Resource Minerals International Ltd (ASX: RMI) has secured firm commitments to raise $3.5 million before costs through a strongly supported share placement, with proceeds directed toward upcoming exploration and drilling programs in Tanzania and Saudi Arabia.
The placement will support the company’s near-term exploration pipeline, including a 5,000-metre Reverse Circulation drill program at the highly prospective Mpanda Copper-Gold Project in Tanzania, scheduled to commence next month.
Placement Details
RMI will issue 87.5 million fully paid ordinary shares at $0.04 per share, representing a 6.98% discount to the company’s last traded share price of $0.043 before the trading halt on May 1, 2026.
The placement also includes proposed director participation of $600,000, subject to shareholder approval. Chairman Asimwe Kabunga has committed $500,000, while Executive Director Trevor Matthews has committed $100,000.
Use of Funds
The proceeds will be used primarily to advance priority exploration targets across RMI’s copper-gold portfolio, including:
- Commencing a 5,000-metre drill program at the Mpanda Copper-Gold Project in Tanzania.
- Advancing exploration at the Shaib Marqan and Wadi Salamah Copper-Gold-Silver Projects in Saudi Arabia.
- Defining priority drill targets ahead of drilling in Saudi Arabia, expected to begin in the September 2026 quarter.
- Supporting general working capital and placement costs.
Tanzania Drill Program to Begin Next Month
The upcoming drilling campaign at Mpanda will focus on three priority targets: Kabatini, Ibindi, and Kabungu/Kabungu North.
According to the company, these targets were identified across the highly prospective Mpanda Copper-Gold Project and form a key part of RMI’s active exploration program planned from June through the end of 2026.
Saudi Arabia Exploration Plans
In Saudi Arabia, RMI will continue exploration work across its Shaib Marqan and Wadi Salamah projects, which are prospective for copper, gold, and silver.
The company aims to define priority drill targets before commencing drilling across two Saudi projects during the September 2026 quarter.
Executive Commentary
Executive Chairman Asimwe Kabunga said:
“RMI has an active exploration program planned from June through to the end of this calendar year, commencing with a 5,000-meter reverse circulation drill program at three priority targets, Kabatini, Ibindi, and Kabungu/Kabungu North, defined across our Mpanda Copper-Gold project in Tanzania. These are drill-ready targets where considerable work has been undertaken, and we have every confidence that we will yield excellent results with the drill bit. We plan to then immediately commence drilling in Saudi Arabia towards the end of the September quarter when weather conditions are cooler. RMI has considerable momentum, and we are well placed and funded to deliver increased value for shareholders. My continued investment reflects my strong confidence in the company, and we thank all existing and new shareholders for their confidence and support.”
