Resolution Minerals Achieves Near-Complete Antimony Recovery at Idaho’s Antimony Ridge, Signalling Strong Processing Potential
Rougher flotation tests confirm 99.5% sulphur recovery from lower-grade samples, underpinning the C…
Resolution Minerals Ltd (ASX: RML)
Critical Minerals • Gold • Antimony • Tungsten • Idaho, USA
Resolution Minerals Ltd (ASX:RML): Company Overview
Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) is an Australian-listed critical minerals exploration company advancing the 100%-owned Horse Heaven Gold-Antimony-Tungsten-Silver Project in Valley County, Idaho, USA. Its goal is to establish an end-to-end domestic supply of critical minerals to the US defence industry, with primary focus on gold, antimony, and tungsten.
The Horse Heaven Project shares its eastern boundary with Perpetua Resources’ Stibnite Gold-Antimony Mine, the largest antimony project in North America and the only known US source of military-specification antimony. This puts Resolution Minerals in a uniquely strategic position: it is exploring directly next door to the project that the US Department of Defence has already chosen to back.
Three major forces are working simultaneously in the Company’s favour right now: gold prices near record highs, a China-imposed antimony export ban to the United States, and US government policy programs committing billions to rebuild domestic critical mineral supply chains. Resolution Minerals is exposed to all three.
| Detail | Information |
|---|---|
| Full Company Name | Resolution Minerals Ltd |
| ASX Ticker | RML |
| OTCQB Ticker | RLMLF |
| ABN | 99 617 789 732 |
| Sector | Critical Minerals / Exploration |
| Country of Incorporation | Australia |
| Registered Office | Level 21, 91 King William Street, Adelaide, South Australia 5000 |
| Project Location | Valley County, Idaho, USA |
| Website | resolutionminerals.com |
News & Announcements
Resolution Minerals Launches Largest Drill Program Yet at Golden Gate as Two Rigs Hit the Ground
Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) has secured two diamond core drill rigs for a majo…
Resolution Minerals Produces High-Grade Tungsten Concentrate from Golden Gate Stockpiles
Resolution Minerals Ltd has produced tungsten concentrates grading 52.3% WO₃ from historical stockp…
Resolution Minerals Secures $20 Million to Fast-Track U.S. Critical Minerals Growth
Resolution Minerals raises $20M to accelerate U.S. critical minerals projects, drilling, and its up…
Resolution Minerals Advances Antimony Ridge Metallurgy with High-Purity Antimony Trioxide Production
Resolution Minerals Limited (ASX: RML) (“Resolution” or the “Company”) has announced a significant …
Resolution Minerals Unveils Significant Scale Potential at Antimony Ridge with Advanced 3D Modelling
Resolution Minerals unveils large-scale, high-grade antimony potential at Antimony Ridge.
Resolution Minerals Secures White House FAST-41 Status for Antimony Ridge as Shares Surge Over 63% in a Single Day
Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) (“Resolution” or the “Company) has delivered one o…
Resolution Minerals Strikes High-Grade Tungsten at Johnson Creek Stockpiles, Positioning for U.S. Critical Minerals Boom
Preliminary Sampling of Historical Stockpile Provides Momentum for Fast-Tracking of JORC-Code Updat…
Resolution Minerals Accelerates Golden Gate Expansion with Major 45-Hole Drilling Campaign
Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) has taken a decisive step forward in unlocking the…
Resolution Minerals Completes Mill Acquisition to Fast-Track U.S. Critical Minerals Production
Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) has formally completed the acquisition of the John…
Resolution Minerals Uncovers Additional Gold and Significant Tungsten at Golden Gate North
Resolution Minerals Ltd (ASX: RML | OTCQB: RLMLF) has strengthened its 2025 drilling success at the…
A New Gold Frontier: Resolution Minerals Expands the Golden Gate System with Major Discovery at Golden Gate South
Resolution Minerals Ltd (ASX: RML | OTCQB: RLMLF) (“Resolution Minerals” or “the Company”) has unve…
Videos
Resolution Minerals Ltd (ASX:RML) : Business Core Insights
What Resolution Minerals Does
Resolution Minerals is a critical minerals explorer focused on a multi-commodity project in a highly important US mining region: Idaho. Their Horse Heaven Project spans 699 federal lode mining claims (5,644 hectares) in Valley County. The main goal is to target four key commodities across two major areas: gold and tungsten at the Golden Gate Fault Zone, and high-grade antimony at Antimony Ridge.
