Rome Resources: High-Grade Tin-Copper Discovery in the DRC's Critical Minerals Heartland

• Rome Resources has completed over 5,000 metres of core drilling across 26 holes at its Bisie North tin-copper project in eastern DRC, with a second phase of resource drilling underway and completion targeted for July 2025.
• The Mont Agoma prospect hosts a mineralised zone more than 200 metres wide containing tin, copper, zinc and silver, with the company preparing its first resource estimate for September 2025 and conducting metallurgical studies on polymetallic recovery.
• The Kalayi prospect demonstrates high-grade tin mineralisation in plunging shoots similar to Alphamin's Mpama South deposit, with drilling covering 600 metres of a 2-kilometre soil anomaly and extensions to the northwest and southeast remaining untested.
• Rome's management team brings decades of DRC operating experience, including personnel who launched the Bisie tin project with Alphamin, and the company operates with helicopter support from a permanent field camp eight kilometres from Alphamin's infrastructure and airstrip.
• Tin demand is forecast to rise by up to 40 percent by 2030 driven by electrification and advanced electronics, while copper faces long-term supply constraints, positioning Rome's polymetallic project in markets with structural deficits and pricing support.

Rome Resources Advances Polymetallic Discovery at Bisie North

Rome Resources plc, the AIM-listed critical minerals explorer, is advancing a high-grade tin-copper-zinc project in the Democratic Republic of Congo following the successful completion of over 5,000 metres of core drilling at its Bisie North licences in eastern DRC. The company, which listed on the London Stock Exchange's AIM market in July 2024 following a reverse takeover of Pathfinder Minerals, raised £4 million before expenses at admission and secured an additional £4.2 million from a strategic investor in December 2024 to fund the current drilling programme. Rome settled a legacy claim over Mozambique licences during the period, clearing the path for concentrated focus on the DRC assets.

Rome's Bisie North project comprises two main prospects: Mont Agoma, a polymetallic system hosting tin, copper, zinc and silver, and Kalayi, a pure tin target with high-grade shoots. The company drilled 26 core holes across both prospects between August 2024 and July 2025, with assays from the programme feeding into a maiden resource estimate scheduled for completion in September 2025. Metallurgical testing on 1,000 kilograms of sample material shipped to Canada is underway to assess polymetallic recovery characteristics.

The project is located in the Walikale mining district of North Kivu province, eight kilometres from Alphamin Resources' Mpama tin mine, currently the highest-grade primary tin operation globally and majority-owned by Abu Dhabi sovereign wealth interests. Rome operates with helicopter support from a permanent field camp and has established good relations with local communities and artisanal miners in the area. The company's presentation materials indicate that a recent agreement brokered by the United States includes access to minerals, potentially opening up the DRC to new business.

Company Overview

Rome Resources was formed through the July 2024 reverse takeover of Pathfinder Minerals by a private entity holding exploration licences in the DRC. The transaction provided the incoming assets with public-market capital and an AIM listing, with the combined entity raising £4 million before expenses at admission. In December 2024, a strategic investor committed £4.2 million to advance drilling at Bisie North, bringing total funds raised to £8.2 million before costs. A financial chart presented in the company's July 2025 presentation showed 49 percent of post-RTO funds allocated to project spend, 20 percent to RTO transaction expenditure, 16 percent to corporate and administrative costs, and 16 percent to cash remaining.

The company's board and senior management team bring extensive DRC operating experience. Paul Barrett, chief executive, is a geologist with over 40 years' resource-sector experience principally in Europe, Russia, Africa and North America, and prior CEO experience at a public oil company. Mark Gasson, chief operating officer, is a geologist with over 39 years' experience in the resource sector in South Africa, Tanzania and 20 years in DRC, and has served on the boards of a number of junior exploration companies. Jamie Anderson, exploration manager, is a DRC-based geologist with 15 years' experience in the DRC including seven years of experience working in tin, and started the Bisie tin project as exploration manager with Alphamin.

Klaus Eckhof, non-executive chairman, is a geologist with more than 20 years' experience developing mineral deposits throughout the globe and has a strong track record of delivery in the DRC. Serge Nawej Tshitembu, non-executive director, is a Belgian-qualified lawyer and Congolese national with significant experience advising mining construction and infrastructure companies operating in Africa, particularly the DRC. Philip Knowles, chief financial officer, is an FCCA who commenced his career as an auditor at Princecroft Willis and subsequently held financial controller and chief financial officer roles at Firestone Diamonds and Stellar Diamonds, respectively.

