Rome Resources: Critical Minerals Play Gains Momentum

• CEO Paul Barrett purchased 10 million shares at 0.19 pence on December 15, 2025, bringing his total holding to 13.6 million shares
• Stanvic Mining SARL invested £4.2 million in December 2024, providing operational expertise and funding extension
• Exploration Progress: Completed 5,631 meters of drilling across two prospects with maiden resource estimate expected September 2025
• World-Class Location: Projects located 8 kilometers from Alphamin's Bisie tin mine, the world's highest-grade tin operation
• Multi-Commodity Potential: Discovered significant copper and zinc alongside tin, creating multiple value streams in high-demand critical minerals

Introduction: Critical Minerals in Focus

Rome Resources plc (AIM: RMR) operates at the intersection of two powerful investment themes: the global transition to electrification and the strategic importance of critical minerals supply chains. The company's Bisie North Project in the Democratic Republic of Congo targets tin, copper, and other polymetallic resources essential to renewable energy systems, electric vehicles, and advanced computing infrastructure.

The investment case for Rome Resources has strengthened materially over the past 15 months following the company's reverse takeover of Rome Resources Limited in July 2024, subsequent capital raises totaling over £8 million, and completion of an intensive drilling campaign. Recent insider buying by the CEO and strategic investment from a Congolese mining company with joint venture ties to Ivanhoe Mining signal growing confidence in the project's commercial potential.

Market fundamentals for tin have improved substantially. The International Tin Association estimates demand will increase 50% by 2030, driven by solar power, electric vehicles, and advanced telecommunications. Meanwhile, supply constraints persist as existing mines mature and few compelling new projects enter development pipelines. Tin prices reached approximately $31,000 per tonne as of the company's annual report date, while copper traded around $10,000 per tonne.

Company Overview: Proximity to Excellence

Rome Resources holds interests in two exploration permits collectively known as the Bisie North Project, located in the Walikale District of North Kivu Province in eastern Democratic Republic of Congo. The company holds a 51.5% interest in permit PEPM13274 (30.74 square kilometers) and a 51% interest in permit PR15130 (7.69 square kilometers) through subsidiary structures.

The geological significance of these assets stems from their location just 8 kilometers along geological strike from Alphamin Resources' Bisie tin mine, which holds the distinction of being the world's highest-grade tin operation. Rome Resources' management team includes geologists who were instrumental in discovering and developing the Alphamin deposit, providing critical technical expertise and local operating knowledge.

According to CEO Paul Barrett in the annual report, "The team on the ground is highly experienced both in operating in-country but also in exploration operations for the type of deposit we are delineating, having been instrumental in the discovery and development of Alphamin's tin deposit." This operational pedigree differentiates Rome Resources from junior explorers without proven track records in the region.

Recent Developments: Capital & Confidence

The most recent corporate development came on December 15, 2025, when CEO Paul Barrett purchased 10 million ordinary shares at 0.19 pence per share on the open market. This transaction, disclosed via regulatory announcement on December 16, increased Barrett's total shareholding to 13,610,108 shares, representing approximately 0.19% of issued capital. Insider purchases of this magnitude typically signal management confidence in near-term value catalysts.

The company completed a transformational 15-month period ending December 31, 2024, beginning with the reverse takeover of Rome Resources Limited on July 26, 2024. The transaction involved issuing 2.35 billion ordinary shares to Rome Resources Limited shareholders and conducting a concurrent placing that raised £4 million. The reverse takeover brought high-quality tin and copper exploration assets into a publicly-listed structure with access to UK capital markets.

In December 2024, Stanvic Mining SARL made a strategic investment of £4.2 million, subscribing for 1.2 billion new shares at 0.35 pence per share. According to Chairman Klaus Eckhof in the annual report, "This welcome investment has allowed the Company to continue drilling operations well into 2025. Stanvic brings a wealth of local operating knowledge, principally in the copper belt and in ancillary support services." The investment provided both capital and operational expertise for continued exploration activities.

