Resolution Minerals Ltd (ASX: RML; OTCQB: RLMLF) (“Resolution” or the “Company”) has announced a strategic acquisition that positions the Company to become one of the few antimony and tungsten producers in the United States with integrated processing capabilities. On 31st October 2025, the Company entered into a binding agreement to acquire the Johnson Creek Tungsten & Antimony Mill and Antimony Camp properties, sitting on 25 acres of private land directly adjoining its Horse Heaven Project in Idaho.
The acquisition comes at a time when the U.S. Administration faces critical supply challenges for defense-essential antimony and tungsten. With over 80% of U.S. antimony currently imported from China and no domestic primary production, Resolution’s move addresses a national security imperative.
A Strategic Asset Adjacent to a A$4 Billion Project
The properties sit immediately adjacent to Perpetua Resources Inc’s Stibnite Gold Project, which carries an approximate market capitalisation of A$4 billion. Perpetua’s project boasts around 6 million ounces of measured and indicated gold reserves, with antimony and tungsten as valuable by-products. During World War II and the Korean War, Stibnite accounted for 90% of total U.S. antimony production.
Resolution’s acquisition delivers several material strategic advantages. Most importantly, it provides a potential fast-track to antimony and tungsten production without the years typically required to permit and construct new processing facilities. The Company has already initiated metallurgical testing of high-grade Horse Heaven antimony samples and is assessing methods to restart processing in the short term.
Infrastructure Ready for Near-Term Production
The Johnson Creek Mill was originally built in the 1950s to process tungsten from the Golden Gate Mine. Records indicate 1,814 tons of tungsten were mined and milled during that decade, with an average grade of 1.5% WO₃. Once operational, the mill will make Resolution one of the few companies in the U.S. with in-house processing capability for antimony, tungsten and gold.
The 15-acre Johnson Creek Mill site includes:
- Processing mill facility rated at 50 tons per day of ore throughput
- Original machinery and equipment (condition to be evaluated during due diligence)
- Metal building and multi-use storage structures
- Four fuel tanks and a metal water storage tank
- Electrical power supply
- Industrial Water Right No. 77-10106, allowing diversion of 0.1 cubic feet per second (approximately 53,817 gallons per day or 60.32 acre-feet per year)
The 10-acre Antimony Camp property provides essential support infrastructure with five buildings totalling over 3,700 square feet. The main shop building features roll-up garage doors, concrete flooring with embedded steel rails for heavy equipment, and steel frame support systems. Three additional wooden structures and a log cabin are fully powered and suitable for staff accommodation and operations support.
Brett Lynch, Senior Strategic Adviser to Resolution, commented: “I see this as a pivotal point for RML to establish itself as a leader in addressing the U.S. Administration’s immediate need to secure antimony and tungsten for national security requirements. Horse Heaven is a unique deposit, as it has demonstrated strong evidence of three valuable commodities present on site — antimony, tungsten, and gold. This move toward production status catapults RML into pole position when approaching the U.S. Government for permitting, funding, and offtake negotiations.”
Figure 2: Brett Lynch, Senior Strategic Adviser to Resolution
Historic Tungsten Stockpiles Included
The acquisition includes two historic tungsten ore stockpiles that remain on site from past milling operations. The northern stockpile measures approximately 14 to 35 feet wide, 46 feet long, and 3 to 10 feet high. The larger southern stockpile spans roughly 50 feet wide, 70 feet long, and 5 to 15 feet high on sloping ground.
These stockpiles contain tungsten ore previously mined at the former Golden Gate Tungsten Mine but never processed. Historical records show that in 1980, Moneca Mining extracted about 1,900 tons of ore and 5,000 tons of waste at Horse Heaven. These 1,900 tonnes of ore largely make up the stockpiles now being acquired by Resolution.
Transaction Terms and Timeline
Resolution has entered into a binding sale and purchase agreement to acquire 100% of shares in Remington Capital Corporation, a Canadian-incorporated entity that holds an option to acquire the Johnson Creek Tungsten & Antimony Mill and Antimony Camp properties.
