The December 2025 quarter marked a defining period for Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) as the Company delivered a major gold discovery at its Horse Heaven Project in Idaho, United States, while simultaneously accelerating its transition from explorer to developer in critical minerals.
Strong drilling results at the Golden Gate North Prospect, combined with rapid progress on antimony and tungsten development, positioned the Company at the intersection of rising gold prices, U.S. critical minerals policy and global supply chain realignment.
Figure 1: Map showing Resolution Minerals’ Horse Heaven Project in Idaho, United States [Resolution Minerals]
Golden Gate North: Confirmation of a Significant Gold Discovery
During the quarter, Resolution Minerals completed its maiden diamond drilling program at the Golden Gate Prospect, culminating in the formal declaration of a gold discovery at Golden Gate North. All diamond core holes drilled during the period intersected significant gold mineralisation, validating the Company’s Intrusion Related Gold System (IRGS) exploration model.
Highlights included exceptional downhole intersections such as:
● HH-GG25-003C: 253.0m @ 1.50 g/t Au from surface, including 111.9m @ 2.31 g/t Au and a higher-grade interval of 18.3m @ 3.98 g/t Au, with a peak assay of 5.91 g/t Au.
● HH-GG25-002C: 265.2m @ 0.60 g/t Au from surface, including 89.9m @ 1.15 g/t Au.
● HH-GG25-004C: 240.8m @ 0.64 g/t Au from surface, including 61.6m @ 0.98 g/t Au and 35.8m @ 0.83 g/t Au.
● HH-GG25-005C: 283.5m @ 0.36 g/t Au from surface, including higher-grade intervals of 4.7m @ 1.18 g/t Au, 42.5m @ 0.72 g/t Au, 4.2m @ 1.14 g/t Au, and 4.9m @ 0.76 g/t Au.
● HH-GG25-001C: 189.2m @ 1.30 g/t Au from 34m, ending in mineralisation, including 12.9m @ 2.32 g/t Au and 70.8m @ 2.24 g/t Au.
Broad, continuous mineralisation now extends across drill holes spaced approximately 600 metres apart, with mineralisation remaining open in all directions and at depth. Importantly, five of six reported holes ended in mineralisation, underscoring the scale potential of the system.
Resolution Minerals Executive Director, Aharon Zaetz, commented: “The Horse Heaven Project is emerging as a multi-commodity, district-scale opportunity. Positioned at the intersection of US critical minerals policy, private capital inflows, and national defense priorities, and now with a gold discovery underpinning its tremendous economic potential, the Horse Heaven Project is emerging as a generational opportunity and globally important asset for Resolution.”
Figure 2: Resolution Minerals Executive Director, Aharon Zaetz [Resolution Minerals]
Step-Out Drilling and Rapid Follow-Up
Following the diamond drilling success, the Company rapidly designed and completed a three-hole reverse circulation (RC) drill program to test strike and width extensions at Golden Gate North. These RC holes targeted northern and southern extensions and western width potential, reinforcing Resolution’s strategy of fast-tracking discovery growth.
While assay results were pending at the end of the reporting period, the completion of both diamond and RC drilling within a single quarter demonstrated operational agility and strong technical execution.
Figure 3: Location map of the Horse Heaven Project showing the two principal antimony–gold–silver–tungsten targets: the Golden Gate Target and the Antimony Ridge Target. [Resolution Minerals]
Capital Strength and Funding Flexibility
Resolution Minerals maintained a solid financial position through the quarter. The Company completed Tranche 2 of its heavily oversubscribed A$25.1 million placement, strengthening its balance sheet to fund aggressive exploration and development programs.
At 31 December 2025, the Company reported cash and cash equivalents of A$15.2 million. Subsequent to quarter end, Resolution agreed to sell its non-core 64North Project in Alaska for US$1.5 million, further bolstering liquidity.
Management noted that elevated expenditure during the quarter reflected a deliberate acceleration of strategic initiatives, including U.S. expansion, metallurgy, permitting and NASDAQ preparation, while maintaining prudent cost control.
Johnson Creek Acquisition: Unlocking Tungsten and Antimony Value
A key strategic milestone during the quarter was the binding agreement to acquire the Johnson Creek Tungsten & Antimony Mill and Antimony Camp properties. This acquisition includes existing tungsten ore stockpiles and a historically operational processing facility with water and power access.
The Johnson Creek assets provide Resolution with a rare opportunity to leverage existing infrastructure and advance downstream processing, aligning with the Company’s ambition to become a U.S.-based supplier of critical minerals.
Figure 4: Johnson Creek Antimony & Tungsten Mill Site, situated around three miles from the village of Yellow Pine in Valley County, Idaho, USA. [Resolution Minerals]
Fast-Tracking Metallurgy and Technical Capability
Resolution Minerals materially advanced its metallurgical programs during the quarter, engaging multiple specialist groups to de-risk processing pathways for antimony, tungsten and gold.
- Kingston Process Metallurgy (KPM) commenced characterisation and pyrometallurgical test work on high-grade antimony samples from Antimony Ridge.
- ANSTO Minerals began hydrometallurgical test work to assess alternative processing routes and optimise recovery.
- Independent Metallurgical Operations (IMO) initiated concentration test work across antimony, tungsten and gold samples to define achievable grades and recoveries.
To lead these efforts, the Company appointed Dr Adam Roper as Chief Metallurgist. Dr Roper brings extensive experience in complex metals processing and will oversee the development of Resolution’s critical metals and gold extraction programs.
Figure 5: Resolution Minerals advances metallurgical programs with KPM, ANSTO, and IMO to de-risk processing pathways for Antimony, Tungsten, and Gold projects.
U.S. Critical Minerals Strategy and Government Engagement
During the quarter, Resolution appointed Tribeca Capital as Corporate Adviser to support its U.S. critical minerals strategy, including downstream development, government engagement and a potential NASDAQ dual listing.
The Company also briefed the Australian Embassy in Washington, DC on the Horse Heaven Project ahead of high-level discussions between Australian and U.S. leaders on critical minerals cooperation. Resolution aims to establish itself as a 100% American-made supplier of antimony to support U.S. defence and energy priorities.
Share Price Performance
Resolution Minerals’ operational momentum translated into strong market performance. As of 30th January, 2026, the Company’s share price stood at $0.051, delivering:
- 2026 YTD: +4.08%
- 1 Year: +363.64%
- vs Sector (1 Year): +323.48%
- vs ASX 200 (1 Year): +359.22%
This outperformance reflects growing investor confidence in the Company’s gold discovery and critical minerals strategy.
Investors Outlook
Looking ahead, Resolution Minerals enters 2026 with multiple value catalysts. Final assay results from Phase 1 drilling at Golden Gate, the launch of an aggressive Phase 2 drill program, and advancing metallurgical test work across gold, antimony and tungsten are expected to drive continued news flow.
With a strengthened balance sheet, expanding U.S. footprint and exposure to both gold and strategically critical metals, the Company is well positioned to capitalise on favourable commodity and geopolitical trends. For investors, Resolution Minerals represents a high-impact growth story at the convergence of discovery success and critical minerals development.
