RML Updates Market on Potential Horse Heaven Project Transaction
Resolution Minerals Ltd (ASX: RML) (RML or the Company) shared a significant development to enter in a short-term exclusive dealing arrangement with Snow Lake Resources Ltd (NASDAQ:LITM). The move follows an unsolicited, indicative, and non-binding acquisition offer for the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, USA.
Details of the Exclusivity Agreement
RML’s Board resolved to grant Snow Lake a two-week exclusivity period. Under this arrangement, Snow Lake will conduct a high-level, red flags due diligence exercise on the Horse Heaven Project. The period of exclusivity has commenced immediately. RML said this arrangement will allow both parties to negotiate in a focused and confidential manner.
RML will also perform a similar high-level, red flags due diligence review on Snow Lake during this period.
Figure 1: Snow Lake will conduct a high-level, red flags due diligence exercise on the Horse Heaven Project
Purpose and Expected Outcomes
The Company stated the exclusivity period will enable:
- Snow Lake to complete an initial high-level due diligence
- Snow Lake to develop a more detailed and refined indicative offer for RML
Resolution Minerals has communicated specifics regarding its preferences for the deal:
- RML prefers a higher proportion of cash consideration
- RML favours a ‘whole of Company transaction,’ meaning an acquisition of all RML shares, not just the Horse Heaven Project asset
Snow Lake, prior to the agreement, indicated reluctance to alter its stance on these matters.
Comment from the Board
RML’s Board declared that the short exclusivity period aligns with shareholder interests. The approach aims to ensure that any potential transaction maximises value and delivers certainty for stakeholders. The Company remains focused on evaluating every opportunity for the benefit of its shareholders.
The Board stated, “There is no certainty that the due diligence process or the exclusivity period will result in a binding offer or that any transaction will ultimately proceed. The Board will continue to assess all options in the best interests of shareholders and will keep the market informed of any material developments in accordance with its continuous disclosure obligations.”
Deal Status and Next Steps
Resolution Minerals reminded investors that the current offer from Snow Lake remains indicative and non-binding. Shareholders should note:
- No certainty exists that due diligence or the exclusivity period will result in a binding offer
- No guarantee of any transaction proceeding at this stage
- The Board will continue assessing all options in the best interests of shareholders
Currently, the RML Board expresses no intention to proceed with the current indicative offer from Snow Lake. The Company’s position could change if Snow Lake refines its offer during the exclusivity period to meet RML’s expectations.
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.
Figure 2: Project location of the Horse Heaven Project in Idaho, USA
Tungsten and Antimony Market Snapshot
China controls over 80% of the global tungsten and antimony supply. In 2025, supply constraints intensified as China imposed new export restrictions, pushing prices to multi-year highs.
Tungsten:
Ammonium paratungstate (APT), the benchmark tungsten product, trades at around $415 per metric ton unit (MTU), up from $375/MTU in 2024. Market observers expect this to rise further, setting a new price floor between $400–$450/MTU. In Shanghai, ‘#1 Tungsten Bar’ averages $51.41 per kg, up nearly 14% year-on-year. Persistent tight supply from stricter environmental regulations and low stock levels have pushed APT prices to new highs.
Antimony:
The average price of 0# Antimony Ingot stands at approximately $23,410 per metric ton, marginally softer but still at high levels. Shanghai’s spot market shows Grade 1 Antimony Ingot averaging $22,918 per metric ton as of August 18, 2025. European markets report antimony regulus trading at $57,000-$58,000 per ton. The US remains 100% reliant on imports for antimony. The upward trajectory in metal prices is being driven by China’s imposition of strict export bans, which has significantly tightened global supply. As a result, key industries—such as battery manufacturing, flame retardants, and defense—are scrambling to secure alternative sources amid resolution growing shortages.
Investor’s Outlook
Resolution Minerals’ share price has shown strong momentum in 2025. As of August 19, 2025, the share price closed at resolution A$0.061 per share, marking a 614.286% increase above the 52-week low of A$0.007 set in May 2025. The company’s market capitalisation stands at around A$70.44 million. The 52-week range is A$0.007 to A$0.093.
Resolution Minerals’ entry into exclusivity with Snow Lake places the Horse Heaven Project at the centre of near-term investor attention. The project’s long history of antimony and tungsten production, combined with modern exploration results, positions it as a potential strategic asset within critical minerals markets.
