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Rockfire Resources PLC (GB:ROCK)
LSE:ROCK

Rockfire Resources PLC (ROCK) AI Stock Analysis

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GB:ROCK

Rockfire Resources PLC

(LSE:ROCK)

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Neutral 54 (OpenAI - 5.2)
Rating:54Neutral
Price Target:
0.20p
▲(42.14% Upside)
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), partially offset by a debt-free balance sheet and improved operating cash flow. Technical indicators are supportive and lift the score, while valuation is constrained by a negative P/E and lack of dividend data.
Positive Factors
Debt-free balance sheet
A debt-free capital structure materially reduces solvency and interest-rate risk for a small explorer. This durable strength preserves flexibility to fund exploration via equity, JV or earn-ins without fixed interest obligations, extending runway versus leveraged peers.
Improved operating cash flow in 2024
The shift to roughly positive operating cash flow signals better operational discipline and cost control, which can reduce near-term financing needs. If sustained, this trend supports project activity and lowers frequency of dilutive raises, improving execution optionality over months.
Relatively modest absolute losses
Smaller absolute net losses keep cash burn manageable for an exploration company, making incremental fundraising or partnering more feasible. This reduces immediate dilution pressure and gives management time to advance targets toward value-accretive milestones.
Negative Factors
Zero reported revenue
No top-line traction means the business model remains entirely pre-revenue and reliant on periodic funding or asset sales. Without revenue, long-term sustainability depends on discoveries or partners; this is a structural scaling risk until commercial production or recurring cash flows emerge.
Persistent net losses and equity erosion
Ongoing net losses that are eroding shareholders' equity reduce the balance-sheet cushion and increase the likelihood of future capital raises. Over the medium term this weakens financial resilience and can force dilutive financing or fire-sale asset transactions absent operational success.
Negative free cash flow every year
Consistent negative free cash flow indicates the company cannot self-fund exploration and development. Structurally, this creates reliance on external capital or JV partners, raising execution risk, potential dilution, and the chance of project delays if financing conditions tighten.

Rockfire Resources PLC (ROCK) vs. iShares MSCI United Kingdom ETF (EWC)

Rockfire Resources PLC Business Overview & Revenue Model

Company DescriptionRockfire Resources plc, together with its subsidiaries, engages in the mineral exploration in Australia. It explores for gold, silver, copper, zinc, lead, and molybdenum deposits. The company holds five exploration permits for minerals in Queensland; and an exploration and exploitation license in Greece. The company was formerly known as Papua Mining plc and changed its name to Rockfire Resources plc in June 2018. Rockfire Resources plc was incorporated in 2011 and is based in London, the United Kingdom.
How the Company Makes Money

Rockfire Resources PLC Financial Statement Overview

Summary
Financial quality is weak: revenue is zero across 2020–2024, losses persist and widened in 2024, and free cash flow is negative each year. Positives include no reported debt and improved operating cash flow in 2024, but ongoing losses are eroding equity and sustaining funding risk.
Income Statement
12
Very Negative
The company reports zero revenue across 2020–2024, while losses have remained persistent and generally widened in the most recent year (net loss of ~2.0m in 2024 vs ~1.8m in 2023). Gross profit is consistently negative, indicating ongoing operating costs without offsetting operating inflows. With no demonstrated top-line traction and continued negative earnings, profitability quality is weak, partially offset by losses that are still relatively modest in absolute size for an early-stage resource name.
Balance Sheet
58
Neutral
The balance sheet is conservatively financed with no reported debt, reducing solvency risk and interest burden. However, equity has declined from 7.0m (2023) to 6.2m (2024), consistent with ongoing losses, and returns on equity are materially negative (about -32% in 2024). Overall, leverage is a clear strength, but the equity base is being eroded by continued net losses.
Cash Flow
28
Negative
Cash generation remains pressured: free cash flow is negative in every year shown, including a larger outflow in 2024 (-0.94m). Operating cash flow improved meaningfully in 2024 (turning slightly positive at ~0.06m after a large outflow in 2023), but it remains small relative to the net loss, and the business still relies on funding to cover investment and ongoing burn. The trajectory improved recently, but cash flow sustainability is not yet established.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-2.54K-5.41K-7.32K-8.68K-7.05K-769.00
EBITDA-1.64M-2.00M-1.78M-744.54K-737.90K-719.22K
Net Income-1.65M-2.00M-1.79M-753.21K-744.95K-719.99K
Balance Sheet
Total Assets6.17M6.77M7.26M5.10M5.07M4.07M
Cash, Cash Equivalents and Short-Term Investments140.08K936.21K436.57K420.25K1.47M1.35M
Total Debt0.000.000.000.000.000.00
Total Liabilities183.20K560.98K222.02K160.07K110.38K96.43K
Stockholders Equity5.99M6.21M7.04M4.94M4.96M3.97M
Cash Flow
Free Cash Flow-1.12K-937.68K-4.04M-1.47M-1.65M-1.50M
Operating Cash Flow-1.10K62.66K-3.36M-898.05K-728.33K-663.39K
Investing Cash Flow-462.46K-1.00M-681.98K-487.88K-921.36K-836.00K
Financing Cash Flow1.44M1.44M4.06M332.59K1.74M2.09M

