Rome Resources (RMR ) has entered into non-binding heads of terms to increase its ownership interests in exploration permit PR 15130 and mineral exploration permit PR 13274 in the Democratic Republic of Congo.

The proposed consideration for the acquisitions is expected to be principally share-based. 

If concluded, the acquisitions are expected to result in an uplift of approximately 60% in Rome’s net inferred resources.

Rome Resources currently holds a 51% interest in Mont Agoma SARL, which in-turn is the current sole legal owner of PR 15130. The remainder of Mont Agoma is owned 19% by CoTinCo Minerals Projects International and 30% by PALM Constellation.

Separately, Rome Resources holds a 71% interest in MediDoc RD Congo, which in-turn holds a 72.5 per cent. interest in Kalayi Tin SARL. Kalayi is the current sole legal owner of PR 13274. 

The remaining 27.5% of Kalayi is owned by Jean-Felix Mupande's.

Rome Resources has now entered non-binding heads of terms with PALM Constellation SARL to acquire PALM's 30% interest in Mont Agoma. 

In consideration for the Mont Agoma acquisition, it is currently proposed that Rome Resources will issue PALM up to 600 million new ordinary shares, of which up to 300 million will only be issued if Mont Agoma achieves either a drill intercept of at least 20 metre true thickness and a verified assay average tin grade of more than 1.8%, or a drill intercept of at least 30 metre true thickness and a verified assay average copper grade of more than 4%. 

Rome Resources is also expected to grant PALM a 2% net smelter return royalty over any development at Mont Agoma.

Further, Rome Resources, through its subsidiary MRDC, has also entered non-binding heads of terms with Jean-Felix Mupande, to acquire his 27.5% interest in Kalayi. 

In consideration for the Kalayi Acquisition, it is currently proposed that Rome Resources will issue up to 600 million shares, of which up to 300 million will only be issued if Kalayi achieves a drill intercept of at least 20 metre true thickness and a verified assay average tin grade of more than 1.8%. 

In addition, Rome Resources will grant Jean-Felix Mupande a 2% net smelter return royalty over any development at Kalayi.

Separately, Stephane Mutombo Irung has been appointed as a non-executive director. An additional non-executive director will also be appointed to the board in due course. Irung is currently a director of Stanvic Mining, a shareholder in Rome. 

"The proposed acquisition of these additional interests has long been a goal of Rome Resources' management and this proposed pair of transactions, being principally share-based, represents excellent value for money for shareholders,” said Paul Barrett, chief executive of Rome Resources.

“The proposed acquisitions, if concluded, are expected to result in an uplift of approximately 60% in the company's net inferred resources, with the planned updated mineral resource estimate having much greater value impact thereafter. Additionally, we are delighted Stephane is coming onboard now as he will add a further layer of DRC experience to the team going forward."

 

View from Vox

 

Good to see Rome consolidating its position in the Democratic Republic of Congo as it continues to advance its projects there. Much has already been achieved on the ground, but there’s still much more to do. Of key interest is the upcoming updated resource. We’ve had some indications of what it might look like from XRF. But it’s the assays that count. When they come it could be a major step forward for the company.