Ahead of Trump meeting, RML also receives official request from Ambassador to provide briefing

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 29,821,263 RML Shares and 29,679,160 RML Options at the time of publishing this article. The Company has been engaged by RML to share our commentary on the progress of our Investment in RML over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs.

This is the second stock in our Portfolio in 24 hours to get an official request from the Australian Ambassador to the United States, Kevin Rudd.

Resolution Minerals (ASX:RML) was requested by His Excellency, The Hon Dr Kevin Rudd AC to provide a briefing on its gold, antimony and tungsten project in Idaho, USA...

... ahead of Australian Prime Minister Anthony Albanese’s meeting with US President Donald Trump on the 20th of October 2025.

(We will happily brief the Prime Minister on all our US critical metals and silver stocks if he needs it)

RML’s project is directly next door to the US national antimony champion, the $4.5BN capped Perpetua Resources.

RML’s project has historically:

• Produced antimony during World War 1
• Produced more antimony during World War 2
• Produced more antimony in the 1960s
• Produced tungsten between the 1950-80s (earlier this year China put export restrictions on tungsten and pushed those prices to 10+ year highs too).

AND

• Drilling in 1986, 1987 and 1994 hit gold intercepts as thick as ~85.34m at average grades of 0.937g/t gold.

The project also has a historic non-JORC gold resource estimate of 261,000 ounces.

RML just finished its first round of drilling to bring that resource into JORC compliance, with assays pending.

Just as the US government is keeping a “watchful eye” on Australia’s critical minerals industry...

(Source)

And the US government is looking to do deals with Australian critical minerals companies...

(just like it has done with US based MP Materials and Lithium Americas).

(Source)

And BREAKING NEWS overnight:

JP Morgan just unveiled a US$1.5 trillion plan to invest in “industries deemed critical to the U.S national interest”...

... With plans to make US$10BN in direct equity and venture capital investments into US based companies...

RML has already appointed Roth Capital (the guys who led Perpetua’s capital raises) for a NASDAQ listing...

(Source)

We have been saying for a while now that it felt like the whole US critical minerals macro thematic was building up toward a big turning point...

Last night’s JP Morgan news might just be the flood gate opener for the giant waves of capital to come into the sector.

US$1.5 trillion (from just JP Morgan) is a LOT of cash...

Lets also not forget the US government is only just getting started with two direct investments into mining companies made so far and a commitment to do more...

(Source)

And the Pentagon is getting ready to go on a $1BN critical minerals buying spree:

(Source)

Is the great rotation from tech into metals and mining in the US finally happening?

(source)

RML’s project has three critical minerals

One of the biggest critical minerals in focus for the whole US critical minerals thematic has been antimony.

Antimony is used to strengthen bullets to make them military spec and it was one of the first commodities to run in response to Chinese export restrictions.

90% of global antimony supply is controlled by China, Russia and Tajikistan.

The US currently has ZERO local antimony production... yet has the world's biggest military.

In December last year, China slapped export controls on antimony and the antimony price more than 6x’ed off the back of that to all time high prices.

RML’s project is next door to the US antimony national champion - $4.5BN Perpetua Resources.

Perpetua is actually up ~25% in the last two days after that rollercoaster of emotions between Trump and Chinese president Xi over the weekend:

(Source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

To date, Perpetua Resources has received ~US$2BN in funding support from the government to get its gold-antimony project back into production.

Its project last operated during WW2 and was producing 90% of US antimony supply...

Now the mine is scheduled to return to production in 2028 - once online it will produce ~30% of US antimony supply.

RML was the first ASX listed company to pick up projects next to Perpetua.

It’s possible the US government is already aware of what the company is doing...

If they aren’t aware - then we are hoping the briefing to Kevin Rudd ahead of the Trump-Albanese meeting gets it there.

So what could happen after Albanese meets with Trump?

RML was requested to provide the following info to Dr Kevin Rudd:

(Source)

In response, RML said it had “Completed a comprehensive dossier and submitted it to the Australian embassy in Washington DC and to His Excellency, The Hon Dr Kevin Rudd AC”.

Allow us to speculate for a few moments (ok more than we already do)...

The best case scenario here for RML is that Rudd likes what he sees and tells Australian Prime Minister Anthony Albanese about the project.

Then Albanese brings it up in conversations with Trump and his team.

And RML enters the Trump orbit (for a second time... remember that Trump Brothers Dominari deal that came and went?).

AND maybe, just maybe, Trump or Albanese put up a Truth Social/X post about RML’s project...

