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    Half-Year Results

    Picture of Rome Resources logoRome Resources
    30/09/2025 07:00
    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.

 

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
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    on this announcement via our investor hub    		https://romeresources.com/s/5b5af1
    Rome Resources Plc
    Paul Barrett, Chief Executive Officer
    Mark Gasson, Chief Operating Officer    		Tel. +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 Sales    		Tel. +44 (0)20 3973 3678
    Camarco (Financial PR)
    Emily Hall / Gordon Poole / Sam Morris    		Tel. +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

30 September 2025

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
    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 parent(560)(214)(4,780)
    Lossper share from continuing operationsin 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

 


    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
     deficit    		Reverse 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
    

 

 

 

 

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


    GROUPNo. Ordinary sharesNo. Deferred sharesShare
    Capital
    £'000    		Share 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
    

(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 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
    

(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
     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
    Exploration 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.

 

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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