What separates Resolution Minerals from most early-stage explorers is that it also owns the Johnson Creek Tungsten and Antimony Mill, a physical processing facility adjacent to the project area. That’s rare. It gives the Company an infrastructure head start that could meaningfully compress the timeline from drill results to production revenue.
The Two Major Prospect Areas
1. Golden Gate Fault Zone
Golden Gate is the Company’s primary exploration focus and where the bulk of capital is being deployed. It hosts a large, continuous gold mineralised system that has now been confirmed by 14 diamond drill holes, every single one of which intersected gold mineralisation from the surface. The system remains open at depth and along strike in multiple directions, meaning the full scale of what Resolution has found is not yet known.
Phase 1 drilling in 2025 delivered results that reframed the project’s potential entirely. The key gold intercepts were:
- 253m at 1.5 g/t Au (HH-GG25-003C)
- 197.5m at 1.26 g/t Au (HH-GG25-001C)
- 265.2m at 0.6 g/t Au (HH-GG25-002C)
- 240.8m at 0.64 g/t Au (HH-GG25-004C)
Tungsten mineralisation was also confirmed at Golden Gate. Drill hole HH-GG25-012R returned 21m at 0.06% W, including an 8m core at 0.14% W. That’s encouraging given where tungsten prices are sitting today.
2. Antimony Ridge
Antimony Ridge, which is part of the Horse Heaven property, contains some of the highest antimony grades ever found in the US. Our surface rockchip sampling has confirmed sensational grades, including up to 49.8% antimony (Sb), 1,420 g/t silver (Ag), and 3.1 g/t gold (Au). The mineral-rich area has already been traced across a massive 1,000 metres by 700 metres through soil sampling, and it’s still growing in all directions. This isn’t just a new discovery, Antimony Ridge has a proven, documented history, having supplied this critical mineral to the US military during World War I, World War II, and the Korean War. That long history confirms that high-grade material exists right at the surface and has continuity, which is a massive advantage as we plan our route to production.
Note: The 49.8% Sb sample referenced above is a rockchip sample and may not be representative of average grade across the deposit.
The Johnson Creek Tungsten and Antimony Mill
The Company completed the strategic acquisition of the Johnson Creek Tungsten and Antimony Mill in March 2026. This facility sits on 15 acres of land immediately adjacent to Horse Heaven tenement and is the same mill that processed tungsten ore from Golden Gate between the 1950s and the 1980s.
The best part? The acquisition included approximately 2,000 metric tonnes of historical tungsten ore stockpile that had been sitting undisturbed since the 1980s. Preliminary sampling of this forgotten stockpile returned an astonishing tungsten grade of 1.85% WO₃. To put that in context, the typical global mined grade for tungsten in underground operations is only between 0.15% and 0.20% WO₃, meaning the stockpile is running at roughly nine to ten times the global average.
The ore itself is scheelite, which is known to follow a simpler, lower-cost processing pathway. With low levels of impurities and easy-to-grind rock (quartz), this is a clean, high-grade stockpile with a potentially simple route to revenue.
