Price, volume & events
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- Last 2026-11-06
- A$0.11
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$103.4M
- EV
- A$101.3M
- Cash
- A$2.1M
- Debt
- A$86.8K
3 newer ASX announcements not yet reflected in this valuation
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Application for quotation of securities - RMIPost Cash Checkpoint Security Event
- Proposed issue of securities - RMIPost Cash Checkpoint Security Event
Investment view
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Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 11All sources ▸- June 2026 Quarterly Activities Report and Appendix 5BOperations
- Application for quotation of securities - RMIFinancing
- Application for quotation of securities - RMIFinancing
- March 2026 Quarterly Activities Report and Appendix 5BOperations
- Half Yearly Report and AccountsResults
- December 2025 Quarterly Activities Report and Appendix 5BOperations
- September 2025 Quarterly Activities Report and Appendix 5BOperations
- Annual Report to ShareholdersResults
- RMI Acquires JV Interest in Saudi Arabia Exploration ProjectsTransaction
- RMI Granted Option to Acquire JV Interests in Saudi ArabiaTransaction
- Corporate PresentationPresentation
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| remainder of Q3 2026 | Initial Mpanda RC assay results | Exploration | Company Guided | High | Tests continuity beneath high-grade surface samples; first assays had not been identified in accessible issuer releases by the cutoff. |
| through end 2026 | Saudi Wadi Salamah and Shaib Marqan maiden drilling | Exploration | Company Guided | High | First subsurface tests are needed before the Saudi exploration options can be raised or written down. |
| late 2026 | Potential Finnish lithium drilling resumption | Exploration | Company Guided | Medium | The September drilling intention depends on resolving the regulator's security-instrument pause. |
Executive roster
As of 2026-09-29Background checks ▸FY2026 annual report identifies the executive chairman and the 31 August announcement confirms joint company-secretary replacements; no separate CEO or named senior management is disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Asimwe Kabunga | Executive Chairman and Executive Director | Executive Director | 2022-05-09 | FY2026 Annual Report to Shareholders |
| Aaron Gates | Joint Company Secretary | Company Secretary | 2026-08-28 | Change of Company Secretary · FY2026 Annual Report to Shareholders |
| Anthony Italiano | Joint Company Secretary | Company Secretary | 2026-08-28 | Change of Company Secretary · FY2026 Annual Report to Shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Wadi Salamah
Saudi Arabia
Early Explorer60% ownedGoldSilverCopperOthers
Granted 98.7 km² licence and 60% earn-in interest; RMI funds all exploration through definitive feasibility study. Five-thousand-metre first-phase drilling remains planned; no resource or study.
- Ownership
- 60%
- Commodity
- Aur
- Country
- SAr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- A$115.9k
Project location
Location confirmed
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Milestones1
- Wadi Salamah first-phase drilling
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Wadi Salamah exploration licence | Saudi Arabia | Granted | — | Yes |
Core asset
Shaib Marqan
Saudi Arabia
Early Explorer50% ownedGoldSilverCopperZincLeadTin
Granted 91.8 km² licence and 50% Arabian Saya JV interest after Ven Capital bank-guarantee funding; RMI bears all exploration costs through feasibility. No resource or study.
- Ownership
- 50%
- Commodity
- Aur
- Country
- SAr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Location confirmed
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Milestones1
- Shaib Marqan scout drilling
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Shaib Marqan exploration licence | Saudi Arabia | Granted | 2030-08-17 | Yes |
Material
Mpanda Copper-Gold Project
Tanzania
Discovery Drill Stage75% ownedCopperGold
75% economic interest per annual tenement schedule; a single programme sentence says 100%. Staged 2,500 m RC drilling is under way, with early assays due Q3 2026 and no resource or study.
- Ownership
- 75%
- Commodity
- Cur
- Country
- TZr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Location confirmed
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements2
Milestones1
- First Mpanda RC assays
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mpanda prospecting licences | Tanzania | Granted | — | Yes |
Other
Mbozi Copper-Gold Project
Tanzania
Early Explorer75% ownedCopperGold
Early-stage copper-gold exploration portfolio with granted and application tenements; no current resource or study.
- Ownership
- 75%
- Commodity
- Cur
- Country
- TZr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Site imagery
Association needs review before imagery can be linked to this project.
Tenements1
Other
Massive Nickel Tanzania Portfolio
Tanzania
Early Explorer99% ownedNickelCopperCobaltPlatinum Group Metals
Massive Nickel Tanzania subsidiary interests in Kapalagulu, Liparamba, Kitai, Mbinga and Kabanga North are 99% held; Kabulwanyele is tracked separately at 74.25%. No resource or mine plan.
- Ownership
- 99%
- Commodity
- Nir
- Country
- TZr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- A$269.7k
Tenements1
Other
Finland Lithium Portfolio
Finland
Early Explorer100% ownedLithium
Köyhäjoki exploration drilling paused pending regulator-acceptable security, despite a September plan for late-2026 drilling; no resource or study.
- Ownership
- 100%
- Commodity
- Li2Or
- Country
- FIr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- A$256.8k
Project location
Location confirmed
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements3
Milestones1
- Resume Finnish lithium drilling
At Risk · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Regulatory security instrument | Finland | Pending | — | Yes |
Other
Kabulwanyele Nickel Project
Tanzania
Early Explorer74.25% ownedNickelCopperCobaltPlatinum Group Metals
Eastern Nickel Tanzania holds the Kabulwanyele licences at 74.25% attributable ownership. Early exploration with no current resource, reserve or economic study.
- Ownership
- 74.2%
- Commodity
- Nir
- Country
- TZr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements1
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Auditor flags material going-concern uncertainty because future exploration and corporate spend depends on capital raisings. A$1.226m of Tanzania and Finland tenure commitments falls within one year; the undrawn secured convertible facility is not cash and can dilute holders if drawn.
