Rome Resources Finishes Drilling & Expects Tin Resource Update in Q2

• Rome Resources has completed most of its planned drilling program in the DRC, with promising visible tin and copper mineralisation in recent holes
• The company maintains a strong financial position with over £2 million in cash reserves while implementing cost reduction strategies during the temporary suspension
• Regional security concerns have been addressed with a coordinated and well-executed extraction plan, demonstrating effective risk management
• Resource assessment for both Kalayi and Mont Agoma prospects is expected by April-May 2025, with particularly encouraging tin grades observed at depth
• Management indicates the Mont Agoma prospect remains open to the south, suggesting significant expansion potential beyond the upcoming resource estimate

Current Operations

Rome Resources, a tin explorer operating in the Democratic Republic of Congo (DRC), has positioned itself as an emerging player in critical minerals exploration. Under the leadership of CEO Paul Barrett, the company has been conducting an ambitious drilling program focused on tin and copper mineralisation, commodities that are increasingly vital to the global transition to clean energy technologies.

The company recently made the strategic decision to temporarily pause drilling operations as a preventative measure, a move coordinated with neighbouring mining operation Alphamin. This prudent approach comes after successfully completing most of their planned drilling program, with particularly promising results from the most recent holes.

"We are a tin explorer in the DRC, having just completed a drilling program, so here to discuss what happens next," explained Barrett during a recent investor update. The timing of this temporary pause was fortuitous as the company had already completed significant work, with Barrett noting they were "slightly ahead of where we wanted to suspend."

The recent drilling campaign has been particularly encouraging, with Barrett highlighting that:

"Holes 24 and 26 were really good in terms of visible tin and copper mineralisation."

These samples have been safely transported offsite and are currently en route to laboratory facilities for analysis, expected to yield results within 3-4 weeks.

Interview with Chief Executive Officer, Paul Barrett

Drilling Program Update & Resource Assessment

Despite the temporary suspension, Rome Resources is in an advantageous position regarding its exploration program. The company has secured its drilling equipment on-site with appropriate security measures in place, ensuring a swift resumption of operations when conditions permit.

"We have security on site and we can come back and restart the rigs - quite straightforward process," Barrett confirmed.

"Four rigs are just sitting there," ready to resume operations once the regional situation stabilises.

The temporary pause in drilling operations has minimal impact on the company's exploration timeline, as they had nearly completed their planned program. "It's not a lot less, it's only a couple less. We were really only going to put in two or three more holes so we were pretty much almost there," Barrett explained.

This positions the company to move forward with resource assessment work using the substantial data already collected. The management anticipates releasing an inferred resource for both the Kalayi and Mont Agoma prospects by "April, early May" of 2025. This will represent a significant milestone for the company, transforming promising exploration results into a quantifiable resource that investors can evaluate.

The process for developing this resource estimate is well-defined:

"It'll just be our in-house geologist finalising the model and then we pass that through the competent person and that will be a relatively quick process."

This structured approach demonstrates the company's methodical progression from exploration to resource definition.

Impact of Regional Politics on Operations

The temporary pause in operations comes amid diplomatic developments in the region, with promising signs of progress. Barrett highlighted:

"There were talks actually between the presidents of DRC and Rwanda yesterday in Doha where they effectively agreed to ceasefire."

This diplomatic engagement suggests potential for a swift resolution, with Barrett noting it may take "a couple of weeks to see what happens." The company's decision was strategically coordinated with Alphamin, a larger mining operation in the area, demonstrating collaborative and prudent operational management.

The transition of personnel was executed flawlessly, with Barrett reporting he was "pleasantly surprised by the smooth running of the exit." This operational effectiveness highlights the management team's exceptional planning capabilities and regional expertise.

The company maintains continuity with its workforce through thoughtful arrangements: "The staff that we had on site and are now away from site, we will keep them on a retainer basis so they'll be ready to come back whenever," Barrett explained. This approach ensures immediate operational readiness when conditions permit resumption of activities.

Barrett expressed strong confidence in the company's ability to swiftly resume operations: "it would only take a few days to organise that." This operational agility represents a significant competitive advantage for a junior exploration company and demonstrates Rome's excellent regional positioning.

Financial Management & Cost Reduction Strategies

Rome Resources demonstrates exemplary financial management during this temporary operational pause. With "north of £2 million in the bank sterling at the moment," the company maintains an enviable cash position relative to its size and stage of development.

Management has implemented targeted cost reduction measures during the suspension period. "While we're drilling, the vast majority of expenditure for the company is in DRC. So clearly there will be no costs on the drilling or the helicopter," Barrett explained. He further indicated they are "reducing our salary and overall running costs in DRC by about 50% during this operation."

This financial discipline extends to overhead costs as well: "We will then bring down whatever we can in terms of UK overhead which actually to be honest is relatively light but still every little bit helps." These measures demonstrate management's commitment to capital preservation while maintaining essential activities.

Despite cost controls, the company continues to advance critical workstreams, particularly the ongoing geological analysis and resource assessment. Barrett confirmed that "there's expenditures to be made on the assays and the geology and the resource numbers" as these represent core value-creation activities that will proceed irrespective of the temporary field operations suspension.