Assets at a Glance
| Asset | Location | Commodity | Current Status |
|---|---|---|---|
| Golden Gate Fault Zone | Valley County, Idaho, USA | Gold, Tungsten, Antimony | Phase 2 Drilling: May 2026 (Ongoing) |
| Antimony Ridge | Valley County, Idaho, USA | Antimony, Gold, Silver | Plan of Operations in Progress |
| Johnson Creek Mill & Stockpile | Adjacent to Horse Heaven, Idaho | Tungsten, Antimony | JORC Upgrade Underway |
Why Investors Are Watching RML
No Domestic US Antimony Production
China controls approximately 80% of processed global antimony supply. In December 2024, it implemented a total ban on antimony exports to the United States. The US currently has no viable domestic antimony mining operations running. Resolution Minerals’ Horse Heaven Project, sitting adjacent to the only permitted domestic mil-spec antimony project in the country, is directly in the path of that supply chain rebuild.
Adjacent to North America’s Largest Antimony Project
Horse Heaven directly borders Perpetua Resources’ Stibnite Gold-Antimony Project (NASDAQ/TSX: PPTA), which carries an approximate US$3.66 billion market capitalisation. The Stibnite Mine received its final federal mine approval in May 2025. Geologists consider the geological model at Horse Heaven a direct analogue to Stibnite. Resolution Minerals is the only ASX-listed company with antimony exposure directly adjacent to Perpetua.
Phase 2 Drilling: The Defining Catalyst
Resolution Minerals has launched a fully permitted 45-hole, 13,700-metre diamond drill program at Golden Gate — the largest exploration campaign in the Company’s history. The Phase 1 program, where every hole intersected gold from the surface, all remaining open at depth, has set the stage for Phase 2 to define the true size of the system. Phase 2 drilling has already commenced in early May 2026 and runs through mid-August 2026.
A High-Grade Tungsten Stockpile at Today’s Prices
The Johnson Creek stockpile of approximately 2,000 metric tonnes returned a preliminary grade of 1.85% WO₃. Tungsten prices have surged from under US$400 per metric tonne to approximately US$2,200 per metric tonne currently. A JORC upgrade program is underway, and the Company is already in direct offtake discussions. This stockpile represents a near-term revenue pathway that most exploration-stage companies simply don’t have.
Strong Policy Tailwinds
The White House issued executive orders in March 2025 to accelerate domestic mineral production. The US government’s Big Beautiful Bill has allocated US$5 billion for critical minerals investment. The FAST-41 program is fast-tracking permitting for critical mineral projects. All of these policies directly benefit the Horse Heaven Project.
Four Commodities, All at Elevated Prices
Gold, antimony, tungsten, and silver — all four commodities at Horse Heaven — are trading at or near historically elevated price levels at the same time. That is not a common situation for any multi-commodity project.
Investment Snapshot
| Metric | Detail |
|---|---|
| Cash (as at 31 Dec 2025) | A$15.21 million |
| Total Assets (as at 31 Dec 2025) | A$83.91 million |
| Total Equity (as at 31 Dec 2025) | A$78.58 million |
| Market Capitalisation | A$122.75 million |
| Phase 2 Drill Program | Up to 45 holes / 13,700 metres |
| Stockpile Tungsten Grade | 1.85% WO₃ |
| Best Phase 1 Gold Intercept | 253m at 1.5 g/t Au (HH-GG25-003C) |
| Maiden Resource Target | Q1 2027 (subject to successful Phase 2 outcomes) |
Projects and Assets Portfolio
Horse Heaven Gold-Antimony-Tungsten-Silver Project, Idaho, USA
Resolution Minerals acquired 100% of the Horse Heaven Project in mid-2025. Located in Valley County, Idaho, the Project sits directly adjacent to Perpetua Resources’ fully permitted Stibnite Gold-Antimony Mine. Historically, Horse Heaven supplied critical minerals to the US military, and both the Antimony Ridge and Golden Gate targets have documented production histories that confirm the continuity of high-grade mineralisation across the site.
Golden Gate Fault Zone: Gold, Tungsten, Antimony
Golden Gate is a large, fault-controlled gold mineralised system interpreted as an Intrusive-Related Gold deposit, the same geological classification as Perpetua’s Stibnite Mine. The system is hosted within northeast-southwest trending shear structures and extends across both Golden Gate North and Golden Gate South.
