Rome Resources Hits High-Grade 3-4% Tin at Kalayi Tin Project in DRC

• Rome Resources is drilling a high-grade tin project in the DRC. The project is located in a proven tin jurisdiction next to Alphamin's mine.
• Initial assay results from the Kalayi prospect show tin grades spiking to 3-4%, on par with neighboring Alphamin's 4% grades. An additional 10 holes from Kalayi with visible tin mineralization are awaiting assays.
• Drilling is also underway at the Mont Agoma prospect, a large polymetallic sulfide zone with tin, copper and zinc mineralization. Two holes from Mont Agoma are at the lab for assaying.
• The current 3,000m drill program is two-thirds complete and fully funded into the new year. Rome raised $4M in July to fund the program.
• Strategic investors have approached Rome, seeing similarities to Alphamin, but at an earlier stage. Rome is carefully evaluating these unsolicited overtures with an eye to minimize dilution.

Paul Barrett, CEO of Rome Resources (AIM:RMR), provided an exciting update on the company's high-grade tin project in the Democratic Republic of Congo (DRC). With initial drill results from the Kalayi prospect showing tin grades comparable to neighboring producer Alphamin, and a large polymetallic discovery at Mont Agoma, Rome is positioning itself as a company to watch in the tin space.

High-Grade Results from Kalayi

The highlight from Rome's update is the initial assay results from holes 5 and 6 at the Kalayi tin prospect. Tin grades spiked as high as 3-4%, putting them on par with the lofty 4% grades from Alphamin's Bisie tin mine next door. Barrett elaborated:

"We see next door with Alphamin that the highest grades in their Mpama North is around about 4%, so this is the kind of target we're aiming for. We've had a couple of 3% and 4%. We've had an average of six or seven meter interval of just over 1%."

An additional 10 holes from Kalayi are currently at the lab awaiting assays, all of which encountered visible tin mineralization and lit up the handheld XRF. Barrett expects a steady flow of results over the coming weeks as Rome pieces together the potential size and grade of this new high-grade tin discovery.

Mont Agoma Emerging as Large Polymetallic System

While Kalayi is grabbing the tin spotlight, Rome is equally excited about the Mont Agoma prospect. Barrett describes it as "a different kettle of fish, a much bigger sulfide zone with copper and zinc as well as the tin."

The two Mont Agoma holes currently at the lab for assaying could prove to be the next big thing for Rome in Barrett's estimation. An additional 6-8 holes are planned at Mont Agoma, stepping out to the high-grade southeast portion of the system.

Well-Funded to Complete Drilling

Importantly for investors, Rome is fully funded to complete the current drill program. The company raised $4 million in July to drill 3,000m. With 2,000m complete and two-thirds of the money spent, Barrett affirms Rome will wrap up drilling at Kalayi and Mont Agoma in December as planned.

"It's kind of doing what it says on the tin," Barrett quipped, "and I think that we will finish Kalayi, there's two holes left to drill on Kalayi within the next couple of weeks, and there's a lot more work to do on Mont Agoma."

Interview with Chief Executive Officer, Paul Barrett

Strategic Investors Circling

The promising drill results have put Rome on the radar of strategic investors. Multiple groups have approached the company seeing the similarities to Alphamin, albeit a few years behind. Barrett notes it's still early days, but these unsolicited overtures are "an indication that people see interest in it."

Barrett makes clear that any potential strategic investment would be carefully considered with an eye to minimize dilution for existing shareholders. He points to Alphamin's own rapid path from discovery to production in just six years as the blueprint Rome will seek to emulate.

It's easy to see why Alphamin serves as an intriguing analogue for Rome. Alphamin's Mpama North is the world's highest-grade tin resource, grading 4.5% tin. Its success has propelled Alphamin to a $1 billion market capitalization.

If Rome can deliver similar tin grades over sufficient widths to support a mining operation, it could follow a similar trajectory to Alphamin and deliver outsized returns for early investors. While Rome may be a few years behind, the rapid development of Alphamin's mine shows the potential to fast-track high-grade tin assets.

The Investment Thesis for Rome Resources

• High-grade tin project in a proven district next to $1B producer Alphamin
• Initial drill results confirm Alphamin-like grades of 3-4% tin at Kalayi prospect
• Numerous assays pending from Kalayi and polymetallic Mont Agoma discovery
• Fully-funded to complete initial 3,000m drill program
• Well-timed to capitalize on record high tin prices and rising demand
• Alphamin's rapid development provides template for Rome to potentially follow
• Unsolicited interest from strategic investors validates project potential
• Tight share structure and low market cap allow for significant rerating potential as drilling continues

The pieces are starting to come together for Rome Resources and its high-grade DRC tin project. Initial results from Kalayi confirm the presence of Alphamin-like grades. Mont Agoma, is shaping up as a potential company-maker with large-scale polymetallic mineralization. Strategic investors are beginning to circle. The next batch of assay results from both prospects will be key to watch.

With tin prices near record highs on supply concerns and growing demand from the green energy transition, high-grade tin projects are in the spotlight. If Rome can continue to deliver, it could be the next big thing in the tin space.

Macro Thematic Analysis

The global tin market is in the midst of a major supply crunch. Inventories are at historic lows and prices are near record highs. Pandemic-related supply chain disruptions have coincided with strong demand growth from the electronics and green energy industries.

Tin is a critical metal for the energy transition. It's used extensively in electric vehicles, renewable energy systems, and advanced electronics. With countries around the world setting ambitious decarbonization goals, tin demand is forecast to significantly outstrip supply in the years ahead.

New tin supply is needed, but the development pipeline is thin. High-grade deposits like Rome's DRC discovery are especially sought after in this environment. Barrett sums up the opportunity:

"If we can replicate [Alphamin] with the grades and the volumes, then we can demonstrate that it's going to be a relatively quick process to get to production."