Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) (“the Company”) has taken a decisive step toward becoming a key player in the United States’ critical minerals supply chain. The Company announced on 22 October 2025 that it has fast-tracked its downstream antimony strategy by engaging Kingston Process Metallurgy Inc. (KPM) and appointing Tribeca Capital as its corporate adviser. This strategic advancement aligns directly with the U.S. government’s ambitions to secure a resilient domestic supply of critical minerals.
Figure 1: Location of the Horse Heaven Project in the USA
Raymond Gonzalez, Managing Director Corporate Advisory, Tribeca Capital, commented: “We are extremely excited to be partnered with Resolution Minerals on their journey within the US. Resolution has real potential to be one of the key leaders within the US in meeting the Trump Administration’s critical minerals national security agenda. In a very short time RML has already begun completing major milestones in setting up its Horse Heaven project to become one of the first producing critical minerals assets in the US to supply the US Government with output.”
Downstream Strategy in Motion
Resolution Minerals has initiated detailed metallurgical studies on high-grade antimony ore from its flagship Horse Heaven Gold-Antimony-Silver-Tungsten Project in Idaho, USA. The samples from Antimony Ridge, which returned outstanding grades of up to 49.8% antimony (Sb), 1,420 g/t silver (Ag), and 3.12 g/t gold (Au), have been dispatched to KPM’s Ontario facility for comprehensive testing.
The metallurgical program will encompass:
- Chemical assays and multi-element analytical characterisation via ICP-OES.
- Mineralogical analysis using XRD and Mineral Liberation Analysis (MLA).
- Bench-scale concentration testing to define the optimal processing pathway.
This work will guide bulk sampling, engineering design, and early-stage product specifications for U.S. antimony markets.
Figure 3: Photo of Antimony Ridge rock samples.
Strategic Collaboration with KPM
KPM is a leading Canadian process development firm with advanced laboratory and pilot-scale capabilities. It specialises in metallurgical process optimisation and supports global resource recovery projects. The partnership enables Resolution to expedite the characterisation and concentration of Horse Heaven ore, essential for creating a robust concentration flowsheet.
Strategic Adviser to RML, Brett Lynch, stated: “Partnering with KPM allows us to rapidly advance our understanding of the detailed chemical and mineralogical characteristics of Horse Heaven Antimony ore required to design a robust concentration flowsheet. These results will guide our next stages of metallurgical testwork and help frame early product specifications for future engineering studies. KPM is a highly-qualified and experienced partner to assist us with this process.”
Tribeca Capital Appointed as Corporate Adviser
To accelerate its U.S. critical minerals expansion, the Company has appointed Tribeca Capital as Corporate Adviser. Tribeca will connect Resolution to a wide network of investors, brokers, and institutional partners. The firm will play a vital role in identifying new technologies, securing potential acquisitions, and strengthening Resolution’s leadership with experienced personnel.
Tribeca will also assist in advancing the Company’s NASDAQ listing, scheduled for early 2026. The initial draft of the F-20 Form (NASDAQ prospectus) has already been completed, and U.S. lawyers and advisers have been engaged.
Strategic Importance of Antimony
Antimony is designated a critical mineral by the U.S. government due to its importance in national defence and energy applications. It is a vital component in flame retardants, semiconductors, and lead-acid batteries. According to Grand View Research, the global antimony market was valued at USD 2.17 billion in 2023 and is projected to reach USD 3.30 billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030. The Asia Pacific region dominated the market in 2023, while trioxides accounted for the largest type segment and flame retardants led by application.
Resolution’s Horse Heaven Project positions the Company to become a 100% American-made producer of military-grade and energy-grade antimony, a crucial step toward reducing U.S. dependence on foreign supply chains.
Figure 5: Bar graph showing the global antimony market (2023–2030 growth projection). [Grand View Research]
Horse Heaven Project – A Strategic U.S. Asset
The Horse Heaven Gold-Antimony-Silver-Tungsten Project spans approximately 5,644 hectares in Idaho’s historic Yellow Pine Mining District, adjacent to Perpetua Resources’ Stibnite Gold-Antimony Project. The Antimony Ridge and Golden Gate Fault Zones host mineralisation rich in antimony, gold, tungsten, and silver, confirming the district’s potential as a major contributor to America’s critical minerals supply.
Historical data reveals that Antimony Ridge was a production centre during both World Wars and into the 1950s. The recent assays reaffirm the district’s potential to supply premium-grade feedstock to meet U.S. defence and energy needs.
Next Steps and Forward Strategy
The Company is progressing a multi-stage testwork program, with analytical results from KPM expected over the coming weeks. As these results become available, Resolution will release them to the market. Meanwhile, the Company continues to:
- Engage with U.S. Government programs for potential non-dilutive funding and FAST-41 permitting.
- Explore strategic partnerships with other critical mineral developers in the region.
- Align with U.S. and Australian Government initiatives for critical mineral security.
- Advance flow sheet development to underpin commercial-scale antimony production.
These steps collectively support Resolution’s goal to be among the first U.S.-based antimony suppliers to the Department of War, contributing directly to America’s defence industrial base.
Mr. Raymond Gonzalez has mentioned: “I’ve been extremely impressed with the company’s ability to secure these past-producing tungsten, antimony and gold mines, and the work completed to date that has brought RML to the front of the race in developing a supply chain solution for the White House.”
Market Context: Gold and Critical Mineral Synergy
Gold’s market performance reinforces the broader value proposition for critical mineral developers like Resolution. As of 22 October 2025, the gold price stands at USD 4,095.67/oz, reflecting a 59.82% rise over the past year and an impressive 829.75% increase over the past 20 years (source: goldprice.org). This sustained strength in gold prices enhances the economic outlook for the Horse Heaven Project, which also hosts significant gold mineralisation alongside antimony.
Figure 7: Rise in the price of gold in the last 1 year [Goldprice]
Investors Outlook
Resolution Minerals has emerged as one of the standout performers on the ASX in 2025. The Company’s share price currently stands at $0.093, giving it a market capitalisation of $188.80 million. Over the past year, Resolution’s stock has delivered an extraordinary performance, climbing 481.25%, while outperforming both its sector and the ASX 200 by more than 480%.
In just one month, the Company’s share price surged 86%, and over the past week alone, it rose by 32.86%, showcasing strong market momentum. On a year-to-date basis, Resolution’s gains have been remarkable, soaring 675%. The stock has traded between $0.007 and $0.150 over the past 52 weeks, highlighting the scale of its growth as investors continue to recognise its strategic progress and expanding footprint in the U.S. critical minerals market.
This outstanding performance reflects investor optimism surrounding Resolution’s downstream antimony strategy, its partnership with Tribeca Capital, and its alignment with the U.S. government’s critical mineral independence agenda. With rising antimony demand and record gold prices providing a favourable market backdrop, Resolution Minerals is strategically positioned to sustain its growth trajectory and deliver long-term value to shareholders.
Figure 8: Resolution Minerals’ Stock price surge in the year 2025 [ASX]
Conclusion
Resolution Minerals’ integrated approach combining high-grade antimony development, downstream processing, and strategic U.S. partnerships positions it as a frontrunner in re-establishing America’s critical mineral independence. With metallurgical testwork underway, a NASDAQ listing in progress, and strong market fundamentals, the Company is advancing rapidly toward becoming a cornerstone of the U.S. antimony and gold supply chain.