Capital structure
Ownership and dilution
- Ordinary shares
- 939.6M
- Fully diluted
- 955.4M
Audited 30 June 2026 shares were 929,609,864; the 24 July final placement tranche added 10,000,000 and the 3 September presentation confirms 939,609,864. Fully diluted count adds 15,833,333 unlisted options; no exercise proceeds are credited.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Unlisted options exercisable at A$0.0225 expiring 22 October 2027 | Option | 5M | A$0.022 | 2027-10-22 |
| Unlisted options exercisable at A$0.03 expiring 31 July 2027 | Option | 10.8M | A$0.03 | 2027-07-31 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | September 2025 | December 2025 | March 2026 | June 2026 |
|---|---|---|---|---|---|---|
| Quarter-end cash and cash equivalents | AUD | 848,000 | 557,000 | 212,000 | 2,116,000 | |
| Quarterly exploration and evaluation cash outflow | AUD exploration and evaluation expenditure | 439,000 | 426,000 | 399,000 | 665,000 | |
| Quarterly operating cash outflow | AUD operating cash outflow | 449,000 | 198,000 | 111,000 | 148,000 |
Operating metric source table14
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| FY2026 net loss after tax | Company | FY2026 | Year | -2,220,734 AUD net loss after tax | Reported |
| FY2026 operating cash flow | Company | FY2026 | Year | -901,659 AUD operating cash flow | Reported |
| Quarter-end cash and cash equivalents | Company | September 2025 quarter end | Point In Time | 848,000 AUD | Reported |
| Quarterly exploration and evaluation cash outflow | Company | September 2025 quarter | Quarter | 439,000 AUD exploration and evaluation expenditure | Reported |
| Quarterly operating cash outflow | Company | September 2025 quarter | Quarter | 449,000 AUD operating cash outflow | Reported |
| Quarter-end cash and cash equivalents | Company | December 2025 quarter end | Point In Time | 557,000 AUD | Reported |
| Quarterly exploration and evaluation cash outflow | Company | December 2025 quarter | Quarter | 426,000 AUD exploration and evaluation expenditure | Reported |
| Quarterly operating cash outflow | Company | December 2025 quarter | Quarter | 198,000 AUD operating cash outflow | Reported |
| Quarter-end cash and cash equivalents | Company | March 2026 quarter end | Point In Time | 212,000 AUD | Reported |
| Quarterly exploration and evaluation cash outflow | Company | March 2026 quarter | Quarter | 399,000 AUD exploration and evaluation expenditure | Reported |
| Quarterly operating cash outflow | Company | March 2026 quarter | Quarter | 111,000 AUD operating cash outflow | Reported |
| Quarter-end cash and cash equivalents | Company | June 2026 quarter end | Point In Time | 2,116,000 AUD | Reported |
| Quarterly exploration and evaluation cash outflow | Company | June 2026 quarter | Quarter | 665,000 AUD exploration and evaluation expenditure | Reported |
| Quarterly operating cash outflow | Company | June 2026 quarter | Quarter | 148,000 AUD operating cash outflow | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Planned First Phase Drilling | wadi-salamah | Q3 2026 | 5,000 | 5,000 metres | Current |
| Planned First Phase Drilling | shaib-marqan | Q3 2026 | 5,000 | 5,000 metres | Current |
| Staged Rc Drilling Programme | mpanda | 2026 staged programme | 2,500 | 2,500 metres | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-24Ann. 2026-05-05 | RaisingOrdinary Fully Paid Shares | A$3.5M | 87.5M | A$0.04 | Completed | A$3.5 million placement completed in two tranches; the final 10 million director shares required and received shareholder approval.Max 87.5M · Period 2026-05-05 to 2026-07-24 · Holder approval required |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
The FY2026 annual report's joint-arrangement and commitment notes were reconciled with the 2025 Saudi transaction announcements and 2026 quarterly. No offtake, stream, commodity hedge or FX hedge was disclosed.
RMI receives a 60% Wadi Salamah interest but funds all exploration and evaluation through definitive feasibility study.
Earn In · Active- Counterparties
- Barg Alsaman Mining Company · Segia Al Hadithah Mining Company LLC
- Applies to
- Wadi Salamah · Gold · Silver · Copper
- Economic direction
- Mixed
- Period
- From 2025-08-21; no end date stated
- Key terms
- RMI project interest: 60 %
Funding through definitive feasibility study: 100 % of exploration and evaluation costs
How it affects our valuation
No valuation treatment is available for this arrangement.
Ven Capital took 20% for funding licence bank guarantees, reducing RMI to 50%; RMI funds exploration through a feasibility study.
Joint Venture · Active- Counterparties
- Barg Alsaman Mining Company · Ven Capital Pty Ltd · Arabian Saya Mining Company LLC
- Applies to
- Shaib Marqan · Gold · Silver · Copper · Tin · Lead
- Economic direction
- Mixed
- Period
- From 2025-10-05; no end date stated
- Key terms
- RMI JV interest: 50 %
Ven Capital guarantee-funded interest: 20 %
Exploration funding through feasibility: 100 %
Bank-guarantee funding: 4,900,000 SAR
How it affects our valuation
No valuation treatment is available for this arrangement.
A 1.5% NSR would apply to future production from Massive Nickel Tanzania assets under a proposed deed; there is no production today.
Royalty · Conditional- Counterparties
- KHPL
- Applies to
- Massive Nickel Tanzania Portfolio · Nickel
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Net smelter return: 1.5 %
How it affects our valuation
No valuation treatment is available for this arrangement.
A 1% NSR would apply to future product sold from VMRL copper-gold licences under a proposed deed; there is no production today.
Royalty · Conditional- Counterparties
- Vancouver Minerals Resources Limited minority shareholders
- Applies to
- Mpanda Copper-Gold Project · Mbozi Copper-Gold Project · Gold · Copper
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Net smelter return: 1 %
How it affects our valuation
No valuation treatment is available for this arrangement.
An undrawn secured convertible funding agreement can supply cash but would create finance cost and dilution if used; no convertible notes were outstanding at report date.
Other · Active- Counterparties
- RiverFort Global Capital Ltd
- Applies to
- Company-wide
- Economic direction
- Mixed
- Period
- 2025-07-31 to 2028-07-31
- Key terms
- Maximum funding: 5,000,000 AUD
Interest at maturity: 7 %
Security: First-ranking general security over present and future property
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This low-confidence public-source screening finds relevant listed-company finance experience and issuer-reported transaction milestones. RMI disclosed material FY2026 going-concern uncertainty. Its executive chair is named in Lindian records proceedings and in a rights dispute and led Volt during a Bunyu licence setback; the reviewed sources do not establish individual wrongdoing. Individual and former-employer evidence remains incomplete.
