Rome Resources Plc (AIM:RMR, AIM:RMR) said it now has three drill rigs active on its tin and copper prospects on the DRC following the completion of its reverse takeover in July.
The exploration timeline anticipates enough drilling data will be gathered before the end of 2024 to undertake a resource assessment, it said in a statement alongside results for the six months to end June 2024.
Paul Barrett, chief executive commented: "The Rome Resources management team worked tirelessly throughout the reporting period to complete the reverse takeover.
“Shortly after the end of the reporting period, on 26 July 2024, the RTO was completed and the company re-admitted to trading on AIM alongside completion of a £4 million fundraise (before expenses) for the company's drilling campaign.
“This now catapults the company into a new and exciting phase of development.”
Rome Resources added that following the disposal of the Mozambique claim, work continues to secure a successful outcome with the new owners of the claim and their legal advisors and, in due course, it anticipates eligible shareholders will be compensated through a settlement.
In the interim period, Rome posted a loss of £99,000 (30 June 2023: loss of £235,000).