DRC Tin Explorer Hits Increasing Grades at Depth, Maiden Resource by End Of March 2025

• Rome Resources is a tin explorer in the DRC with two main prospects - Kalayi (pure tin) and Mont Agoma (polymetallic with copper, tin, and zinc) - currently drilling with four rigs.
• Recent drill results at Kalayi show consistent tin grades that increase with depth, and the company plans to release a maiden resource estimate for Kalayi by the end of March 2025.
• The company has about £3 million in the bank and expects to have approximately £2 million remaining after the current drilling program, providing flexibility for future plans.
• Despite regional security concerns, operations continue smoothly with the relocation of their logistical hub, and the company maintains high safety protocols.
• Rome Resources sees strong long-term demand for tin driven by AI, electrification, and electronics, with CEO Paul Barrett noting that a relatively small resource could be commercially attractive due to tin's high price.

Rome Resources, a junior mining company focused on tin exploration in the Democratic Republic of Congo (DRC), is making significant progress in its drilling program. In a recent interview, CEO Paul Barrett provided updates on the company's exploration activities at its Kalayi and Mont Agoma prospects, discussed upcoming resource estimates, and shared insights on operational aspects and the long-term outlook for tin demand. The company is currently operating four drill rigs and expects to release its maiden resource estimates in the coming months, potentially positioning Rome Resources to capitalize on the growing global demand for tin driven by technological advancements and electrification.

Project Overview and Recent Drilling Results

Rome Resources is advancing exploration at two primary prospects: Kalayi, which hosts pure tin mineralization, and Mont Agoma, a polymetallic deposit containing copper, tin, and zinc. Recent drilling at the Kalayi prospect has revealed consistent tin grades that increase with depth, confirming the company's geological model. The mineralization at Kalayi is characterized by three steeply dipping tin intercepts with a relatively simple geometry. Barrett explained that the company is focusing on tracking the "pinch and swell" of these zones, where the mineral-rich fluids have deposited tin in accommodation spaces created by shear zone movements.

"Kalayi is relatively simple. It is three tin intercepts that are steeply dipping. The geometry is quite simple. It's a matter of chasing where the actual thicks and thins, the pinch and swell of these zones takes place, and that's why the drilling continues at depth and to the South."

The drilling has reached depths of approximately 350 meters, with the potential for further exploration at depth in the future. Importantly, Barrett indicated that the drilling success rate has been high, with intercepts being predicted and encountered within "a few tens of meters" of their expected locations, suggesting a well-understood geological model.

Upcoming Resource Estimates

A significant milestone for Rome Resources is the planned release of maiden resource estimates for both prospects. The company expects to publish the Kalayi resource estimate by the end of March 2025, followed by the Mont Agoma resource estimate by the end of April. These estimates will be based on drilling that covers only a portion of the 2,000-meter soil anomaly identified at the properties, indicating substantial exploration upside.

Barrett clarified that while they have temporarily moved rigs from Kalayi to Mont Agoma to catch up on drilling there, they believe they have sufficient data to establish an initial resource estimate for Kalayi. Following the release of these estimates, the company plans to announce its next steps by early to mid-May 2025.

Mont Agoma Prospect: Polymetallic Potential

The Mont Agoma prospect represents a potentially significant diversification of Rome Resources' portfolio with its polymetallic nature. Barrett described a layered deposit model where copper mineralization is found at shallow depths, tin is deeper, and zinc is distributed throughout the system. The copper geochemical anomaly extends further north than the tin anomaly, suggesting room for expansion.

The company has accelerated drilling at Mont Agoma with multiple rigs now operating simultaneously, substantially improving the pace of exploration compared to pre-Christmas operations. Currently, Rome Resources has several holes completed and awaiting assay results, with additional holes being actively drilled.

The polymetallic nature of Mont Agoma could provide significant value beyond tin alone. The company is consulting with metallurgical experts to determine how to effectively extract copper, zinc, and tin concentrates from the ore. While zinc is a lower-priced commodity, Barrett noted that its abundance at the site could add meaningful value to the project.

Interview with CEO Paul Barrett

Operational Updates and Security Considerations

Rome Resources has adapted its operations following the closure of Goma airport by relocating its logistical hub to Kenani. This change has added complexity to crew changes and supply logistics but has not materially impacted drilling operations. The company maintains a helicopter on site to transport supplies, which are delivered by road from Kisangani.

Addressing security concerns related to M23 rebel activity in the region, Barrett explained that the company's site in North Kivu is separated from areas of conflict by dense jungle, with rebel activities primarily confined to the cultivated land in the rift valley. Rome Resources maintains safety protocols in coordination with neighboring Alphamin, including contingency plans for evacuation if necessary, though Barrett indicated there are currently no signs of security threats impacting their operations.