Decision-relevant facts
Material summary
Asimwe Kabunga
Executive Chairman and Executive Director
LegalIssuer Reported · Medium materiality
Lindian records proceedings and continuing rights dispute
Lindian’s October 2025 prospectus states it commenced proceedings in the Supreme Court of Western Australia against Kabunga and Kabunga Holdings to obtain books and records and assist investigation of legacy company actions. Lindian’s FY2026 annual report states that 13 million rights held by Kabunga Holdings were cancelled in June 2026 and that the cancellation formed part of ongoing legal proceedings between the parties. Lindian’s June notice said it had not been served with documents concerning a reported potential Kabunga claim. These issuer statements do not establish fraud or wrongdoing; the records proceeding and rights claim should not be assumed to be the same case, and original court decisions and the later status of each were not obtained.
Individual involvement documented · The prospectus names Kabunga as a respondent in records-access proceedings; it does not establish why records were incomplete or that Kabunga withheld records. Responsibility for any alleged legacy conduct is unresolved.
Lindian Resources Limited Prospectus · Risk factors §3.1(d), pp. 10 and 21–22: legacy records and Western Australia proceedings
Lindian Resources Annual Report 2026 · Annual report, remuneration report: performance rights cancellation; pp. 37 and 41
Cancellation of former director performance rights · p. 1: cancellation and issuer response to reported potential claim
FailureDocumented · Medium materiality
Funding uncertainty and September cash position
RMI’s FY2026 annual report states that continuing operations depend on future capital raisings and identifies material going-concern uncertainty; the auditor drew attention to this without modifying the opinion. The subsequent September quarterly reported A$0.477 million cash, A$1.603 million exploration spending and an undrawn A$5 million convertible funding facility, secured over company assets. These figures describe company-level exposure; an available facility is not cash and may carry costs or conversion effects.
Role overlaps event; causation unproven · Kabunga was executive chair during the period; no personal fault for the funding position is established.
FY2026 annual report · PDF pp. 31–32 and 55, going concern note and auditor report
September 2026 quarterly activities and cash flow report · PDF pp. 11 and Appendix 5B p. 4, cash and funding
Company SuccessIssuer Reported · Medium materiality
Lindian settlement and exclusivity
Lindian announced a 2022 out-of-court settlement of proceedings concerning Kangankunde under which the parties agreed to discontinue litigation and the company obtained a 60-day exclusivity period to negotiate an acquisition. Kabunga was Lindian chair and publicly welcomed the agreement. The settlement did not by itself establish completion of the acquisition or a producing asset.
Role overlaps event; causation unproven · Kabunga was the issuer’s chairman and made a public statement; the evidence does not establish that he personally negotiated every term.
Lindian settlement of Kangankunde proceedings · pp. 1–2: settlement and chairman statement
FailureIssuer Reported · Medium materiality
Volt Bunyu licence and funding setback
Volt Resources announced in August 2026 that Tanzania had notified its subsidiary that two Bunyu mining licences would be cancelled. Volt said its board considered the decision unwarranted and allowed its proposed funding term sheet to terminate amid licence uncertainty and unresolved terms. Its September 2026 annual report recorded an impairment of the project’s exploration cost and stopped reporting resources or reserves for the affected licences. On 8 October Volt confirmed the two mining licences had been cancelled, reported that its remaining Bunyu prospecting licences were unaffected, and said its board had not chosen whether to appeal or pursue another legal course. The original Tanzanian decision and any subsequent outcome were not obtained.
Role overlaps event; causation unproven · Kabunga was Volt’s executive chairman during the period. The sources document a project and funding setback, not a personal finding of wrongdoing or evidence that he caused the regulator’s decision.
Update on Bunyu mining licences · pp. 1–2: notice, board response, termination and potential remedies
Volt Resources FY2026 annual report · pp. 2, 17, 44 and 71: chair, impairment and resource status
Volt market update 8 October 2026 · p. 1: cancellation, remaining permits and unchosen legal response
Evidence gaps · 10
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
- Original Supreme Court filings and any subsequent resolution of Lindian records proceedings and the rights dispute were not independently obtained; the two proceedings should not be assumed identical.
- Full prior company outcomes, independent credentials and former-employer safety and environmental checks remain incomplete.
- Fraud, safety, environment, litigation and governance searches were limited and cannot establish a comprehensive clearance.
- Lindian and RMI issuer disclosures differ by one day on the August 2022 Lindian executive-chair commencement.
- The institution and independent confirmation for the reported science degree were not established.
- The original Tanzanian licensing decision, any Volt appeal outcome and the specific causes of the Bunyu cancellation were not independently obtained.
- Volt’s October 2026 statement says no particular appeal route had yet been chosen; subsequent status and the original government decision were not independently verified.
Aaron Gates
Joint Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Toubani CFO and secretary responsibilities
Toubani named Gates as its CFO when appointing him joint company secretary in July 2024. In May 2025 it announced a new CFO and said Gates would continue as joint company secretary. The role history is documented; the filings do not demonstrate a specific personally attributable project or financial outcome.
Individual involvement documented · Issuer announcements establish his positions, not an independently measured contribution.
Evidence gaps · 4
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
- Fraud, safety, environment, litigation and governance searches were limited and cannot establish a comprehensive clearance.
Anthony Italiano
Joint Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Yari coal-project transition
Yari’s January 2026 succession announcement credited Italiano with helping guide its shift into coal, including acquiring Rolleston South, securing funding and overseeing initial drilling. This is the issuer’s assessment of contributions, not independent evidence of a completed mine or project economics.
Individual involvement documented · The company attributes participation in the acquisition, financing and drilling to Italiano; delivery beyond those disclosed steps is not established.
Executive appointment and succession · p. 1: issuer board succession and contribution statement
Evidence gaps · 6
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
- Tiger and Xstrata exact role periods, outcomes and legal, safety and environmental records were not comprehensively verified.
- Yari project delivery and personal contribution beyond the company’s own announcement were not independently verified.
- Fraud, safety, environment, litigation and governance searches were limited and cannot establish a comprehensive clearance.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-14 · 939,609,864 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 19.86% | 186,562,100 | |
| 2 | 18.07% | 169,783,525 | |
| 3 | 13.34% | 125,368,464 | |
| 4 | 5.94% | 55,811,337 | |
| 5 | 4.27% | 40,140,256 | |
| 6 | 1.88% | 17,622,939 | |
| 7 | 1.77% | 16,648,418 | |
| 8 | 1.62% | 15,200,000 | |
| 9 | 1.62% | 15,200,000 | |
| 10 | 1.61% | 15,085,061 | |
| 11 | 1.60% | 15,000,000 | |
| 12 | 1.60% | 15,000,000 | |
| 13 | 1.52% | 14,246,818 | |
| 14 | 1.38% | 12,993,383 | |
| 15 | 1.28% | 12,000,000 | |
| 16 | 1.20% | 11,296,624 | |
| 17 | 0.91% | 8,503,171 | |
| 18 | 0.90% | 8,469,895 | |
| 19 | 0.74% | 6,935,825 | |
| 20 | 0.60% | 5,669,940 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 19.38%Voting power | 2026-09-14 | |
| 17.46%Voting power | 2026-09-14 | |
| 12.45%Voting power | 2026-09-14 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Repeated names in the report are preserved by rank label where the source does not clarify account distinctions. Substantial-holder totals are separately notified quantities and are not additive to register accounts.
