RNS Number : 9706O Rome Resources PLC 30 June 2025 This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 30 June 2025 Rome Resources PLC ("Rome" or the "Company") Final results for the year ended 31 December 2024 Rome Resources plc, the DRC-focused tin and copper explorer, announces its audited results for the 12 month period ended 31 December 2024. Financial Performance · Raised £4m before expenses in July 2024 in conjunction with admission to trading on AIM following the completion of the reverse takeover of Pathfinder Minerals Plc ("Admission") · Raised a further £4.2m before expenses from a strategic investor in December 2024 · Cash balance at 31 December 2024 £4.33m (2023: £1.40m) Operational Highlights · Bisie North Field Camp re-activated immediately on Admission and drilling commenced · Drilling on the Kalayi tin prospect and the Mont Agoma tin, copper, zinc and silver prospect · 3,443m of core recovered in the drilling campaign to the end of the reporting period Post-reporting Period Events · Further 1,587m of core recovered by 30 June 2025 Paul Barrett, Chief Executive Officer of Rome Resources, commented: "As we set out in the Report and Accounts, 2024 was a transformational year for both sets of legacy shareholders - Pathfinder Minerals and Rome Resources. In combining the two entities, we created a business focussed on building value in the tin and copper discoveries that Rome had made in the Bisie North Project, eastern DRC, in 2023. It also brought together two teams with strong geological expertise and operating experience in the DRC and experience of operating a public company on AIM. This was demonstrated by the fact that Rome raised £4m before expenses upon Admission and a further £4.2m from a DRC strategic mining investor just before year-end. Rome hit the ground running immediately following Admission with a drilling programme at Bisie North with four drilling units probing the Kalayi and Mont Agoma Prospects, previously proven to contain tin and polymetallic tin/copper/zinc mineralisation by Rome's previous drill campaign. The operation continued beyond the reporting period and as of the date of this report, the Company has cut some 5,841m of core in this programme. Operating in DRC requires an intimate knowledge of business, geopolitical and regulatory conditions and this project is no exception. Operating in the jungle with no road access and albeit only 8km from Alphamin's flagship tin mine, the project still relies critically on helicopter support. We have acknowledged the additional support received from Alphamin in coordinating a temporary precautionary shutdown for security reasons in April 2025, but can report that operating conditions have essentially returned to normal. The drilling was designed to further delineate the extent and size of the Kalayi tin deposit and the potential for both tin and copper at the Mont Agoma deposit. What has been achieved to date is to define the core of the Kalayi tin system and to shed further light on the complexities of the Mont Agoma system, which is a very substantial mineralised zone containing tin, copper, zinc and silver. Despite the mineralisation following the geological model of increasing tin grades with depth, the detailed inter-relationship of these mineral phases within the overall zone is still not fully understood. What can be said is that it is becoming clear that in addition to the tin, there is substantial copper and even more zinc. In order to create the fullest picture of the Mont Agoma system and its multi-commodity potential, all of the assays from this campaign, which is scheduled to complete in July 2025, will be incorporated in a Maiden Resource Estimate expected to be completed on or around September 2025." Posting of Annual Report and Accounts The Group also announces that it will today be posting to its shareholders the annual report and accounts. A copy of this announcement and the Company's report & accounts will shortly be available on the Company's website. For further information, please contact: Investor questions on this announcement We encourage all investors to share questions 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 Tel. +44 (0)20 3328 5656 Broker) John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Stefano Aquilino / Joscelin Pinnington (Sales & Corporate Broking) 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 Subscribe to our news alert service: https://romeresources.com/auth/signup Chairman's Statement For the Period Ended 31st December 2024 I am delighted to present Rome Resource's 2024 report, following almost a year of intense exploration activity. The last 12 months have been transformational for the Company, involving admission to trading on AIM through a reverse takeover by Pathfinder Minerals Plc ("Pathfinder Minerals") of Rome Resources Ltd ("Rome Resources")("Admission"), the raising of over £8 million of equity capital to progress drilling operations (including the strategic investment from Stanvic Mining SARL) and the execution of a tin and copper exploration programme in a remote part of the Democratic Republic of Congo (the "DRC"). This drilling has matured the previously identified Kalayi and Mont Agoma tin and polymetallic discoveries towards assessing a maiden mineral resource estimate. Large volumes of copper and zinc have been identified adding significant value to the project. It has been a pivotal year for the Company, shaking off the torpor of the last decade for Pathfinder Minerals with the Rome Resources reverse takeover. Immediately following the admission in late July 2024, the Company hit the ground running with a drilling campaign, culminating