Rome Resources: Repeating Past Success to Monetize High-grade Tin and Polymetallic Projects in DRC

• Rome Resources is drilling for tin and copper in the Democratic Republic of the Congo (DRC). The company currently has four drilling rigs operating across its Kalayi (pure tin) and Mont Agoma (tin-copper-zinc sulfide) projects.
• Initial drill results from Kalayi are expected in 7-10 days, with drilling continuing into November and December, mostly focused on Mont Agoma. The Mont Agoma polymetallic project could provide the bigger prize in terms of contained metal value.
• Despite the DRC's challenging reputation, Rome Resources' management has experience monetizing projects in the country. Nearby producer Alphamin is successfully operating, producing and getting paid with no issues.
• Rome Resources aims to advance the projects to a Pre-Feasibility Study level before potentially bringing in a strategic partner or pursuing a trade sale to monetize the assets, following a model used successfully by the team in the past.
• With some of the world's highest grade tin, Rome Resources sees potential to develop Kalayi and Mont Agoma as standalone projects. Near-surface mineralization at Kalayi provides optionality for early pilot-scale production while continuing to drill and expand the resource.

Rome Resources, a junior exploration company operating in the Democratic Republic of the Congo (DRC), is advancing two high-grade tin projects with significant upside potential. As the company awaits initial drill results and continues to expand its resource through ongoing drilling, Rome Resources presents a compelling investment opportunity in a critical metal with growing demand and supply constraints.

Rome Resources High-Grade Tin and Polymetallic Projects in Congo

Rome Resources' primary assets are the Kalayi and Mont Agoma projects, both located in the DRC. Kalayi is a pure play tin project hosting some of the highest grade mineralization globally, while Mont Agoma is a polymetallic system containing tin, copper and zinc sulfides.

"Kalayi is a relatively well-defined, well-constrained tin only intercept, it's relatively simple. Mont Agoma is turning out to be quite a big sulfide zone with tin, copper, zinc everywhere. From what we're seeing, it could well be the much bigger prize in terms of the two projects." - CEO Paul Barrett

The high-grade nature of the mineralization at both projects bodes well for robust project economics. Near-surface tin at Kalayi provides the company flexibility to pursue a low capex, pilot-scale production scenario while continuing to drill and grow the resource.

Proven Management Track Record

Rome Resources is led by a management team with a history of successfully advancing and monetizing projects in the DRC. The model involves taking assets from discovery through to Pre-Feasibility Study (PFS) level before crystallizing value for shareholders.

"What's happened in the past with the team is that there's been three or four other projects that they brought from discovery through to PFS level and then sold on or monetized or changed the management and changed it into a mighty company rather than an exploration company," said Barrett.

With the appointment of Klaus Eckhof, who has over two decades of experience in the DRC, the company gains additional in-country expertise to navigate the operating environment.

Interview with CEO Paul Barrett

Favorable Jurisdiction

While the DRC has had a challenging reputation in the past, the country has seen producers like Alphamin successfully operate, produce and get paid without issue. Located just 8 kilometers from Alphamin, Rome Resources benefits from an analogous setting.

"Alphamin, for example, they're producing, they're upscaling their production now to about 30% higher this year than last year, they're getting that out through Uganda, getting the product out, getting paid, no problems whatsoever," noted Barrett. "It's definitely doable in that part of the world."

Growing Demand and Awareness for Tin

Tin demand is expected to rise, driven by its critical applications in electronics, solar panels and complex chips. With no substitutes in many high-tech applications, tin is gaining recognition as a critical metal with significant upside potential. The International Tin Association highlighted a recent poll from LME Week showing tin "shot up" the list of critical metals expected to outperform through 2025.

"The awareness is suddenly starting to hit, and I think that will only continue because we are in a situation where tin, there's no substitute in the electronics industry, and therefore, the demand will continue to rise," emphasized Barrett.

The supply side of the tin equation is constrained, with the majority of production coming from challenging jurisdictions like Indonesia, China and Myanmar. This places greater importance on new tin discoveries and development projects. With its high-grade assets in the DRC, a region with proven tin production, Rome Resources is well-positioned to benefit from the rising tide in the tin sector.

Near-Term Catalysts and Valuation Potential

Upcoming drill results and the continuation of drilling through November and December provide potential catalysts for a re-rating of Rome Resources. With a modest ~US$20 million market capitalization, the company appears undervalued relative to the scale of its assets and the potential value creation as it continues to derisk and advance its projects.

Key Investment Highlights

• High-grade tin assets in the DRC with significant resource expansion potential
• Experienced management team with track record of advancing and monetizing projects
• Strategic optionality to pursue multiple development scenarios
• Exposure to a critical metal with growing demand, supply constraints and increasing investor awareness

Conclusion

Rome Resources offers investors a compelling opportunity to gain exposure to high-grade tin assets in a region with proven production and mineralization. As the company delivers drill results and continues to grow its resource base, the scale of the prize at its Kalayi and Mont Agoma projects should become apparent. With a management team experienced in creating shareholder value and strategic optionality in a rising tin price environment, Rome Resources is well-positioned for a re-rating as it advances its assets and grows its valuation in lockstep with its resource base.

The Investment Thesis for Rome Resources

• Exposure to some of the highest grade tin globally with the Kalayi project and significant resource expansion potential
• Polymetallic exploration upside (tin-copper-zinc) at the Mont Agoma project with potential to be a company-maker
• Strategic optionality to pursue standalone development following further drilling or attract a strategic partner to advance the assets
• Management track record of advancing and crystallizing value at projects in the DRC
• Undervalued relative to the scale of its assets with a modest ~ US$20 million valuation providing significant upside potential
• Multiple near-term catalysts with upcoming drill results and continued drilling through November and December
• Leveraged to a rising tin price with growing demand for the critical metal and increasing investor awareness

Macro Thematic Analysis

The interview with Rome Resources CEO Paul Barrett highlights the growing importance of tin as a critical metal that is gaining increasing investor attention. With its essential applications in electronics, solar panels, AI, and high-tech industries, tin demand is expected to continue rising in the coming years.

At the same time, there are very few listed tin companies globally, creating a scarcity of investment opportunities in the space. As Barrett noted, a recent poll from LME Week saw tin "shoot up" the list of critical metals expected to outperform through 2025. The rising awareness and recognition of tin's fundamentals appear to be an emerging theme that could drive valuations higher as investors look to gain exposure to the metal.

As Rome Resources delivers drill results and continues to grow its resource base, the company is well-positioned for a re-rating. With a management team experienced in creating shareholder value and strategic optionality in a rising tin price environment, investors have the opportunity to gain exposure to a premier pure play tin opportunity with significant upside potential.