Shares in Rome Resources (RMR) have risen strongly today, up 7.69% mid-session to 0.325p, after Allenby Capital highlighted the strong potential of the company’s DRC tin and copper assets in a flash note.
The share price rise came as the company’s enjoyed its highest trading volumes in a month, and follows a period of underperformance in the fourth quarter of last year, which was likely due to uncertainty around funding.
However, Rome has since secured a £4.2 million strategic investment from Stanvic Mining SARL at 0.35p, a significant DRC-based investor, ensuring funding for its extensive drilling and exploration programs through 2025.
According to Allenby, Rome is “one of the most interesting resource plays” on Aim.
That assessment is based in part on the strong grades that Rome has reported at Mont Agoma, including 41 metres at 3.5% copper and nine metres at 9.5% copper. This project continues to show improving mineralisation at depth, aligning with the company’s interpretation of it as akin to the San Rafael-style geological model. Proximity to Alphamin’s major deposits is also an encouraging sign.
Promising results have been reported at Kalayi too, including tin grades exceeding 4%.
The company currently has four rigs active, and is expecting assays imminently.
View from Vox
Grades from both Kalayi and Mont Agoma are already highly encouraging, and anticipation of further strong results is clearly driving the shares upwards.
What’s the potential?
A big discovery and a corporate transaction would be the preferred outcome, although it’s a bit early to speculate exactly what either might look like at this stage. Still, worth noting that near-neighbour Alphamin is now worth over C$1bn, and that many of the team that were involved at building that company up are now with Rome.