Rockfire Resources PLC Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
£17.04M-2.79
52
Neutral
£42.58M-75.83-10.04%
50
Neutral
£258.77M-52.00-43.48%
48
Neutral
£19.05M-8.25-10.00%
40
Underperform
£4.23M-2.27-757.67%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:ROCK
Rockfire Resources PLC
0.20
0.05
39.29%
GB:UFO
Alien Metals Ltd
0.17
0.10
135.71%
GB:EEE
Empire Metals
36.40
26.40
264.00%
GB:COBR
Cobra Resources Plc
4.55
3.40
295.65%
GB:CMRS
Caerus Mineral Resources Plc
2.20
0.90
69.23%
GB:FMET
Fulcrum Metals Plc
6.50
-2.25
-25.71%

Rockfire Resources PLC Corporate Events

Regulatory Filings and Compliance
Rockfire Resources Confirms Total Voting Rights at 8.74 Billion Shares
Neutral
Jan 30, 2026

Rockfire Resources has confirmed that its issued share capital now stands at 8,740,134,361 ordinary shares of 0.1p each, all carrying one voting right and with no shares held in treasury, bringing the total voting rights in the company to the same figure. This clarification provides investors and other stakeholders with the official denominator for calculating disclosure thresholds under UK financial regulation, supporting transparency around significant shareholdings in the company.

The most recent analyst rating on (GB:ROCK) stock is a Hold with a £0.18 price target. To see the full list of analyst forecasts on Rockfire Resources PLC stock, see the GB:ROCK Stock Forecast page.

Business Operations and Strategy
Rockfire Confirms Southern Extension of High-Grade Mineralisation at Molaoi Zinc Project
Positive
Jan 26, 2026

Rockfire Resources has resumed diamond drilling at its 100%-owned Molaoi zinc deposit in Greece, aiming to upgrade the existing JORC Inferred Mineral Resource to Indicated status, with the fourth drill hole confirming that mineralisation continues and remains open to the south. Preliminary portable XRF readings from hole HMO-011 show several narrow but high-grade intervals of zinc, silver, lead and barium—with the latter supporting an emerging geological model of an epithermal overprint on a VMS system—while Rockfire advances hydrology and ecological studies, commissions SLR Consulting to refine its mineralisation model, and seeks geophysical survey quotes, underscoring steady technical de-risking of the project ahead of future feasibility work.

The most recent analyst rating on (GB:ROCK) stock is a Hold with a £0.16 price target. To see the full list of analyst forecasts on Rockfire Resources PLC stock, see the GB:ROCK Stock Forecast page.

Private Placements and FinancingRegulatory Filings and Compliance
Rockfire Resources Raises £120,000 Through Warrant Exercise and Increases Share Capital
Positive
Jan 19, 2026

Rockfire Resources has received notice of exercise for 120 million warrants at an exercise price of 0.1p per share, raising gross proceeds of £120,000 through the issue of new ordinary shares. Following admission of these shares to trading on AIM, expected around 23 January 2026, the company’s issued share capital will increase to 8,740,134,361 ordinary shares, a figure that will serve as the new reference point for shareholders’ disclosure obligations under FCA transparency rules.

