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Another example where patience and fundamental analysis are rewarded. Been a > 6 month hold but well worth it.

Even without drilling there in-situ value has gone from $1.24 billion to $1.6 billion since the maiden MRE on 30th October.

I've just added to my position , another 33,333 shares acquired at 28.15p. I'm expecting us to move like Pulsar over the next 6 weeks.

I realised that table lost it's formatting but as it's important I've reposted - hopefully it stays as intended!

August 2023 results

BHID From (m) To (m) Width (m) Sn%

KBDD003 70.70 71.10 0.40 12.85%

KBDD003 51.50 52.00 0.50 11.70%

KBDD002 80.00 80.50 0.50 7.15%

KBDD003 50.00 52.50 2.50 3.39%

KBDD003 43.50 44.50 1.00 2.78%

I think this investment comes down to ones conviction that better grade tin will be found deeper.

My conviction is strong based on the August 2023 results at Kalayi (The company was still Pathfinder then).

Some strong assay results were recorded - see below. The MRE recently released was far stricter than I envisaged. What was surprising was that for Kalayi the MRE allowed for 20% dilution and minimum widths of 1.1m. Economically, this is positive because it shows the MRE is realistic rather than promotional.

August 2023 results

BHID From (m) To (m) Width (m) Sn%

KBDD003 70,70 71,10 0.40 12.85

KBDD003 51,50 52,00 0.50 11.70

KBDD002 80,00 80,50 0.50 7.15

KBDD003 50,00 52,50 2.50 3.39

KBDD003 43,50 44,50 1.00 2.78

If we can find the same type of grades with better widths at deeper levels then this will fly as the case gets proven.

Yes the bottom is in. A lot of investors have been waiting for the funding. Should be a good day. No surprise on placement price given where the share has settled the last few days. It’s always good news when warrants are priced 100% higher than the placing price.

“Drilling is likely to commence in approximately two weeks. We anticipate a 3-4 month programme”.

Based on how they released assays in the past you could expect the first holes drilled to be assayed with results to markets during the first half of this time frame.

It would be interesting to see if any new TR1s come about due to the placing and who holds what!

The sell off has continued to be on minimal volume. Last week I noticed I held more shares than the volumes posted on Thursday & Friday combined; I think from memory we were down 4% and 7% on those days. I think there are at least five other posters who hold (held) more than I do!. This will go up on little volume too when the tide changes.

I held Helix exploration when I was paying 24p (with an average in the teens) when it collapsed to 12p. I never lost the faith and that is now doing well with lots to come. Even Empyrean recently came off a lot before it rebounded.

These are great quotes from Warren Buffet that particular appeal to me:

1996 Berkshire Hathaway Annual Meeting: “If you can’t endure a 50% decline in your investment, you deserve the mediocre returns that you’re going to get.”

2008 Berkshire Hathaway Shareholder Letter:“The stock market is designed to transfer money from the Active to the Patient.”

On volatility:“The market may very well decline 50%, but that shouldn’t bother you if you own a business you understand and believe in.”

I believe that the tin grade will get better with depth, I believe Rome’s internal targets. However even if half of their low estimate is achieved I still see the share price reaching all-time highs even with 30% dilution factored in; £0.0047 and a MC of £37million. (Alphamin made $141m net profit in 2024 based on 17,324 of tin production). I also believe all metals are entering multi-year bull-markets.

As I’ve stated before the source of funding will tell me everything. I actually think they need £4m to do sufficient drilling and meet the capital working requirements over that period – even a 30% dilution doesn't concern me as I would expect an updated MRE to add many multiples of the raise to market cap.

I’m glad the farmout is closer and it shows having a bit of faith and a timescale that isn’t the life of a gnat pays dividends. It only seems like the other day (16th July) when I was posting some valuations here to give myself an idea of risk to return ratios.

Revising those valuations to recent regional comparables I found that in the Repsol → Medco (June 2025) deal, Repsol sold a 24% interest in an Indonesian gas block for US$425m. That implies ~US$17.7m per 1% of that asset on that deal.

However the Repsol asset is a producing/mature corridor asset and likely much lower development/technical/regulatory risk than Mako is today — so I can’t simply multiply through and treat it as a direct one-for-one comp for Mako.

Still, it does provides a top-end market signal for Indonesian gas stakes. Applying the Repsol implied price-per-% to Empyrean’s 8.5% gives US$17.7m × 8.5 ≈ US$150m. However I need to discount the top-end heavily for: minority status, development risk, required CAPEX and regulatory/market uncertainty (a lot of these risks are mitigated by the likely farmout structure and capital agreements so far i.e pipeline).

Still applying typical discounts for early-stage minority stakes vs producing assets range 70%–85% depending on buyer appetite so being ultra conservative I’ll apply 80%. This is $35m or £26.5m, or 0.48p. I think the conservative nature of this working picks up and absorbs any overhang from existing crystalised debts. At 0.36 I can start thinking about top slicing.

