Interview with Paul Barrett, CEO, Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-targets-resource-estimate-in-q2-2025-6587

Recording date: 28th of February, 2025

Rome Resources, a junior mining company, is making significant progress in its tin exploration program in the Democratic Republic of Congo. The company is currently operating four drill rigs across its two main prospects: Kalayi, a pure tin deposit, and Mont Agoma, a polymetallic site containing copper, tin, and zinc.

Recent drilling at Kalayi has revealed consistent tin grades that increase with depth, confirming the company's geological model. The mineralization is characterized by three steeply dipping tin intercepts with a relatively simple geometry. Drilling has reached depths of approximately 350 meters, with the potential for further exploration in the future.

A significant milestone for Rome Resources is the planned release of maiden resource estimates for both prospects. The company expects to publish the Kalayi resource estimate by the end of March 2025, followed by the Mont Agoma resource estimate by the end of April. These estimates will be based on drilling that covers only a portion of the 2,000-meter soil anomaly identified at the properties, indicating substantial exploration upside.

At Mont Agoma, CEO Paul Barrett described a layered deposit model where copper is found at shallow depths, tin is deeper, and zinc is distributed throughout the system. The company has accelerated drilling here with multiple rigs now operating simultaneously, substantially improving the pace of exploration compared to previous operations.

Despite regional security concerns related to M23 rebel activity, Rome Resources has adapted its operations by relocating its logistical hub to Kenani. The company maintains a helicopter on site to transport supplies and has established safety protocols in coordination with neighboring operations.

Financially, Rome Resources is in a stable position with approximately £3 million in the bank. Barrett projects that after completing the current drilling program, the company will still have about £2 million in reserves, providing flexibility for future activities.

Barrett remains optimistic about the long-term prospects for tin, which is currently trading around $33-34 per kilogram. He highlighted the metal's role in electronics, particularly with increasing demand driven by AI development and electrification:

"The key really is demand... a lot of the countries that want to go forward in terms of the AI revolution, electrification, etc., will be driving demand going forward because tin glues all the electronics together and there is no substitute."

This outlook, combined with constraints on global supply, creates a favorable environment for new tin projects, with Barrett noting that even a relatively small resource could be commercially viable due to tin's high price.

Learn more: https://www.cruxinvestor.com/companies/rome-resources

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