Phase 1 Drilling (2025)
Resolution Minerals completed 14 diamond holes totalling 10,100 ft at Golden Gate in 2025. Every single hole intersected gold mineralisation from the surface. All holes remain open at depth and along strike.
Phase 2 Drilling Program (2026)
The fully permitted Phase 2 program comprises up to 45,000 ft (13,700 metres) of core drilling across up to 45 holes. Two MP1500 core diamond drill rigs will be deployed by Evolve Exploration Inc. The program allocates approximately 60% of drilling to Golden Gate South and 40% to Golden Gate North.
Key objectives for Phase 2:
- Define strike extensions north, south, and between the two zones
- Test depth extensions below all existing drilling
- Confirm tungsten mineralisation potential at Golden Gate North
- Advance toward a maiden JORC-compliant Mineral Resource Estimate
Drilling has already commenced in early May 2026 and will continue through mid-August 2026. A maiden Mineral Resource Estimate is targeted for Q1 2027, subject to successful Phase 2 outcomes.
| Drill Program | Holes | Metres | Status |
|---|---|---|---|
| Phase 1 (2025) | 14 | 3,780m | Complete |
| Phase 2 (2026) | Up to 45 | 13,700m | Ongoing |
Antimony Ridge: Antimony, Gold, Silver
Antimony Ridge is the second major target area within Horse Heaven. It hosts some of the highest antimony grades recorded anywhere in the United States and has a well-documented history of past production during both world wars and the Korean War.
Key facts:
- Mineralised footprint extended to 1,000m × 700m through soil sampling, open in all directions
- Rockchip samples returned up to 49.8% Sb, 1,420 g/t Ag, and 3.1 g/t Au
- Past trench sampling returned up to 19% Sb, 5.9 g/t Au, and 367 g/t Ag
- Over 60% of rock samples collected across the target returned above 1 g/t Au
- Past production of over 1,000 metric tonnes of antimony at grades of 45–46% Sb during WWI, WWII, and the Korean War
- High grades present direct shipping ore potential
Status: Plan of Operations in progress.
Johnson Creek Tungsten and Antimony Mill
Resolution Minerals completed the acquisition of the Johnson Creek Tungsten and Antimony Mill in March 2026. The facility is located on 15 acres immediately adjacent to the Horse Heaven tenement. It is the same mill that processed tungsten ore from Golden Gate in the 1950s through to the 1980s.
Preliminary sampling results from the stockpile (late 2025):
- Mini-bulk composite sample weight: 93.6 kg across six samples
- Tungsten grade: 1.85% WO₃
- Primary ore mineral: scheelite (CaWO₄), well understood metallurgically with a generally simpler processing pathway than other tungsten ore types
- Gangue mineral: quartz (>90%), positive for grindability and liberation of scheelite
- Arsenic at 97 ppm; molybdenum below detection; phosphorus below detection
Status: JORC upgrade underway. Detailed sampling and volumetric program in progress.
Financial Position
Resolution Minerals is in an active exploration and development phase. The Company does not yet generate revenue from production. Its financial position reflects the substantial capital investment made following the Horse Heaven Project acquisition in June–July 2025.
Balance Sheet (as at 31 December 2025)
| Item | 31 Dec 2025 | 30 Jun 2025 (Restated) |
|---|---|---|
| Cash and Cash Equivalents | A$15,205,583 | A$1,171,241 |
| Total Current Assets | A$20,861,907 | A$1,750,944 |
| Exploration and Evaluation Expenditure | A$62,963,117 | A$2,403,880 |
| Total Assets | A$83,905,981 | A$4,198,390 |
| Total Liabilities | A$5,330,349 | A$1,231,946 |
| Net Assets / Total Equity | A$78,575,632 | A$2,966,444 |
Equity and Capital Notes
Issued capital as at 31 December 2025 stood at A$115.20 million. The significant increase from A$37.33 million as at 1 July 2025 (restated) reflects the A$25.1 million capital raise completed in September 2025, along with shares issued in connection with the Horse Heaven acquisition.
