Key Highlights

  • A staged 2,000-metre RC drilling programme at the Mpanda copper-gold project in Tanzania is under way, testing five targets with assay results pending.
  • At Wadi Salamah in Saudi Arabia, 1,621 soil samples and 90 rock chips identified three target zones, with the best rock chip returning 7.93 g/t gold and 64.2 g/t silver.
  • Cash fell to A$477,000 at 30 September 2026 from A$2.12 million, with the company estimating 2.69 quarters of funding and reporting an unused A$5.0 million RiverFort facility.
  • The company holds interests in four projects across Tanzania, Finland and Saudi Arabia, with first-phase drilling at Wadi Salamah planned for the December 2026 and March 2027 quarters.

Resource Minerals International Ltd (ASX:RMI) is running a three-country exploration programme on very little cash. A 2,000-metre drilling campaign is under way at its Mpanda copper-gold project in Tanzania, while new sampling results in Saudi Arabia are shaping drill targets, and the company ended September 2026 with A$477,000 in the bank.

A battery minerals label, three jurisdictions

The ASX describes RMI as a battery minerals explorer in Tanzania and Finland, and classifies it in the Materials sector. Recent news, however, concerns copper, gold and silver, with Saudi Arabian projects alongside the African and Nordic ones in its portfolio.

The company holds 75 per cent of Mpanda in Tanzania, 100 per cent of the Köyhäjoki permit in Finland, 60 per cent of the Wadi Salamah project in Saudi Arabia and 50 per cent of Shaib Marqan, also in Saudi Arabia.

Tanzania drilling

A staged reverse-circulation programme of 2,000 metres began in the September 2026 quarter, testing five targets. Drilling at Stalike is complete, with assays pending. Further holes are planned at Ibindi, Kabungu, Kabungu North and Kabatini West. Historical rock chips at Kabungu North returned up to 36.7 grams per tonne gold and 11.89 per cent copper, though those older results are not drill intercepts.

The scale deserves a note. A 5 May 2026 Placement announcement referred to a 5,000-metre programme, while the latest Quarterly Report describes 2,000 metres in stages. Assay results are expected in the near future.

Saudi Arabian results

At Wadi Salamah, a 98.7-square-kilometre licence in central Saudi Arabia, RMI collected 1,621 soil samples and 90 rock chips. Its 22 October 2026 release identified three target zones.

Target A is a set of gold-silver quartz veins with a combined strike of more than 1.4 kilometres. Thirteen rock chips returned at least 1 gram per tonne gold, with a best result of 7.93 grams per tonne gold and 64.2 grams per tonne silver. The veins are 50 centimetres to 3 metres wide, and in the northern zone six samples ran from 2.90 to 7.93 grams per tonne gold within about 110 metres of strike.

Target C is a soil anomaly measuring 1.8 by 1.2 kilometres, which the company interprets as a possible granite-related copper-molybdenum-bismuth system. Its best vein sample returned 1,665 parts per million copper and 90 parts per million molybdenum.

Target B, by contrast, rests on isolated soil results of 153 and 137 parts per billion gold with no accompanying silver, arsenic or base metals, so it is weaker evidence.

These are surface samples, not drilling. The company plans infill soil sampling, re-assays and detailed vein mapping. First-phase drilling at Wadi Salamah is planned for the December 2026 and March 2027 quarters, and Shaib Marqan drilling is expected in the March 2027 quarter.

Cash, funding and shares

RMI's cash fell from A$2.12 million to A$477,000 over the quarter. Operating outflow was A$432,000, exploration spending was A$1.60 million and Equity proceeds were A$400,000. The company estimates 2.69 quarters of funding.

It also reports an unused A$5.0 million RiverFort Facility with a three-year term, secured, and 7 per cent interest payable in cash at maturity. Drawing on it would add debt. Raising equity would dilute holders.

The May 2026 placement raised A$3.5 million through 87.5 million shares at A$0.04 each.

Risks and watch points

The other main risk is exploration itself. Early grades often Fail to translate into economic drill results. In Finland, diamond drilling at Köyhäjoki is on hold until an acceptable security instrument is supplied to the regulator, which the company expects soon.

The company says Mpanda assays and the Shaib Marqan results are due in the near term, with Saudi drilling to follow. The notice of Annual General Meeting was issued on 20 October 2026.

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This article provides general information only and does not constitute personal financial advice.