Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) has formally completed the acquisition of the Johnson Creek Tungsten & Antimony Mill in Idaho, USA, a milestone the Company describes as “transformational”.
The deal also covers approximately 2,000 tonnes of historic tungsten ore stockpiles, water rights, electrical infrastructure, and some 25 acres of private land.
The announcement was released to the ASX on 2 March 2026, marking the culmination of a strategic push that began when Resolution first flagged its intention to acquire the asset in October 2025.
What the Company Has Secured
The completed acquisition delivers a comprehensive operational package well beyond a simple mill purchase. Resolution Minerals has secured:
- The Johnson Creek processing mill and all associated infrastructure;
- Two historic tungsten ore stockpiles from the former Golden Gate Mine, containing an estimated 2,000 tonnes of tungsten ore;
- Industrial water rights and electrical infrastructure, essential for processing operations;
- Workshop, storage, accommodation, and support facilities across approximately 25 acres of private land;
- A strategically positioned operational base directly adjoining the Horse Heaven Project.
This package gives the Company a ready-made platform to advance exploration, development, and production, without the expense and delay of building processing infrastructure from scratch.
Figure 1: The Johnson Creek Antimony and Tungsten Mill Site is situated about three miles from the village of Yellow Pine in Valley County, Idaho, USA. [Resolution Minerals]
Horse Heaven: A Project With Deep Historical Roots
The Horse Heaven Project is no newcomer to critical minerals production.
Located within the Boise National Forest and covering approximately 59 square kilometres, the site supplied the United States Government with antimony during World War I, World War II, and the Korean War. It was actively mined for tungsten as recently as the 1980s.
Tungsten exploration at the adjacent Golden Gate Mine began in the late 1940s, following the discovery of scheelite-bearing veins. Open-pit mining commenced in the early 1950s, with ore initially processed at the nearby Stibnite Mine mill and smelter.
After that facility closed in 1952, the Johnson Creek Mill was constructed to continue operations. Historical production records paint a picture of a highly productive site:
- 1,814 tonnes of tungsten mined and milled in the 1950s at an average grade of 5% WO₃.
- 227 tonnes processed in 1973 at a grade of 2.03% WO₃.
- 456.6 tonnes mined and stockpiled in 1977 at an average grade of 1.8% WO₃.
- 1,905 tonnes of mill feed were produced and stockpiled during underground mining in 1979 and 1980
These historical stockpiles remain on-site and now form part of the Company’s near-term processing pipeline.
Expert Appointed to Drive Tungsten Exploration
To accelerate development, Resolution Minerals has retained Mr David R. Hembree, CPG, a former Mine Geologist at the Golden Gate Tungsten Mine.
Mr Hembree brings firsthand knowledge of the mineralogy and historical production records at the site.
He will lead the analysis of historical exploration data, ground-based fieldwork, and a drill programme scheduled to commence in Q2 2026, alongside metallurgical test work on the existing tungsten stockpiles.
The Company also believes that significant expansion potential exists along approximately three kilometres of strike of the well-defined Golden Gate Fault, a zone largely overlooked in drilling campaigns during the 1980s and 1990s, when operators focused exclusively on near-surface gold targets and recorded no tungsten assays whatsoever.
Figure 2: Horse Heaven Project location map showing the two key antimony–gold–silver–tungsten targets: Golden Gate (Phase 1 drilling site) and Antimony Ridge. [Resolution Minerals]
Strategic Significance in a Fractured Global Market
The acquisition arrives at a moment of extraordinary urgency in the global tungsten market.
China currently controls roughly 75% of the world’s tungsten supply. Its export restrictions have caused severe market disruption, with Ammonium Paratungstate (APT) exports falling to zero in late 2025.
As a result, APT prices surged from a long-term average of approximately US$300 per tonne to a record high of around US$1,775 per tonne, according to Fastmarkets, a fivefold increase within a single year.
Tungsten’s strategic importance spans both defence and advanced industry, with critical applications including:
- Armour plating, artillery, ammunition, and high-tech weaponry
- AI semiconductors and circuit boards
- Aerospace components and cutting tools
- Clean energy storage systems and lithium-ion batteries
- High-performance electronics and lighting
The U.S. Administration is actively seeking to rebuild a domestic and Western-aligned supply of this critical metal.
That creates a compelling environment for Resolution Minerals to pursue government funding, strategic partnerships, and offtake agreements with defence and industrial customers.
Horse Heaven’s location immediately adjacent to Perpetua Resources Corp’s (NYSE: PPTA) fully permitted A$5 billion Stibnite Gold Project, further underscores the regional significance of the Company’s land position.
From the Managing Director’s Table
Managing Director Ari Zaetz was direct about what the milestone means for the Company:
“Completion of this acquisition represents a pivotal leap in Resolution’s strategy to become a U.S.-based critical minerals producer. Securing processing location alongside our Horse Heaven Project significantly accelerates our pathway toward planned antimony and tungsten production and strengthens our ability to support Western supply chain security.”
Next Steps for the Company
With completion achieved, Resolution Minerals will now direct its focus toward:
- Detailed engineering and refurbishment assessments of the Johnson Creek Mill
- Metallurgical test work and processing studies
- Evaluation of near-term processing potential from the tungsten stockpiles
- Advancing permitting and development pathways
- Progressing strategic partnerships and offtake discussions with government and industrial buyers
Investor Outlook
Resolution Minerals shares jumped 7.50% to $0.043 on the day of the announcement, a sharp single-session move that reflects growing market confidence in the Company’s strategic direction.
That gain, however, is just the latest chapter in a remarkable 12-month run.
RML shares have surged an extraordinary 437.50% over the past year, outpacing sector peers by 386.23% and the ASX 200 by an equally impressive 431.80%. With a current market capitalisation of approximately $87.87 million, the Company remains firmly in the territory.
Figure 3: Resolution Minerals’ surge in share price and market valuation over the past year. [ASX]
For many investors, that size represents an opportunity rather than a limitation, particularly given the scale of what Resolution now has on the table.
The completion of the Johnson Creek Mill acquisition materially de-risks the Company’s development pathway. It eliminates the need to source, fund, and construct a processing facility from scratch.
Near-term catalysts are also stacking up. The Q2 2026 drill programme, metallurgical test work on existing stockpiles, and ongoing conversations with potential U.S. Government funding partners all point to a strong pipeline of newsflow heading into the second half of 2026.
