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Half-year Results

In brief · summary, not quotable

Half-year results show 5,143 metres drilled at Mont Agoma and Kalayi prospects with sufficient data for Maiden Mineral Resource Estimate.

  • Administrative expenses £578k (prior £214k)
  • Loss before tax £560k (prior £214k)
  • Exploration assets £11,762k (prior £8,991k)
  • Cash and cash equivalents £1,349k (prior £4,485k)
  • Total metres drilled (cumulative) 6,895 metres
  • Best tin intercept 12.5 metres at 1.06% tin
Full announcement

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Rome Resources (AIM: RMR), today announces its unaudited interim results for the six months ended 30 June 2025 (the "Reporting Period"). These results will shortly be made available on the Company's website at www.romeresources.com.

Paul Barrett, CEO of the Company, commented:

"The Reporting Period built on the success of 2024 with the post-reverse takeover ("RTO") exploration campaign, a bold programme of delineation drilling at the Mont Agoma and the Kalayi prospects, located at Rome Resources' acreage in the eastern DRC. At the reporting date, a total of 5,143 metres have been drilled in this campaign, resulting in the board of directors of Rome Resources (the "Board" or the "Directors") concluding that the Company has sufficient data to undertake a Maiden Mineral Resource Estimate on both prospects.

Management looks forward to the next phase of work, including further stepout drilling at the newly discovered Mont Agoma East tin zone, drilling deeper in both Mont Agoma's main zone and Kalayi as well as further quantifying the upside in what we view as already impressive copper intercepts in Mont Agoma. Tin, copper, zinc and silver are all heavily represented in the Mont Agoma discovery and are expected to form an integral part of the mineral resource going forward."

Rome Resources Plc Paul Barrett, Chief Executive Officer Mark Gasson, Chief Operating OfficerTel. +44 (0)20 3143 6748
Allenby Capital Limited (Nominated Adviser and Joint Broker) John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Joscelin Pinnington (Sales & Corporate Broking)Tel. +44 (0)20 3328 5656
OAK Securities (Joint Broker) Jerry Keen, Head of Corporate Broking Henry Clarke, Head of SalesTel. +44 (0)20 3973 3678
Camarco (Financial PR) Emily Hall / Gordon Poole / Sam MorrisTel. +44 (0)20 3757 4980

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EXECUTIVE DIRECTOR'S STATEMENT

Introduction

Rome Resources hit the ground running upon admission to trading on AIM with its drilling programme at the Mont Agoma and Kalayi tin prospects in the eastern DRC, leading to the drilling of fully cored drillholes of 6,895 metres in total as at the date of this announcement. Highlights in this campaign have been tin intercepts of up 12.5 metres at 1.06 per cent. tin combined with exceptional copper grades of up to 20 per cent. copper in Mont Agoma. Follow-up drilling in early 2025 was enabled as a result of the strategic investment by Stanvic Mining SARL and as of the reporting date of 30 June 2025, the Company was in the final stages of this drilling campaign, which subsequently completed in August 2025.

Operations

Up to four helicopter-portable drill rigs have been operating on-site since August 2024. Drilling operations were undertaken at both the Kalayi and Mont Agoma prospects. With the exception of a brief period in the second quarter of 2025, when the security situation necessitated the need to temporarily shutdown operations both for us and the neighbouring Alphamin Resources mine facility, drilling has continued, supported by BAC Helicopters. Sample preparation was undertaken on-site and samples dispatched to ALS Johannesburg for analysis.

In addition, further geochemical soil sampling was undertaken to identify future exploration targets stepping out from both Kalayi and Mont Agoma.

Outlook

The results of the Maiden Mineral Resource Estimate, due by mid-October, will create the platform for the next phase of exploration and delineation. It is anticipated that, in the coming 6 months, that drilling will be undertaken on a number of targets:

  • Kalayi - deeper tin intercepts and stepout drilling to the north and south of Kalayi along with an extension to the tin-in-soil anomaly; and
  • Mont Agoma - southeast plunge of Mont Agoma East tin zone, deeper intercepts in the main zone and offset drilling on tin and copper soil anomalies to the north of the current limit of drilling.

Management intends to keep up the momentum of exploration through to 2026 and develop the project into a compelling tin and copper play for the coming decades.

