REG - Rome Resources PLC - Half-Year Results
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RNS Number : 2823B Rome Resources PLC 30 September 2025
The information contained within this announcement was deemed by the Company
to constitute inside information as stipulated under the UK Market Abuse
Regulation
30 September 2025
Rome Resources Plc
("Rome Resources", the "Company" or the "Group")
Half-Year Results
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
(http://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."
For further information, please contact:
Investor questions on this announcement https://romeresources.com/s/5b5af1 (https://romeresources.com/s/5b5af1)
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Rome Resources Plc Tel. +44 (0)20 3143 6748
Paul Barrett, Chief Executive Officer
Mark Gasson, Chief Operating Officer
Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel. +44 (0)20 3328 5656
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)
Joscelin Pinnington (Sales & Corporate Broking)
OAK Securities (Joint Broker) Tel. +44 (0)20 3973 3678
Jerry Keen, Head of Corporate Broking
Henry Clarke, Head of Sales
Camarco (Financial PR) Tel. +44 (0)20 3757 4980
Emily Hall / Gordon Poole / Sam Morris
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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
30 September 2025
Consolidated Statement of Comprehensive Income
for the 6 Months Ended 30 June 2025
Note 6 months to 6 months to 15 months to
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
£'000 £'000 £'000
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (578) (214) (2,326)
OPERATING LOSS (578) (214) (2,326)
Reverse acquisition expense - - (2,463)
Finance income/(expense) 18 - 9
(LOSS) BEFORE INCOME TAX (560) (214) (4,780)
Income tax - - -
(LOSS) FOR THE PERIOD (560) (214) (4,780)
Total comprehensive loss for the period attributable to equity holders of the (560) (214) (4,780)
parent
Loss per share from continuing operations in pence per share:
Basic and diluted (0.0001) (0.0002) (0.0017)
Consolidated Statement of Financial Position
for the 6 months Ended 30 June 2025
Note 6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
£'000 £'000 £'000
NON-CURRENT ASSETS
Exploration assets 5 11,762 8,991 10,511
Investment in Associate - - -
Property, plant and equipment 10 - 9
TOTAL NON-CURRENT ASSETS 11,772 8,991 10,520
CURRENT ASSETS
Trade and other receivables 3 302 129 326
Cash and cash equivalents 1,349 11 4,485
TOTAL CURRENT ASSETS 1,651 140 4,811
TOTAL ASSETS 13,423 9,131 15,331
EQUITY AND LIABILITIES
Capital and reserves attributable to equity holders of the Company:
Share capital 2 24,270 21,594 24,257
Share premium 2 19,788 15,402 19,768
Share based payment reserve 19 - 43
Reverse acquisition reserve (22,157) (21,619) (22,157)
Warrant reserve 2,011 2,063 2,011
Merger Reserve 4,703 - 4,703
Foreign currency translation reserve (741) - (289)
Accumulated deficit (15,525) (11,021) (14,989)
TOTAL SHAREHOLDER EQUITY 12,368 6,419 13,347
Non-Controlling Interest 620 641 620
NON-CURRENT LIABILITIES
Loans 4 245 - 254
245 - 254
CURRENT LIABILITIES
Trade and other payables 4 190 248 1,110
Borrowings 4 - 1,823 -
190 2,071 1,110
TOTAL LIABILITIES 435 2,071 1,364
TOTAL EQUITY AND LIABILITIES 13,423 9,131 15,331
Consolidated Statement of Changes in Equity for the Period Ended 30 June 2025
Called up share capital Share premium Share based payment reserve Warrant reserve Accumulated Reverse acquisition reserve Foreign currency translation reserve Merger reserve Non-controlling interest Total
deficit
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 capital 453 - - - - - - - - 453
Shares issued for acquisition of assets 3,320 - - - - - - - - 3,320
Share warrants issued - - 20 - - - - - - 20
Non-controlling interest on acquisition - - - - - - - - 620 620
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 acquisition 19,243 15,402 43 11 (34,699) - - -
Issue of shares for acquisition 2,352 - - - - (4,437) - 4,703 - 2,618
Issue of placing shares - net of share issue costs 2,663 4,982 - - - - - - - 7,645
Warrants issued on placing - (616) - 616 - - - - - -
Warrants issued on acquisition - - - 1,395 - - - - - 1,395
Warrants lapsed - - - (11) 11 - - - - -
Balance at 31 December 2024 24,257 19,768 43 2,011 (14,989) (22,157) (289) 4,703 620 13,967
Total comprehensive loss for the year - - - - (560) - - - - (560)
Issue of share capital 13 20 - - - - - - - 33
Share options expired - - (24) - 24 - - - - -
Foreign exchange movements - - - - - - (452) - - (452)
Balance at 30 June 2025 24,270 19,788 19 2,011 (15,525) (22,157) (741) 4,703 620 13,967
Consolidated Statement of Cash Flows
for the Period Ended 31 December 2024
Note 6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
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) 52 702
(Increase)/decrease in trade and other receivables 24 (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 received 18 - 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 - 1,156 1,362
Repayment of borrowings - (58) -
Net cash flow from financing activities (210) 1,098 9,067
Net increase/(decrease) in cash and cash equivalents in the period (3,136) (63) 4,432
Cash and cash equivalents at beginning of the period 4,485 74 53
Cash and cash equivalents at end of the period 1,349 11 4,485
1. 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.
