RMI Unveils Strong Saudi Gold Assays and Tanzanian Copper Plans Amid Funding Crunch

Saudi Arabian Exploration Gains Momentum

Resource Mining Corporation Limited (ASX: RMI) has made notable strides in its Saudi Arabian exploration efforts during the March 2025 quarter. The company holds an exclusive option to acquire AuKing Mining Limited’s interests in two joint venture projects: Wadi Salamah and Shaib Marqan. Early rock chip sampling from Wadi Salamah yielded encouraging gold assays, with values reaching up to 3.56 g/t Au, concentrated in the southern part of the license area. These results provide a clear focus for upcoming exploration activities.

Meanwhile, the Shaib Marqan project, situated in the under-explored Ar Rayn Terrane, is awaiting formal exploration license approval from the Saudi Ministry of Industry and Mineral Resources. Historical data and recent sampling validate the presence of gold mineralization, including a standout assay of 13.72 g/t Au from quartz vein structures. This sets the stage for systematic soil and rock chip sampling programs aimed at delineating new precious and base metal targets.

Tanzania: Copper-Gold Prospects and Production Potential

In Tanzania, RMI continues to assess its Mpanda Project’s copper-gold prospects. The company is actively evaluating opportunities for near-term small-scale gold production from shallow mineralization zones, leveraging the current favourable gold price environment. Such cash flow generation could underpin further exploration and corporate expenditure, potentially accelerating the development timeline for the broader Mpanda and other Tanzanian projects.

Finland Exploration Limited by External Factors

Exploration activities in Finland were limited this quarter due to the status of tenement applications and adverse weather conditions. However, fieldwork including rock chip sampling on the granted Köyhäjoki permit is planned for completion in the June 2025 quarter, maintaining RMI’s strategic focus on lithium exploration in this key European jurisdiction.

Funding and Financial Position

RMI secured a new loan facility of up to $250,000 from Ven Capital Pty Ltd during the quarter, drawing down $100,000 to support ongoing exploration and evaluation activities, including advancing the Saudi Arabian projects under option. Additionally, the company extended the maturity of an existing funding agreement with RiverFort Global Opportunities PCC Ltd, which includes a fixed extension fee and interest accrual.

Despite these arrangements, RMI’s cash position remains tight, with approximately $79,000 in cash at quarter-end. The company spent around $119,000 on exploration activities during the quarter and reported net cash outflows from operating and investing activities. Unused financing facilities of $650,000 provide some buffer, but the estimated funding runway is under three quarters, underscoring the need for careful capital management or additional funding.

Strategic Outlook

RMI’s diversified portfolio across Saudi Arabia, Tanzania, and Finland positions it well to capitalize on multiple mineral commodity markets, including gold, copper, nickel, and lithium. The recent assay results in Saudi Arabia and the potential for near-term gold production in Tanzania offer tangible catalysts. However, the company’s limited cash reserves and reliance on external funding highlight the importance of upcoming exploration results and licensing milestones to attract further investment and advance projects toward development.