In a detailed eight-page research note on Rome Resources (RMR ) Allenby Capital has highlighted the potential on offer at the company’s Bisie North tin and copper project in the Democratic Republic of Congo.
“We would argue,” said Allenby, “that the Bisie North project development is still at an early stage of evaluation and that the evidence presented so far on mineralisation is, in fact, auspicious.”
The broker reckoned in its concluding remarks that for the short-term, much now hangs on the potential implications of the current drilling programme at Bisie North, and what the results might mean in regard to any potential resource upgrade.
This upgrade, said Allenby, “could be significant.”
Allenby reckons Rome Resources could be worth around US$100 million, post pre-feasibility, assuming net resources of 100,000 tonnes of tin and grades of around 1.5%.
“In our initiation report of February 2025, we suggested that Rome Resources could justify a valuation of around US$100 million net post a PFS,” the broker said.
“This was based on a contained resource of around 200,000 tonnes tin gross and 100,000 tonnes tin net, allowing for Rome’s ownership interest. We also assumed a tin grade of around 1.5%. Note, the 200,000 tonne resource is in line with the exploration target range that Rome has communicated previously. We still believe a US$100m valuation is valid post PFS on the above assumptions looking at the admittedly small group of comparables.”
View from Vox
Allenby also presented an interested table comparing Rome to a small group of peers. In terms of relative dollar valuation per tonne of tin in the ground, Rome is trading towards the cheaper end, albeit that some companies, like Alphamin are well established already as producers. But, it’s perhaps worth noting too that although 1.5% tin is high grade for the industry, Rome hasn’t had any real troubles intercepting mineralisation at this kind of grade. What looks like being more important at this stage is widths, and Rome’s most recent drilling news does give some indication that at Kalayi at least these are beginning to be comparable to Alphamin’s.