Resource Minerals Secures $3.5M for Tanzania and Saudi Drilling

Capital Raise Fuels Aggressive Exploration Push

Resource Minerals International Ltd (ASX:RMI) has secured $3.5 million through a strongly supported placement of 87.5 million shares at $0.04 each, representing a near 7% discount to the last traded price before the trading halt. The raise includes $600,000 from directors Chairman Asimwe Kabunga and Executive Director Trevor Matthews, subject to shareholder approval. This injection of capital is earmarked to underpin an active drilling schedule across the company’s Tanzanian and Saudi Arabian projects.

Drilling Set to Begin at Mpanda Copper-Gold Project

The immediate priority is a 5,000 metre reverse circulation drill program slated to commence next month at the Mpanda Copper-Gold project in Tanzania. The program will target three drill-ready prospects: Kabatini, Ibindi, and Kabungu/Kabungu North. These targets have been defined through extensive previous work, including a high-resolution drone magnetic survey that highlighted structural fault intersections favourable for copper-gold mineralisation. This survey aligns with earlier geochemical anomalies, setting the stage for potentially impactful results from the upcoming drilling campaign. The company’s confidence in these targets is reflected in Chairman Kabunga’s personal $500,000 commitment to the placement, underscoring his belief in the project’s upside potential.

Saudi Arabian Projects Poised for September Drilling

Following the Tanzanian program, RMI plans to initiate drilling across two Saudi Arabian projects, Shaib Marqan and Wadi Salamah, in the September quarter. These projects have been the focus of detailed ground magnetic surveys that revealed significant magnetic anomalies and high-grade surface mineralisation, including gold assays up to 40.35 g/t and silver up to 13.95 g/t. The identification of multiple priority target zones at both sites has paved the way for a maiden 5,000 metre drilling campaign. This next phase of exploration aims to capitalise on the momentum generated by recent assay results and geophysical data, positioning RMI to potentially expand its resource base in the Arabian-Nubian Shield region.

Strategic Focus and Shareholder Support

RMI’s exploration strategy spans multiple commodities and jurisdictions, with a clear focus on advancing high-potential copper-gold and precious metals projects. The company’s Tanzanian assets sit within the Ubendian Orogenic Belt, a prolific source of nickel, copper, and gold, while its Saudi projects tap into the mineral-rich Arabian-Nubian Shield. The recent placement follows a $1 million raise earlier this year that bolstered the company’s balance sheet and exploration capacity. This steady capital inflow reflects sustained investor confidence and provides the financial runway to execute a busy exploration calendar through 2026. The company’s leadership, including Chairman Kabunga, emphasises a commitment to delivering shareholder value while operating sustainably within local communities.