Member Info for andypaps

Edzi

It's nothing to be concerned about. The market makers trying to make the most of Ebola news by scaring out weak hands and trying to hit stops. As you implied Alphamin is the proxy for all news in this part of the DRC and is what I watch. Alphamin was down 0.72% (less than 1%) overnight to 1.37 Canadian $s. It was 1.35 on 15th May. We are close to news on the assays; anything near the XRF results will see us recover. Tin is trading at $54,000 per tonne and the original MRE Oct 2025 were all done at $35,000.

The selling volume from what I can see is low and doesn't merit a 9% down-day but I do think that there has been a little selling from the Mark Gasson Estate across the weeks from his over 5% stake but not enough to trigger a TR1.

Obviously there has been a few hiccups but it is very telling how strategically they have been dealt with, which shows the quality of the management. A good recent example is the AGM. It was called on the 24th April and as 21 days have to be given (day of announcement & date of event cannot be included) one would have expected the 16th May, especially as the notice of the AGM was already late given their Articles of Association. Obviously they wanted the Helium sales (20th ) and Inez progress (26th ) to be sorted by the AGM. I’m aware there was some talk on the boards that they were not available to get to England until the 28th but that was likely a smokescreen.

In my opinion they will not core the hydrogen bearing interval irrespective of how the retrieval exercise goes. From memory the agreement with Chimera is for 9 months, and when is Inez successfully added and all the wells are optimised I think we get close to the plants existing producing capacity and will need to add various modular units. If so it makes sense to test the hydrogen bearing intervals of future wells - as we are likely to drill at least another two before the Chimera agreement finishes and simultaneously focus on how the existing plant will handle additional well production.

Alphamin is in the same province and has 100 x more people on the ground. Rome has stopped all drilling as the campaign has finished and are awaiting assays and a MER due end of June. They won't drill again till later in the year (assuming the licences aren't all acquired by Alphamin) as they try and monetise Kalayi. If one was going to have an Ebola scare this was the ideal time from Rome's perspective.

Interesting that Alphamin was down only 3.5% and they have a more vulnerable logistics operation across the DRC and 3,000 staff. The interview with Paul CEO on 13th May (https://www.proactiveinvestors.com/companies/news/1092210/rome-resources-airborne-survey-to-unlock-bisie-tin-district-s-hidden-potential-1092210.html) stated that they were due some assays that day so they must be close to putting out some results. IMO this weakness is a great opportunity to top up.

Ebola is difficult to spread compared with airborne viruses. Transmission requires direct contact with bodily fluids from infected individuals, meaning outbreaks are typically contained.

The DRC has extensive experience managing Ebola outbreaks, having dealt with multiple outbreaks over the past two decades. Health authorities, WHO teams and border controls are already active. Mining, infrastructure and energy operations in Central Africa generally resumed normal activity once containment measures are implemented.

The WHO declaration of a public health emergency helps unlock international funding, coordination and medical response capacity early in the outbreak cycle. The biggest outbreak in DRCs history was between 1 August 2018 and 25 June 2020 it resulted in 3,470 reported cases (and 2,280 deaths) The Kivu outbreak also affected Ituri Province (the same as now) .

For context this is the 17th Ebola disease outbreak in the DRC since 1976. The last Ebola disease outbreak in the DRC was declared on 4 September 2025 with a total of 64 cases including 45 deaths reported from six health areas in Bulape Health Zone, Kasai Province. I don’t remember there being any impact economic or operational impacts then in any part of the DRC.

The float is actually quite tight as nearly 40% of the shares are in sticky hands so it tends to move strongly with news/updates as seen today:

Stanvic Mining SARL 16.81%

Andreas Reitmeier & Family 7.43%

Klaus Eckhof 6.16%

Estate of Mark Gasson 5.62%

Marc Mathenz 1.31%

The year high was 10th Sept 25 at £0.0045 so I assume we should at least that by close of play today given what has happened since. Another key consideration is that Stanvic mining when it took it's strategic investment in December 2024 (nearly 18 months ago) at £0.0035 also received one warrant exercisable at £0.0050. We are getting closer to the strike price and full conversion would result in an additional £6m. However Stanvic would want to see multiple increases on the share price before they start exercising in tranches especially given that they expire in December 2027.

Https://thatstocksguy.substack.com/p/rome-resources-910

Today's SmallCapPix Interview: Momentum continues at Bisie North Tin & Copper Prospects - increase ownership:

https://romeresources.com/activity-updates/P7pZky-smallcappix-interview-momentum-continues-at-bisie-north-tin-copper-prospects-increase-ownership

Hi JC01 - I share your frustration. It is my understanding that Companies House does not require a formal notification of a late AGM (hence you can't be fined by Companies House for being late) unlike a late filing extension to accounts that is not met. The timing requirement comes from the Companies Act + Articles, not Companies House approval.

Timing of an AGM is set out in a Company's Articles of Association and related postponement mechanism. Having reviewed Helix's Articles it is clear that the AGM should have taken place by 31st March as there are no postponement mechanisms in place. Late AGMs are usually explained via RNSs. Also I think you have to give 21 days notice of when it will be, so looks like not before mid-May.