Paul Barrett

Chief Executive Officer & Director

Consolidated Statement of Comprehensive Income

for the 6 Months Ended 30 June 2025

Note6 months to 30 June 2025 (unaudited)6 months to 30 June 2024 (unaudited)15 months to 31 December 2024 (audited)
£'000£'000£'000

CONTINU I N G O P E R A T I ONS

R e v e nu e---
A d m i n i s tr a t i v e e x p e ns e s(578)(214)(2,326)
O PE R A TING L O S S(578)(214)(2,326)
Reverse acquisition expense--(2,463)
Finance income/(expense)18-9
(LO S S) B E FO R E I N CO M E TAX(560)(214)(4,780)
I n come t ax---
(LOSS) FOR THE PERIOD(560)(214)(4,780)
Total comprehensive l o s s for the period attributable to equity holders of the parent(560)(214)(4,780)

Loss p e r s h are from continuing operations in p e n ce p e r s h ar e :

Ba s ic and diluted(0.0001)(0.0002)(0.0017)
Consolidated Statement of Financial Position
for the 6 months Ended 30 June 2025
Note6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
£'000£'000£'000
NON-CURRENT ASSETS
Exploration assets511,7628,99110,511
Investment in Associate---
Property, plant and equipment10-9
TOTAL NON-CURRENT ASSETS11,7728,99110,520
CURRENT ASSETS
Trade and other receivables3302129326
Cash and cash equivalents1,349114,485
TOTAL CURRENT ASSETS1,6511404,811
TOTAL ASSETS13,4239,13115,331

EQUITY AND LIABILITIES

Capital and reserves attributable to equity holders of the Company:

Share capital224,27021,59424,257
Share premium219,78815,40219,768
Share based payment reserve19-43
Reverse acquisition reserve(22,157)(21,619)(22,157)
Warrant reserve2,0112,0632,011
Merger Reserve4,703-4,703
Foreign currency translation reserve(741)-(289)
Accumulated deficit(15,525)(11,021)(14,989)
TOTAL SHAREHOLDER EQUITY12,3686,41913,347
Non-Controlling Interest620641620
NON-CURRENT LIABILITIES
Loans4245-254
245-254
CURRENT LIABILITIES
Trade and other payables41902481,110
Borrowings4-1,823-
1902,0711,110
TOTAL LIABILITIES4352,0711,364
TOTAL EQUITY AND LIABILITIES13,4239,13115,331

Consolidated Statement of Changes in Equity for the Period Ended 30 June 2025

Called up share capitalShare premiumShare based payment reserveWarrant reserveAccumulated deficitReverse acquisition reserveForeign currency translation reserveMerger reserveNon-controlling interestTotal equity
£'000£'000£'000£'000£'000£'000£'000£'000£'000£'000
Balance at 30 September 2023 (unaudited)11,941-2,134-(11,152)----2,923
Total comprehensive loss for the year----(4,780)----(4,780)
Issue of share capital453--------453
Shares issued for acquisition of assets3,320--------3,320
Share warrants issued--20------20
Non-controlling interest on acquisition--------620620
Foreign exchange movements(1,000)-(179)-932----(247)
Derecognition of Rome Resources Ltd Equity at acquisition(14,715)(1,975)16,979(289)----
Recognition of Rome Resources Plc Equity at acquisition19,24315,4024311(34,699)---
Issue of shares for acquisition2,352----(4,437)-4,703-2,618
Issue of placing shares - net of share issue costs2,6634,982-------7,645
Warrants issued on placing-(616)-616------
Warrants issued on acquisition---1,395-----1,395
Warrants lapsed---(11)11-----
Balance at 31 December 202424,25719,768432,011(14,989)(22,157)(289)4,70362013,967
Total comprehensive loss for the year----(560)----(560)
Issue of share capital1320-------33
Share options expired--(24)-24-----
Foreign exchange movements------(452)--(452)
Balance at 30 June 202524,27019,788192,011(15,525)(22,157)(741)4,70362013,967
Consolidated Statement of Cash Flows
for the Period Ended 31 December 2024
Note6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
£'000£'000£'000
Cash flows from operating activities
Loss before tax(560)(214)(4,780)
Adjustments for:
Finance income(18)-(9)
Reverse acquisition expense--2,463
Share-based payments--1,413
Share of losses in associate---
Gain on settlement of accounts payable---
Unrealised foreign exchange movements(98)(35)(76)
Net cash flow from operating activities before changes in working capital(676)(249)(989)
Changes in working capital:
Increase/(decrease) in trade and other payables(589)52702
(Increase)/decrease in trade and other receivables24(113)(326)
Net cash flow used in operating activities(1,241)(310)(613)
Cash flow from investing activities
Purchase of plant and equipment--(9)
Cash acquired on acquisition--20
Exploration expenditure(1,734)(886)(4,042)
Acquisition of associate company---
Interest received18-9
Net cash flow from investing activities(1,716)(851)(4,022)
Cash flow from financing activities
Proceeds arising as a result of the issue of ordinary shares--8,260
Costs related to issue of ordinary share capital(210)-(555)
Proceeds from borrowings-1,1561,362
Repayment of borrowings-(58)-
Net cash flow from financing activities(210)1,0989,067
Net increase/(decrease) in cash and cash equivalents in the period(3,136)(63)4,432
Cash and cash equivalents at beginning of the period4,4857453
Cash and cash equivalents at end of the period1,349114,485