Key balance sheet notes:
- Cash on hand of A$15.21 million as at 31 December 2025, up from A$1.17 million as at 30 June 2025 (restated)
- The A$25.1 million capital raise in September 2025 included participation from John Hancock’s Family Office, Astrotricha Capital SEZC, S3 Consortium (Stocks Digital), and directors
Resolution Minerals has stated that
Leadership Team
Management and Board
Craig Lindsay, CEO, US Operations
Craig Lindsay spearheads Resolution Minerals’ US operations, bringing over 30 years of deep-tier expertise in mergers and acquisitions, capital raising, and corporate development. A proven entrepreneur, Craig has successfully guided four separate ventures from their initial start-up phase through to high-value exits. Notable highlights of his track record include the development and subsequent sale of Otis Gold Corp to Excellon Resources Inc (TSX: EXN), and the strategic establishment and sale of Magnum Uranium Corp to Energy Fuels Inc (NYSE: EFR), now the leading developer and producer of uranium and vanadium in the United States. Craig is a CFA Charterholder and holds a BComm from the University of British Columbia alongside an MBA from Dalhousie University.
Aharon Zaetz, Executive Director
Aharon Zaetz is a lawyer and experienced director with expertise in corporate law, mergers and acquisitions, and business negotiation. He serves as the primary point of contact for Resolution Minerals.
On the Johnson Creek tungsten stockpile results, Zaetz commented:
“Confirming a high-grade 1.85% WO₃ result from the Golden Gate stockpile is a significant milestone for Resolution Minerals. The combination of strong grade, scheelite-dominant mineralisation and low impurity levels highlights the potential for a simple, low-cost processing pathway. Furthermore, given that Golden Gate has previously been mined for tungsten, and has supplied the US Government with critical metals for several war efforts during the 20th century, this presents a compelling opportunity to fast-track the stockpiles should further planned work prove positive.”
Board of Directors and Technical Team
| Name | Role |
|---|---|
| Aharon Zaetz | Executive Director |
| Mendel Rogatsky | Executive Director |
| Syed Hizam Alsagoff | Non-Executive Director |
| Jarek Kopias | CFO / Company Secretary |
| Craig Lindsay | CEO, US Operations |
| Bill Breen | Technical Lead |
| Eric Klepfer | US Permitting Specialist |
| Austin Zinsser | Lead Consulting Geologist |
| Alan Roberts | Technical and Geological Advisor |
| Dr Adam Roper | Chief Metallurgist |
Brett Lynch and Steve Promnitz serve as Strategic Advisors. Both are respected mining executives who built ASX companies from start-up to A$3–4 billion market value in the Americas. Roth Capital Partners has been engaged as the lead North American advisor for a prospective NASDAQ listing.
Share Price and Market Information
Resolution Minerals is currently trading at A$0.055 per share, with a market capitalisation of approximately A$122.75 million.
The 52-week range is A$0.011 to A$0.150 per share. The low end reflects where the stock traded before the Horse Heaven acquisition was announced in June 2025. The re-rating that followed was driven by the acquisition itself and then the Phase 1 gold discovery at Golden Gate shows how quickly the market responded to a genuine critical minerals story in one of the most politically favourable environments the sector has seen in decades.
The current price sits well below the 52-week high. The near-term catalysts the market will be watching include Phase 2 drilling results as they flow through mid-August 2026, the JORC upgrade of the Johnson Creek tungsten stockpile, and progress toward a maiden Mineral Resource Estimate at Golden Gate.