Such big, big news. Edale Capital LLP must be kicking themselves for reducing their position. I noticed that the Chimaera Fund Request for Information (RFI) closed on 5th March , and it's taken 6 weeks for today's announcement. Probably explains exactly why Bo has been so quiet. I had previously said

(18 Feb 2026 10:55) " Inez is basically a hydrogen scientific well (at this stage) it will determine what sort of well it becomes and how new wells are drilled out next. There is no point having the take off partners coming to visit Rudyard without these results ."

We will be at £1 within a few weeks. The interesting thing is that the path to Ingomar eventually forming part of the hydrogen story has increased massively.

that Inez was being used as a scientific well to determine how it is being used and to an extent how the next wells should be drilled.

I was right to question myself what they are actually saying is 600,000,000 shares are issued per project if the intercepts and grades are met as opposed to 300,000,000 if not. This means success is rewarded. This is one of those rare occasions you want dilution at 16% as opposed to 8% as it would be far more accreditive to value per share given the 60% uplift in net inferred resources. Obviously management are confident as to resource size given they basically want all of it. Getting the 27.5% extra bit in Kalayi gives them 100% of an asset that has a straight forward path to monetisation via Alphamin. Mont Agoma will not be 100% owned as only an additional 30% of it is purchasable given 19% is held by another party.

What the RNS actually means:

1. They want to increase ownership in their existing DRC projects - Buying the remaining stakes in Mont Agoma (30%) and Kalayi (27.5%).

2. They’re paying mainly with new shares (not cash) - Up to 1.2 billion new shares total across both deals.

3. Half the shares are conditional - Only issued if drilling hits strong results (grade/thickness thresholds).

4. Vendors keep a 2% royalty.

5. Potential upside - Could increase resource base by ~60%.

6. Not final yet - “Non-binding heads of terms” = early-stage agreement.

Positives

• Bigger ownership = more upside if discovery succeeds

• Low cash cost (shares instead of cash)

• Performance-linked & shares reduce risk

Conditional structure

• Good sign: vendors only get full payment on success

Ownership control

• Moving toward majority/near-full control is valuable

Focus on these dilution vs value gained : % increase in shares vs % increase in resource/NPV and hence the bottom line is that if the grades & intercepts are met then the dilution is 2 lots of 300,000,000 shares i.e 600,000,000. As we have 7,137,025,932 in total that would be an 8% dilution. If in the worse case the target intercepts /grades are not met then the dilution is 16%. Given the uplift of approximately 60 per cent in the Company's net inferred resources, this seems a very good deal (assuming at least one of Kalayi or Mont Goma proves commercial) which has me questioning my maths even with the 2% smelters royalty payable.

Anyone else got a view?

I’ve been watching this share for a while. I will be getting involved today once the price settles. However I want to call out the board of directors for treating the existing PIs like mugs (90% of AIM companies are guilty of this).

The release of the RNS yesterday to try and support the price coupled with today’s laughable sentence “was undertaken with a number of institutional investors who approached the Company” is a spin that Peter Mandelson would have been proud of; the only entity that approached the company was Oak securities with a group of investors; why else would you see a 25% dilution and these terms:

- Commission in an amount equal to six per cent (6.0%) of the gross proceeds

- Also OAK Securities get warrants to subscribe for 6.0% of the number of Placing Shares (exercisable at a 0.03 pence per share for 3 years).

- OAK Securities will be paid an annual broker retainer of £50,000

- A one-off corporate advisory fee of £15,000

The bottom will be in today and then it’s only going one -way but the directors and Nomad needed calling out.

It's funny how it just needed an interview with someone (Charles Archer) who really understands the value drivers in junior miners and then just ask the right questions to draw them out from the CEO. It helps tremendously that Charles is a long-time holder and appreciates the huge potential here. I always think having Charles onboard is always worth a few extra percent to a company's market valuation.

Sorry Figes - Not sure how I didn't see your posting to the same interview! Only just received mine in my inbox

A great enlightening video with Charles Archer & Paul Barret just released:

https://thatstocksguy.substack.com/p/rome-resources-4c1

It's quickly turning into a life-style company if it wasn't before. There is no option really but to vote for it but I would say long-term it's not even 1/10th as good as the Bittensor subnets investments which Bixby royally screwed up.

I'm 99% confident both were buys, today's at 0.3155 (£29k /9.189m shares) price too high to be anything else , and Fridays £70k (23.8m shares) as Edzi alluded on his Friday post was lapping up all the sells.

Edzi, my understanding is that mining companies’ share price & hence valuation is heavily driven by reserves mine life and production visibility. As Alphamin has a few years mine life left the market applies a discount compared to a company with 15 to 20 years mine life left.

A straight offtake agreement does not add reserves to Alphamin’s balance sheet. An offtake JV with an upfront payment will only add the percentage of the ownership that is being acquired to the acquiree’s balance sheet; for example the Barrick – Newmont Nevada JV meant each owned a percentage of the reserves and is shown pro rata in their respective balance sheets.

Alphamin will no doubt want to show a large increase in reserves and for that to happen will need to acquire Rome.

This came out about 11.45am today:

https://thatstocksguy.substack.com/p/rome-resources-9c2