in having four drill rigs on site at the Company's flagship tin and polymetallic Bisie North Project. How we got here Pathfinder Minerals plc had spent the best part of a decade attempting to recover expropriated heavy mineral sands licences in Mozambique. In 2023, Pathfinder disposed of the associated legal claim and became a cash shell. A reverse takeover of Rome Resources Ltd got underway later that year and was completed in July 2024. Rome Resources came with two unique selling points - two licences close to the world's highest grade tin mine (the Bisie tin mine) and the team responsible for discovering that deposit. Previous drilling had yielded very encouraging results, principally in tin, but additionally in copper, zinc and silver. The project was primed for the next stage of drilling and the admission to AIM provided an opportunity for new investors to fund a project with an immediate forward work programme and a strong value proposition. Our Commodities Tin has until relatively recently been a little-appreciated but essential metal, present in numerous products used every day. Tin has a baseload of demand in traditional electronics and industrial applications, but with multiple new opportunities in green energy and digitalisation technologies for the future, global ambitions simply cannot be achieved without increased supply. It has a crucial role to play in the development of advanced computing power for artificial intelligence, components for electric vehicles and renewable energy systems, as well as continued base demand for other industrial applications. Existing mines are maturing and the new project pipeline comprises only a handful of compelling projects, making securing supply a priority over the next decade. Rome Resources is very well-placed in the world's highest grade tin play to contribute to this future supply. The International Tin Association estimates demand for tin to increase by 50% by 2030, citing solar power, electric vehicles and advanced telecommunications as the main drivers. This could be a conservative estimate when additionally factoring in the growth of computer chip usage for AI and other advanced computing. Supply has recently been under pressure in leading important tin-producing jurisdictions, such as Myanmar and Indonesia. As a consequence of these two factors, tin has been on a steady upward price curve since mid-2022 and as of the date of this report, the commodity pricing for tin is in the order of $31,000 per tonne. Long term prospects for the Tin market are very positive. New investor and government interest, for example the investment in Alphamin Resources Corp ("Alphamin") by Abu Dhabi based International Resources Holding, is now coming into the tin space as the world wakes up to the crucial role of tin in making the future. Rome Resources has discovered highly significant amounts of copper during this exploration programme and it is clear that this copper will be extracted as part of the operations to mine tin at the Bisie North site. Copper is crucial to the electrification of the world's energy systems and, like tin, has a strong demand curve going forward. Whilst year-on-year copper demand growth has been low at 2%, BHP estimated in late 2024 that future copper demand will increase by 70% by 2050, the main driver being sustained electrification of energy networks. The demand for copper is fiercely competitive with smelters paying producers to make copper concentrate in 2025 due to lack of supply. Copper prices have been rising steadily since mid-2022 to prices in the region of $10,000 per tonne by 2025. Strategic Investor Stanvic Mining SARL ("Stanvic"), a Congolese mining company which has joint venture activities with Ivanhoe Mining incountry, agreed to invest in the Company in late 2024, subscribing for new shares at the prevailing market price for a total consideration of £4.2 million. This welcome investment has allowed the Company to continue drilling operations well into 2025. Stanvic brings a wealth of local operating knowledge, principally in the copper belt and in ancillary support services. Operating in the Eastern DRC The area of the Company's operation is in the far northwestern part of North Kivu province, 200 km from the regional capital of Goma. For several decades there has been political instability in the region but despite this, mining and mined product shipments have continued almost without interruption. Temporary advances of anti-government rebels in the vicinity of the Rwandan border did, however, affect the logistics of operating the Company and its neighbours in March 2025. The Company responded by firstly relocating its base of drilling operations from the city of Goma to the larger hub of Kisangani, some 300 km from rebel activity. The Company set up contingency plans to protect both its employees and contractors in case the rebels advanced beyond a certain trigger point. This occurred on 13th March 2025 and the Company temporarily shut down operations at that point. We are grateful to the staff of Alphamin for the cooperation and coordination with their shutdown operations. Subsequently, following a marked improvement in the security situation, the Company mobilised back to site on 30 April 2025 and commenced drilling the remaining short drill programme on Mont Agoma. Financial Results and current financial position As of 31 December 2024, cash and cash equivalents was £4,330,000 (2023: £1,396,000), primarily a combination of funds raised at Admission and a further investment by Stanvic, less the cost of drilling operations during the second half of the year. There were no operating revenues during the reporting