Rome Resources (RMR) has raised £1.9 million through a placing 950 million shares to new and existing institutional and other investors at an issue price of 0.2p each.
The placing price is equal to the closing mid-market price of 0.2p on 18 November 2025.
The places will also be issued with a warrant to subscribe for one new share for every placing share at 0.4p.
Following the raise, Rome will mobilise BAC helicopters and drilling crews to the Bisie North site to commence drilling a targeted programme in the coming weeks.
The new drilling programme is designed to test the highest-priority targets defined in the company’s maiden resource estimate and in subsequent geological modelling.
Several deep holes will be drilled, split between the Kalayi and Mont Agoma prospects. At Kalayi the plan is to test the deeper high grade tin zones, beneath existing intercepts. At Mont Agoma, the plan is to test the new eastern tin zone along with the deeper tin-dominant portions of the main tin/copper system.
“The board is highly encouraged by the technical foundations laid by the recent maiden mineral resource estimate, which clearly highlights the high-grade potential at both Kalayi and Mont Agoma,” said Paul Barrett, chief executive of Rome Resources.
“We are now looking forward immensely to testing the high grade tin potential of Kalayi deep, a key upside indicated by the recent maiden mineral resource estimate. In addition, drilling at Mont Agoma, including the new eastern tin zone of Mont Agoma that was not included in the mineral resource estimate, will test the potential for tin beneath the copper-rich upper levels of the system and offers significant upside potential for Mont Agoma. Drilling is likely to commence in approximately two weeks, following mobilisation back to site of the Airbus AS350 support helicopter. We anticipate a three-to-four month programme, targeting between 53,000 and 144,000 tonnes of tin resource potential. Success in this campaign will underpin a resource update and a broader strategic review.”
The company also noted the recent signing of the M23/DRC peace agreement, which is designed to pave the way for further improvements in the security of the region.
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Even without a discount, it’s interesting to note that the placing was upsized due to significant demand. That’s perhaps not surprising given the location of Bisie North in an established tin mining district not far from one of the world’s most prolific mines. The grades and intercepts from both Mont Agoma and Kalayi have been highly encouraging, and although there are no guarantees, more high grade drill results from the upcoming campaign would be no great surprise. Rome’s assets offer real upside, in a market that’s coming alive again to opportunities in the mining sector.