OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor RMI ASX

Resource Minerals International Ltd

Early Explorer · Gold · Copper · Lithium · Nickel · Saudi Arabia · Tanzania · Finland Rating locked: sign in to view v8 · rmi-20261009t191336-first-fill
Last 2026-11-06
A$0.11
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
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

The closest covered peers

Peer comparison

Evidence cutoff 2026-10-05

Why these peers

Same principal commodity and development stage, ranked by country risk and operating fit.

2 selected

Sierra Nevada Gold Inc.

Copper GoldExplorerModerate political risk

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.

Waratah Minerals Limited

Copper GoldExplorerLower political risk

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

MetricRMIYour stockSNXWTM
Price / base fair valueLocked: sign in to viewLocked: sign in to viewLocked: sign in to view
Enterprise valueA$115.4m2026-09-25—Cash / net-debt bridge unresolved2026-09-25A$250.8m2026-09-25
CashA$2.116m2026-06-30US$1.892m2026-06-30A$57.71m2026-06-30
Cash-only runway2.6 quarters2026-06-301.04 quarters2026-06-305.8 quarters2026-06-30
Runway including funding8.75 quarters2026-06-30—Input unavailableDate unavailable—Input unavailableDate unavailable
Gross dilution1.017×2026-09-291.061×2026-09-021.153×2026-08-31

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 code
Evidence 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
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
  }
]
SNX · —

Admitted enterprise value or its documented bridge is unresolved · 2026-09-25 1918131614

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
RMI · A$2.116m

reported · 2026-06-30 416

SNX · US$1.892m

reported · 2026-06-30 1511131614

WTM · A$57.71m

reported · 2026-06-30 202529

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

SNX · 1.04 quarters

Issuer Appendix 5B calculation: US$1.892m cash / US$1.814m relevant June-quarter outgoings. · 2026-06-30 1511131614

WTM · 5.8 quarters

Issuer calculation of A$57.714 million cash divided by A$9.947 million of relevant June-quarter outgoings. · 2026-06-30 202529

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

  1. June 2026 Quarterly Activities Report and Appendix 5B2026-07-31
  2. Application for quotation of securities - RMI2026-07-24
  3. Application for quotation of securities - RMI2026-05-12
  4. Half Yearly Report and Accounts2026-03-13
  5. RMI Granted Option to Acquire JV Interests in Saudi Arabia2025-01-13
  6. FY2026 Annual Report to Shareholders2026-09-23
  7. Africa Down Under Presentation2026-09-03
  8. ASX:RMI local closing price observation2026-09-25
  9. Local eligible daily stock close2026-09-25
  10. Annual report for 31 December 20252026-03-25
  11. June 2026 quarterly activities and Appendix 5B2026-07-31
  12. Phase 1 drilling confirms large copper system at As Safra2026-08-24
  13. A$12.85 million capital raising to advance As Safra2026-08-26
  14. Appendix 2A placement securities quotation2026-09-02
  15. Half-year accounts for 30 June 20262026-09-11
  16. SNX corporate presentation2026-09-16
  17. SNX launches 25,000m drilling program at As Safra2026-09-24
  18. Verified local SNX.AX closing price2026-09-25
  19. Local eligible daily stock close2026-09-25
  20. 2025 Annual Report2026-03-25
  21. Application for quotation of securities - WTM2026-05-14
  22. Application for quotation of securities - WTM2026-06-15
  23. Notification regarding unquoted securities - WTM2026-06-17
  24. Waratah Completes Acquisition of Ironclad Mining Lease2026-07-07
  25. Quarterly Activities/Appendix 5B Cash Flow Report2026-07-31
  26. Investor Presentation - Diggers & Dealers Mining Forum2026-08-04
  27. Waratah Consolidates Spur Gold District2026-06-02
  28. Alpine Gold Zone Confirms District-Scale 6km Spur Corridor2026-08-17
  29. 2026 Half Year Financial Statements summary2026-08-21
  30. Major Step-Out Hole Extends Consols2026-08-25
  31. Drilling Defines New Gold Zone at Gum Flat2026-08-31
  32. Option exercise and new share quotation, secondary account2026-08-31
  33. Consols Delivers Strong Gold Recoveries2026-09-16
  34. Spur Gold Discovery Drilling Delivers Best Intercept To Date2026-09-22
  35. WTM ASX closing price observation2026-09-25
  36. Local eligible daily stock close2026-09-25
  37. World Bank Worldwide Governance Indicators — Political Stability, archived 2024 edition2024-11-05
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