Resource Mining Corporation Ltd progressed its Saudi Arabian strategic option during the quarter, following a binding term sheet signed with AuKing Mining Ltd in January 2025.
The agreement grants RMI an exclusive right to acquire AuKing’s joint venture interests in the Wadi Salamah and Shaib Marqan gold projects. At Wadi Salamah, high-grade gold assays up to 3.56 grams per tonne (g/t) were returned from rock chip samples collected at license area G-23.
Meanwhile, at Shaib Marqan, results from previous sampling validated historical data and returned grades as high as 13.72 g/t gold from quartz vein systems. A post-quarter site visit by RMI’s geological team completed mapping and further sampling to support follow-up exploration. The projects sit in underexplored areas of the Arabian Shield and are expected to be granted exploration licences in due course.
Tanzania exploration and near-term production opportunity
In Tanzania, the company reviewed results from previous copper-gold exploration at its Mpanda Project. In light of strong gold prices, RMI is now evaluating shallow mineralisation for small-scale gold production, with a view to generating early cash flow.
Such an operation could help fund broader exploration efforts across its Tanzanian portfolio, which includes both copper-gold and nickel targets across multiple licences. Earlier programs have yielded encouraging results, and RMI continues to assess the economic potential of these prospects.
The company holds interests in twelve licences covering copper-gold in the Mpanda and Mbozi regions and nickel sulphide opportunities in the Kabanga, Kapalagulu and Southern Project areas.
Finnish field activities delayed but planned
In Finland, exploration activity was limited during the March quarter due to permit status and seasonal constraints. RMI is targeting lithium mineralisation across the Köyhäjoki Project and several tenement applications, all located in the country’s premier lithium province.
The Köyhäjoki licence is granted, and field activities including rock chip sampling are planned for the June 2025 quarter.
The company also holds applications over three additional projects: Pikkukkalio, Laitiainen and Koskela. These areas are considered highly prospective due to their proximity to known deposits, including Keliber’s Rapasaari and Syväjärvi projects.
Corporate funding and capital structure
RMI entered into a funding agreement with Ven Capital Pty Ltd during the quarter, securing up to A$250,000 in loans. Two drawdowns of A$50,000 were made.
The company also extended the maturity date of its earlier A$1 million facility with RiverFort Global Opportunities PCC Ltd to 21 June 2024. Both facilities carry a 10% coupon and may be settled in cash or equity.
At quarter’s end, RMI had A$79,000 in cash, with A$650,000 in available financing. No payments were made to related parties during the quarter, and exploration spend totalled approximately A$119,000.