Capital Structure Notes
- Resolution Minerals does not currently pay a dividend
- A$25.1 million was raised in September 2025 from institutional investors, including John Hancock’s Family Office and Astrotricha Capital SEZC
- The Company is secondarily listed on the OTCQB market under the ticker RLMLF
- Roth Capital Partners is engaged as the lead North American advisor for a prospective NASDAQ listing
Strategy and Future Outlook
Resolution Minerals’ strategy is built around three clear pillars: defining the full scale of the Golden Gate gold system through Phase 2 drilling, fast-tracking tungsten production from the Johnson Creek stockpile, and advancing Antimony Ridge toward a drill program that confirms its resource potential.
Pillar 1: Define Golden Gate and Advance to Resource
The 45-hole Phase 2 drill program is the Company’s most important near-term activity. It builds on a Phase 1 campaign where every hole returned gold from the surface, a result that strongly indicates a large, continuous system rather than a patchy deposit.
Phase 2 will systematically test strike extensions between Golden Gate North and South, probe depth extensions below existing holes, and target tungsten mineralisation at Golden Gate North. Results will flow continuously through mid-August 2026.
A maiden JORC-compliant Mineral Resource Estimate at Golden Gate is targeted for Q1 2027, subject to successful Phase 2 outcomes. This milestone is the defining catalyst for the Company’s next development stage.
Pillar 2: Fast-Track the Johnson Creek Tungsten Stockpile
The Johnson Creek stockpile holds approximately 2,000 metric tonnes of tungsten ore at a preliminary grade of 1.85% WO₃. The Company is advancing a detailed sampling and volumetric program to potentially upgrade the stockpile to JORC-code 2012 compliance.
Tungsten prices have surged from under US$400 per metric tonne to approximately US$2,200 per metric tonne currently. The US government is actively working to rebuild its tungsten supply chain as part of a broader US$12 billion initiative to stockpile critical minerals. Near-term offtake discussions are already underway.
Pillar 3: Advance Antimony Ridge
A Plan of Operations is in progress to cover drilling and bulk sampling of Antimony Ridge’s near-surface, high-grade antimony mineralisation. Given that the US currently lacks domestic antimony production and China imposed an export ban in December 2024, the strategic value of establishing a high-grade domestic antimony resource has rarely been higher.
Regulatory Tailwinds Supporting All Three Pillars
| Policy / Event | Impact on Resolution Minerals |
|---|---|
| China’s antimony export ban to the USA (Dec 2024) | Directly elevates the strategic value of Antimony Ridge and Horse Heaven |
| White House executive orders on critical minerals (Mar 2025) | Accelerates permitting; increases demand for domestic suppliers |
| Big Beautiful Bill: US$5 billion for critical minerals | Potential non-dilutive funding pathway |
| FAST-41 permitting acceleration | Reduces regulatory timeline for expanded drill programs |
| US DoD investment in adjacent Stibnite project (US$74M+) | Validates Idaho antimony; sets a precedent for Horse Heaven |
| Tungsten price surged to US$2,200 per metric tonne | Strengthens the economics of the Johnson Creek stockpile and Golden Gate |
| Gold at record prices | Supports the economic case for the Golden Gate gold resource |
Upcoming Milestones
- Steady flow of assay results through mid-August 2026
- Detailed stockpile sampling and volumetric survey at Johnson Creek
- Potential JORC upgrade of tungsten stockpile
- Antimony Ridge Plan of Operations: drilling and bulk sampling
- Ongoing metallurgical test work scaled to drilling progress
- Maiden Mineral Resource Estimate at Golden Gate, targeted Q1 2027
Competitors and Industry Position
The Critical Minerals Market
The global antimony market is under severe and structural supply pressure. China controls approximately 80% of processed antimony supply and banned all exports to the United States in December 2024. China, Russia, and Tajikistan together account for roughly 90% of global mine production. The US has no viable domestic antimony production today.
Tungsten faces a parallel challenge. China produces over 60% of global tungsten. Supply is tight globally and prices have surged sharply. The US relies almost entirely on imports for both metals, a growing national security vulnerability that Washington is now actively working to address.
