international travel during the year, Rockfire has been in a comparatively fortunate position. As a result of having all its field personnel, contractors and consultants based close to our projects in Queensland, the Company has been able to complete a successful and exciting year of growth on both a technical and administrative front.
During the year, a sustained and highly successful drilling programme resulted in a significant increase in gold resources at the Plateau gold deposit, as well as a recent, positive preliminary scoping study. The results obtained from this study provides momentum for a comprehensive infill and extension drilling programme, with the aim of completing an updated scoping study towards the end of 2021.
Our copper projects (Copper Dome & Copperhead) have progressed with helicopter surveys being completed which have highlighted the scale of both projects. As a Board, we believe these projects hold great potential for a significant copper discovery and we look forward to undertaking drilling programmes at these projects during the 2021 calendar year.
Administration
In February 2020, the Company appointed Allenby Capital as its sole stockbroker. This has streamlined many administrative matters owing to Allenby also being the Company's nominated adviser. Allenby Capital is one of the most active brokers on AIM, advising more than 60 corporate clients listed on the London Stock Exchange Main Market, AIM or AQSE exchanges.
On 17 July 2020, the Company changed its Registered Office to 201 Temple Chambers, 3-7 Temple Avenue, London, United Kingdom, EC4Y 0DT.
At a general meeting held on 29 September 2020, shareholders voted to amend certain provisions within the Company's Articles of Association (the "Articles") relating to general meetings of the Company. In light of the restricted numbers permitted by social distancing rules, limitations on gatherings and Covid-19 related protocols, the amendments were designed to address the manner in which meetings can be convened, the quorum necessary to hold a general meeting, and the manner in which they can be held. The amended Articles allow the Company to hold physical, hybrid or virtual meetings, at any time in the future, when necessary.
Financial review
The income statement for the year shows a loss of £719,987 (2019: loss £635,542).
On 29 June 2020, Rockfire raised £1,000,000 gross proceeds through a placement of 117,647,100 ordinary shares at £0.085. A further placement of 64,620,000 ordinary shares at £0.01625 on 29 July 2020, raised £1,000,000 net proceeds.
In July, August and September 2020, the Company announced the exercise of a total of 14,833,334 warrants, raising a total of £148,333.34. These combined funds were used to continue drilling at Plateau, as well as funding helicopter-supported geophysical surveys at Copperhead and Copper Dome projects in Queensland.
Exploration
Highlights from the 2020 exploration field season include:
- Drilling at Plateau during January 2020 intersected 11 m @ 32.6 g/t Ag
- On-goingdrilling during February 2020 confirmed that a large mineralised system had been drilled in multiple holes. Broad intersections included 171 m @ 0.4 g/t Au and 170 m @ 0.4 g/t Au
- Gold assays up to 23.4 g/t Au at Bell Rock were found in rocks during May 2020. Bell Rock lies 3.5 km southeast of Plateau
Annual Report and Accounts 2020
Attachments
- Original document
- Permalink
Disclaimer
Rockfire Resources plc published this content on 04 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 June 2021 14:20:08 UTC.