Sources
- Annual Report to shareholders
Resource Minerals International Limited / ASX · Published 2026-09-23 · Accessed 2026-10-09
Lists issued capital, top 20 registered accounts and notified substantial holders as at 14 September 2026.
PDF page 59 (printed page 57), Additional Shareholder Information; Substantial Shareholders and Top 20 Shareholders
Disclosed activity
Insider transactions
Trading activity9 buys · 0 sells shownNet cash last 12 months A$400.0kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-24 | Trevor MatthewsT Matthews Super Pty Ltd <Trevor Matthews Super A/C>
Details & evidence for Trevor Matthews on 2026-07-24Related-party placement approved by shareholders on 22 July 2026; shares issued to T Matthews Super Pty Ltd at AUD0.04. As disclosed: Related-party placement approved by shareholders on 22 July 2026; shares issued to T Matthews Super Pty Ltd at AUD0.04.
Director · Start not disclosed Change of Directors Interest Notice x 2 ↗ Change of Directors Interest Notice x 2 ↗ Notice of General Meeting/Proxy Form ↗ | Subscriptionfully paid ordinary shares | 2,500,000 | AUD 100,000.00 | AUD 0.04Disclosed price | 4,880,952 |
| 2026-07-24 | Asimwe KabungaKabunga Holdings Pty Ltd <Kabunga Family A/C>
Details & evidence for Asimwe Kabunga on 2026-07-24Related-party placement approved by shareholders on 22 July 2026; 7.5m shares issued at AUD0.04. As disclosed: Related-party placement approved by shareholders on 22 July 2026; 7.5m shares issued at AUD0.04.
Director · Start not disclosed Change of Directors Interest Notice x 2 ↗ Change of Directors Interest Notice x 2 ↗ Notice of General Meeting/Proxy Form ↗ | Subscriptionfully paid ordinary shares | 7,500,000 | AUD 300,000.00 | AUD 0.04Disclosed price | 169,783,525 |
| 2025-08-07 | Noel Mark O’Brien
Details & evidence for Noel Mark O’Brien on 2025-08-07Placement shares issued at deemed AUD0.021/share pursuant to meeting resolution 8. As disclosed: Placement shares issued at deemed AUD0.021/share pursuant to meeting resolution 8.
Director · Start not disclosed Change of Director's Interest Notice x 3 ↗ Change of Director's Interest Notice x 3 ↗ Notice of General Meeting/Proxy Form ↗ | Subscriptionfully paid ordinary shares | 2,285,714 | AUD 48,000.00 | AUD 0.021Disclosed price | — |
| 2025-08-07 | Trevor MatthewsT Matthews Super Pty Ltd <Trevor Matthews Super A/C>
Details & evidence for Trevor Matthews on 2025-08-072,380,952 related-party placement shares issued at AUD0.021/share. As disclosed: 2,380,952 related-party placement shares issued at AUD0.021/share.
Director · Start not disclosed Change of Director's Interest Notice x 3 ↗ Change of Director's Interest Notice x 3 ↗ Notice of General Meeting/Proxy Form ↗ | Subscriptionfully paid ordinary shares | 2,380,952 | AUD 50,000.00 | AUD 0.021Disclosed price | — |
| 2025-08-07 | Trevor MatthewsTrevor John Matthews <TJM A/C>
Details & evidence for Trevor Matthews on 2025-08-072,666,667 shares issued in lieu of director fees at a deemed AUD0.021/share; no cash purchase. As disclosed: 2,666,667 shares issued in lieu of director fees at a deemed AUD0.021/share; no cash purchase.
Director · Start not disclosed Change of Director's Interest Notice x 3 ↗ Change of Director's Interest Notice x 3 ↗ Notice of General Meeting/Proxy Form ↗ | Subscriptionfully paid ordinary shares | 2,666,667 | —Non Cash | AUD 0.021Disclosed price | — |
| 2025-08-07 | Asimwe KabungaKabunga Holdings Pty Ltd <Kabunga Family A/C>
Details & evidence for Asimwe Kabunga on 2025-08-07Related-party placement shares approved 30 July 2025 at AUD0.021; matching Kabunga Holdings Form 604 describes same economic issue, not a second trade. As disclosed: Related-party placement shares approved 30 July 2025 at AUD0.021; matching Kabunga Holdings Form 604 describes same economic issue, not a second trade.
Director · Start not disclosed Change of Director's Interest Notice x 3 ↗ Change of Director's Interest Notice x 3 ↗ Change in substantial holding ↗ | Subscriptionfully paid ordinary shares | 23,809,524 | AUD 500,000.00 | AUD 0.021Disclosed price | 162,283,525 |
| 2025-05-20 | Asimwe KabungaKabunga Holdings Pty Ltd <Kabunga Family A/C>
Details & evidence for Asimwe Kabunga on 2025-05-202,094,148 unlisted options expired; ordinary shares unchanged. As disclosed: 2,094,148 unlisted options expired; ordinary shares unchanged.
Director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Expiryunlisted options exercisable at AUD0.08 expiring 2025-05-20 | 2,094,148 | —Not Disclosed | — | 0 |
| 2023-10-02 | Asimwe KabungaKabunga Holdings Pty Ltd <Kabunga Family A/C>
Details & evidence for Asimwe Kabunga on 2023-10-02The 3Y and matching Form 604 report 10,000,000 shares at AUD0.05 per share. The FY2024 report clarifies mixed consideration; the economic event is recorded once and the debt-equivalent share amount is not split into a separate transaction. As disclosed: Shares acquired as entitlement-offer underwriter at AUD0.05/share. Matching Form 604 is the same event and is not separately counted.