Gold continues to trade near record levels, driven by global volatility, geopolitical uncertainty, and central bank demand. Silver traded at 14-year highs in September 2025. All four commodities at Horse Heaven are benefiting from the same macro environment simultaneously.
Key Competitors
| Company | Ticker | Project | Relevance to RML |
|---|---|---|---|
| Perpetua Resources | NASDAQ: PPTA | Stibnite Gold-Antimony, Idaho, USA | Direct neighbour; geological analogue; ~A$2B market cap |
| Almonty Industries | TSX: ALL | Various (Global) | Tungsten production; established operator |
| Fireweed Metals | TSX: FWZ | Macmillan Pass, Yukon, Canada | Tungsten and zinc explorer |
| Arizona Sonoran Copper | TSX: ASCU | Various, Arizona, USA | US-focused critical minerals peer |
How Resolution Minerals Competes
Location Is the Defining Advantage
Horse Heaven is located adjacent to the Stibnite Gold-Antimony Mine, the only known domestic military-specification antimony resource in the United States. Resolution Minerals is the only ASX-listed company with antimony exposure directly adjacent to Perpetua Resources. That adjacency is not something a competitor can replicate, the land position is locked in.
Processing Infrastructure Already in Place
The acquisition of the Johnson Creek Tungsten and Antimony Mill gives the Company something most explorers do not have: a physical processing facility already built and sitting on the same land package. That has the potential to compress the timeline from discovery to production in a way that most comparable companies simply cannot match.
Team Depth in Idaho
Austin Zinsser spent 12 years as Senior Resource Geologist at Perpetua’s Stibnite Project, helping the Company grow from A$50 million to over A$2 billion in market value. Bill Breen has worked on Horse Heaven for over 15 years. Eric Klepfer brings over 30 years of Idaho-based permitting experience. This is not a team that is coming to Idaho for the first time.
Conclusion and Summary
Resolution Minerals (ASX: RML) is strategically positioned within the US critical minerals sector at a time of significant market transformation. The Company holds 100% ownership of the historically significant Horse Heaven Project in Idaho, directly bordering North America’s only permitted gold-antimony mine.
Following a Phase 1 campaign at Golden Gate where gold was intersected from the surface in every hole, Resolution has commenced its most ambitious Phase 2 exploration program to date. Complementing this exploration is the recently acquired Johnson Creek processing facility and a high-grade tungsten stockpile, providing a potential fast-track to production and revenue.
The Investment Case Rests on Three Things
1. Phase 2 Drilling at Golden Gate
If Phase 2 results replicate or exceed Phase 1, the Company will have the foundation for a maiden resource and a credible geological comparison to Perpetua’s Stibnite Project next door. This is the primary catalyst.
2. The Johnson Creek Tungsten Stockpile
A preliminary grade of 1.85% WO₃ on approximately 2,000 metric tonnes of historical stockpile, at a time when tungsten prices sit near US$2,200 per metric tonne, creates a potential near-term revenue pathway that changes the economic profile of the project meaningfully.
3. Structural Tailwinds That Are Not Going Away
China’s antimony export ban, the US government’s critical minerals funding commitments, and record gold prices are not short-term events. They are structural shifts that favour domestically positioned critical minerals companies.
Resolution Minerals is one of a very small number of ASX-listed companies with a permitted, production-history US critical minerals project directly adjacent to a mine backed by the US Department of Defence.
The risks are real. The Company has no JORC-compliant resource yet. It is in an active exploration phase with ongoing cash burn. Phase 2 drilling outcomes are not guaranteed. Investors should weigh these carefully.
But for those seeking early-stage exposure to the US critical minerals theme, specifically antimony, tungsten, and gold, Resolution Minerals offers a specific, asset-backed, and geopolitically relevant proposition that is hard to find elsewhere on the ASX.
