Rome Resources (RMR) lost £170,000 in the six months to June, and closed out the period with just £20,000 in the bank.
During the period, though, the company was still known as Pathfinder Minerals, and was awaiting the completion of the reverse takeover that would turn it into Rome.
That transaction was duly completed in July, and new money and new assets were injected into the company.
The name change followed shortly after.
“The Rome Resources management team worked tirelessly throughout the Reporting Period to complete the reverse takeover of Rome Resources Ltd, a mineral exploration company with key tin and copper assets in the Democratic Republic of Congo”, said Paul Barret, chief executive of Rome Resources.
“Shortly after the end of the reporting period, on 26 July 2024 the RTO completed and the company re-admitted to trading on AIM alongside completion of a £4 million fundraise, before expenses, for the company's drilling campaign. This now catapults the company into a new and exciting phase of development and the funds raised are already being put to good use with three active drill rigs on site in DRC as of the date of this announcement."
View from Vox
The early signs from the ongoing drilling campaign have been encouraging, with reports from XRF machines indicating mineralisation present in more than one hole that Rome has drilled. Of course, we’ll have to wait for the assays to come in for detailed confirmation of that, but remember, the Rome team has done this before in this part of the world. So far, so good.