Director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change in substantial holding ↗ Annual Report to shareholders ↗ Application for quotation of securities - RMI ↗ Application for quotation of securities - RMI ↗ | Subscriptionfully paid ordinary shares | 10,000,000 | —Mixed Unallocated | — | 138,474,001 |
| 2023-09-18 | Noel Mark O’Brien
Details & evidence for Noel Mark O’Brien on 2023-09-18Participation in 2023 entitlement offer at AUD0.05/share. As disclosed: Participation in 2023 entitlement offer at AUD0.05/share.
Director · Start not disclosed Change of Director's Interest Notices ↗ Change of Director's Interest Notices ↗ Non-Renounceable Entitlement Offer - Results ↗ | Subscriptionfully paid ordinary shares | 25,651 | AUD 1,282.55 | AUD 0.05Disclosed price | 725,651 |
| 2023-09-18 | Asimwe KabungaKabunga Holdings Pty Ltd <Kabunga Family A/C>
Details & evidence for Asimwe Kabunga on 2023-09-18Participation in 2023 entitlement offer at AUD0.05/share. Original notice is superseded for the prior holding count; event represented once with corrected and original source refs. As disclosed: Participation in 2023 entitlement offer at AUD0.05/share. Original notice is superseded for the prior holding count; event represented once with corrected and original source refs.
Director · Start not disclosed Amendment to Appendix 3Y ↗ Change of Director's Interest Notices ↗ Change of Director's Interest Notices ↗ Change in substantial holding ↗ | Subscriptionfully paid ordinary shares | 4,541,323 | AUD 227,066.15 | AUD 0.05Disclosed price | 128,474,001 |
Disclosed holding observations11 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2024-06-30 | Asimwe Kabunga
Details & evidence for Asimwe Kabunga on 2024-06-30The annual report says Asimwe indirectly held 2,094,148 options at year end; the 23-Sep option-holder table assigns that amount to KHPL. The 2023 Appendix 3Y reports 2,094,118, a 30-option difference.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ Change of Director's Interest Notice ↗ | Positionunlisted options exercisable at AUD0.08 expiring 2025-05-20 | 2,094,148 | — |
| 2024-06-30 | Asimwe Kabunga
Details & evidence for Asimwe Kabunga on 2024-06-30KMP share balance reported as 138,474,001; footnote attributes the 2023 acquisitions to Kabunga Holdings Pty Ltd (KHPL).
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionfully paid ordinary shares | 138,474,001 | — |
| 2024-06-30 | Asimwe Kabunga
Details & evidence for Asimwe Kabunga on 2024-06-30Closing balance reported as 10,000,000; individual account is not allocated. The row shows vested as a dash but its unvested cell reads 2,500,000, while the series total unvested is 17,500,000; only the reported closing balance is recorded.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 1 | 10,000,000 | — |
| 2024-06-30 | Asimwe Kabunga
Details & evidence for Asimwe Kabunga on 2024-06-30Closing balance reported as 10,000,000; individual account is not allocated. The row shows vested as a dash but its unvested cell reads 2,500,000, while the series total unvested is 17,500,000; only the reported closing balance is recorded.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 2 | 10,000,000 | — |
| 2024-06-30 | David Round
Details & evidence for David Round on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed to 2025-04-08 Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 1 | 2,500,000 | — |
| 2024-06-30 | David Round
Details & evidence for David Round on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed to 2025-04-08 Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 2 | 2,500,000 | — |
| 2024-06-30 | Noel Mark O’Brien
Details & evidence for Noel Mark O’Brien on 2024-06-30KMP share balance reported as 725,651; the report says 25,651 shares were acquired by N. O'Brien in the 2023 entitlement offer.
Director · Start not disclosed Annual Report to shareholders ↗ | Positionfully paid ordinary shares | 725,651 | — |
| 2024-06-30 | Noel Mark O’Brien
Details & evidence for Noel Mark O’Brien on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 1 | 2,500,000 | — |
| 2024-06-30 | Noel Mark O’Brien
Details & evidence for Noel Mark O’Brien on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 2 | 2,500,000 | — |
| 2024-06-30 | Trevor Matthews
Details & evidence for Trevor Matthews on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 1 | 2,500,000 | — |
| 2024-06-30 | Trevor Matthews
Details & evidence for Trevor Matthews on 2024-06-30Closing balance reported as 2,500,000; the report shows the same amount as unvested. Individual account is not allocated.
Director · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | Positionunlisted performance rights Series 2 | 2,500,000 | — |
The closest covered peers
Peer comparison
RMI · independent valuation
Resource Minerals International Ltd
Copper Gold · Early Explorer
Share priceA$0.1252026-09-25
Base fair valueLocked: sign in to view2026-09-29
Price / fair valueLocked: sign in to view2026-09-29
Why these peers
Same principal commodity and development stage, ranked by country risk and operating fit.
SNX1
Sierra Nevada Gold Inc.
Saudi Arabia · United States
Same explicit copper-gold pre-resource exploration stage; Saudi flagship and exact moderate political-risk band set across Saudi Arabia/United States match RMI Saudi Arabia/Tanzania.
WTM2
Waratah Minerals Limited
Australia
Same explicit copper-gold pre-resource explorer and self-funded drilling model.
Country bands use historical World Bank political-stability observations from 2023.
Selected valuation and operating metrics
At a glance
| Metric | RMIYour stock | SNX | WTM |
|---|---|---|---|
| Price / base fair value | Locked: sign in to view | Locked: sign in to view | Locked: sign in to view |
| Enterprise value | A$115.4m2026-09-25 | —Cash / net-debt bridge unresolved2026-09-25 | A$250.8m2026-09-25 |
| Cash | A$2.116m2026-06-30 | US$1.892m2026-06-30 | A$57.71m2026-06-30 |
| Cash-only runway | 2.6 quarters2026-06-30 | 1.04 quarters2026-06-30 | 5.8 quarters2026-06-30 |
| Runway including funding | 8.75 quarters2026-06-30 | —Input unavailableDate unavailable | —Input unavailableDate unavailable |
| Gross dilution | 1.017×2026-09-29 | 1.061×2026-09-02 | 1.153×2026-08-31 |
A dash means unavailable. Medians appear only with four compatible peers. Dates refer to each observation.
What the differences mean
The fair-value thesis
The fair-value thesis
What the peer differences mean for our fair value is available to subscribers.