ACCOUNTING POLICIES

Basis of preparation

These unaudited consolidated interim financial statements ("interim financial statements") for the six months ended 30 June 2025 have been prepared in accordance with the requirements of the AIM Rules for Companies (the "AIM Rules"). As permitted, the Group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing this interim financial information. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with international accounting standards in accordance with the requirements of the Companies Act 2006 applicable to Companies reporting under IFRS.

The current Group was formed through a reverse takeover ("RTO") acquisition by the Company of Rome Resources Ltd and its subsidiaries on 26th July 2024. The interim financial statements of Rome Resources Plc are unaudited financial statements for the six months ended 30 June 2025.

Comparatives

The accounting resulting from the RTO acquisition causes the comparative amounts to be restated. As a result, the comparatives consist of the six months ended 30 June 2024 compiled from the accounting records of the accounting acquirer (Rome Resources Ltd), which were not previously published, and the audited 15-month period to December 2024, as presented in the audited annual financial statements.

Comparatives are presented as a continuation of the accounting acquirer using the legal parent's equity structure. The reverse acquisition reserve at 30 June 2024 differs from that reported at the RTO date in the 2024 annual financial statements due to movements in the accounting acquirer's share capital and premium between 1 January 2024 and the RTO date, and other presentation reclassifications.

The accounting policies applied in preparing these financial statements are consistent with those applied in the previous annual financial statements for the period ended 31 December 2024.

Going concern

Given the nature of the Company's operations (namely early-stage exploration and evaluation) it is anticipated that the Company will need to raise additional capital in the near future to further develop its existing portfolio of assets beyond the recently completed drilling campaign and resource definition works. The timing and quantum of any further fundraise will be dependent upon, amongst other factors, the results of the recently completed drilling.

Given the level of support for the RTO acquisition and the accompanying placing, the subsequent placing in December 2024, the initial drilling results achieved, the supply / demand outlook for tin and the proximity of the Group's assets to nearby significant tin mining assets, the Directors are confident that the Group will be able to raise further funds to continue to develop the Group's assets and build-up their value in the future. As such these results have been prepared on a going concern basis.

SHARE CAPITAL

Called up, allotted, issued and fully paid share capital

GROUPNo. Ordinary sharesNo. Deferred sharesShare Capital £'000Share Premium £'000
Total at 30 September 202386,265,939-11,942-
Issue of shares in the period34,085,000-3,773-
Foreign exchange difference-(1,000)-
Total at date of RTO120,350,939-14,715-
Transfer to reverse acquisition reserve on RTO(120,350,939)-(14,715)-
Share capital of the Company at acquisition1,057,494,834183,688,11619,24315,402
26 July 2024 - acquisition2,351,657,348-2,351-
26 July 2024 - placing1,462,712,425-1,4631,591
30 December 2024 - placing1,200,000,000-1,2002,775
Total at 31 December 20246,071,864,607183,688,11624,25719,768
30 March 202512,661,325-1320
Total at 30 June 20256,084,525,932183,688,11624,27019,788

On 30 March 2025 12,661,324 Ordinary shares were issued to a supplier in lieu of certain fees and interest totalling £32,286. The shares were issued at a price of 0.255 pence per share.