Market Context: Tin Demand Accelerates

Global tin markets experienced significant volatility throughout 2025, with price fluctuations reflecting both supply constraints and accelerating demand from technology sectors. The structural demand case for tin has strengthened considerably as the metal's critical role in advanced electronics, renewable energy systems, and electric vehicle manufacturing has become more widely recognized by institutional investors.

The International Tin Association projects tin demand will increase approximately 50% by 2030, citing solar power installations, electric vehicle production, and advanced telecommunications infrastructure as primary drivers. This forecast may prove conservative when accounting for exponential growth in artificial intelligence computing power, which requires tin-based solder in massive quantities for chip manufacturing and data center construction.

Supply-side dynamics reinforce the bullish demand outlook. Production disruptions in Myanmar and Indonesia, two historically important producing jurisdictions, have constrained global supply. New mine development pipelines remain limited, with only a handful of compelling projects advancing toward production. This supply-demand imbalance has attracted new capital into the sector, including Abu Dhabi-based International Resources Holding's investment in Alphamin Resources, demonstrating sovereign wealth fund interest in securing tin supply chains.

Strategic Positioning: Multi-Commodity Value

Rome Resources has identified mineralization across two distinct deposit types at the Bisie North Project. The Kalayi prospect comprises multiple discrete, highly-dipping vein trends showing cassiterite (tin oxide) as the primary mineralization phase, with tin present from surface. The Mont Agoma prospect displays a more complex polymetallic system with significant copper and zinc sulphides in addition to cassiterite veins in near-surface zones.

The discovery of substantial copper and zinc volumes at Mont Agoma has prompted metallurgical studies to develop processing flowsheets for recovering these metals. According to the CEO's report, "The Company has therefore initiated metallurgical studies to develop a flowsheet to recover the shallower copper and zinc which represent overburden for deeper tin mineralisation." This approach could generate early cashflow from copper-zinc production while accessing higher-grade tin mineralization at depth.

Chairman Klaus Eckhof contextualized the geological model in the annual report: "In general, the tin ore cassiterite is not associated with copper sulphide mineralisation, so the presence of tin in the shallow part of the system at Mont Agoma points to its likely presence in greater quantities at depth, similar to the world class tin and copper deposit of San Rafael, in Peru." This comparison to a producing world-class asset provides a conceptual framework for understanding the project's economic potential.

Current Operations: Drilling & Resources

Rome Resources commenced an intensive drilling campaign almost immediately following the July 2024 reverse takeover and AIM readmission. By late September 2024, four drill rigs operated simultaneously on-site, contracted through three drilling companies: Orezone, Mole, and ADT. The company completed 5,631 meters of drilling through the period ended December 31, 2024. As of June 22, 2025, drilling had advanced to 3,318 meters on Mont Agoma and 2,712 meters on Kalayi.

Operations faced temporary disruption in March 2025 when rebel advances near the Rwandan border threatened supply lines and site security. The company activated contingency plans and temporarily shut down drilling operations on March 13, 2025. Following improved security conditions, operations resumed on April 30, 2025, with drilling recommencing on the remaining Mont Agoma program. All personnel and equipment were successfully protected during the shutdown period.

The maiden Mineral Resource Estimate is currently being prepared by MSA Group, an independent consulting firm serving as the qualified person for the project. The resource estimate was initially expected by mid-2025 but has been delayed to incorporate additional drill results and assay data from recent drilling outside the main geochemical anomaly. According to the annual report, the MRE is now "likely to be complete on or around September 2025" and will establish the base-case resource for tin, copper, and zinc across both prospects.

Financial Position: Funded for Catalysts

Rome Resources reported cash and cash equivalents of £4.485 million as of December 31, 2024, compared to £53,000 at September 30, 2023 (unaudited comparatives for Rome Resources Limited). The substantial increase reflects proceeds from the July 2024 placing (£4 million) and December 2024 Stanvic investment (£4.2 million), partially offset by drilling expenditures incurred during the second half of 2024.

At the date of the annual report (June 30, 2025), the company held approximately £1.4 million in cash. Management projects this funding is sufficient to complete the current drilling program and provide working capital into 2026. The directors' going concern assessment acknowledges that future resource definition work will require additional capital but expresses confidence in the ability to raise funds based on successful recent financings, positive drilling results, and favorable tin market conditions.

