Rome Resources plc
Rome Resources Plc (formerly Pathfinder Minerals Plc; renamed 26 July 2024 following a reverse takeover) is an AIM-quoted, pre-revenue mineral exploration and evaluation company focused on tin, copper, zinc and silver assets at its flagship Bisie North Project (Kalayi and Mont Agoma deposits) in the Democratic Republic of Congo, 8km along strike from the Alphamin Bisie tin mine. It also holds an early-stage option over tin-tungsten-molybdenum-indium exploration licences in New Brunswick, Canada, entered into post year-end.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 13 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Rome Resources Plc explores for tin, copper, zinc and silver in the Democratic Republic of Congo and does not yet sell anything. It had no revenue in either year, and its loss after tax narrowed to £1.3m in 2025 from £4.8m the year before. The earlier loss included a one-off accounting charge for the 2024 reverse takeover that gave Rome its stock market listing, and that period also ran 15 months rather than 12. Running costs fell too. The company spent £2.9m on exploration, largely drilling, and raised £2.1m by selling new shares. Year-end cash was £1.4m, down from £4.5m, and it owes £248k on an interest-free loan from a shareholder. No dividend is proposed. Management expects an updated estimate of its Kalayi tin deposit in mid-2026, after drilling finished in April 2026, and agreed to raise a further £1.59m from new shares that month. The auditor flagged serious doubt about whether the company can keep going without more money, which it expects to need in early 2027. Unrest in eastern Congo forced a roughly 40-day shutdown in 2025.
From the reportevery line sits on the page it namesWhat moved the margintailwindAdministrative expenses reduced year-on-year (£1,359k vs £2,326k for the longer 15-month 2024 period)
Operating loss driven by administrative expenses only, down from £2,326k (15 months) to £1,359k (12 months)
page 26AndtailwindImproved drilling performance and reduced per-metre drilling cost
Drilling performance greatly improved following addition of an external drilling supervisor and alternative drilling crews, reducing delays from spare-part logistics and improving overall drilling rates and per-metre cost
page 6What management saidThe Board anticipates that the updated Mineral Resource Estimate will be completed mid-2026, following receipt of the assays from the 2025/2026 drill campaign that completed in April 2026, focused on Kalayi. The Company is participating in an airborne geophysical survey around the northern margin of the Bisie tin granite anticipated to identify drilling extensions and further exploration targets around Kalayi and Mont Agoma.
page 5After the year endMarch 2026: announced an Option to acquire working interests in early-stage exploration licences in New Brunswick, Canada; exercise consideration CAD$250,000 in new ordinary shares plus CAD$50,000 cash; no shares issued yet at date of report
page 50Going concern and the auditAuditor PKF Littlejohn LLP issued an unmodified opinion but drew attention to a material uncertainty related to going concern (note 1): the Group and Company do not generate revenue and will need additional funding in early 2027 to meet liabilities; the Directors' cashflow assessment runs to 30 June 2027. Audit materiality was set at £283,000 (group, 2% of net assets) and £282,000 (parent company).
page 20The risks it names first- Liquidity risk - Group has no revenue and is dependent on availability of additional equity financep.11
- Political risk - DRC operations exposed to unrest and ethnic violence in eastern DRC, including M23 rebel activityp.11
- Dependence on key personnel - loss of executive management could adversely affect the business, underscored by the death of co-founder/COO Mark Gasson in 2025p.11
- Financing risk - ongoing requirement to fund activities through equity capital markets with no certainty funds will be available when neededp.11
Read from C001115-AR-2025-ch.
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