Leading to a wave of capital inflows into RML (maybe even some sort of funding deal with the US government or a strategic investor).

A vague mention of RML’s project by Trump on social media might sound small, but there is a precedent for the impact it has on companies valuations...

The last time an ASX listed small cap saw its project mentioned by Trump it triggered a 200x run in the company’s share price (Dateline Resources).

Dateline was capped at $7.5M back in February this year, now it’s capped at ~$1.9BN.

(Source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Worst case scenario, RML’s project gets a spot rent free inside Kevin Rudd’s brain...

And maybe the next time someone in the US starts talking about antimony he remembers RML and brings it up in conversation...

We were just on site with RML

One of our analysts just got back from a site visit to RML’s project.

Check out the full site visit write up here: $25.1M raised... and we just got back from a site visit - here’s what we learnt

He was there the week before Perpetua Resources welcomed government and military officials to its project for a ribbon cutting ceremony:

(Source)

Here is a breakdown of all the key takeaways from our site visit write up:

• What I saw on my visit to RML’s Horse Heaven project in Idaho
• First stop, base camp at Yellow Pine
• Meeting Bill Breen, the father of the intrusive mineralisation theory
• From Yellow Pine Camp to the Perpetua’s Stibnite Project
• What is the drilling plan right now for RML?
• Antimony Ridge - RML’s next drill campaign

10 Reasons why we are Invested in RML

Below are the 10 reasons why we Invested in RML, which we first published when we first Invested in RML on the 11th of June 2025.

Check out our full initiation note from then here.

A lot has happened since then so we have included brief updates under some of the reasons.

1. USA-based Gold, Antimony, Tungsten and Silver project - Strong macro theme

RML has exposure to three of our current favourite macro themes.

Critical/defence minerals (antimony and tungsten), precious metals (gold and silver) and USA based resource projects.

RML’s project has a non-JORC historical gold resource of ~286k ounces.

2. RML’s project was historically mined for antimony & tungsten

RML’s project produced antimony in the early 1920s and tungsten between 1971 and 1985.

The project has been drilled several times over the last few decades but none of the modern exploration assayed for antimony or tungsten.

Rock chip sampling on site is showing RML’s project could host gold-silver-antimony and tungsten mineralisation.

3. RML is next door to the largest antimony project in North America owned by A$2BN Perpetua Resources

Perpetua has received almost $2BN in funding support from the US government and is building a high grade, low cost gold mine which will also be the biggest producer of antimony in the USA.

Perpetua’s project will be the only source of antimony production in the USA and will be producing over 450k ounces of gold per annum.

Perpetua is up by over 1,000% over the last 24 months and RML is right next door.

🚨UPDATE:

Perpetua’s market cap is now up to ~$4.5BN...

Since we added RML to our Portfolio, Perpetua’s market cap has more than doubled.

(Source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

4. RML’s project could have the same geology as Perpetua Resources

RML’s exploration theory is based around its project being part of an "Intrusion Related Gold System” (sometimes referred to as an IRGS).

RML’s theory is that whatever source structure generated Perpetua’s resource, could also be pushing out mineralisation into RML’s ground.

🚨UPDATE:

Here is our interpretation of the theory:

5. US based critical metals projects attracting attention and capital on the ASX

Over the last 8 weeks, Dateline Resources (DTR) has run by over 5,000%, Trigg Minerals has run by ~300%, and Locksley Resources (LKY) is up more than 600%.

Concerns over Chinese export bans and the Trump administration loosening permitting handbrakes have meant ASX investors are more willing to buy into US based critical minerals projects.

The market is currently rewarding US based critical metals projects - RML could also attract this capital inflow to fund progress at its project.

🚨UPDATE:

Since we first announced our Investment in RML there has been a bunch of new junior entrants into the US. These days anything with ground in the US is re-rating to $20-30M market caps pretty quickly.

The ones who were there first are being given much larger valuations like RML, our other Investment LKY and of course Dateline Resources which is capped at almost $2BN now.

(Past performance is not an indicator of future performance)

6. Critical military metals antimony and tungsten are both at record high prices

Right now, about 85% of antimony supply comes from China, Russia and Tajikistan.

China is the biggest supplier at ~55% of global supply... and ~6 months ago it threatened export controls on antimony supply which sparked a rally to new all time highs.

China also dominates ~80% of the global tungsten market and perceived supply risk has taken tungsten prices to 12 year highs.