period. Board changes During the reporting period and as a direct result of Admission, several important additions were made to the Board. Prior to or at admission, Edouard Etienvre, Marc Mathenz and Serge Nawej Tschitembu were appointed as non-Executive Directors, followed by myself as Non-Executive Chairman. Paul Barrett was appointed as Chief Executive Officer and Mark Gasson as Chief Operating Officer. The Board is highly experienced in four key areas - exploration, operating in the DRC, finance and managing listed companies. Outlook The Company continues to enjoy highly encouraging results from its drill campaign. These results are feeding into a Maiden Resource Estimate, which has been paused while awaiting outstanding assay results from the more recent holes. Additional drill results, including tin intercepts outside the core area of Mont Agoma, will be included in the Maiden Resource Estimate, expected to be completed in September 2025, which will inform the Board as to the next steps on the journey to a valuable resource in a world class play. Klaus Eckhof Chairman 30 June 2025 CEO's Report For the Period Ended 31st December 2024 Operations Rome's assets are interests in a pair of exploration permits, collectively known as the Bisie North Project, located in a remote part of North Kivu, eastern DRC. Licence PEPM13274 PR15130 Holder IDI SARL Palm SARL Interest 51.50% 51.00% Status Exploration Exploration Expiry 17/07/2028 14/12/2026 Area, km2 30.74 7.69 Bisie North, principally a tin exploration project with secondary copper, zinc and silver, is situated only 8km along trend from Alphamin's Bisie tin mine 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. Drilling operations commenced almost immediately following Admission to AIM and by late September 2024, four rigs were operating on-site. These rigs were operated by three contractors - Orezone, Mole and ADT, the latter using the Company's own rig. An exploration camp was already in place from the previous campaign, providing logistical support for both helicopter and drilling operations, including core sample preparation, enabling a seamless operational re-start]. Helicopter support has been provided throughout by BAC Helicopters, initially from Goma Airport and subsequently from Kisangani Airport. The team on the ground is highly experienced both in operating in-country but also in exploration operations for the type of deposit we are delineating, having been instrumental in the discovery and development of Alphamin's tin deposit. The operation is situated in a remote location with no road access. However, as activities by the M23 and affiliated parties in the region threatened supply lines in March 2025, therefore a decision was made to activate the shutdown plan and temporarily cease drilling operations. Following an easing of the situation in late April, the Company re-mobilised back to site and drilling operations re-started. As of 22 June 2025, some 3,318 metres of core has been drilled on Mont Agoma and 2,712 metres on Kalayi. Samples were sent for preparation at the Congolese Analytical Laboratory, Lubumbashi, before onward transfer to the ALS facility in Johannesburg for assay analysis. The geological model is maintained and refined for the Company by Minex Consulting and the independent qualified person is MSA Johannesburg, who undertook the Competent Persons Report for Admission and the Mineral Resource Estimate, currently being finalised. Local Communities, Health, Safety and Environment The Company maintains a strong commitment to the local community in the Bisie region. Demonstrating this commitment, over 40 local personnel are employed to manage both the day-to-day aspects and the security of the operation during the drilling phase along with Congolese national technical staff. The Company maintains a good relationship with the small artisanal operators in the stream section at Kalay. During the current drilling operation, the Company suffered a single lost time incident, associated with drill-pad clearing operations. This led to minor injuries and has led to a tightening up of protocols including operational oversight and implementation of exclusion zones. There have been no environmental incidents reported. The environmental footprint of the operation is minor. Mineralisation The drilling results to date have confirmed earlier indications that the mineralisation continues along trend from the Bisie Mine into Bisie North, creating the Kalayi and Mont Agoma deposits along two well-defined en echelon topographic ridges. Kalayi is comprised of a number of discrete highly dipping vein trends showing cassiterite (tin oxide) as a single mineralisation phase, with mineralisation present from surface. Mont Agoma, however, has a complex and wide nearsurface polymetallic zone showing significant copper and zinc sulphides in addition to minor cassiterite veins. As Mont Agoma is drilled out, it is clear that, in addition to the tin potential, there are a large amount of copper and zinc sulphides. The Company has therefore initiated metallurgical studies to develop a flowsheet to recover the shallower copper and zinc which represent overburden for deeper tin mineralisation. In general, the tin ore cassiterite is not associated with copper sulphide mineralisation, so the presence of tin in the shallow part of the system at Mont Agoma points to its likely presence in greater quantities at depth, similar to the world class tin and copper deposit of San Rafael, in Peru. Mineral Resource Estimate and Forward Programme As of the date of this Report, MSA have been evaluating the available data to prepare a maiden Mineral Resource Estimate ("MRE") for