The company's financial position is particularly noteworthy for a junior explorer, with Barrett observing they are in a "pretty good position for a junior explorer of having cash in the bank so we can look at quite a few things." This financial flexibility provides options beyond mere survival, potentially including strategic opportunities that may arise during this period.

Geological Insights & Future Plans

The geological model for Rome's prospects remains consistent, with recent drilling reinforcing the company's understanding of the mineralisation. Barrett highlighted:

"With holes 24 and 26 we do have this wide copper zone in both. And there is clear visible tin within these cassiterite zones within that sequence."

Of particular interest is the potential for significant tin grades beyond the visible veins: "What the tin concentrate, or tin grade is within the host rock either side of the veins, we don't know. We do know that obviously the veins are almost pure cassiterite, but we don't know what the grades are across the way." This suggests exciting potential for more extensive mineralisation than might be initially apparent from visual identification alone.

The company has identified clear areas for expansion in future drilling campaigns, particularly at the Mont Agoma prospect which "certainly is open to the south in terms of the tin." Barrett confirmed this "will probably be the next phase of investigation when we go back." This expansion potential is significant as it suggests the upcoming resource estimate represents only initial delineation of a potentially much larger system.

Looking ahead, Barrett indicated the company is proactively exploring various strategic opportunities during this period: "We can look at potential additional projects in the surrounding area or whatever the board decides." This suggests exciting possibilities for diversification or expansion beyond current project boundaries, potentially enhancing the overall resource base.

The company remains laser-focused on its core objective:

"The key is to get this resource number out for the two - the Kalayi and the Mont Agoma prospects - as the medium term goal in the next few months."

This clear strategic vision demonstrates management's exceptional ability to advance value-creating initiatives regardless of temporary operational adjustments.

Investment Thesis for Rome Resources

• Critical Mineral Exposure: Rome provides direct exposure to tin, a critical metal essential for clean energy transition and electronics manufacturing
• Resource Definition Catalyst: Upcoming resource estimate (April-May 2025) represents a major valuation milestone that could drive share price revaluation
• Expansion Potential: Mont Agoma prospect remains open to the south, suggesting significant resource growth beyond initial estimates
• Strong Financial Position: £2+ million cash balance provides operational runway and strategic flexibility uncommon among junior explorers
• Demonstrated Operational Excellence: Successful coordination and execution of operational adjustments showcases management's exceptional capabilities in dynamic environments

Rome Resources presents a compelling investment opportunity at the intersection of critical minerals exploration and exemplary operational management. The company has demonstrated outstanding operational adaptability while maintaining unwavering strategic focus on resource definition.

With highly promising drilling results from recent holes, a clear pathway to initial resource estimates, and substantial expansion potential beyond current drilling limits, Rome offers investors exposure to the growing tin market with meaningful near-term catalysts. The company's strong cash position relative to its development stage provides exceptional financial flexibility uncommon among junior explorers, substantially reducing funding risk while enabling continued advancement of core value-creation activities.

As global demand for tin continues to rise driven by electronics manufacturing and clean energy applications, Rome Resources is strategically positioned to potentially deliver significant shareholder value as it transitions from pure exploration to resource definition and beyond.

Macro Thematic Analysis: Tin's Critical Role in the Energy Transition

Tin represents a compelling investment theme as the world accelerates its transition toward clean energy and increased digitalisation. Often overlooked compared to more high-profile battery metals like lithium and cobalt, tin serves as an essential component in virtually all electronic devices through its use in solder – the material that connects components on circuit boards.

The International Tin Association projects that approximately 50% of global tin consumption is used in solder applications, with demand growing steadily as electronics proliferate across all industries. This demand driver is further amplified by the energy transition, as electric vehicles contain significantly more electronic components than traditional combustion vehicles, requiring more solder and thus more tin.

Beyond electronics, tin's applications extend to renewable energy infrastructure. Solar panels require tin-containing solder for connections, while energy storage systems similarly depend on reliable electronic connections made possible through tin-based solders. The metal's corrosion resistance also makes it valuable in various industrial applications supporting the broader infrastructure buildout necessary for the energy transition.

Supply constraints further strengthen the tin investment thesis. Globally, tin production is concentrated in a limited number of jurisdictions including Indonesia, Myanmar, and the Democratic Republic of Congo. Many existing mines face declining grades and increasing production costs, while new developments face extended timelines due to permitting challenges and capital constraints.

These supply-side challenges combined with steadily increasing demand create favourable conditions for tin prices over the medium to long term. For investors seeking exposure to critical minerals beyond the more crowded battery metals space, tin offers a compelling alternative with clear demand drivers and structural supply constraints.

Rome Resources, with its focus on tin exploration in a region known for high-grade deposits, provides investors with potential early-stage exposure to this critical metal at a time when established producers trade at significant premiums. As the company approaches its initial resource definition, it offers a timely entry point for investors seeking to position themselves ahead of potential future supply shortages in this essential but often overlooked critical mineral.