Rome Resources PLC Company Research (RMR)

The current drilling and metallurgical testing programmes at Rome Resources (RMR.L) Bisie North polymetallic project in eastern DRC (Democratic Republic of Congo) are yielding encouraging results. In our view they augur well for a significant upgrade to the late 2025 maiden inferred resource estimate (MRE) and are supportive of commercial potential. Significant tin-rich mineralisation has been encountered at the Kalayi prospect while deeper drilling at Mt Agoma appears to be revealing high tin grades. Metallurgical testing points to viable recovery rates. In recent months prices for tin and copper have surged to record levels of US$52,000/t and US$14,000/t respectively. reflecting to a considerable extent structural supply issues. Prices at anything like these levels imply sizeable margins assuming fully accounted costs in the middle of the relevant international cost curves. Despite what we be believe is an auspicious exploration and commodity price backdrop the Rome share price has been languishing in recent months. We see scope for positive news flow in the coming months particularly in terms of a resource upgrade which could stimulate interest in the stock.