·    The historical drilling is composed entirely of unoriented diamond drilled core of PQ and NQ size.

·    Historical geological logs for a portion of the drill holes have been found and translated from Greek. They are of sufficient detail to support a Mineral Resource estimation.

·    The core logging is considered qualitative in nature.

·    Only a portion of the logs have been provided to Rockfire from the Greek Government. These logs represent ~30 % of the relevant drill holes, being 2760.9 m of the 9447.2 drill meters. The geological logs demonstrate good relationship between the sulphide rich zones and the historical drill assays.

·    The assaying was completed by an Italian government laboratory (ITMI) based in Rome, no comment can be made regarding the appropriateness of the assaying method beyond what can be inferred from the resampling program which found a good correlation between the historical and resampled Zn assays. The resampling demonstrated a precision of approx. 10%. As such the historical data is considered as being appropriate for use in this Mineral Resource Estimate.

·    No records exist regarding the assay method used or the quality assurance/quality control procedures enacted.

·    The accuracy of the drill hole database is unable to be determined at this point. The data has been translated from local grid system into UTM WGS84. The drill data has been matched with difference sources of data to provide the best location fit. This fit corresponds well with the surveyed underground development completed by the Greek Government.

·    UTM WGS 84

·    The topographic control has been extracted from Google Earth. This is considered adequate for the Mineral Resource Estimate classification applied.

·    Drill orientations were designed to intersect any geological contacts or mineralized zones at a high angle. Typical drilling is vertical or inclined to the west. The historical drilling was completed by the Greek Government, which reduces the inclination to cluster drilling around high grade areas. As such, the drilling is well spaced and the sampling is considered as being unbiased.

·    The Mineral Resource Estimation is for the Molaoi Deposit located in the Laconia Municipality in Greece. Molaoi is covered by the exploration and mining lease 'M1 (Molaoi Apidia).

·    Rockfire Resources plc owns 100 % of the Project through its subsidiary Hellenic Minerals IKE.

·    The historical exploration work was completed by the Greek Government geological department "IGME", towards the end of the exploration phase a joint venture with a company called "METBA" was established. IGME completed the generative exploration work (e.g., stream sediment sampling, soil sampling, drilling, metallurgy, underground drive development, resource estimations). METBA completed high level technical studies and feasibility studies.

·    The Molaoi deposit was initially considered as being a zinc dominant 'Kuroko style" Volcanogenic Massive sulphide (VMS) system. Debate as to the validity of the VMS model is ongoing. There is a significant body of evidence which suggests that these Zinc VMS deposits are actually structurally controlled hydrothermal systems (possibly intrusion related). The geological and structural studies indicate a complex setting of andesite lavas and tuffs along with clay-carbonate sediments and numerous fault breccias which have undergone at least three folding events. At least one folding event is noted as being isoclinal. Given the structural complexity and the relatively good level of continuation (+1400 m long) of the zinc mineralized zones it is unlikely that the mineralization is primary in nature, as suggested by the VMS model. As such, the hydrothermally derived model (possibly intrusion related) is adopted. The mineralized zones are typically hosted in fault breccias and are represented by massive/semi-massive sulphides surrounded by zones of disseminated sulphides. The sulphides consist of sphalerite, galena, and pyrite. The primary elements of interest are Zn, Pb, Ag, and Ge. Low levels of cadmium have been recorded within the deposit, it is unclear as whether or not Cd is a credit or a detriment to the mineralization at this stage.

·    Exploration results are not being reported.

·    All appropriate information has been included within the appendices. No drill hole information has been excluded.

·    There are a small number of historical drill holes that do not contain any assay data. Additionally, there are historical drill holes which have been displayed in late-stage cross section which have not been detailed in the database provided by the Greek Government to Rockfire Resources plc. Some of the drill holes that do not contain assay data are proximal to drill holes that do contain assay data. As such these holes have been ignored for the Mineral Resource Estimation.

·    Exploration results are not being reported.

·    N/A, as a Mineral Resource Estimate is being reported.

·    The individual grades are estimated, from this a zinc equivalent has been calculated. The assumptions used are;

Ø Zinc price $ 3647 USD/t, Lead price $2032 USD/t, Silver price 21.89 USD/oz (dated 16^th May 2022

Ø Historical flotation metallurgical test work show significant recoveries into a concentrate. The recoveries into the concentrate are 95.8 % for Zn, 91.8 % for Pb, and 91 % for Ag.

Ø It is the company's opinion that all the elements included in the metal equivalent have a reasonable potential to be recovered and sold.

·    The drill lines and drill hole orientations have been orientated to intercept the mineralization as close to 90 degrees as possible.

·    The drill holes have been orientated either vertical or due west. The deposit strikes due north and generally dips 40-60 degrees to the east.

·    Relevant diagrams have been included within the Mineral Resource Estimate report main body.