Financial Position and Future Plans

Rome Resources is in a stable financial position with approximately £3 million in the bank. Barrett projects that after completing the current drilling program, the company will still have about £2 million in reserves, providing flexibility for future exploration and development activities.

Rather than engaging in prolonged drilling without defined objectives, Barrett emphasized a focused approach to exploration with clear milestones:

"I do not like the idea of just drilling for drilling's sake. Really, we've undertaken this drilling program to get a resource out, so we're just going to do what we said we're going to do."

Following the release of the resource estimates, Rome Resources will evaluate options for advancing the project, potentially including economic studies and considerations for early-stage surface mining at Kalayi to generate revenue. The company is looking at various commercialization strategies, with Barrett noting that being in the DRC could allow for more rapid development compared to other jurisdictions like Australia.

Tin Market Outlook

Barrett remains optimistic about the long-term prospects for tin, which is currently trading around $33-34 per kilogram. He highlighted the metal's essential role in electronics, particularly with increasing demand driven by AI development, electrification, and technological advancement in countries like the US and India.

"The key really is demand, and I think that you will see that a lot of the countries that want to go forward in terms of the AI revolution, electrification, etc., which for countries like the US, India, etc., will be driving demand going forward because tin glues all the electronics together and there is no substitute.”

This positive outlook for tin demand, combined with constraints on global supply, creates a favourable environment for new tin projects. Importantly, Barrett noted that due to tin's high price, even a relatively small resource could be commercially viable, especially considering the proximity of Alphamin's operations, which currently have a mine life of 3-5 years.

The Investment Thesis for Rome Resources

• Advanced-Stage Tin Exploration: Rome Resources has quickly progressed from initial exploration to nearing resource definition at its Kalayi and Mont Agoma prospects, with maiden resource estimates expected in March-April 2025.
• Dual Asset Approach: The company offers exposure to both pure tin (Kalayi) and polymetallic (Mont Agoma - copper, tin, zinc) deposits, providing commodity diversification within a focused portfolio.
• Strong Financial Position: With approximately £3 million in cash and expectations to retain £2 million after the current drilling program, Rome Resources has funding flexibility for future development without immediate dilution pressure.
• Strategic Location: The proximity to Alphamin's operations, which currently have a 3-5 year mine life, creates potential synergies and highlights the area's proven production capabilities.
• Favourable Tin Market Fundamentals: Long-term demand growth driven by AI, electronics, and electrification, coupled with supply constraints, creates a positive price environment for new tin projects.
• Commercialization Potential: Due to tin's high value, even modest-sized resources can be economically viable, with potential for early revenue generation through surface mining at Kalayi.
• Experienced Management: CEO Paul Barrett brings a results-oriented approach, focused on efficient resource definition rather than endless exploration, suggesting disciplined capital allocation.
• Development Timeline Advantage: Operations in the DRC potentially allow for faster project advancement compared to other jurisdictions, offering the possibility of a shorter path to production.

Macro Thematic Analysis: 

The global transition toward digital technologies, renewable energy, and advanced manufacturing is creating unprecedented demand for specific critical minerals, with tin emerging as a key beneficiary of these trends. Tin's primary use as solder for electronics positions it at the heart of technological advancement, making it indispensable for everything from consumer electronics to advanced computing systems supporting artificial intelligence.

The metal is experiencing a fundamental shift in its demand profile as the technologies driving the Fourth Industrial Revolution expand. AI development requires vast data centers filled with circuit boards containing tin solder, while the global push for electrification in transportation and energy systems similarly increases tin consumption. As Paul Barrett succinctly stated in the interview: 

"Tin glues all the electronics together and there is no substitute."

This supply-demand dynamic is further complicated by geopolitical factors. Traditional tin supplies have been concentrated in regions with increasing geopolitical complexities, including China, Indonesia, and other parts of Southeast Asia. Western economies are actively seeking to diversify their critical mineral supply chains, creating opportunities for new sources in alternative jurisdictions.

The DRC, despite its operational challenges, represents an important frontier for tin exploration, with significant geological potential that remains underexplored compared to more established mining regions. Rome Resources' projects benefit from this broader thematic, offering potential new supply into a market characterized by structural deficits.

Alpha Min's established operations in the region demonstrate that successful tin mining in the DRC is viable, providing a blueprint for Rome Resources to follow. As Barrett noted, 

"The incremental cost or the cost of production of anything can support a relatively small resource. We don't need a large resource to make it very commercially attractive." 

This economics-focused perspective highlights the fundamental value proposition of tin exploration in today's market - even modest discoveries can generate substantial returns given tin's high value and essential role in technologies driving global economic growth.

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