the two projects, Kalayi and Mont Agoma. Since the re-start of drilling in April 2025, there have been clear indications that more tin is present in the prospects and the majority of these cores are yet to be assayed. For example, Mont Agoma drillhole 30, drilled outside the main geochemical anomaly, encountered significant shallow tin, pointing to the additional, previously unrecognised, potential along the northeast flank of the discovery. The current drilling campaign is focussing both on the deeper potential in the core area and extensions of the play to the northeast. This is a very positive development, suggesting mineralisation extends beyond the original tin-in-soil surface anomaly. The MRE is seeking to cement the 'base case' resource for tin, copper and zinc which will incorporate the additional drill and assay data from the current programme and is likely to be complete on or around September 2025. Initial indications from the work by MSA are that there is a sufficiently large copper volume to warrant further work the viability of a multi-commodity value stream prior to finalising the MRE. This assessment, along with the additional assay data not yet available from recent and planned drillholes, will produce a comprehensive Resource Assessment on which to base key forward strategies. The Board is confident there will be sufficient potential identified in the MRE and its update to warrant further exploration, both laterally and at depth, potentially in collaboration with a strategic industry partner. Mozambique Legacy Claim The claim brought by Pathfinder Minerals prior to the reverse takeover of Rome Resources, has been settled, subject to government approval, by the issue of five new exploration licences with potential for graphite and ilmenite (titanium) sands. The licences will be issued to a new entity that will be controlled by Luangwa LLC, which acquired the claim in early 2024, with the Company's economic interest in the licences held through its wholly owned subsidiary, Rome Mozambique Holdings ("RMH"). The proceeds from the licences are expected to be distributed to Pathfinder's legacy shareholders as per previous announcements via their 'bonus preference share' holding in RMH and, whilst there is no guarantee this will result in the payment of special dividends, two of the licences are contiguous with operating graphite mines and are expected to be monetised in the near to medium term. The Company will not be required to contribute to the exploration costs of these five licences. Presentation A presentation will be posted on the Company's website to accompany this report. Paul Barrett Chief Executive Officer 30 June 2025 Directors and strategic report for the Period Ended 31 December 2024 Overview It has been a pivotal year for the Company, shaking off the torpor of the last decade for Pathfinder Minerals with the RTO. Immediately following Admission in late July, the Company hit the ground running with a focussed drilling campaign, culminating in having four drill rigs on site at the Company's flagship tin and polymetallic Bisie North Project. Further details will be found in the Chief Executive's Report. Cash Balance The Company's cash balance as at 31December 2024 was£4,330,000 (2023: £1,396,000). Dividends The directors do not recommend the payment of a dividend (2023: £nil). Events since the end of the year Information relating to events since the end of the year is given in note 19 to the financial statements. Comparatives The group's comparatives are the unaudited figures of its subsidiary, Rome Resources Limited as the Group was formed when the Reverse Takeover took place on 27 July 2024. Directors The directors who held office at any time during the year ended 31 December 2024 are as follows: Mark Gasson Paul Barrett Klaus Eckhof (appointed 4 November 2024) Edouard Etienvre (appointed 26 June 2024) Marc Mathenz (appointed 26 July 2024) Serge Tschitembu (appointed 26 July 2024) The Company has agreed to indemnify its directors against claims against them by reason of the fact that they are or were a director of the Company, and the Company has in place a directors and officers insurance policy. The Board of Directors is responsible for overseeing the long-term success and strategic direction of the Company in accordance with the schedule of matters reserved for board decision and is responsible for monitoring the activities of the executive management. Directors' interests in shares As at 31 December 2024, the interests of the directors' beneficial interests in the shares of Rome Resources plc (including the beneficial interests of their immediate family) were as follows: Paul Barrett Mark Gasson Klaus Eckhof Edouard Etienvre Marc Mathnez Serge Tschitembu No.shares held at 31 December 2024 3,610,108 401,351,600 475,724,500 92,000,000 - No. shares held at 31 December 2023 92,000,000 - Details of directors' remuneration is disclosed in Note 4. Details of directors' interests in share options and warrants is given in Note 16. Political donations and expenditure No charitable or political contributions were made during the current or previous year. Significant shareholders As at 18 June 2025, the registered holders of 3% or more of the Ordinary Shares were as follows: Shareholder Stanvic Mining SARL Andreas Reitmeier Klaus Eckhof Mark Gasson No. of Ordinary Shares held % of issued share capital held 1,200,000,000 490,075,000 19.72% 8.05% 439,624,600 401,351,600 7.23% 6.60% Principal risks and uncertainties Liquidity risk The Group has no revenue at the present time and is therefore dependent upon the availability of additional equity finance, which is described in further