Sign in or enter a guest codeEvidence and methodologySources, dates and calculations
Selected metrics: Six explorer-appropriate metrics connect model-implied discovery expectations with documented EV scale, spendable cash, cash-only cover, conditional financing cover and gross instrument dilution. Funding-dependent runway is supported for RMI only and intentionally remains unavailable for peers. No resource/NPV/earnings multiple has a supported denominator. Cash retains each reporting currency; runway and model-ratio definitions retain their distinct bases. Tables suffice; no chart or small-cohort pricing discount is appropriate. Independent valuation conclusions remain unchanged.
Price / base fair value
RMI · Locked: sign in to view
SNX · Locked: sign in to view
WTM · Locked: sign in to view
Enterprise value
RMI · A$115.4m
documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 4327698
Calculation inputs
[
{
"as_of_date": "2026-09-25",
"basis": "reported",
"comparability_key": "AUD|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:market-20260925-rmi-close"
],
"status": "available",
"unit": "AUD",
"value": 115422253.0
},
{
"as_of_date": "2026-09-25",
"basis": "ordinary shares; capital as of 2026-09-29",
"comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-09-29",
"formula": "multiply",
"inputs": [
{
"as_of_date": "2026-09-25",
"basis": "local daily_stock_prices close / 1000000",
"comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:comparison-local-close-2026-09-25"
],
"status": "available",
"unit": "AUD/share",
"value": 0.125
},
{
"as_of_date": "2026-09-29",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:asx-20260313-half-year",
"RMI:asx-20260512-quotation",
"RMI:asx-20260724-quotation",
"RMI:asx-20260903-presentation",
"RMI:asx-20260923-annual"
],
"status": "available",
"unit": "shares",
"value": 939609864.0
}
],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:asx-20260313-half-year",
"RMI:asx-20260512-quotation",
"RMI:asx-20260724-quotation",
"RMI:asx-20260903-presentation",
"RMI:asx-20260923-annual",
"RMI:comparison-local-close-2026-09-25"
],
"status": "available",
"unit": "AUD",
"value": 117451233.0
},
{
"as_of_date": "2026-09-25",
"basis": "reported",
"comparability_key": "AUD|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:market-20260925-rmi-close"
],
"status": "available",
"unit": "AUD",
"value": 117451233.0
}
]WTM · A$250.8m
documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 362122233235
Calculation inputs
[
{
"as_of_date": "2026-09-25",
"basis": "reported",
"comparability_key": "AUD|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:wtm-market-price-20260925"
],
"status": "available",
"unit": "AUD",
"value": 250837829.17000002
},
{
"as_of_date": "2026-09-25",
"basis": "ordinary shares; capital as of 2026-08-31",
"comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-08-31",
"formula": "multiply",
"inputs": [
{
"as_of_date": "2026-09-25",
"basis": "local daily_stock_prices close / 1000000",
"comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:comparison-local-close-2026-09-25"
],
"status": "available",
"unit": "AUD/share",
"value": 0.795
},
{
"as_of_date": "2026-08-31",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:wtm-20260514-placement-quotation",
"WTM:wtm-20260615-goldenclad-quotation",
"WTM:wtm-20260617-app3g",
"WTM:wtm-20260831-option-exercise"
],
"status": "available",
"unit": "shares",
"value": 388252326.0
}
],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:comparison-local-close-2026-09-25",
"WTM:wtm-20260514-placement-quotation",
"WTM:wtm-20260615-goldenclad-quotation",
"WTM:wtm-20260617-app3g",
"WTM:wtm-20260831-option-exercise"
],
"status": "available",
"unit": "AUD",
"value": 308660599.17
},
{
"as_of_date": "2026-09-25",
"basis": "reported",
"comparability_key": "AUD|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:wtm-market-price-20260925"
],
"status": "available",
"unit": "AUD",
"value": 308660599.17
}
]Cash
Cash-only runway
RMI · 2.6 quarters
June 2026 Appendix 5B reports 8.75 quarters including A$5m undrawn RiverFort convertible funding; cash-only cover is about 2.6 quarters at A$813,000 relevant quarterly outgoings. Audited note 10 identifies A$86,806 separate loans. · 2026-06-30 416
Runway including funding
RMI · 8.75 quarters
June 2026 Appendix 5B reports 8.75 quarters including A$5m undrawn RiverFort convertible funding; cash-only cover is about 2.6 quarters at A$813,000 relevant quarterly outgoings. Audited note 10 identifies A$86,806 separate loans. · 2026-06-30 416
SNX · —
No separately supported facility-inclusive runway · Date unavailable
WTM · —
No separately supported facility-inclusive runway · Date unavailable
Gross dilution
RMI · 1.017×
fully diluted / ordinary shares · 2026-09-29 43276
Calculation inputs
[
{
"as_of_date": "2026-09-29",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:asx-20260313-half-year",
"RMI:asx-20260512-quotation",
"RMI:asx-20260724-quotation",
"RMI:asx-20260903-presentation",
"RMI:asx-20260923-annual"
],
"status": "available",
"unit": "shares",
"value": 955443197.0
},
{
"as_of_date": "2026-09-29",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"RMI:asx-20260313-half-year",
"RMI:asx-20260512-quotation",
"RMI:asx-20260724-quotation",
"RMI:asx-20260903-presentation",
"RMI:asx-20260923-annual"
],
"status": "available",
"unit": "shares",
"value": 939609864.0
}
]SNX · 1.061×
fully diluted / ordinary shares · 2026-09-02 131614
Calculation inputs
[
{
"as_of_date": "2026-09-02",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"SNX:placement-aug",
"SNX:presentation-sep",
"SNX:quotation-sep"
],
"status": "available",
"unit": "shares",
"value": 659311718.0
},
{
"as_of_date": "2026-09-02",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"SNX:placement-aug",
"SNX:presentation-sep",
"SNX:quotation-sep"
],
"status": "available",
"unit": "shares",
"value": 621358352.0
}
]WTM · 1.153×
fully diluted / ordinary shares · 2026-08-31 21222332
Calculation inputs
[
{
"as_of_date": "2026-08-31",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:wtm-20260514-placement-quotation",
"WTM:wtm-20260615-goldenclad-quotation",
"WTM:wtm-20260617-app3g",
"WTM:wtm-20260831-option-exercise"
],
"status": "available",
"unit": "shares",
"value": 447462662.0
},
{
"as_of_date": "2026-08-31",
"basis": "reported",
"comparability_key": "shares|None|company|reported",
"formula": null,
"inputs": [],
"period": null,
"reason": "",
"scope": "company",
"source_ids": [
"WTM:wtm-20260514-placement-quotation",
"WTM:wtm-20260615-goldenclad-quotation",
"WTM:wtm-20260617-app3g",
"WTM:wtm-20260831-option-exercise"
],
"status": "available",
"unit": "shares",
"value": 388252326.0
}
]Material gaps
- Only two resolved same-principal-commodity/stage peers qualify; no four-peer core pricing statistics or implied fair-value discount is supportable.
