Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) (“Resolution” or the “Company”) has announced a $2 million exclusive placement from Tribeca Investment Partners, a global fund manager specialising in natural resources. The placement, priced at 8 cents per share, comes just weeks after the Company raised approximately $25 million and signals growing institutional confidence in Resolution’s Horse Heaven Project in Idaho.
The investment from Tribeca, which actively allocates capital to the U.S. critical minerals sector, validates Resolution’s position as a potential front-runner in developing domestic critical mineral assets for America’s supply chain.
Strategic Backing Arrives at Critical Time
Tribeca’s commitment comes at a pivotal moment for Resolution. The Company has been asked by the Australian Embassy to provide information on the Horse Heaven Project to Prime Minister Anthony Albanese ahead of his meeting with President Trump. Critical minerals and strategic cooperation are expected to be key discussion points. The Horse Heaven Project’s historical role in supplying antimony and tungsten to the U.S. Government during World War I, World War II, and the Korean War underscores its strategic significance.
Figure 1: Horse Heaven Project location map showing proximity to Perpetua Resources’ Stibnite Gold Project
Deal Structure and Capital Use
Under the placement terms:
- Tribeca will receive 25 million shares at 8 cents each under Resolution’s existing 7.1A placement capacity
- Subject to shareholder approval, Tribeca will also receive 25 million options with a 10-cent strike price and three-year expiry
- Oakley Capital Partners Pty Limited acted as Lead Manager and will receive a 6% fee
The Company intends to allocate the capital across several strategic initiatives, including exploration of downstream critical mineral processing opportunities, continuation of the drilling program at Horse Heaven, implementation of future drilling and surface sampling activities, identification and acquisition of additional strategic assets, advancement of ongoing exploration projects, and support for general working capital requirements.
Horse Heaven: A District-Scale Opportunity
The Horse Heaven Project spans 729 federal lode mining claims covering over 14,580 acres in Idaho’s Valley County. The Project sits adjacent to Perpetua Resources Corp’s (NASDAQ: PPTA; market cap A$4 billion) Stibnite Gold Project, which is set to become one of America’s largest high-grade, low-cost gold mines.
Figure 2: Stibnite Gold Mine’s impressive credentials
Measured and indicated gold reserves position it as a top-tier U.S. gold mine. Once in production, it will be America’s only domestic antimony source
Horse Heaven shares its eastern boundary with Stibnite and will benefit from infrastructure upgrades, including a new access road and transmission line being built to support the larger mine.
The Project hosts several high-priority targets including the Golden Gate and Antimony Ridge prospects. Historical shallow drilling confirmed mineralisation from surface, with recent rock chip sampling returning impressive grades.
Supply Security Takes Centre Stage in Critical Minerals Market
The timing of Tribeca’s investment reflects the growing urgency around critical minerals security. The U.S. currently has no primary antimony production, with over 80% of imports coming from China. Tungsten supply faces similar concentration risks.
Antimony Market Outlook:
According to Grand View Research, the global antimony market is projected to grow from USD 2.17 billion in 2023 to USD 3.30 billion by 2030, representing a CAGR of 6.1%. The metal’s critical role in flame retardants, lead-acid batteries, and semiconductors makes it essential for both legacy and emerging technologies.
Figure 3: Antimony Market Size
Tungsten Market Dynamics:
The tungsten market is forecast to expand from USD 1.86 billion in 2024 to USD 2.84 billion by 2033 at a 4.7% CAGR. Primary applications include hard metals, tooling, and electronics, with the Asia Pacific region dominating demand.
These market fundamentals, combined with bipartisan U.S. political support for reshoring mineral supply chains, create a favourable backdrop for Horse Heaven’s development.
Exploration Programme Advances
Phase 1 drilling at Horse Heaven has been completed, with results expected to be released as they become available. The Company is deploying a multiprong exploration strategy including:
- Stream sediment sampling programme
- Ongoing geological mapping
- Rock chip sampling campaigns
- Studies feeding into a new Plan of Operation for expanded exploration
Resolution is also progressing its downstream processing strategy, with updates expected in due course.
Investor Outlook
Resolution Minerals continues to demonstrate strong market momentum as institutional interest grows.
Figure 4: Resolution Minerals Share Price
Share Performance (as of 21 October 2025):
- Current Price: $0.115
- Market Capitalisation: $154.64 million
- 52-Week Range: $0.007 – $0.128
The stock has significantly outperformed both the broader ASX 200 index and sector peers, reflecting investor confidence in the Company’s U.S. critical minerals strategy.
Looking Ahead
With Phase 1 drilling results pending and multiple exploration programmes underway, Resolution is advancing on several fronts. The Company’s progression toward becoming a key supplier of critical minerals to the U.S. Government represents a compelling value proposition. As critical minerals take centre stage in U.S. strategic planning, companies like Resolution with advanced projects in established mining jurisdictions stand to benefit. Investors will be watching closely for upcoming drill results and further strategic developments as Resolution continues to build momentum in America’s critical minerals renaissance.
