30th Jun 2025 14:34
(Alliance News) - Rome Resources PLC on Monday posted a wider loss in the 15 months to December 31, amid conflict between Rwanda and the DRC, where the company's mines are located.
The London-registered mining firm focuses on metal exploration in the DRC. It was formed in July 2024 when Pathfinder Minerals PLC executed a reverse takeover of Rome Resources Ltd, which provides the 2023 comparators in Monday's report.
During the 15-month period, pretax loss widened to GBP4.8 million from GBP879,000 in the 12 months to September 30, 2023. Loss per share was 0.17p compared with 0.069p for the comparative period.
Cash balance at December 31 was GBP4.3 million, up from GBP1.4 billion on-year, and no dividend was declared, unchanged from the year prior.
Since admission to AIM in 2024, Rome Resources has focused on its flagship tin project at Bisie Ridge. This is in the DRC's Kivu province, of which Goma is the capital. Back in January, M23 militia forces seized control of the city. Rome Resources initally said operations at Bisie Ridge were "unaffected", but moved the project's logistical base to Kisangani.
On Friday, the DRC and Rwandan governments signed a peace deal, which did not include the M23. Rwanda has denied accusations of supporting the rebel group. This recent surge in conflict between the two nations is rooted in disputes over mining and mineral exports in the region.
Rome Resources has continued drilling in the area, despite periodic delays, noting: "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."
Chair Klaus Eckhof commented: "For several decades there has been political instability in the region but despite this, mining and mined product shipments have continued almost without interruption.
"The company continues to enjoy highly encouraging results from its drill campaign."
Rome Resources shares were 3.8% lower at 0.28 pence on Monday afternoon in London.
By Holly Munks, Alliance News reporter
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