2. SHARE CAPITAL
Called up, allotted, issued and fully paid share capital
GROUP No. Ordinary shares No. Deferred shares Share Share Premium
Capital £'000
£'000
Total at 30 September 2023 86,265,939 - 11,942 -
Issue of shares in the period 34,085,000 - 3,773 -
Foreign exchange difference - (1,000) -
Total at date of RTO 120,350,939 - 14,715 -
Transfer to reverse acquisition reserve on RTO (120,350,939) - (14,715) -
Share capital of the Company at acquisition 1,057,494,834 183,688,116 19,243 15,402
26 July 2024 - acquisition 2,351,657,348 - 2,351 -
26 July 2024 - placing 1,462,712,425 - 1,463 1,591
30 December 2024 - placing 1,200,000,000 - 1,200 2,775
Total at 31 December 2024 6,071,864,607 183,688,116 24,257 19,768
30 March 2025 12,661,325 - 13 20
Total at 30 June 2025 6,084,525,932 183,688,116 24,270 19,788
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 Price Grant Date Expiry Date At 1 January 2025 Issued / (lapsed) At 30 June 2025
0.75p 11 May 2020 30 June 2025 10,000,000 (10,000,000) -
0.75p 4 August 2020 30 June 2025 6,000,000 (6,000,000) -
0.75p 9 June 2021 30 June 2025 6,000,000 (6,000,000) -
0.75p 23 June 2021 30 June 2025 3,000,000 (3,000,000) -
0.75p 4 October 2021 30 June 2025 5,000,000 (5,000,000) -
1.00p 1 September 2023 5 October 2026 15,000,000 - 15,000,000
0.50p 1 September 2023 5 October 2026 5,000,000 - 5,000,000
CAD$0.26((1)) 26 July 2024 9 February 2026 61,551,000 - 61,551,000
CAD$0.26((1)) 26 July 2024 27 April 2026 9,770,000 - 9,770,000
CAD$0.26((1)) 26 July 2024 6 November 2026 4,885,000 - 4,885,000
126,206,000 (28,000,000) 98,206,000
((1)) 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 Price Grant Date Expiry Date At 1 January 2025 Issued / (lapsed) At 30 June 2025
0.45p 26 July 2024 26 July 2026 212,500,000 - 212,500,000
0.30p 26 July 2024 26 July 2029 678,917,878 - 678,917,878
0.35p 27 December 2024 27 December 2029 221,544,334 - 221,544,334
0.50p 30 December 2024 30 December 2027 1,200,000,000 - 1,200,000,000
CAD$0.30((1)) 26 July 2024 9 June 2025 42,988,000 (42,988,000) -
CAD$0.25((1)) 26 July 2024 18 November 2025 70,344,000 - 70,344,000
2,432,594,212 (42,988,000) 2,389,606,212
((1) ) 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.
3. TRADE AND OTHER RECEIVABLES
6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
£'000 £'000 £'000
Other debtors 66 25 96
VAT 229 104 178
Prepayments 7 - 52
302 129 326
4. TRADE AND OTHER PAYABLES
CURRENT 6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
£'000 £'000 £'000
Trade creditors 187 248 611
Social security and other taxes 3 - 5
Other creditors - - 120
Accruals and deferred income - - 375
Borrowings - 1,823 -
190 2,071 1,110
NON-CURRENT 6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
£'000 £'000 £'000
Borrowings 245 - 254
245 - 254
5. EXPLORATION AND EVALUATION ASSETS
NON-CURRENT 6 months ended 6 months ended 15 months ended
30 June 2025 (unaudited)
30 June 2024 (unaudited)
31 December 2024 (audited)
COST £'000 £'000 £'000
Exploration and Evaluation assets 11,762 8,991 10,511
11,762 8,991 10,511
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.
The most significant judgement for the Group is the assumption that
exploration and evaluation at the Group's projects will ultimately lead to a
commercial mining operation, which includes the assumption that any licences
held will be renewed as required upon expiry. The Directors consider a
number of factors when assessing whether any impairment is required in
relation to these assets, including:
· results of exploration work to date;
· licence renewal status, with a presumption that licences will be
renewed but consideration given to any possible issues in respect of the
periodic renewal process;
· 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.
Based on these factors the Directors do not believe there is an impairment in
the valuation of the Group's exploration and evaluation assets.
6. 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.
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