Share options & warrants in issue

Share options

Exercise PriceGrant DateExpiry DateAt 1 January 2025Issued / (lapsed)At 30 June 2025
0.75p11 May 202030 June 202510,000,000(10,000,000)-
0.75p4 August 202030 June 20256,000,000(6,000,000)-
0.75p9 June 202130 June 20256,000,000(6,000,000)-
0.75p23 June 202130 June 20253,000,000(3,000,000)-
0.75p4 October 202130 June 20255,000,000(5,000,000)-
1.00p1 September 20235 October 202615,000,000-15,000,000
0.50p1 September 20235 October 20265,000,000-5,000,000
CAD$0.26 (1)26 July 20249 February 202661,551,000-61,551,000
CAD$0.26 (1)26 July 202427 April 20269,770,000-9,770,000
CAD$0.26 (1)26 July 20246 November 20264,885,000-4,885,000
126,206,000(28,000,000)98,206,000
  • As part of the RTO transaction, certain options issued by Rome Resources Ltd were replaced with options in the Company. Exercise prices and expiry dates were unchanged, with the number of replacement options being based on the existing options adjusted by the RTO exchange ratio.

Share warrants

Exercise PriceGrant DateExpiry DateAt 1 January 2025Issued / (lapsed)At 30 June 2025
0.45p26 July 202426 July 2026212,500,000-212,500,000
0.30p26 July 202426 July 2029678,917,878-678,917,878
0.35p27 December 202427 December 2029221,544,334-221,544,334
0.50p30 December 202430 December 20271,200,000,000-1,200,000,000
CAD$0.30 (1)26 July 20249 June 202542,988,000(42,988,000)-
CAD$0.25 (1)26 July 202418 November 202570,344,000-70,344,000
2,432,594,212(42,988,000)2,389,606,212
  • As part of the RTO transaction, certain warrants issued by Rome Resources Ltd were replaced with warrants in the Company. Exercise prices and expiry dates were unchanged, with the number of replacement warrants being based on the existing options adjusted by the RTO exchange ratio.
  • TRADE AND OTHER RECEIVABLES
6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
£'000£'000£'000
Other debtors662596
VAT229104178
Prepayments7-52
302129326
4. TRADE AND OTHER PAYABLES
CURRENT6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
£'000£'000£'000
Trade creditors187248611
Social security and other taxes3-5
Other creditors--120
Accruals and deferred income--375
Borrowings-1,823-
1902,0711,110
NON-CURRENT6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
£'000£'000£'000
Borrowings245-254
245-254
5. EXPLORATION AND EVALUATION ASSETS
NON-CURRENT6 months ended 30 June 2025 (unaudited)6 months ended 30 June 2024 (unaudited)15 months ended 31 December 2024 (audited)
COST£'000£'000£'000
E xploration and Evaluation assets11,7628,99110,511
11,7628,99110,511

Exploration and Evaluation assets relate to two properties situated in the Walikale District of the North Kivu Province in eastern Democratic Republic of Congo, namely Exploration permits PEPM 13274 and PR 15130, collectively known as the Bisie North Project Bisie North, principally a tin exploration project with secondary copper, zinc and silver, is situated only 8km along geological strike from the Alphamin Bisie project, the highest grade tin mine in the world. Tin and copper soil anomalies were identified by the Company on two NW-SE trending topographic ridges both situated within the Company's licence area. An initial drilling programme in 2023 identified several high-grade tin intercepts on both the Mont Agoma the Kalayi prospects, with significant intercepts of copper and zinc also encountered in several Mont Agoma drillholes. Further drilling was undertaken during 2024 and has continued into 2025 on both licences.

  • results of exploration work to date;
  • the market for the underlying resources;
  • comparative valuations of similar assets as they are announced to the stock market;

While there is no confirmed resource on the licences as yet, given the stage of the evaluation process, there are strong indications of one based on the drilling results to date.

EVENTS AFTER THE REPORTING DATE

There have been no events subsequent to the period end which require adjustment of or disclosure in the financial statements or notes thereto.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.

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