The most recent analyst rating on (GB:ROCK) stock is a Hold with a £0.17 price target. To see the full list of analyst forecasts on Rockfire Resources PLC stock, see the GB:ROCK Stock Forecast page.

Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Rockfire Wins Shareholder Approval for Major Share Issue and Capital Expansion
Positive
Jan 2, 2026

Rockfire Resources plc has secured strong shareholder backing at its latest general meeting, with all resolutions passed to authorise directors to allot new securities and to disapply statutory pre-emption rights, paving the way for a significant equity issuance. As a result, the company expects 2.31 billion new ordinary shares to be admitted to trading on AIM around 9 January 2026, increasing its total share capital to approximately 8.62 billion shares and resetting its voting rights base, while senior directors, including the chairman and a non-executive director, have subscribed for shares, signalling internal support for the company’s capital-raising and ongoing exploration strategy.

Business Operations and Strategy
Rockfire Reports Strong Mineralisation in Third Drill Hole at Molaoi Zinc Project
Positive
Dec 19, 2025

Rockfire Resources has completed its third drill hole (HMO-010) at the 100%-owned Molaoi zinc deposit in Greece, intersecting multiple mineralised zones with strong portable XRF readings for zinc, lead, silver and copper in line with its resource model, including peak zinc values above 36% and significant associated silver and copper intervals. The results, which will be confirmed by laboratory assays, support the company’s plan to upgrade the Molaoi zinc/silver/lead resource from Inferred to Indicated and to establish what is expected to be Europe’s only defined Inferred germanium resource, with drilling to pause over the Christmas period and resume in January 2026 with a second rig anticipated, underscoring Molaoi’s emerging strategic importance in critical and base metals supply.

Private Placements and FinancingShareholder Meetings
Rockfire Resources Announces General Meeting for £3.0 Million Placing
Neutral
Dec 16, 2025

Rockfire Resources PLC has announced the posting of a circular to its shareholders detailing a General Meeting, which will be held electronically on January 2, 2026. This meeting is related to a previously announced Placing aimed at raising £3.0 million, which could impact the company’s financial position and future exploration activities.

Business Operations and StrategyPrivate Placements and Financing
Rockfire Resources Announces £3 Million Fundraising and Broker Appointment
Positive
Dec 12, 2025

Rockfire Resources PLC has announced a proposed placing to raise £3.0 million to further develop its Molaoi zinc/silver/lead project in Greece and support ongoing working capital needs. The funds will be used to upgrade the project’s resource status, with the aim of advancing the Molaoi deposit’s development and enhancing its position in the market. The company has also appointed Oak Securities as a joint broker to facilitate this process.

Business Operations and Strategy
Rockfire Resources Advances Drilling at Molaoi Zinc Deposit
Positive
Dec 8, 2025

Rockfire Resources PLC has provided an update on its drilling activities at the Molaoi zinc deposit in Greece. The company is progressing well with its drilling campaign, encountering high grades of zinc, silver, and lead, and aims to increase resource confidence from Inferred to Indicated. The Molaoi deposit is expected to host the only defined Inferred Resource of germanium in Europe. Additionally, Rockfire has commenced long lead-time components of a pre-feasibility study, including hydrology and ecological studies, to ensure timely completion before mining operations.

Business Operations and Strategy
Rockfire Resources Faces Drilling Challenges at Molaoi Zinc Deposit
Neutral
Dec 3, 2025

Rockfire Resources PLC has temporarily halted drilling at its Molaoi zinc deposit in Greece due to challenging conditions in hole HMO-009, with plans to resume later. The company has moved to a new drill site, HMO-010, where early signs of mineralization are promising, and is seeking a second drill rig to enhance productivity.

Business Operations and Strategy
Rockfire Resources Advances Drilling at Molaoi Zinc Deposit
Neutral
Nov 6, 2025

Rockfire Resources PLC has completed drilling of the first hole in its resource upgrade program at the Molaoi zinc deposit in Greece. The drilling encountered a 2.5m wide zone of visible zinc mineralization, with spot samples showing significant zinc, lead, and silver content. The challenging drilling conditions, due to extensive fault zones, provided valuable geological insights, particularly about growth faults. The company plans to expedite future drilling by relocating the rig and seeking a second drill rig to enhance productivity.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 27, 2026