Shares in Rockfire Resources PLC (LSE:ROCK) rose as much as 18% in early trading after confirmation that a backer of its most recent investment round is now a major shareholder.
Official documentation published earlier Friday acknowledges that ACAM now holds a 16.3% stake, which was flagged when the mining exploration group raised just under £2.5 million earlier this month.
The Jersey-based fund has made similar investments across the sector, including in Power Metal Resources PLC (AIM:POW, OTCQB:POWMD).
Rockfire said proceeds from the latest fundraiser will bankroll drilling aimed at upgrading the existing resource to an “indicated” category under the JORC code and establishing a maiden germanium resource, the only one of its kind in Europe.
CEO David Price said the backing from ACAM validates the potential of Molaoi, which already boasts a 1.1 million tonne zinc resource.
The company plans further drilling and metallurgical testing to refine mining and processing options.
The stock rose was up 0.1p to 0.11p.