Resolution Minerals Ltd (ASX: RML | OTCQB: RLMLF) (“Resolution Minerals” or the “Company”) has reached a major strategic milestone as it advances plans for a secondary listing on the Nasdaq and launches a Level 1 American Depositary Receipt (ADR) facility in the United States. The move strengthens the Company’s access to U.S. capital markets and aligns Resolution with growing American demand for critical and defence-related minerals.
The announcement comes at a time of heightened geopolitical uncertainty, strong commodity prices, and increasing U.S. government focus on securing domestic and allied supply chains for strategic metals such as tungsten and antimony.
Figure 1: Resolution Minerals is stepping onto the global stage, strengthening critical minerals supply chains while connecting two strategic markets (Australia and the U.S.) for the future of defence, technology, and clean energy.
Registration Statement Lodged with the SEC
Resolution has confidentially submitted a registration statement on Form F-20 with the U.S. Securities and Exchange Commission (SEC) as part of its intention to complete a secondary listing on the Nasdaq exchange within the coming months. The proposed Nasdaq ticker code will be RML.NASDAQ, subject to regulatory approvals.
A Nasdaq listing would position Resolution among a small group of Australian critical minerals companies with dual listings in the United States, enhancing the Company’s profile with U.S. institutions and strategic partners.
A dual listing is expected to:
- Expand access to the world’s largest equity capital market
- Improve liquidity and trading depth
- Increase exposure to U.S. institutional investors
- Align the Company with U.S. defence and critical minerals priorities
Once listed, Resolution would trade alongside established U.S. critical metals peers, strengthening its positioning as a potential future supplier to American defence and industrial supply chains.
ADR Facility Unlocks U.S. Investor Access
In conjunction with the Nasdaq strategy, the Company has established a Level 1 ADR facility in the United States, managed by BNY Mellon. Each ADR represents 200 ordinary shares in Resolution and trades on the OTCQB market in U.S. dollars.
The ADR program allows U.S. investors to purchase Resolution exposure through domestic brokerage accounts without trading directly on the ASX. Importantly, the facility complements the Company’s primary ASX listing and does not alter its issued capital structure.
The ADR facility is expected to deliver several benefits, including:
- Improved accessibility for U.S. retail and institutional investors
- U.S. dollar-denominated trading and settlement
- Greater visibility within U.S. capital markets
- Potential use of ADRs as M&A currency in the future
Upon securing a Nasdaq listing, the ADR structure would also support broader equity raising opportunities and increased U.S. broker research coverage.
Figure 2: Infographic explaining ADR structure and U.S. investor access
Strong U.S. Interest Driven by Commodity and Geopolitical Tailwinds
Investor interest in Resolution Minerals has increased sharply amid record-high prices for gold, silver, tungsten and antimony, combined with elevated global geopolitical tensions. These dynamics have intensified U.S. demand for reliable suppliers of critical minerals located in stable jurisdictions.
Managing Director Ari Zaetz commented:
“The recent gold discovery at Golden Gate, and encouraging high grade antimony results, as well as plans to develop our tungsten have driven demand from all corners of the U.S. investor community. Amidst rising global tensions, record high prices for gold, silver, tungsten and antimony, investor interest from the U.S. has been surging in recent times, making the Nasdaq listing and ADR facility very timely.”
The Company believes its U.S.-focused asset base positions it well to benefit from evolving American defence and strategic minerals policies.
Figure 3: 1-year performance of the price of Gold [Goldprice]
Figure 4: The worldwide antimony market was valued at approximately USD 2.17 billion in 2023 and is expected to grow to around USD 3.30 billion by 2030, expanding at a compound annual growth rate of 6.1% over the forecast period from 2024 to 2030. [Grand View Research]
Figure 5: The global tungsten market was valued at about USD 1.86 billion in 2024 and is forecast to rise to approximately USD 2.84 billion by 2033, reflecting a compound annual growth rate of 4.7% between 2025 and 2033. [Grand View Research]
Portfolio Optimisation Through 64North Project Sale
Resolution has further strengthened its financial position by divesting its non-core 64North Project in Alaska. The Company sold the asset to a wholly owned subsidiary of Northern Star Resources Ltd for US$1.5 million (approximately A$2.2 million), with cash proceeds already received.
The sale reflects a strategic decision to streamline the Company’s asset portfolio and concentrate resources on advancing its flagship U.S. Projects. Resolution previously focused on the 64North Project from October 2019 before electing to monetise the asset.
Proceeds will be redirected toward exploration and development activities in Idaho.
Advancing Golden Gate and Horse Heaven Projects
Resolution continues to prioritise the Horse Heaven Project in Idaho, including the past-producing Golden Gate Tungsten Mine. Following a highly successful Phase 1 drilling campaign, the Company plans a Phase 2 program comprising 57 drill holes scheduled for the first half of 2026.
The Company is also progressing the acquisition of the historic Johnson Creek Antimony & Tungsten Mill, which includes approximately 2,000 tonnes of previously mined tungsten ore. While these figures represent historical and foreign estimates and are not reported under the JORC Code, they provide a foundation for future evaluation and development.
Planned work programs include:
- Follow-up drilling at Golden Gate
- Metallurgical testing of tungsten stockpiles
- Analysis of historical exploration data
- Advancement of tungsten development activities
Figure 6: A location map of the Horse Heaven Project showing the Golden Gate and Antimony Ridge targets, along with the fully permitted Stibnite Gold Project situated just 6km to the east. [Resolution Minerals]
High-Grade Antimony Strengthens Strategic Position
Resolution is also advancing its Antimony Ridge target, where ultra-high-grade antimony samples of up to 48.7% Sb have been recorded. The Company is completing metallurgical test work and progressing permitting ahead of planned drilling and bulk sampling programs.
Antimony’s importance in defence, electronics and energy applications enhances the strategic value of the Company’s U.S. asset base, particularly as Western governments seek to reduce reliance on offshore supply chains.
Resolution is also continuing to advance initiatives under the U.S. FAST-41 permitting framework to support efficient project development timelines.
Strong Share Price Momentum and Market Position
Resolution Minerals’ (ASX: RML) strategic execution has translated into strong market performance. As at the latest trading data:
- Share price: $0.052
- One-year return: +372.73%
- Market capitalisation: ~$105 million
- Significant outperformance versus sector and ASX 200
This performance reflects growing investor confidence in the Company’s U.S. strategy, asset quality and exposure to critical commodities.
Investors Outlook
Resolution Minerals stands at a pivotal inflection point. With a Nasdaq listing in progress, an operational ADR facility, a strengthened balance sheet and advancing U.S.-based projects, the Company is actively positioning itself for its next phase of growth.
Key investment themes to watch include:
- Progress toward Nasdaq dual listing approval
- Increased U.S. institutional ownership via ADRs
- Drill results from Golden Gate and Antimony Ridge
- Development of tungsten and antimony assets aligned with defence demand
As geopolitical uncertainty and supply chain security continue to dominate global investment narratives, Resolution Minerals offers leveraged exposure to critical and precious metals within a stable, strategically important jurisdiction. For investors seeking growth opportunities tied to U.S. critical minerals policy and defence supply chains, the Company’s trajectory warrants close attention.
