Resolution Minerals Ltd (ASX: RML) (“Resolution” or the “Company”) has announced a potentially transformative development for the Company with the receipt of an unsolicited, non-binding, and indicative offer valued at A$225 million for its recently acquired Horse Heaven Project in Idaho, USA. The offer, submitted by NASDAQ-listed Snow Lake Resources Ltd (LITM.NAS), arrives just weeks after Resolution’s acquisition of the advanced antimony-tungsten-gold-silver asset and signals growing recognition of its strategic and economic significance.
Figure 1: Project location of the Horse Heaven Project in Idaho, USA
A Strategic Asset with Historical Significance
The Horse Heaven Project boasts a long history of critical mineral production. It previously supplied antimony and tungsten to the U.S. Government during major global conflicts including World War I, World War II, and the Korean War. This legacy, combined with modern exploration data and proximity to large-scale operations such as Perpetua Resources’ Stibnite Antimony-Gold Mine (~A$3 billion market cap), underscores the strategic value of Horse Heaven.
According to the Company, the project sits on a trend of mineralisation that remains underexplored by modern standards. Resolution is confident that Horse Heaven has the potential to become a cornerstone asset in the rapidly growing global supply chain for antimony and tungsten, two minerals classified as critical by the U.S. and other major economies.
Details of the Offer
On Saturday, 2 August 2025, Resolution received the non-binding and indicative offer from Snow Lake Resources. The A$225 million proposal comprises a combination of cash and LITM shares, with the final ratio yet to be negotiated. Snow Lake has also requested a period of exclusivity to conduct due diligence and finalise terms.
While the Resolution Board is still assessing the proposal, it confirmed receipt of the offer through an official ASX announcement to maintain transparency and fulfil its continuous disclosure obligations. The Board emphasised that no binding agreement exists yet, and there is no certainty the discussions will lead to a transaction.
Corporate Strategy: Listing Aspirations and New Advisory Partnership
In conjunction with the Horse Heaven developments, Resolution has also appointed Roth Capital Partners, LLC as its exclusive North American Capital Markets Adviser. Roth is one of the most active investment banks in the small-cap space, having raised over US$100 billion and completed over 2,300 transactions since 1992.
This appointment aligns with Resolution’s goal of exploring U.S. listing options, including a potential NASDAQ listing or an alternative route such as a Special Purpose Acquisition Company (SPAC) merger. Roth will assist in capital raising, strategic advisory, and broadening investor access in North America. As part of the engagement, Roth will receive a monthly retainer, success fee, and 10 million unquoted options with a strike price of $0.0912.
Market Dynamics: A Timely Opportunity in Critical Minerals
The offer comes amid a global surge in demand for antimony and tungsten, driven by their increasing use in defence, renewable energy, batteries, and advanced electronics.
Antimony Market Snapshot:
- 2023 Market Size: USD 1,191.3 million
- 2030 Forecast: USD 1,657.9 million
- CAGR (2024–2030):1%
Antimony is in high demand for flame retardants, lead-acid batteries, and semiconductors, making it a vital input for both legacy and emerging technologies. The Asia Pacific region leads global consumption, while India is set to witness the fastest growth over the forecast period.
Tungsten Market Snapshot:
- 2024 Market Size: USD 1.86 billion
- 2033 Forecast: USD 2.84 billion
- CAGR (2025–2033):7%
Tungsten is primarily used in hard metals, tooling, and electronics, with the Asia Pacific again dominating demand. The mill products and electronics & robotics segments are key drivers of market expansion.
Given the timing of the Horse Heaven acquisition and its rich antimony-tungsten profile, Resolution is resolution minerals well-positioned to benefit from these tailwinds—regardless of whether the current offer materialises into a deal.
Investor’s Outlook
Resolution Minerals has demonstrated a sharp rise in investor interest and market performance resolution minerals in 2025. Following the announcement and continued strategic progress, RML shares are showing robust momentum.
Share Price Activity (as of 1:00 pm AEST, 6 August 2025):
- Last Price: $0.067
- Market Cap: $82,799,261
- Shares Issued: 1,235,809,861
Stock Performance:
- 1 Month: +28.85%
- 2025 YTD: +458.33%
- 1 Year: +235.00%
- vs Sector (1yr): +230.36%
- vs ASX 200 (1yr): +220.18%
The stock has not only outperformed resolution minerals the broader ASX 200 resolution minerals index but has also significantly outpaced its resolution minerals sector peers, highlighting strong investor confidence. With a non-binding $225 million offer on the table, the market is clearly pricing in the resolution minerals potential of the Horse Heaven asset and broader corporate strategy.
