RMI Reports Up to 40.35 g/t Gold Assays and Secures $5M Funding Facility
Resource Minerals International Ltd has expanded its footprint in Saudi Arabia with a JV acquisition, reported promising high-grade gold assays, and secured a $5 million funding facility to advance exploration.
- Acquisition of 60% JV interest in Saudi Arabian gold projects
- High-grade gold and copper assays from Shaib Marqan and Wadi Salamah
- RAB drilling program at Tanzania’s Mpanda project curtailed due to contractor issues
- Secured $5 million funding agreement with RiverFort Global Capital Ltd
- Company rebranded to Resource Minerals International Ltd
Strategic Expansion in Saudi Arabia
Resource Minerals International Ltd (ASX – RMI) has taken a significant step forward by exercising its option to acquire a 60% interest in joint venture arrangements for gold exploration projects in Saudi Arabia. The acquisition involves the Shaib Marqan and Wadi Salamah projects, both granted exploration licences in central Saudi Arabia. This move positions RMI to capitalize on the underexplored Ar Rayn Terrane, a region with promising mineral potential.
Encouraging Exploration Results
Post-quarter, RMI reported high-grade gold and copper results from rock chip sampling at both Saudi projects. At Wadi Salamah, assays revealed gold concentrations up to 10.66 g/t in quartz veins within a shear zone extending over 700 metres. Similarly, Shaib Marqan samples yielded gold grades as high as 40.35 g/t, validating historical data and highlighting widespread gold mineralization in quartz veins and host rocks. These results provide a compelling basis for targeted exploration activities.
Challenges and Adjustments in Tanzania
In Tanzania, RMI’s RAB drilling program at the Mpanda Copper-Gold Project faced setbacks due to contractor issues, leading to an early termination after a limited number of holes. Despite this, the company plans to pivot towards geophysical surveys, including drone magnetic surveys, to refine exploration targets. Exploration activities on nickel projects in Tanzania and lithium projects in Finland were limited, reflecting current market conditions for these commodities.
Financial Position and Corporate Developments
RMI secured a $5 million funding agreement with RiverFort Global Capital Ltd, with an initial drawdown of $1.3 million completed in July 2025. This funding, structured through convertible securities, provides a solid financial foundation to advance exploration programs. The company also rebranded from its previous name to Resource Minerals International Ltd, signaling a refreshed corporate identity aligned with its international growth strategy. At quarter-end, RMI held approximately $848,000 in cash, supplemented by unused financing facilities of $3.7 million, supporting over five quarters of exploration activities.
Looking Ahead
RMI plans to commence detailed exploration programs in Saudi Arabia in the fourth quarter of 2025, including data collation, geophysical interpretation, and targeted drilling. The company’s strategic focus on critical and precious metals across multiple jurisdictions underscores its ambition to build a diversified mineral portfolio. While early-stage results are promising, further work will be essential to confirm resource potential and advance project development.
Bottom Line?
RMI’s Saudi JV acquisition and robust funding position set the stage for a pivotal exploration phase, but execution risks remain.
Questions in the middle?
- How will RMI prioritize exploration spending between Saudi Arabia, Tanzania, and Finland?
- What are the timelines and expected costs for the upcoming drilling programs in Saudi Arabia?
- How might the curtailed drilling in Tanzania affect the overall project development and investor confidence?