7. Precious metals Gold at record high, silver price breakout last 72 hours

Gold is currently trading near all time highs and is up ~100% over the last 12 months.

Silver is also breaking out above 14 year highs AND it looks like it wants to run to new all time highs.

🚨UPDATE:

Since we first announced our Investment in RML gold prices are up by over US$700 (~20%) per ounce and silver is up almost US$15 per ounce (~40%):

8. Drill permits already granted for a 57 hole drill program

RML already has drilling permits granted and can start drilling straight away.

Drill permits in the US can take months to get and can mean investor attention starts to move away from a company because of the long lead times.

RML wont have any of this and can start drilling immediately.

🚨UPDATE:

RML just completed its first round of drilling, has reported on visuals already and assays from the first batch of holes are now pending.

9. Potential to fast-track project development with favourable US government policy

There are a number of Executive Orders that Trump has released since being in office that have encouraged domestic production of critical minerals.

Including, the Immediate Measures to Increase American Mineral Production, and nominating a number of projects for the FAST-41 program.

This program improves the timeliness and transparency of federal environmental reviews for infrastructure projects.

Although RML’s project is still at the exploration stage, if the company can define a meaningful resource, then larger investors who are interested in building a mine will know that there is an expedited pathway through to development.

10. Potential to obtain non-dilutive U.S. Government funding

Next door neighbour Perpetua Resources has received commitments from the US government for almost US$2BN to get its projects online.

We think there is a chance RML receives US government support for its project.

We looked at the buyout terms the vendors paid to the previous owners of this project and saw that there was a milestone payment tied to government funding support >US$5M. Clearly this was something the old owners thought was possible...

(Source)

🚨UPDATE:

We came across a webinar with RML’s CEO of US operations Craig Lindsay where he specifically mentioned the potential for “non dilutive funding from the US defence industry” and that RML “wants to drill 25,000m next year”...

(Check out the full interview here - Source)

Ultimately, we are hoping that a combination of the above reasons help RML achieve our Big Bet which is as follows:

Our RML Big Bet:

“RML to re-rate to $200M market cap on the back of strong drill results and maiden resource, plus continued interest and capital flows into the USA critical metals thematic”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our RML Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

What’s next for RML?

🔄 Drilling results

RML said today that the first phase of drilling had been completed and that results will be released as soon as they become available.

(Source)

🔄 Complete NASDAQ listing

RML has hired Roth Capital to support with a US NASDAQ listing.

🔲 Maiden Resource Estimate

RML is targeting a gold resource by 2026 using the holes from this drill campaign.

RML already has a non-JORC resource estimate of 261,000 ounces of gold at Golden Gate at 0.93g/t.

🔲 Sampling and metwork programs

RML will undertake column leach met testing on Golden Gate core samples as well as met testing on the tungsten ore picked up from the mill stockpile.

What are the risks?

RML just finished drilling so the main risk we see for RML is “exploration risk”.

Exploration risk is fairly straightforward.

There is no guarantee RML will find economic mineralisation, or mineralisation that warrants follow up drilling.

If that were to happen we would expect the RML share price to trade lower.

Exploration risk

There is no guarantee that RML’s upcoming drill programs are successful. RML may fail to find economic deposits of gold, antimony or tungsten.

Source: “What could go wrong?” - RML Investment Memo 11 June 2025

Other Risks

Like any stock market investment, investing in RML carries a multitude of risks which may affect the value of the company, some which are unable to be identified (this is the nature of risks).

Here we aim to identify a few more risks.

The company’s primary asset is a pre-discovery gold-antimony-tungsten-silver exploration project and it is possible that RML makes no economic resource discovery.

RML is also highly sensitive to fluctuations in commodity prices.

A sustained downturn in these prices could materially impact the project’s economic viability and the ability of RML to raise cash to finance exploration.

RML is a highly speculative investment which rallied significantly over June and July, and even despite the early August sell off, the current share price may already reflect future upside.

As mentioned above, the company is reliant on capital markets to fund development, and any capital raise may dilute existing shareholders.

Finally, regulatory, environmental, and permitting risks in the US jurisdiction - while generally stable - may delay or adversely affect development.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our RML Investment Memo

You can read our RML Investment Memo in the link below.

We use this memo to track the progress of all our Investments over time.

Our RML Investment Memo covers:

• What does RML do?
• The macro theme for RML
• Our RML Big Bet
• What we want to see RML achieve
• Why we are Invested in RML
• The key risks to our Investment Thesis
• Our Investment Plan