Resource Minerals raises $3.5m to fund Tanzania drilling and Saudi exploration push Proactive uses images sourced from Shutterstock
Resource Minerals International Ltd (ASX:RMI) has secured $3.5 million in fresh capital to fund an upcoming drill campaign in Tanzania and advance exploration across its Saudi Arabian projects, as the company moves into an active second half of 2026.
The placement, supported by existing shareholders and new sophisticated investors, was priced at $0.04 per share, representing a 6.98% discount to the last traded price before the company entered a trading halt.
A total of 87.5 million shares will be issued, with directors committing $600,000 to the raise, subject to shareholder approval.
Drilling set to begin at Mpanda
The bulk of the funds will be directed towards a 5,000-metre reverse circulation drilling program at the Mpanda copper-gold project in Tanzania, where drilling is scheduled to begin next month.
The campaign will target three priority prospects — Kabatini, Ibindi and Kabungu/Kabungu North — which have been defined through earlier exploration work and are considered drill-ready.
Executive chairman Asimwe Kabunga said the company is entering a period of sustained exploration activity.
“RMI has an active exploration program planned from June through to the end of this calendar year commencing with a 5,000-metre reverse circulation drill program,” he said, pointing to confidence in the quality of the targets and the potential for strong results from the program.
Mpanda sits within Tanzania’s Ubendian Belt, a highly prospective geological setting known to host copper and gold mineralisation, and has been a key focus for the company as it builds out its African exploration portfolio.
Saudi drilling to follow
Beyond Tanzania, RMI is also preparing to advance its copper-gold-silver projects in Saudi Arabia, with drilling expected to begin in the September quarter once conditions become more favourable.
Exploration work is ongoing at the Shaib Marqan and Wadi Salamah projects, where the company has been identifying priority drill targets through geophysical surveys and mapping programs.
The dual-track approach — drilling in Tanzania followed by Saudi Arabia — reflects a broader strategy to progress multiple high-impact targets across RMI’s portfolio in a relatively short timeframe.
Momentum builds across portfolio
The capital raising comes as RMI continues to build exploration momentum across its international assets, with recent work highlighting large-scale targets in both Tanzania and Saudi Arabia.
In Tanzania, the company is targeting copper-gold mineralisation across a number of projects, while in Saudi Arabia it is exploring within the Arabian-Nubian Shield, a region known for hosting significant gold and base metals deposits.