A few areas I would like some answers to; the website of Harlequin Energy is new. The company that the press release related to is a dormant company with £100 net assets and no intercompany connections. The director appointed in July holds no other directorships. The only other director "nominee" is also a dormant company.

For those that haven't seen Charles Archer's month end summary blog, Rome Resources featured in it as follows:

"Rome Resources just published its first mineral resource estimate for Bisie North: 10.6kt of tin, 46.9kt of copper, 86.2kt of zinc, and 1.46 million ounces of silver. The stock did sell off after the MRE came out - but on low volume - and perhaps due to there being less tin and more copper/zinc/silver than expected. At current metals pricing, this is worth $1.24 billion

However, it’s worth keeping in mind that this is the gross metal value and doesn’t account for mining and processing costs, recovery rates or transportation among other factors. The MRE covers just 51 diamond drillholes across two prospects: Mont Agoma (33 holes) and Kalayi (18 holes). And those holes only went down to 220-250 metres. This is a maiden resource based on shallow drilling across a fraction of the licence area. As a reminder, at Mont Agoma, copper dominates near surface, but tin grades increase with depth. Sound familiar? It should. That’s the exact pattern seen at Alphamin’s Bisie mine — literally along the same geological trend —and at Minsur’s San Rafael deposit in Peru. Both of those deposits get richer as you go deeper.

Rome’s geological team - who found Bisie in the first place - isn’t being shy about it either. Their internal exploration target suggests an additional 102,000 to 260,000 tonnes of tin could be defined through deeper drilling. That’s potentially 10-25x the current tin resource.

And the results from Mont Agoma East, where they’ve hit a 23-metre zone of high grade tin near surface, aren’t even in this MRE yet. They’re holding those for a follow-up resource estimate.

One thing that often gets overlooked in tin stories is the polymetallic nature of these systems. Rome isn’t just finding tin — they’re finding copper, zinc and silver in the same package. That matters for project economics. Multiple revenue streams. Diversified risk. Easier conversations with potential partners.

Speaking of which, the company is now in early-stage discussions about potential acquisitions to increase ownership in the exploration permits. No binding agreements yet, and there’s no certainty terms will be agreed, but it’s a logical next step.

Perhaps most interestingly, IRH - which took majority stake in Alphamin in June - will need more ore to feed the beast. The chances of them funding the next round of drilling - and metallurgical studies - seems very high. For context, they spent $367 million on that stake, and Rome needs maybe $5 million for the next set of exploration. Given their speed, scale and nimbleness (even with the M23 issue earlier this year), IRH capital is perhaps better spent through an explorer like Rome than through Alphamin itself."

There were a number of warrants in the prospectus, some were brought forward from prior company, when looking at these I can see some must have expired as issued June 2020 for 5 years. I'm happy to be corrected on any of this.

Warrants Issued:

Sentry One (Cyprus) Limited - Brian Stockbridge, 153,846,154

James Norwood - 19,465,225

Andrew McCartney - 58,395,675

Ian Yarwood-Lovett - 9,732,613

Anthony Stazicker - 19,465,225

Field Marshal Lord Houghton of Richmond 48,663,062

Richard Bassett 19,465,224

Andrew McCartney - 19,465,224

Derel Lew (Prospectus) 7,500,000

Brian Stockbridge (Prospectus) 7,500,000

From Prospectus 101,015,562

From Prospectus 150,000,000

From Prospectus 6,963,000 (Likely all Expired) 0

TOTAL 614,513,964

Exercised 290,342,921

Outstanding 324,171,043

If you copy the following into Google search “markets.investorschronicle data equities tearsheet forecasts RMR:LSE” you’ll see an investors chronicle share price target of 2.7 pence. This has been there for a while. I don’t know how many tonnes of tin production this was based on. I remember past discussions of 120,000 tonnes but I’m not sure if the two were linked.

So not enough drilling to get a bigger MRE, (they talked about Alphamin had done 5 x the amount of drilling) but I was encouraged by the part in the RNS “Based on internal modelling, Rome Resources has defined a low-to-high case exploration target of between 102,000 and 260,000 tonnes of contained tin, underscoring the considerable potential beyond the current resource envelope. The neighbouring Alphamin Bisie mine, along the same geological trend, has demonstrated that tin grades and widths increase significantly with depth”.

I guess what happens with the strategic partner and how additional funding is raised will tell me a lot about their confidence.

Big Khuna, your valuation is out by a material amount. The spot prices in the RNs are accurate:

YOUR SPOT VALUES

Tin 25,000 USD per tonne,

Copper 8,500 USD,

Zinc 2,600 USD,

Silver 25 USD per ounce

Per the RNS: (ACTUAL VALUES)

Tin price USD/tonne 36,600,

Cu price 11,111 USD/tonne,

Zinc price 3,450 USD/tonne,

Silver price 35 USD/oz.

Tin 10.6 kt at about

Copper 46.9 kt at 1.45 percent Cu

Zinc 86.2 kt at 2.7 percent Zn

Silver 1.46 Moz at 14 g per tonne

Your in-situ is likely also wrong as 2% is too low.

