Red Rock Resources PLC

("Red Rock" or the "Company")

Update on DRC

Issue of Shares

Extension of Convertible Notes

29 January 2025

Red Rock Resources Plc, the natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces an extension to the term of its 12% Convertible Notes ("Notes"), an issue of shares, and an update on DRC.

Update on DRC

The resumption of the arbitration by a scheduled meeting in order to conclude its work and arrange payments was held last week and briefly adjourned in case the parties wanted to take a last chance to reach agreement by themselves. The process remains on track and a priority. Military developments in the east of the country have inevitably affected the schedule as officials became engaged with these matters and this culminated in large demonstrations in the capital, Kinshasa, yesterday when all offices and official locations were closed and people remained at home.  The Company resumes work on this matter today.

Red Rock Chairman Andrew Bell comments: "The Company remains confident in a positive result from the current process in the DRC and I expect to remain there until matters are concluded. The Company remains constrained financially, as noted in my report in the announcement of final results on 13^th December 2024, and is managing its expenses carefully to avoid as far as possible any recourse to external financing, which has been offered, until we can make a substantive announcement. We are also engaged in various discussions with potential buyers who have approached us in relation to certain of our assets."

Extension of Notes and Issues of Shares

The Company announces, further to the announcement of 27 August 2024, that the Note holders have agreed to extend the term and conversion rights of the Notes for four months from 18 November 2024.

The total amount of Notes outstanding, immediately following the term extension, is £562,840 and the four months interest, that will accrue from that date to maturity, is £22,513.60. Each Note holder could either capitalise net interest for the four months and add it to the principal amount of the Notes or settle such net interest by the issue of new Shares in the Company at 0.041p per Share. The Company has been advised of Note holders, requesting settlement by issue of 54,911,214 Shares in settlement of £22,513.60 of interest. The Company therefore announces the issue of 54,911,214 New Shares at 0.041p per Share in settlement of interest.

The Note conversion price is adjusted to 0.075p per Share, and the exercise price of the accompanying Warrants to 0.09375p per Share ("New Exercise Price").

An extension fee has been charged as follows: the Company will grant each Note holder new warrants with a three-year life, exercisable at the New Exercise Price in the amount of 5% of the net rolled over amount, including capitalised interest attributable to that Note holder.  

The Company further announces the issue of 122,558,535 Shares in settlement of £50,249 of professional fees at a price of 0.041p per Share and the issue of 48,780,487 Shares at a price of 0.041p per Share, pursuant to a cash subscription of £20,000, and the issue of 487,804,878 Shares in settlement of £200,000 of debt at a price of 0.041p per Share.

Admission to Trading on AIM and Total Voting Rights

Application is being made for 714,055,114 Shares to be admitted to trading on AIM, the admission of which it is expected on or around 4^th February 2025.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares, its issued ordinary share capital will comprise 6,398,423,953 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 6,398,423,953
The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

For further information, please contact:

Andrew Bell 0207 747 9990                                                            Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396            NOMAD Beaumont Cornish Limited

Bob Roberts 0203 8696081                                                                 Broker Clear Capital Corporate Broking

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.