Rome Resources Resumes Drilling in DRC with Resource Estimate Expected Soon

• Rome Resources is resuming drilling operations in the DRC for tin and copper exploration, with helicopter support recently mobilised and drilling expected to restart by the end of the week.
• Security conditions have improved as M23 rebels have retreated from the company's operational area, with peace talks between Rwanda and DRC ongoing.
• The company is focusing exclusively on the Mont Agoma deposit with targeted drilling to fill a data gap in the deeper part, based on their model suggesting increased tin grades at depth.
• Rome Resources plans to release a resource estimate by the end of May, pending assay results from holes 24 and 26, and has engaged a metallurgist to explore processing options for the tin, copper, and zinc deposits.
• The company has a lean operation with approximately $2.7 million in cash, a planned drilling budget of $1.6 million, and is discussing potential infrastructure sharing with neighboring miner Alphamin.

Rome Resources has announced the resumption of its exploration drilling program in the Democratic Republic of Congo (DRC), following improved security conditions in the region. According to CEO Paul Barrett, the company's helicopter support mobilised back into the country recently, with drilling operations expected to restart by the end of this week.

"We're back, we'll be back drilling by the end of this week I would think." 

The restart comes after a pause in operations due to regional instability. The improved situation stems from M23 rebels, who had been advancing westward from Goma and Picu, retreating back to the Kivu area. Barrett explained:

"The M23 rebels who were moving west have basically retreated back into the cultivated rift area as opposed to in the impenetrable jungle which is where we are." 

This retreat, combined with ongoing peace talks between Rwanda and DRC that include M23 representatives, is expected to result in a peace plan in the near term. While the company is not yet operating from Goma, instead working from Kisangani, Barrett indicated they expect to return to operations from Goma in the future, which would reduce helicopter flight times for resupply activities.

Focused Drilling Strategy Targeting Deeper Mineralisation

The company's restart will focus exclusively on the Mont Agoma deposit rather than the Kalayi deposit, with Barrett noting they have collected sufficient information from Kalayi already. 

"We're going to be operating on Mont Agoma only, not on Kalayi. We've got enough information on Kalayi. So we're drilling a very targeted program on Mont Agoma over the next couple of months."

This strategic focus includes addressing a specific data gap in the deeper part of the Mont Agoma deposit. Barrett explained:

"There's a data gap in the middle of Mont Agoma in the deeper part. So, we're putting three or four wells in that deeper data gap which follows on basically from our model of the tin grades hopefully increasing as we go deeper."

In addition to these infill holes, the company plans to drill "one or two holes on the fringes to see how it extends to the south," which will help determine the lateral extent of the mineralisation. This targeted approach aims to efficiently use resources while maximising the data gathered for the upcoming resource estimate. The Mont Agoma deposit represents a more complex opportunity than Kalayi, with Barrett noting, 

"Kalayi is just pure tin. So that's why we have enough data there. It's a relatively simple tin deposit. Mont Agoma has the complication of the additional copper and zinc mineralisation." 

This multi-metal potential at Mont Agoma could provide additional value streams for the project.

Resource Estimate Expected by End of May

A key near-term catalyst for Rome Resources is the planned resource estimate, expected by the end of May 2025. Barrett indicated that the company is awaiting assay results from drill holes 24 and 26, which will be incorporated into the geological model that is "almost ready to go."

"We will use the 24 and 26 assays to help us do that. We have clearly a geological model that is almost ready to go. It just needs upgrading with these results.”

While specific assay results are not yet available, he noted that what they observed in the field "was quite positive." The resource estimate process will adhere to AIM listing rules, requiring an independent assessor to verify the numbers produced by the company's geologists. Barrett described this as "a fairly quick process," supporting the end-of-May timeline for publication.

Metallurgical Testing to Explore Multi-Metal Processing Options

Beyond the resource estimate, Rome Resources has engaged a metallurgist to assess processing options for the multi-metal nature of the Mont Agoma deposit. While tin processing is "relatively straightforward," with neighbouring Alphamin having established effective processing methods, the company is exploring the possibility of combined processing for all three metals.

"The metallurgist believes that we can process all three together and come up with a very cost-effective way of producing effectively three commodities."  

This approach could potentially enhance project economics by generating revenue from copper and zinc that would be accessed as overburden is removed to reach the tin mineralisation. The ability to efficiently process multiple metals from the same operation could represent a significant advantage for the project, potentially improving overall economics through diversified metal production and shared processing costs.

Interview with Chief Executive Officer, Paul Barrett

Strong Financial Position with Efficient Capital Allocation

Despite the operational pause, Rome Resources maintains a solid financial position with approximately $2.7 million in cash and a tightly controlled budget for the upcoming drilling program. Barrett emphasised the company's capital efficiency, stating:

"We've screwed this budget down to about 1.6 million US. We have about 2.7 in the bank as we speak."

The company maintains a lean operational structure, with Barrett noting:

"We're actually very, very low burn rate in terms of costs for the company. It's very lean and mean. So, you know, 90% of the cash goes into the ground in terms of drilling." 

This approach maximises the impact of available capital on advancing the project through critical exploration phases. The focused drilling program and efficient capital allocation strategy align well with current market conditions, addressing investor concerns about capital preservation while still advancing the project toward key milestones.

Regional Collaboration Opportunities with Alphamin

Rome Resources is exploring potential collaboration with neighbouring miner Alphamin to optimise operational logistics. Barrett mentioned plans to discuss "sharing helicopter and fixed wing facilities," noting that while Rome Resources doesn't require support from others to operate, such collaboration could benefit both companies.

"There is a bit of synergy - we can provide the helicopter for emergencies if they can provide the airstrip for fixed wing supply." 

This type of regional cooperation could potentially improve operational resilience and reduce costs for both companies. Alphamin, which has been affected by the same regional issues as Rome Resources, is reportedly "getting back to normal," having maintained processing and export activities and now resuming mining operations. Their successful continuation of operations in the region provides a positive precedent for Rome Resources' activities.

For Investors

Rome Resources stands at a critical juncture in its development timeline, with operations resuming after a brief pause due to regional security concerns. The company's focused drilling approach targeting the deeper portions of the Mont Agoma deposit reflects a strategic allocation of resources based on geological modelling that suggests increasing tin grades at depth. With a resource estimate expected by the end of May 2025, investors will soon have quantifiable data to assess the project's potential.

The multi-metal nature of the Mont Agoma deposit—containing tin, copper, and zinc—provides potential diversification of revenue streams, particularly if metallurgical testing confirms the feasibility of processing all three metals together. This approach could enhance project economics beyond what might be expected from a single-commodity deposit.

From a financial perspective, Rome Resources demonstrates capital discipline with a lean operational structure that directs 90% of expenditures toward drilling. With $2.7 million in cash and a drilling budget of $1.6 million, the company appears adequately funded for its near-term objectives. The potential for operational synergies with neighbouring miner Alphamin could further optimise costs and logistics in this remote region.

For investors considering Rome Resources, the coming months offer multiple potential catalysts, including drill results, a maiden resource estimate, and metallurgical testing outcomes that could significantly impact valuation. The company's focused approach to advancing the Mont Agoma deposit while maintaining financial discipline positions it to potentially deliver meaningful progress in developing its DRC tin-copper-zinc project.