The company's financial structure remains straightforward with minimal debt. Non-current liabilities consisted solely of a $350,000 (£254,000) loan from Dr. Andreas Reitmeier, a shareholder who holds 29% of Medidoc-RD Congo SARL and indirectly holds 19% of Mont Agoma SARL. This loan carries no interest and is repayable by January 31, 2026, as part of option agreements whereby Rome Resources can acquire additional equity stakes in these subsidiary entities.

The Investment Thesis for Rome Resources

• Accumulate shares ahead of the September 2025 maiden resource estimate, which will establish the commercial scale of tin-copper-zinc mineralization and potentially unlock institutional investor interest.
• Gain exposure to tin price appreciation driven by 50% projected demand growth by 2030, with limited new supply coming to market and existing mines maturing.
• Benefit from copper and zinc value in addition to tin, providing downside protection if tin prices moderate while copper demand for electrification accelerates.
• Capitalize on drilling program acceleration following April 2025 operations resumption, with assay results from recent holes expected to expand known mineralization footprint.
• Consider Stanvic Mining's £4.2 million investment at 0.35 pence as a validation of project economics by an informed industry participant with DRC operating experience.
• Watch for potential joint venture or farm-in agreements as the resource estimate de-risks the project and attracts larger mining companies seeking tin supply exposure.

Risk Considerations: Operating Context

Political and security risks represent the most significant challenge for Rome Resources operations. The eastern Democratic Republic of Congo has experienced ethnic violence and anti-government rebel activity for several decades, though mining operations have generally continued with limited interruption. The March 2025 temporary shutdown demonstrated the company's proactive approach to personnel safety but highlighted the ongoing security considerations inherent in the jurisdiction.

The company operates in a remote location with no road access, relying entirely on helicopter support for logistics and personnel movement. This operational model increases costs and creates vulnerability to supply chain disruptions during periods of regional instability. However, Chairman Eckhof noted in the annual report that "the emergence of commercial arrangements with the US government on minerals in the DRC, including the potential for security guarantees, has reduced the perceived risk from insurgents."

Funding requirements represent an additional risk factor. As an exploration-stage company without revenue, Rome Resources depends on equity capital markets for ongoing operations. While the company has successfully raised £8.2 million since July 2024, there is no guarantee that future capital raises will be completed on favorable terms or at all. Market conditions, tin price trends, and exploration results will influence the company's ability to access additional funding as required.

Investor Takeaway: Critical Minerals Exposure

Rome Resources offers investors direct exposure to tin and copper exploration in a world-class geological setting, backed by an experienced management team with a proven track record of tin discovery in the region. The proximity to Alphamin's world-leading tin mine validates the geological potential while providing infrastructure and operational benchmarks for future development scenarios.

Near-term catalysts include the September 2025 maiden resource estimate, ongoing assay results from recent drilling, and potential strategic partnerships as the project matures. The multi-commodity nature of the mineralization provides optionality across tin, copper, and zinc markets, all of which benefit from electrification and digitalization mega-trends driving demand growth.

CEO insider buying at 0.19 pence and strategic investment from Stanvic Mining at 0.35 pence establish reference points for current valuation. Investors should weigh the high-quality asset base and favorable market fundamentals against operational risks inherent in DRC mining and the capital requirements of advancing an early-stage exploration project toward development decisions.

TL;DR

Rome Resources plc explores for tin, copper, and zinc 8 kilometers from the world's highest-grade tin mine in the Democratic Republic of Congo. Following a July 2024 reverse takeover, the company raised £8.2 million, completed 5,631 meters of drilling, and expects a maiden resource estimate in September 2025. CEO Paul Barrett purchased 10 million shares at 0.19 pence in December 2025, while strategic investor Stanvic Mining invested £4.2 million at 0.35 pence in December 2024. The company holds £1.4 million cash and operates two exploration permits targeting mineralization similar to nearby world-class deposits. Tin demand is projected to increase 50% by 2030 driven by renewable energy, electric vehicles, and AI computing infrastructure.

FAQs (AI-Generated)