1. Early-stage Inferred Resource Discounting

• Exploration-stage (Inferred, no feasibility): buyers typically value 5–15% of gross in-situ metal value.

o Reason: high risk — uncertain tonnage, grade, metallurgy, infrastructure.

• Advanced-stage / Measured + Indicated: can be 20–50% of in-situ value, depending on certainty.

2. Using Alphamin or DRC tin comps:

• Alphamin is producing and de-risked, so its “realistic in-situ to buyer price” is much higher (closer to 40–60%), but Rome Resources is still exploration/inferred, so you need to heavily discount.

3. Suggested % for Rome Resources initial MRE:

• Conservative buyer valuation: 5–10% of gross in-situ value.

• Optimistic early-stage valuation: up to 15% if exploration results are high-grade and near infrastructure.

Example:

• Gross MRE = $1.26B

• Buyer valuation (5–10%):

o 5% → $63M - Let's say 5% valuation , and £1=$1.31178 = £48m

o 10% → $126M - I'm ignoring as not realistic

Let’s not forget that Stanvic our strategic investor and the RNS dated 17th Dec 24 “Stanvic is a specialist long-term investor that operates in the DRC mining commodity sector with a well-established portfolio of resource investee businesses. The board of directors of the Company are pleased with Stanvic's strong conviction in the Company's tin and base metal strategy as well as Stanvic's deep understanding in the Company's business model. This is demonstrated through, inter alia, Stanvic's decision to invest £4.2 million in the Company while it remains in early stages of growth and therefore recognising the potential for significant upside.”

They invested at £0.0035 which was at a premium to the share price then and they also took warrants at a 42% premium to that share price. We are presently trading 20% below the strategic investment price.

The fact that RMR drilling has only been to a depth of 220-250 m (per the MRE summary) the “growth potential” at depth is backed up by Alphamin’s results (8km away so could expect similar type of results) where a very high-tin grades showed at depth, in particular see published assays:

BGH079: 15.6 m @ 5.00% Sn from 290.2 m, including 10.0 m @ 6.1% Sn from 291.1 m. and

BGH079: 9.0 m @ 5.63% Sn from 316.9 m.

The tin grades are great, this is further enhanced by the fact that the Kalayi part of the MRE is reported at a cut-off grade of 0.85% tin (Sn). i.e anything below this has been ignored for this conservative inferred MRE. These could still be brought into production when "at scale" is large enough. The team discovered Alphamin , they have consistently said it mirrors other world class sites where the deeper you go the grade improves.

My internal target gross values completed ignore the poly-metallic nature and only concentrate on tin. Let's not forget this is valued at £20m , and the share price has been static for around a year.

My initial read , and apologies for concentrating on gross values at this stage but it helps me get a quick idea of scale.

The “inferred” tag means: “yes, we believe there’s mineralisation here at some scale and grade, but we haven’t yet drilled or sampled enough to have the greatest confidence in continuity, mining parameters, economic factors.” It is an early-stage resource figure. It shows the project isn’t just conceptual anymore — there is quantified tonnage & grade. That reduces risk perception.

The internal exploration targets suggest that that the current resource is only be the “tip of the iceberg” and that a much larger tonnage could be defined with further work.

Based on their internal exploration targets they believe they have a multiplier of 9.6 to 24.5 (102kt to 260kt) increase in tin quantities to come or a gross value of $3.5 to $8.9 billion gross value (before applying extraction recovery rates & costs) i.e based on their lower internal target only 10% of the tin has been measured. “The MRE indicates that only a fraction of the prospective licence area has been explored, with drilling to date extending to just 220 - 250 metres depth, leaving substantial scope for further discovery within the wider licence area”. The 10% bit of the lower internal target that they have recognised as inferred is a $1.256 bn figure (purely the gross in-ground contained metal value (metal × spot price).

There could be a deal going on where Stanvic take the extra 886,580,000 shares @ £0.005to stay just below 29.99%, raising £4.43m to complete the drill programme:

Current issued shares 6,071,864,607

Stanvic current holding 1,200,000,000

Warrant exercise price £0.005

Total warrants available 1,200,000,000

Warrants convertible (to stay

Edzi, Stanvic Mining SARL presently have 19.76% of the company. They have 3 years from Dec 2024 to exercise 1,200,000,000 Warrants at 0.005 , a 47% premium on the price now. However the exercise of the Warrants by Stanvic is conditional on Stanvic's total investment in the Company not exceeding 29.99 per cent. of the Company's issued ordinary share capital.

Anything above ~5 g/t gold is often considered “high grade” rather than just “marginal” in many gold‐exploration or lightly drilled projects.

The 13.1 g/t over 5 m is a strong intercept, especially early stage, and the follow-up 3 m @ 20.9 g/t is very strong. That bodes well. For me when looking at the results it’s good to see that within the 5m you have a 1m at 33.2g/t so this keeps the potential open.

However, because the true width is unknown, you cannot assume that the 5 m represents 5 m of vertical (or near‐vertical) mineralisation. The down-hole width may overstate or understate the actual “in situ” width depending on angle of drilling vs geology.