Resource Minerals International Ltd (ASX:RMI) has secured firm commitments from professional and sophisticated investors to raise $1 million (before costs) via a share placement, with the money to go towards its Saudi Arabian gold and gold-silver projects.
Under the placement, RMI will issue 40 million fully paid ordinary shares at $0.025 per share, which the company said represents a 10.7% discount to the last traded price of $0.028 before the trading halt on December 16, 2025.
“RMI has a diversified portfolio of critical and precious metals across three continents, and the financial support of shareholders and new investors to fund exploration activities is highly appreciated by the board and management,” RMI executive chairman Asimwe Kabunga said.
“With geophysics programs in progress in Saudi Arabia and Tanzania to be followed by drilling programs targeting gold/gold-silver and copper-gold mineralisation respectively, 2026 promises to be an exciting period for RMI shareholders.
“Additionally, our lithium projects in Finland offer considerable potential with a shallow drilling program to commence soon following earlier successful surface sampling results.”
Supporting Saudi Arabian projects
Proceeds will be directed to exploration and project work across multiple jurisdictions, including an exploration campaign across RMI’s Saudi Arabian gold and gold-silver projects, geophysics and further exploration at the Mpanda copper-gold project in Tanzania, and exploration drilling at its Finland lithium projects.
Funds will also be used to repurchase RiverFort convertible securities, which the company said will leave RMI debt free, alongside general working capital and placement costs.