RMI uncovers new gold and copper targets at Wadi Salamah

Wadi Salamah Produces High-Grade Surface Results

Resource Minerals International Ltd (ASX:RMI) has sharpened its Saudi Arabian exploration story with gold assays as high as 7.93 grams per tonne and silver at 64.2 grams per tonne from rock chips at the Wadi Salamah Project. The results came from Target A, where 13 samples returned at least 1 g/t gold and two quartz-vein zones now have a combined strike length of more than 1.4 kilometres.

“Outcrop mapping of quartz veins within Target A with Au (g/t) shown.2.”

The company collected 1,621 soil samples and 90 rock chips across the 98.7 square kilometre licence during the September quarter. Target A's northern and southern zones contain shallowly east-dipping quartz veins, but RMI says more sampling is required to establish whether the higher-grade mineralisation is continuous between sample points. The results are therefore evidence of mineralisation at surface, not a mineral resource or an estimate of mineable scale.

Target C Points to a Separate Copper System

Target C offers a different geological proposition. A 1.8 km by 1.2 km soil anomaly contains 27 samples with elevated combinations of copper, molybdenum, tungsten and bismuth, while rock chips returned up to 1,665 parts per million copper and 90 ppm molybdenum near the contact with a granitic intrusion.

“Target areas identified from exploration programs at Wadi Salamah (on TMI image).”

“Target C soil and rock chip anomalies (on TMI).4.”

Caption and image © Resource Minerals International Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

RMI says the pattern most resembles a granite-related copper-molybdenum-bismuth-tungsten system and that it supports earlier Wadi Salamah magnetic survey findings. The company also describes the intrusion as a potential source rock for a Tier-1 porphyry system, although that is an exploration interpretation requiring further fieldwork, infill sampling and drilling. Target C's next steps include re-assaying anomalous soils using four-acid, fusion or XRF methods.

Mpanda Drilling Moves Into the Assay Queue

In Tanzania, RMI has completed a staged 2,000 metre reverse-circulation drilling program at its Mpanda Project. The campaign tested five targets: Stalike, Ibindi, Kabungu, Kabungu North and Kabatini West. At Stalike, drilling covered more than 300 metres of strike, while the remaining targets were designed to test interpreted structural controls and extensions beneath cover or around historic workings.

“Target drill program locations combined with previous rock chip samples, RC drill hole, multiple historical workings and previous sample results3.”

Assay results are pending. The targets carry historical surface indications, including grab samples at Stalike of up to 13.58% copper and 3.24 g/t gold, and rock chips at Kabungu North of up to 36.7 g/t gold and 11.89% copper. Those historical figures help explain the targets selected, but the current campaign's significance will depend on the new drill results.

Exploration Momentum Meets a Thin Cash Buffer

RMI spent A$1.603 million on exploration during the quarter and finished with A$477,000 in cash after a net A$1.635 million reduction in cash during the period. The company reported A$5 million of unused capacity under a three-year convertible funding agreement with RiverFort Global Capital, secured by a first-ranking general security and carrying a fixed 7% cash interest rate payable at maturity. The facility is not the same as cash on hand, and any use of convertible funding could have implications for the capital structure.

“Projects Location Map”

That financing question sits alongside the exploration timetable. RMI expects first-phase drilling at Wadi Salamah in the fourth quarter of 2026 and at Shaib Marqan in the first quarter of 2027, while Shaib Marqan soil and rock-chip results are due in the near term. The company also says drilling at Finland's Köyhäjoki permit remains paused until it finalises an acceptable security instrument with the mining regulator.