Frequently Asked Questions
Resolution Minerals (ASX: RML) is an Australian-listed mineral exploration company advancing the 100%-owned Horse Heaven Gold-Antimony-Tungsten-Silver Project in Valley County, Idaho, USA. The Company is targeting an end-to-end domestic supply of critical minerals to the US defence industry, with a focus on gold, antimony, and tungsten.
All exploration and development activity is in Idaho, USA. The Horse Heaven Project covers 699 federal lode mining claims across 5,644 hectares. The Company also owns the Johnson Creek Tungsten and Antimony Mill, which sits adjacent to the Horse Heaven tenement.
Golden Gate is a large, continuous gold-tungsten-antimony system confirmed by Phase 1 drilling, where every hole returns gold from the surface. Antimony Ridge hosts some of the highest antimony grades recorded in the United States, with a documented production history and a large mineralised footprint at surface.
Phase 1 comprised 14 diamond holes totalling 10,100 ft. Every hole intersected gold mineralisation from the surface. All holes remain open at depth. Key intercepts included 253m at 1.5 g/t Au and 197.5m at 1.26 g/t Au. Tungsten was also confirmed at Golden Gate. Phase 2 up to 45 holes across 13,700 metres, is fully permitted and drilling has commenced in early May 2026.
Antimony is classified as a critical metal essential to US national security. It is used in munitions, missiles, night vision goggles, flame-retardant materials, solar panels, and batteries. China controls approximately 80% of the global processed supply and banned all exports to the United States in December 2024. The US has no domestic antimony production today. Antimony Ridge at Horse Heaven has returned rockchip samples of up to 49.8% Sb from the surface.
The Johnson Creek stockpile comprises approximately 2,000 metric tonnes of tungsten ore mined from Golden Gate and undisturbed since the 1980s. Preliminary sampling confirmed a grade of 1.85% WO₃, well above the global average mined tungsten grade of 0.15% to 0.20% WO₃. The ore mineral is scheelite, impurity levels are low, and the gangue is predominantly quartz, pointing to a potentially simple, low-cost processing pathway.
Not yet. The Company is working toward a maiden JORC-compliant Mineral Resource Estimate at Golden Gate, targeted for Q1 2027, subject to successful Phase 2 drilling outcomes.
As at 31 December 2025, Resolution Minerals held A$15.21 million in cash. Total assets were A$83.91 million, including A$62.96 million in exploration and evaluation expenditure. Total equity was A$78.58 million. Total liabilities were A$5.33 million. The Company raised A$25.1 million in September 2025 and has stated that its medium-term work programs are fully funded.
US operations are led by Craig Lindsay as CEO, who has over 30 years of M&A and corporate development experience and has led four companies to successful exits. Aharon Zaetz serves as Executive Director. The technical team includes Bill Breen as Technical Lead (15+ years at Horse Heaven), Austin Zinsser as Lead Consulting Geologist (12 years at Perpetua’s Stibnite Project), and Eric Klepfer as US Permitting Specialist.
No. Resolution Minerals does not currently pay a dividend. The Company is in an active exploration and development phase and directs available capital toward the Phase 2 drill program, the Johnson Creek stockpile development, and working capital.
Resolution Minerals is pursuing a NASDAQ listing and has engaged Roth Capital Partners, a US investment bank that has raised over US$100 billion for small-cap public companies, as its lead North American advisor. The Company is currently also listed on the OTCQB market under the ticker RLMLF.
The most relevant peer is Perpetua Resources (NASDAQ/TSX: PPTA), which owns the directly adjacent Stibnite Gold-Antimony Mine. Stibnite holds Proven and Probable Mineral Reserves of 4.8 million ounces of gold in measured and indicated reserves and is the only known domestic mil-spec antimony resource in the United States. Resolution Minerals is the only ASX-listed company with antimony exposure adjacent to Perpetua.
Resolution Minerals announced the Horse Heaven acquisition on 11 June 2025. Shareholder approval was received on 25 July 2025, and the acquisition was completed on 30 July 2025.