Under the agreement, Resolution will:
- Reimburse US$50,000 for the deposit paid on the option.
- Pay US$1.25 million in cash to the property owner of Johnson Creek Tungsten & Antimony Mill, and Antimony Camp properties;
- Issue 70 million fully paid ordinary shares (Consideration Shares).
- Issue 35 million options with an exercise price of $0.10 and expiry of 30 November 2029 (Consideration Options).
The Consideration Shares and Options will be issued in three tranches: one-third freely trading, one-third subject to a three-month holding lock, and one-third subject to a six-month holding lock from completion.
The Company has also agreed to pay a 10% facilitation fee to Oakley Capital Partners Pty Limited through the issue of 7 million shares and 3.5 million options, subject to shareholder approval.
The transaction remains subject to completion of due diligence, exercise of the option, and approval from Resolution’s shareholders at a general meeting. The cash component of approximately US$1.25 million will be funded from existing cash reserves. Completion is expected in late November or early December 2025.
A Legacy of Critical Minerals Production
Horse Heaven Project carries significant historical importance. During World War I and the period from 1926 to 1927, several rail cars of antimony were produced from an open pit at Antimony Ridge. During World War II, the U.S. Bureau of Mines reported additional railcar loads of antimony shipped for the war effort, with further production continuing into the 1960s.
The Golden Gate area was mined intermittently for tungsten from the 1950s through approximately 1980, using both open-pit and underground operations. In 1973, Electric Metals Company Inc. reportedly mined and milled 227 tons of tungsten from Golden Gate with an average recovery of 2.03% WO₃, including mining dilution and mill recovery.
Operations ceased not due to ore depletion, but rather due to a lack of demand when the Stibnite Mine, mill and smelter closed in 1952. This historical context underscores the potential for renewed production given today’s critical minerals shortage.
Positioning for U.S. Government Support
The strategic timing of this acquisition cannot be overstated. The U.S. Department of Defense has identified antimony and tungsten as critical to national security. With minimal domestic production capacity and supply chains heavily dependent on China, the U.S. government has signalled strong support for domestic critical minerals projects.
Figure 4: Global Antimony Market Size
Resolution’s acquisition positions the Company to pursue various forms of government support, including:
- Fast-tracked permitting pathways for strategic minerals projects
- Potential Department of Defense funding under the Defense Production Act
- Offtake agreements with government agencies
- Partnership opportunities with established U.S. defense contractors
The Company is actively engaging with U.S. stakeholders to explore grant funding and strategic partnership opportunities. The Johnson Creek Mill’s existing infrastructure and the project’s proximity to Perpetua’s infrastructure upgrades, including a new access road and high-voltage transmission line, strengthen Resolution’s development timeline.
Investor Outlook
Resolution Minerals continues to demonstrate strong momentum in its transformation into a U.S. critical minerals developer. The Company’s strategic appointments of Mr Brett Lynch and Steve Promnitz as Senior Strategic Advisers, combined with the naming of Mr Craig Lindsay as CEO of U.S. Operations, reflect its serious commitment to the North American market.
As of 31st October 2025, Resolution Minerals Limited was trading at $A0.099 per share, with a 52-week range of $A0.007 – $A0.150. The Company has a market capitalisation of $A149.24 million.
Figure 5: Resolution Minerals Share Price Chart
The acquisition represents a material step in Resolution’s strategy to become a vertically integrated U.S. producer of defense-critical minerals. With the processing infrastructure secured, historic stockpiles ready for evaluation, and a clear path to near-term production, the Company is well-positioned to capitalise on the urgent need for domestic antimony and tungsten supply.
For investors seeking exposure to the U.S. critical minerals renaissance, Resolution’s combination of strategic assets, experienced leadership, and government-aligned objectives presents a compelling opportunity in an increasingly supply-constrained market.
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