Key Development: Over 5,000 Metres Drilled at Mont Agoma and Kalayi

Rome commenced its drilling programme at Bisie North in August 2024 and has completed 26 core holes totalling over 5,000 metres. Three active drilling units operated on site with core handling, logging, sampling and portable X-ray fluorescence analysis conducted at a field facility. Samples were transported via Kisangani to Lubumbashi for sample preparation and to Johannesburg for final assay. Approximately 40 staff are on site during full operations.

At the Mont Agoma prospect, drilling has delineated a mineralised zone exceeding 200 metres in width hosting tin, copper, zinc and silver. A new 40-metre-wide tin zone was encountered in June 2025 to the northeast of the original soil geochemical anomaly. Rome's presentation materials show sections through Mont Agoma indicating a large prospective area remains undrilled at depth. The company provided illustrative in-house estimates of relative metal abundance and value, showing zinc contributing the largest relative value component followed by copper and tin, though it cautioned these figures are for illustration purposes only and are based on in-house estimates to be confirmed by the resource estimate.

At the Kalayi prospect, drilling covered 600 metres of a 2-kilometre tin-in-soil anomaly and encountered tin mineralisation in high-grade plunging shoots, a geometry similar to Alphamin's Mpama South deposit which currently grades approximately 2 percent tin. Rome's presentation materials state that the core area of Kalayi is well-defined by high-grade tin intercepts and that a maiden tin resource model for Kalayi is nearing completion. Soil anomaly extensions to the northwest and southeast remain untested and represent upside exploration targets.

Strategic Significance: Tin & Copper in a Supply-Constrained Market

Rome's Bisie North project is focused on tin and copper, two critical minerals facing structural supply constraints. Massachusetts Institute of Technology identified tin in 2018 as the metal most likely to benefit from electrification growth including solar energy, electric vehicles and advanced computing. The International Tin Association forecasts that global demand for tin will increase by up to 40 percent by 2030, with the main reason being that tin is anticipated to benefit from a technology supercycle with its critical role in advanced electronics and the large scale electrification of the energy sector over the coming decades.

The tin market is relatively small, with the company's presentation materials noting that the relatively small nature of the tin market means it is very susceptible to supply disruptions, such as seen recently in Myanmar and Indonesia, with the larger mines able to each easily supply 5 percent of the market. In the first half of 2025, London Metal Exchange tin posted strong performance among base metals. A July 2025 Reuters report cited in the presentation noted that London Metal Exchange copper is set to close out the first half of the year with a gain of 12 percent, beaten only by the wild tin market.

Copper demand is underpinned by electrification of energy networks, electric vehicle production and grid infrastructure spending. The presentation materials note that recent price surges due to the unpredictability of the US administration have led to gains in copper prices and looming shortages in the key US market. China's State Grid spending, which is the world's single largest buyer of copper, rose 25 percent earlier in the year. Prospects for the production of electric vehicles, wind generating capacity, consumer durables and machinery are also looking stronger in China, offsetting renewables slowdown in the United States.

Current Activities: Resource Estimation & Metallurgical Testing Underway

Rome is currently completing a follow-up drilling programme at Mont Agoma with an estimated completion date of July 2025. The company plans limited additional drilling and soil sampling in September 2025 to further delineate the newly discovered northeast tin zone, contingent on results. A suspension of drilling in August 2025 is scheduled to allow assay laboratories to catch up, with results feeding into the maiden resource estimate targeted for September 2025. The company's presentation materials indicate that management analysis is planned for September through October 2025.

The company has shipped 1,000 kilograms of sample material to Canada for metallurgical and beneficiation testing. This work will inform understanding of polymetallic recovery characteristics and assist in preliminary economic assessments. Rome's presentation materials show that three active drilling units are on site with core handling facilities including logging, sampling and XRF analyses, with samples shipped out via Kisangani to Lubumbashi for sample preparation and Johannesburg for analysis.

In addition to the technical programme, Rome is managing community relations and engagement with artisanal miners operating in the area. The company's presentation materials state that Rome has good relations with local inhabitants and artisanal miners. The presentation also notes that a recent agreement brokered by the United States includes access to minerals, opening up the DRC to new business. Rome operates with helicopter support from a permanent field camp fully serviced, located eight kilometres from Alphamin's tin mine and airstrip.