- Frozen market prices are 25 September 2026 closes, ten calendar days before the requested cutoff; this is a historical frozen comparison, not a current quote.
- Cash is measured at June 30 while share counts and base model dates differ in August/September. Cash-only runway preserves issuer/reporting definitions and is not a forecast of current liquidity.
- SNX reports cash in USD while the others report AUD; no unsupported FX normalization is introduced. SNX current post-placement cash and enterprise value remain unresolved.
- EV retains the admitted ordinary-equity bridge with dated balance inputs. Gross diluted/ordinary ratios add issued instruments conservatively; they are not treasury-stock diluted EV or future-fundraising forecasts.
- WTM’s August share increment and latest September drill update use admitted secondary structured-feed evidence; the accessible primary PDFs do not establish those later facts.
- Historical country political-stability bands omit project-specific permitting, tenure, security and execution risks and cannot determine an equity discount rate.
- RMI’s Appendix 5B facility grid displays ambiguous drawn/unused entries; reported funding-dependent cover requires verification of available undrawn capacity before reliance.
Follow-up questions
- Reconcile RMI post-June cash burn, annual loan disclosure, RiverFort draw availability and convertible terms before treating reported 8.75-quarter funding cover as available liquidity.
- Obtain a reconciled SNX post-placement spendable-cash/claims bridge and exact diluted instrument schedule; retain EV unavailable until supported.
- Update RMI attributable discovery-option underwriting after Saudi drilling and Mpanda assays establish continuity, scale and metallurgy; quantify funding needed at the next gate.
- Verify WTM’s later ordinary-share and drill-result source chain before increasing reliance on model-relative pairwise comparisons.
Sources
- June 2026 Quarterly Activities Report and Appendix 5B2026-07-31
- Application for quotation of securities - RMI2026-07-24
- Application for quotation of securities - RMI2026-05-12
- Half Yearly Report and Accounts2026-03-13
- RMI Granted Option to Acquire JV Interests in Saudi Arabia2025-01-13
- FY2026 Annual Report to Shareholders2026-09-23
- Africa Down Under Presentation2026-09-03
- ASX:RMI local closing price observation2026-09-25
- Local eligible daily stock close2026-09-25
- Annual report for 31 December 20252026-03-25
- June 2026 quarterly activities and Appendix 5B2026-07-31
- Phase 1 drilling confirms large copper system at As Safra2026-08-24
- A$12.85 million capital raising to advance As Safra2026-08-26
- Appendix 2A placement securities quotation2026-09-02
- Half-year accounts for 30 June 20262026-09-11
- SNX corporate presentation2026-09-16
- SNX launches 25,000m drilling program at As Safra2026-09-24
- Verified local SNX.AX closing price2026-09-25
- Local eligible daily stock close2026-09-25
- 2025 Annual Report2026-03-25
- Application for quotation of securities - WTM2026-05-14
- Application for quotation of securities - WTM2026-06-15
- Notification regarding unquoted securities - WTM2026-06-17
- Waratah Completes Acquisition of Ironclad Mining Lease2026-07-07
- Quarterly Activities/Appendix 5B Cash Flow Report2026-07-31
- Investor Presentation - Diggers & Dealers Mining Forum2026-08-04
- Waratah Consolidates Spur Gold District2026-06-02
- Alpine Gold Zone Confirms District-Scale 6km Spur Corridor2026-08-17
- 2026 Half Year Financial Statements summary2026-08-21
- Major Step-Out Hole Extends Consols2026-08-25
- Drilling Defines New Gold Zone at Gum Flat2026-08-31
- Option exercise and new share quotation, secondary account2026-08-31
- Consols Delivers Strong Gold Recoveries2026-09-16
- Spur Gold Discovery Drilling Delivers Best Intercept To Date2026-09-22
- WTM ASX closing price observation2026-09-25
- Local eligible daily stock close2026-09-25
- World Bank Worldwide Governance Indicators — Political Stability, archived 2024 edition2024-11-05
Saved comparisonsHistorical runs and downloads
Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory15 documents
ASX:RMI local closing price observationMarket Data · HighExtracted
Latest eligible local ASX ordinary-share close from miners.reference_price, sourced from market data provider via the local price database.
- Document ID
- market-20260925-rmi-close
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
FY2026 Annual Report to ShareholdersResults · HighExtracted
Audited FY2026 financials, exploration review, joint-venture and royalty commitments, capital structure and management roster.
- Document ID
- asx-20260923-annual
- Published UTC
- 2026-09-23T08:42:00Z
- Projects
- wadi-salamah · shaib-marqan · mpanda · mbozi · tanzania-nickel · finland-lithium
- Commodities
- gold · silver · copper · nickel · lithium
Africa Down Under PresentationPresentation · HighExtracted
September investor presentation updates the Mpanda drilling and assay timetable and 2026 exploration schedule.
- Document ID
- asx-20260903-presentation
- Published UTC
- 2026-09-03T06:44:00Z
- Projects
- mpanda · wadi-salamah · shaib-marqan · finland-lithium
- Commodities
- gold · silver · copper · lithium · nickel
Change of Company SecretaryLeadership · MediumExtracted
Aaron Gates and Anthony Italiano appointed joint company secretaries effective 28 August 2026; Kellie Davis resigned.
- Document ID
- asx-20260831-secretary
- Published UTC
- 2026-08-31T01:56:00Z
- Projects
- —
- Commodities
- —
June 2026 Quarterly Activities Report and Appendix 5BOperations · HighExtracted
Quarterly update reports funded drilling plans across Saudi Arabia and Mpanda, a delayed Finland programme, and the June cash position.
- Document ID
- asx-20260731-quarterly
- Published UTC
- 2026-07-30T22:24:03Z
- Projects
- wadi-salamah · shaib-marqan · mpanda · finland-lithium
- Commodities
- gold · silver · copper · lithium
Application for quotation of securities - RMIFinancing · HighExtracted
Final director placement tranche added 10 million shares and established the latest quoted share count.
- Document ID
- asx-20260724-quotation
- Published UTC
- 2026-07-24T08:13:41Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - RMIFinancing · HighExtracted
Initial placement quotation added 77.5 million shares at A$0.04 before the final director tranche.
