Resource Minerals International Ltd (ASX:RMI) has reported a milestone September quarter marked by its acquisition of joint venture interests in Saudi Arabia, encouraging gold and copper sampling results, and a new $5 million funding agreement to support exploration across its international portfolio.
Projects location map.
Key highlights
- Acquired AuKing Mining’s JV interests in Saudi Arabia, gaining exposure to the Shaib Marqan and Wadi Salamah projects.
- Reported high-grade gold and copper assays from rock chip sampling across both projects.
- Commenced RAB drilling at the Mpanda copper-gold project in Tanzania.
- Secured a funding facility of up to A$5 million with RiverFort Global Capital.
- Completed a company name change to Resource Minerals International Ltd.
Saudi gold and copper projects advance
A major focus during and after the quarter was RMI’s formal entry into Saudi Arabia through the acquisition of AuKing Mining’s rights and obligations under its joint venture with Barg Alsaman Mining Co. The move gives RMI majority interests in two granted exploration licences — Shaib Marqan (91.8 km²) and Wadi Salamah (98.7 km²) — both situated in central Saudi Arabia.
Wadi Salamah project area and rock chip sample locations.
Initial rock chip sampling at Wadi Salamah returned gold assays of up to 3.56 g/t, with mineralisation concentrated along a 700-metre shear zone hosting multiple quartz veins and stockwork systems. Follow-up sampling at the WS South area confirmed elevated gold and silver grades, while WS Central results were low in gold but contained visible pyrite.
Wadi Salamah South rock chip sample gold and silver results in shear zone sampled over 700 metres strike length.
At the Shaib Marqan project, fieldwork identified quartz veins, stockworks and ancient workings indicative of widespread gold mineralisation. Assays from 87 rock chip samples included multiple results above 1.0 g/t gold, confirming and extending historical data from the area.
Shaib Marqan rock chip gold assay result locations.
The company said the results “validate historical gold results and provide a sound basis for the preparation of a detailed soil and rock chip sampling program” across the new licence area. Field exploration in Saudi Arabia is set to begin in the December quarter, including geophysical interpretation and targeted drilling.
Tanzania and Finland exploration
In Tanzania, RMI initiated a rotary air blast (RAB) drilling program across the Stalike and Kabungu prospects within its Mpanda Copper-Gold Project. The campaign targeted previously identified anomalous zones but was curtailed due to contractor issues. The company has since opted to undertake a drone magnetic survey and expand geophysical work to refine future drill targeting.
Limited activity occurred at RMI’s Tanzanian nickel and Finnish lithium projects amid weaker market conditions for both commodities. Fieldwork in Finland included rock chip sampling and drill hole planning on the granted Köyhäjoki exploration permit.
Corporate and financial update
On July 31, RMI entered a funding agreement with RiverFort Global Capital for up to A$5 million over three years, providing the flexibility to draw funds through convertible securities. The first $1.3 million tranche was received during the quarter, alongside the issue of unlisted options exercisable at $0.03 each.
The company also completed its rebrand to Resource Minerals International Ltd following shareholder approval at its July general meeting. As part of the restructure, 26.2 million shares were issued through a related-party placement, with a further 6.7 million shares issued in lieu of director fees.
RMI ended the quarter with approximately $848,000 in cash and reported $439,000 in exploration expenditure. Related-party payments for the period totalled $100,000, primarily for director fees and consultancy services.
Outlook
RMI said its near-term priority will be to advance exploration in Saudi Arabia, where the combination of favourable assay results and accessible infrastructure offers a compelling opportunity. The company expects to integrate government geological datasets, complete geophysical reviews and begin fieldwork before year-end.