Investor Takeaway: Early-Stage Discovery with Near-Term Catalysts

Rome Resources is advancing a high-grade tin-copper-zinc discovery in a jurisdiction adjacent to proven infrastructure and operating mines. The company's maiden resource estimate is scheduled for September 2025, with metallurgical test results and assays from the current drilling programme expected through the third quarter. The project is in the exploration and resource-definition stage, with no feasibility study or production timeline disclosed. Rome's presentation materials indicate strong newsflow through the remainder of 2025, with drilling and coring through July, assays through August and September, metallurgical studies in August and September, maiden resource in September, and management analysis in September through October.

The company's management team brings significant DRC operating experience, including personnel who initiated the Bisie tin project at Alphamin. The project benefits from proximity to Alphamin's Mpama mine and airstrip, reducing logistical challenges. However, the DRC remains a jurisdiction with elevated political, security and regulatory risk, and Rome's operations are dependent on helicopter support and complex supply chains. The company's presentation materials emphasise the experienced team with strong DRC track record, noting that Klaus Eckhof has a strong track record of delivery in the DRC, Mark Gasson has 20 years in DRC, Jamie Anderson has 15 years of experience in the DRC including seven years working in tin, and Serge Nawej has experience advising companies operating in Africa, particularly the DRC.

Rome raised £8.2 million before expenses in 2024 and early 2025. The company will require further capital to advance beyond resource estimation and into feasibility and development, with timing and quantum of future fundraising dependent on drill results and market conditions. The company's presentation materials state that 2024 was a transformational year for the company, with £8.2 million raised before expenses, drilling programme successfully undertaken on tin and copper project in DRC, and promising indications so far of significant tin, copper and zinc combined volume.

The Investment Thesis for Rome Resources

• Rome offers exposure to tin and copper, two critical minerals with forecast demand growth and supply constraints, ahead of the maiden resource estimate scheduled for September 2025.
• The Mont Agoma polymetallic system and Kalayi high-grade tin target present distinct value drivers, with over 5,000 metres of core drilling completed and metallurgical testing underway.
• The company operates adjacent to Alphamin's world-class Mpama tin mine, benefiting from proven geology, infrastructure proximity and experienced DRC-focused management with a track record at Bisie.
• Near-term newsflow includes drill assays through August 2025, metallurgical results in September, and the maiden resource estimate in September, providing multiple catalysts over a compressed timeline.
• Jurisdiction risk in the DRC remains elevated, requiring investors to weigh project quality and management capability against political, security and regulatory uncertainties inherent to the operating environment.
• Additional capital will be required to advance beyond resource definition, with the quantum and timing of future fundraising dependent on resource size, metallurgical results and market conditions for critical minerals equities.

Rome Resources has completed the second phase of resource drilling at its Bisie North tin-copper-zinc project in the Democratic Republic of Congo, with a maiden resource estimate scheduled for September 2025. The company's Mont Agoma prospect hosts a polymetallic mineralised zone more than 200 metres wide containing tin, copper, zinc and silver, while the Kalayi prospect demonstrates high-grade tin shoots similar to nearby world-class deposits. Rome's management team brings decades of DRC operating experience, and the project benefits from proximity to established infrastructure at Alphamin's Mpama mine eight kilometres away.

The investment case centres on exposure to tin and copper, two critical minerals facing structural supply deficits and forecast demand growth driven by electrification and advanced technology applications. Rome is at the exploration and resource-definition stage, with no feasibility study or production timeline disclosed, and the company will require additional capital to advance beyond the current programme. Jurisdiction risk in the DRC remains elevated, and investors must weigh project quality and management capability against political, security and regulatory uncertainties.

Near-term catalysts include drill assays through August 2025, metallurgical test results and the maiden resource estimate in September, providing a compressed timeline for de-risking and valuation re-rating. For investors seeking exposure to critical minerals supply chains, Rome presents an early-stage opportunity in a jurisdiction with proven geology and operating mines, supported by experienced management with a track record of discovery and development in the Bisie district.

TL;DR

Rome Resources (LSE: RMR.L) is advancing one of the few high-grade polymetallic tin projects in Africa, with over 5,000 metres drilled across 26 holes at its Bisie North project in the Democratic Republic of Congo. The company reported a mineralised zone exceeding 200 metres in width containing tin, copper, zinc and silver at its Mont Agoma prospect, while maintaining a pure tin target at Kalayi. With a maiden resource estimate underway and metallurgical testing in progress, Rome is positioned in a jurisdiction adjacent to Alphamin Resources' world-leading tin mine and benefits from experienced DRC-focused management. The project timeline calls for resource completion by September 2025, with consistent newsflow anticipated through October.

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