detail in note 1 to the financial statements under the going concern section of the accounting principles. The availability of additional funding could be influenced by a wide range of factors and risks. Political Risk The company's operations are in the democratic Republic of Congo, where unrest and ethnic violence has been a factor in the east of the country for several decades. Whilst the operations continue as normal for the most part, there are occasions where, out of an abundance of caution, the Company pauses its operations. However, the emergence of commercial arrangements with the US government on minerals in the DRC, including the potential for security guarantees, has reduced the perceived risk from insurgents. This has been underscored by International Resource Holding's (owned by the Abu Dhabi Sovereign Wealth fund) C$503 million acquisition of a 56% stake in the Alphamin tin mine, close by Rome's area of operation. Dependence on key personnel The Group and Company is dependent upon its executive management team. Whilst it has entered into contractual agreements with the aim of securing the services of these personnel, the retention of their services cannot be guaranteed. The development and success of the Group depends on its ability to recruit and retain high-quality and experienced staff. The loss of the service of key personnel or the inability to attract additional qualified personnel as the Group grows could have an adverse effect on future business and financial conditions. Financing risk The Group has an ongoing requirement to fund its activities through the equity capital markets. There is no certainty such funds will be available when needed. To date the Group has managed to raise the required funds, primarily through equity placements, including placements undertaken during difficult market conditions. The Directors have prepared cash flows forecasts for at least the next 12 months from the date of this report and are confident that the Company will have sufficient financial resources to fund its operations. Internal controls and risk management The directors are responsible for the Group's system of internal financial control. Although no system of internal financial control can provide absolute assurance against material misstatement or loss, the Group's system is designed to provide reasonable assurance that problems are identified promptly and dealt with appropriately. In carrying out their responsibilities, the directors have put in place a framework of controls to ensure as far as possible that ongoing financial performance is monitored in a timely manner, that corrective action is taken and that risk is identified as early as practicable. The directors keep under constant review, the effectiveness of the internal financial controls, with a strong focus on monitoring the cash position and future cash flows of the business. Disclosure in the strategic report Strategic matters relating to the Company throughout the reporting period, including the main trends and factors likely to affect the future development, performance and position of the business, are outlined in the Chairman's Statement. Section 172 Statement The Directors believe that they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006. The requirements of s172 are for the Directors to: · Consider the likely consequences of any decisions in the long term; · Act fairly between the members of the Company; · Maintain a reputation for high standards of business conduct; · Consider the interest of the Company's employees; · Foster the Company's relationships with suppliers, customers and others; and, · Consider the impact of the Company's operations on the community and the environment. The Company operates in the mining industry, with a specific focus on exploration and evaluation stage projects with a specific focus on Tin. The inherently speculative nature of this industry along with the need to raise funds in order to advance its projects, in the absence of any revenue generating activities, guide the Company's interactions with its members, employees and other stakeholders. The Board take a long term view when making decisions which is of particular importance for Company's operating in the sector given the long term nature of exploration, evaluation and development projects. The Board also ensure that regular communication is made with its members, employees and other stakeholders through a variety of channels including regulatory announcements, the annual report and financial statements, investor presentations and its website. A key decision that was made during the period was the completion of the RTO, giving the Company access to an exciting new project in the DRC. Details of this project are provided in the CEO and Chairman's reports. In order to deliver long term value to the members as a whole, an experienced Board and Management team have been assembled, with significant experience in both the region and the target resource, as well as in matters such as corporate governance, fundraising and managing London Listed Groups. The Board aims to work closely with all its stakeholders, and fosters strong relationships with its suppliers, employees and the local communities in which it operates. The Board also looks at ways to minimise any environmental impact of its current and future activities, while recognising the inherent nature of mining activities. Statement of directors' responsibilities The directors are responsible for preparing the Report of the directors and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted International Accounting Standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state