- Document ID
- asx-20260512-quotation
- Published UTC
- 2026-05-12T03:51:20Z
- Projects
- —
- Commodities
- —
March 2026 Quarterly Activities Report and Appendix 5BOperations · HighExtracted
Magnetic surveys defined Saudi and Mpanda targets while liquidity was low ahead of the May placement.
- Document ID
- asx-20260430-quarterly
- Published UTC
- 2026-04-30T06:08:33Z
- Projects
- wadi-salamah · shaib-marqan · mpanda
- Commodities
- gold · copper
Half Yearly Report and AccountsResults · HighExtracted
Interim accounts confirm the prior RiverFort convertible securities were redeemed and the group was debt free at 31 December 2025.
- Document ID
- asx-20260313-half-year
- Published UTC
- 2026-03-13T08:08:56Z
- Projects
- wadi-salamah · shaib-marqan · mpanda · mbozi · tanzania-nickel · finland-lithium
- Commodities
- gold · silver · copper · nickel · lithium
December 2025 Quarterly Activities Report and Appendix 5BOperations · MediumExtracted
Saudi magnetic work progressed and RiverFort convertibles were fully repurchased.
- Document ID
- asx-20260129-quarterly
- Published UTC
- 2026-01-28T23:03:26Z
- Projects
- wadi-salamah · shaib-marqan
- Commodities
- gold · silver · copper
September 2025 Quarterly Activities Report and Appendix 5BOperations · MediumExtracted
Quarterly report covered early Saudi work, Mpanda drilling and the initial RiverFort funding draw.
- Document ID
- asx-20251030-quarterly
- Published UTC
- 2025-10-30T07:17:36Z
- Projects
- shaib-marqan · wadi-salamah · mpanda
- Commodities
- gold · silver · copper
Annual Report to ShareholdersResults · HighExtracted
Audited annual report provides historical capital, subsidiary ownership, tenement and commitment detail through June 2025 and subsequent events.
- Document ID
- asx-20250926-annual
- Published UTC
- 2025-09-26T07:59:44Z
- Projects
- mpanda · mbozi · tanzania-nickel · finland-lithium · shaib-marqan · wadi-salamah
- Commodities
- gold · silver · copper · nickel · lithium
RMI Acquires JV Interest in Saudi Arabia Exploration ProjectsTransaction · HighExtracted
RMI exercised the no-cash option to assume AuKing's Saudi JV obligations after Shaib Marqan was granted.
- Document ID
- asx-20250821-saudi-acquisition
- Published UTC
- 2025-08-20T23:51:36Z
- Projects
- shaib-marqan · wadi-salamah
- Commodities
- gold · silver · copper · tin · lead
RMI Granted Option to Acquire JV Interests in Saudi ArabiaTransaction · HighExtracted
Option announcement documents the two Saudi projects and preliminary surface sampling, while explicitly not defining a resource.
- Document ID
- asx-20250113-saudi-option
- Published UTC
- 2025-01-12T21:27:44Z
- Projects
- shaib-marqan · wadi-salamah
- Commodities
- gold · silver · copper · zinc
Corporate PresentationPresentation · LowExtracted
Historic portfolio presentation provides background on Tanzania and Finland exploration assets but no current economic study.
- Document ID
- asx-20240318-presentation
- Published UTC
- 2024-03-17T23:01:44Z
- Projects
- mpanda · mbozi · tanzania-nickel · finland-lithium
- Commodities
- gold · copper · nickel · lithium
Evidence facts72
2116000 AUD
2026-06-30665000 AUD
2026-06-308.75 quarters
2026-06-300 AUD
2026-06-3010000 metres
2026-07-312500 metres
2026-07-315000000 AUD
2026-06-302116000 AUD
2026-06-30665000 AUD
2026-06-30148000 AUD
2026-06-30939609864 shares
2026-07-2410000000 shares
2026-07-240.04 AUD/share
2026-07-2415833333 options
2026-07-24929609864 shares
2026-05-1277500000 shares
2026-05-12212000 AUD
2026-03-314 zones
2026-03-31212000 AUD
2026-03-31399000 AUD
2026-03-31111000 AUD
2026-03-31557681 AUD
2025-12-31Debt free after redemption of remaining RiverFort convertible securities None
2025-12-31557000 AUD
2025-12-31557000 AUD
2025-12-31426000 AUD
2025-12-31198000 AUD
2025-12-31848000 AUD
2025-09-30848000 AUD
2025-09-30439000 AUD
2025-09-30449000 AUD
2025-09-30302175 AUD
2025-06-3074.25% to 99% None
2025-09-2250 %
2025-08-2191.8 km2
2025-08-175 years
2025-08-1798.7 km2
2025-01-1313.72 g/t Au
2024-11-01Exploration None
2024-03-182115786 AUD
2026-06-30-2220734 AUD
2026-06-30-901659 AUD
2026-06-30-1934360 AUD
2026-06-3086806 AUD
2026-06-30733651 AUD
2026-06-30929609864 shares
2026-06-3015833333 options
2026-06-30Future capital raisings required to fund exploration and corporate expenditure None
2026-09-2350 %
2026-06-3060 %
2026-06-30100% exploration and evaluation costs through definitive feasibility study None
2026-06-3075 %
2026-06-30100 %
2026-06-30536422 AUD
2026-06-30689632 AUD
2026-06-301.5 % NSR
2026-06-301.0 % NSR
2026-06-305000000 AUD
2026-09-237 %
2026-09-230 notes
2026-09-2399962 AUD
2026-06-30939609864 shares
2026-09-03Q3 2026 None
2026-09-03True None
2026-09-03through end 2026 None
2026-09-03late 2026 None
2026-09-03over 80% None
2026-09-03True None
2026-08-28True None
2026-08-28True None
2026-08-280.125 AUD/share
2026-09-25174356 shares
2026-09-25Conflicts requiring judgment3
- capital_structure.ordinary_shares
The July quotation notice is later and includes the final director placement tranche, so 939,609,864 ordinary shares is selected.
- projects.mpanda.ownership_pct
The annual report's tenement schedule and project description state 75%; one drill-programme sentence says 100%. The legal tenement schedule governs economic ownership.
- financial_position.debt
Appendix 5B discusses nil convertible funding debt, while audited note 10 identifies A$86,806 of separate non-interest-bearing related and legacy loans. The latter is included in debt.