·    N/A as a Mineral Resource Estimate is being reported.

·    Results were estimated from drill hole assay data, with geological logging used to guide the interpretation.

·    Historical metallurgical test work has been completed at the Molaoi deposit, further details are located in Section 3.

·    Bulk Density calculates have been completed by Rockfire Resources plc, further explanation is detailed in Section 3.

·    No information exists regarding the nature, quality, or appropriateness of the historical data validation.

·    Rockfire performed initial drill audits in Micromine. Rockfire checked collar coordinates, hole depths, hole orientation, assay data overlaps and duplicate data. Errors were found in the collar file which were documented and amended.

·    There are a small number of historical drill holes that do not contain any assay data. Additionally, there are historical drill holes which have been displayed in late stage cross section which have not been detailed in the database provided by the Greek Government to Rockfire Resources plc. Some of the drill holes that do not contain assay data are proximal to drill holes that do contain assay data. As such these holes have been ignored for the Mineral Resource Estimation.

·    There are assay values in the digital database which are represented by a -1 value. Some of these assay results were resampled and analysed by Rockfire at ALS. The -1 values were found to contain above detection results (e.g., -1 original assay result for Cd returning 988 ppm Cd during the resampling). This implies that the -1 values represent unassayed values as opposed to below detection assays.

·    No site visit was completed by the Competent Person as he fell ill with COVID 19 and was unable to leave Australia for the organised site visit. Other Rockfire personnel have visited sit and have noted the presence of historical small scale mining pits, gossanous material at surface, and have located the cement sealed exploration decline.

·    There is a relatively high degree of geological uncertainty with the geological model at this stage. This is because there have only been approx. 30% of the logs provided by the Greek Government to Rockfire Resources. Regardless of this, the geological logging has clearly shown that mineralized zones are located within sulphide rich fault zones. At the main section of the deposit, the mineralization exists as three parallel zones. The main zone has been modelled in this Mineral Resource and correlates well with the current geology and the historical 1985 modelling of the mineralisation. This provides a proxy validation of the geological interpretation and mineralization model.

·    The geological logs and drill hole assays have been used to model the mineralisation. The assumptions made are that both the assay values and geological logs are reliable and sufficient.

·    The effect of alternative interpretations will modify the Mineral Resource significantly. As only one of the three repetitions has been modelled in this Resource Estimation, if a model were to cherry pick the high-grade mineralisation zones from each layer into a single layer, then this would significantly increase the grade and size of the single layer of mineralization. To avoid this issue, the spatial continuation of each layer has been preserved, i.e., the model has avoided abrupt of significant changes in orientation which would favour a higher-grade higher-tonnage interpretation.

·    Where the geological logs were noted, they were used to model the mineralization. From these points, the mineralisation model was extended section by section to identify the most likely points continuation of the mineralization.

·    The largest factors impacting mineralisation continuation are structural in nature. The modelling has identified numerous faults, these faults were noted or mapped at surface and have been used to explain grade domains (abrupt changes in the orientation of planar mineralisation). Additionally, interference folding has been identified within the mineralization model.

·    The Molaoi Mineral Resource area extends over a north south strike length of ~1400 m (from 4,076,845 mN to 4,078,257 m N) has a maximum plan width of ~280 m (from 665,080 mE to 665,358 mE) and includes the ~330 m vertical window from (185 m RL to -145 m RL)

·    Ordinary Kriging (OK) was used as the estimation method. The OK estimation utilized variograms for Zn, Pb, and Ag. Given the narrow vein nature of the deposit an arbitrary 2 m was allocated to the variogram Axis 3 for each element. The estimation was run using Micromine software in three passes. Linear grade estimation was deemed appropriate due to the low coefficient of variation for the Zinc (CoV 0.89). Maximum extrapolation of wireframes was 50 m beyond the last drill intersect along strike and down dip. This is approximately equal to the drill hole spacing. Extreme grade values were truncated. The truncation points were based on reviewing the statistical distribution (histogram, probability plot, cumulative frequency curve) of the modelled grade values to find the most logical top cut value. Comparisons between a zone-by-zone estimation and an all-in flattened model were made. Given that the mineralisation is most likely a single mineralised fault zone that has subsequently undergone multiple phases of folding and faulting, the flattened model estimation technique was applied. This then allowed the incorporation of all the relevant data points for the Resource Estimation as opposed to being limited to the data points within the zoned area. The resulting model visually looks more appropriate and is considered as being a more accurate estimation. Evaluation of the two OK models revealed no significant difference in the global Mineral Resource Estimate. As such, the flattened estimation model was utilized.

·    A historical Non-JORC Mineral Resource Estimate was completed by The Greek Government.

·    No assumption regarding deleterious elements have been made.

