London-listed small-cap Rome Resources Plc (AIM:RMR) could be worth some US$146 million according to stockbroker Allenby Capital, which lifted its implied valuation from around $100 million in the wake of progress for the Bisie North tin project and a run of encouraging drilling results in the Democratic Republic of Congo.
Allenby, in a note, said the uplift reflects Rome’s intention to increase its interest in Bisie North from around 51% to around 73%, giving the AIM-listed explorer a larger share of any future resource growth. That revised valuation equates to 1.31p per share - compared to a current price of 0.44p per share.
“Rome Resources’ news flow has been bullish of late,” analyst Peter Dupont highlighted, pointing to XRF results from the Kalayi prospect that he described as showing “high-grade tin and widening intercepts at depth”. Moreover, Allenby noted that results were consistent with Rome’s structural model and analogous to the nearby world-class Alphamin Mpama mine.
Meanwhile, a drilling programme at Bisie North ran from late December 2025 to April 4, 2026, covering 17 holes and 3,050 metres, with Kalayi accounting for 91% of the work.
The broker said the latest campaign delivered the widest intercepts yet observed at Bisie North. On Rome’s “richness” measure, which combines tin grade and intercept width, the best result delivered 11.0 metres at 3.4% tin for a score of 37.7, well ahead of the previous best score of 12.7. Formal assay results are expected in early June, while Rome has flagged the potential for a “meaningful upgrade” to the Bisie North mineral resource estimate later in the second quarter.
Allenby affirmed that a resource upgrade above 50,000 tonnes of tin equivalent could be influential for the shares, which have already more than doubled from 0.17p in early December to 0.38p in late April.