Allenby Capital has maintained its 1.32p per share valuation for Rome Resources (RMR) , highlighting a series of potential exploration and development catalysts over the coming months.
The valuation compares with Rome’s current share price of 0.215p and implies a substantial upside.
Allenby’s valuation assumes gross contained resources of 200,000 tonnes of tin at a grade of at least 1.5% tin. Applying a valuation coefficient of US$1,000 per tonne and Rome’s estimated 73% ownership across the Kalayi and Mt Agoma projects produces a net valuation of US$146 million, or £109 million.
The broker said near term catalysts include results from the airborne geophysical survey covering Bisie North, expected in late September or early October, followed by assay results from initial field work at the Mt Douglas project in New Brunswick during October or November. Positive results could lead Rome to exercise its option over the Canadian claims and potentially announce a drilling programme.
Further ahead, Allenby expects greater visibility on Rome’s 2027 Bisie North work programme by late in the fourth quarter of 2026. The broker anticipates an intensive drilling campaign aimed at expanding the resource base, with drilling results potentially emerging by mid 2027 and an updated resource in the third quarter.
Potential joint venture developments at Bisie North represent another catalyst. Allenby considers nearby Alphamin Resources the most plausible strategic partner, although it expects meaningful progress on this front may be more likely after further drilling and a larger resource estimate.
View from Vox
Allenby’s unchanged 1.32p valuation highlights the potential leverage to further resource growth at Bisie North. Upcoming geophysical results, New Brunswick assays and clarity over the 2027 drilling programme provide several identifiable catalysts, while any progress towards a strategic partnership could materially advance the project’s development case.