·    A single concentrate containing zinc, lead, and silver is considered at this stage. Additional work is required to quantify the levels of cadmium and germanium within the concentrate.

·    The parent block size is 2.5 m N/S/Z this is in relation to a 50 m drill spacing. The blocks have not been rotated due to the requirement of flattening the zones for grade interpretation. This is also the reason for the relatively small parent block size.

·    No assumption regarding the SMU have been made. It is worth noting that a review of peer zinc SMUs indicate that a 2.5 m N/S/Z size is sufficient.

·    Zinc and lead have a moderate correlation, zinc and silver have a strong correlation, and silver and lead have a strong correlation.

·    The deposit mineralization was constrained by wireframe solids constructed using a nominal 2% Zn+Pb+Ag cut-off grade with a minimum downhole length of 1 m. The wireframes were applied as hard boundaries.

·    Statistical analyses were carried out on data from the four modelled zones. Top cuts were determined by reviewing the statistical distribution (histogram, probability plot, cumulative frequency curve) of the modelled grade values. Zinc grades within the model were cut to 36.26 % (3 data points removed, 1.6 %), lead values were cut to 7.19 % (1 data point 0.53 %), and silver values were cut to 136.08 g/t (6 data points, 3.2 %).

·    Validation of the model was completed by comparing the model to an IDW model and the grade tonnage average of the wireframe sets.

·    Tonnages and grades were estimated on a dry in-situ basis.

·    The Mineral Resource Estimate has been constrained by the wireframed mineralization envelope and is undiluted by external waste. The Estimate is reported using a cut-off grade of 4 % Zinc. This was based on a review of peer Zinc deposit Mineral Resource Estimates.

·    Underground mining with concentration via flotation and transporting the concentrate for out of country processing is envisioned by the company. As no dilution is incorporated into the model a relatively high cut-off grade of 6% was used to buffer the effects of possible dilution. To discuss possible mining methods at this stage is premature. Many factors need to be considered when proposing mining methods, these factors include but are not limited to the following: -

Ø Mineralisation continuity,

Ø Level of mineralisation orientation change,

Ø Mineralisation dip (dip angle > than angle of repose),

Ø Mineralisation competency,

Ø Mineralisation thickness,

Ø Wall rock competency,

Ø Mechanisation type, &

Ø Environmental and social limitations.

The mineralisation displays good continuity with a large level of orientation change (anastomosing, faulted, and folded). This requires a mining method that can adjust swiftly to changes in orientation. The mineralisation dip is between 45 and 70 degrees. The Wall rock competency and the angle of repose is unknown and could provide problems with stoping mining methods. The Cut and Fill mining method may be possible depending on favourable results in the above mentioned unknow parameters.

·    Historical metallurgical test work has indicated significant recoveries of the sulphides into a concentrate. The recovery values are 95.8 % for Zn, 91.8 % for Pb, and 91 % for Ag. Historical metallurgical test work of the oxide/transition material shows varying and inconclusive results. As such only the fresh sulphide ore has been incorporated within the Mineral Resource Estimate.

·    To discuss detailed environmental factors or assumptions at this stage is premature. An entirely underground operation where it is possible to place waste rock as back fill into the stope is conceivable. The ore can be concentrated using the flotation method and could be process out of country at existing facilities. No open pit mining is proposed and this is reflects by the top 40m (from surface) being excluded from the Mineral Resource Estimate.

·    Bulk Density measurements where completed on the resampled drill core by ALS laboratories by using the water immersion technique. When evaluated, the data indicated a relationship between the sample weight and Bulk Density result up to ~700 g. As such all data under 700 g was discounted. The interval weighted average of the Bulk Density calculations for the samples greater than 700 g is 2.95.

·    The data above 700 g was then plotted against the zinc values, this highlighted several anomalous samples which were removed from the input data. Post cleaning, the correlation coefficient was very strong (0.92) with an R² (shared variance) of 0.842 (84.2%). As density is predicted to be dynamic throughout the deposit, the equation Y = 0.284x + 2.5481 was used to populate the block Bulk Density data, as opposed to a single 2.95 SG value for the entire fresh rock deposit.

·    The Mineral Resource Estimate reported here is in compliance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves' by the Joint Ore Reserves Committee (JORC). The Mineral Resource is classified as 100% Inferred based on the missing data, uncertain quality controls of the data, the sample spacing, and mineralization continuity.

·    The input data is comprehensive in its coverage of the mineralization and does not favour or misrepresent the in-situ mineralization. A moderate level of geological confidence exists. Acquiring the missing geological logs is an important recommendation.

·    The Mineral Resource Estimate appropriately reflects the view of the Competent Person.

·    Internal review of the Mineral Resource Estimate has been completed by Rockfire Resources plc. This review consisted of running through each step of the Resource Estimation process with the Rockfire CEO and visually inspecting the final product.