Resource Minerals raises $3.5m for Tanzania and Saudi Arabia drilling programmes

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Resource Minerals International Ltd (ASX:RMI) , an Australian mineral exploration company, has raised $3.5mn to fund drilling in Tanzania and advance copper-gold exploration work in Saudi Arabia as it moves into a more active fieldwork phase in 2026. The capital was raised through a placement priced at $0.04 per share, a 6.98% discount to the last traded price before the company entered a trading halt. A total of 87.5mn new shares will be issued, while directors have committed $600,000 to the raise, subject to shareholder approval. Proceeds will primarily fund a 5,000-metre reverse circulation drilling programme at the Mpanda copper-gold project in western Tanzania , scheduled to begin next month. The programme will test three targets — Kabatini, Ibindi and Kabungu/Kabungu North — identified through earlier exploration work and now classified as drill-ready. Executive chairman Asimwe Kabunga said RMI has an active exploration programme planned from June through to the end of this calendar year, commencing with a 5,000-metre reverse circulation drill programme. In Saudi Arabia , the company is preparing to launch drilling in the September quarter at its Shaib Marqan and Wadi Salamah projects, following geological mapping and geophysical surveys that defined multiple targets. Kabunga added, “RMI has considerable momentum, and we are well placed and funded to deliver increased value for shareholders.” The capital injection follows ongoing geological work across both jurisdictions, with the company seeking to convert early-stage targets into drill-confirmed discoveries over the coming months. Tanzania produced about 54.8 tonnes of gold in 2023, rising to an estimated 60 tonnes in 2024, according to CEIC data, ranking it among Africa’s leading producers alongside South Africa , Ghana and Mali . Gold remains the country’s main mineral export, generating close to $3bn annually in foreign exchange in recent years, according to government and industry data, while copper output remains limited and largely at an early stage of development. © 2026 bne IntelliNews, source Magazine

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