Resouro Strategic Metals Inc.
Resouro Strategic Metals Inc. (ASX: RAU, TSXV: RSM, OTCQB: RSGOF; formerly Resouro Gold Inc., renamed October 2023) is advancing the Tiros Titanium-Rare Earths Project, 28 mineral concessions spanning ~497 km2 in Minas Gerais, Brazil (~350 km from Belo Horizonte), held via a 90%-owned Brazilian subsidiary (the remaining 10% held by RBM Consultoria Mineral Eireli). A Measured & Indicated resource of 1.4 billion tonnes grades 12% TiO2 and 4,000 ppm total rare earth oxides (165 Mt contained TiO2, 5.5 Mt contained TREO). A Preliminary Economic Assessment (announced ~15 Jun 2026) evaluated a phased 500,000 tpa starter operation over an initial 20-year mine life (ramping to 300,000 t ROM in Year 1, steady at 500,000 tpa Years 2-19, tapering to 234,000 t in Year 20), producing ~90,000 t TiO2 concentrate and ~3,636 t TREO annually, with an after-tax NPV at an 8% discount rate of US$714.9 million, an after-tax IRR of 44.2%, and a 1.9-year payback (pre-tax: NPV US$1,138.8M, IRR 62.7%); initial capital estimate ~US$191 million (context only, no dedicated field).
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
- Trading within 3% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not yet determined: mill, tailings facility.
Jurisdiction (40%)6/10
Minas Gerais, Brazil -- a long-established, major mining region with developed infrastructure and institutions, but Brazil overall carries moderate regulatory/permitting-timeline risk relative to Tier-1 jurisdictions.
Infrastructure (40%)7.9/10
Confirmed road access and confirmed grid power at Tiros Titanium-Rare Earths Project, Minas Gerais, Brazil; existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Brazil: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Independent Non-Executive Chairman of Resouro Strategic Metals Inc. (TSXV: RSM), effective 18 Mar 2026. BSc Geology, Durham University; served in the British Army. 30+ years in capital markets, corporate governance, strategy and M&A; co-founder and CEO of Liberum Capital Limited (London investment bank); long-standing Non-Executive Director of Gresham House Plc (chaired its remuneration committee). Source: resouro.com/about-us/.
Chief Executive Officer of Resouro Strategic Metals Inc. (TSXV: RSM), appointed May 2022. MBA, Institut Superieur de Gestion (ISG), Paris. 30+ years in mining as an engineer, entrepreneur and in project finance in Australia and South America; worked in mining project finance for N M Rothschild & Sons (Australia); co-founder and CEO of Monterrico Metals PLC, whose Rio Blanco copper-molybdenum project (Peru) was acquired by a Zijin Mining-led consortium (89.9% stake, completed 27 Apr 2007, ~GBP94.6M / ~USD200M per Resouro's own bio). Moved to Brazil in 2016 to develop Resouro. Source: resouro.com/about-us/.
Director of Resouro Strategic Metals Inc. (TSXV: RSM). B.Comm (McGill); MBA (ISG Paris); CFA charterholder. 30+ years in international finance, financial structuring, investments and strategy; former member of the board and executive committee of the Ambatovy nickel project, Madagascar. Source: resouro.com/about-us/.
Chief Financial Officer and Corporate Secretary of Resouro Strategic Metals Inc. (TSXV: RSM). CPA, CGA with 30+ years in energy, mining and manufacturing (Brazil and international); held senior accounting roles in exploration companies. Source: resouro.com/about-us/.
Chief Legal Counsel of Resouro Strategic Metals Inc. (TSXV: RSM); previously a Director of the Company (Feb 2023, since resigned that board seat, per company announcements). Brazilian Bar Association (OAB)-certified lawyer, Corporate and Mining Law specialist; 20+ years in the Brazilian mineral market; 7+ years as Legal Director for Luna Gold Corp. (now Equinox Gold Corp.). Source: resouro.com/about-us/.
Senior Consultant to Resouro Strategic Metals Inc. (TSXV: RSM). Geologist with a postgraduate degree in computing; 40 years in the mineral industry; Qualified Person, contributed to 23 SEDAR technical reports. Leadership roles at Anglo American, AngloGold and Goldcorp; as President of MPBA in Brazil, led construction of the Tucano gold mine (~$200M capex); Technical Director of Vicenza, playing a pivotal role in the discovery of the Tiros Titanium and REE project (now Resouro's own flagship). Source: resouro.com/about-us/.
Operations Manager of Resouro Strategic Metals Inc. (TSXV: RSM). Lead Geologist with 20+ years' mineral exploration experience; BS Geology, Universidade Federal de Minas Gerais. Source: resouro.com/about-us/.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
A 10%-holder, Jose Luis Manzano, bought heavily on the open market in March 2026 alongside a director, with only a small offsetting sale by a second director. No named institutional or specialist fund holder is on record. Note: this company is dual-listed, also trading as RAU on the ASX.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Resouro Strategic Metals is advancing the Tiros titanium and rare earths project in Minas Gerais, Brazil, 28 mineral concessions covering about 497 km2, held through a 90%-owned Brazilian subsidiary. Its measured and indicated resource is 1.4 billion tonnes at 12% TiO2 and 4,000 ppm total rare earth oxides, containing 165 Mt of TiO2 and 5.5 Mt of rare earth oxides. A preliminary economic assessment effective 10 July 2026 evaluates a phased 500,000 tpa starter operation with an after-tax NPV (8%) of US$714.9M, a 44.2% after-tax IRR, a 20-year mine life and initial capital of US$191.2M. The company also holds the earlier-stage Novo Mundo gold project in Mato Grosso, Brazil.