RML: Drilling early next month - Antimony, gold, silver, tungsten in USA next door to ~$2BN Perpetua Resources. Perpetua geologist joins RML…

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 23,076,922 RML shares and 24,038,460 RML Options at the time of publishing this article. 4,295,863 shares and 14,647,931 options disclosed are subject to approval. 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 and does not constitute personal advice. It does not consider your objectives, financial situation, or needs.

20 days ago, we Invested in Resolution Minerals (ASX:RML) when it announced a new antimony, gold, silver and tungsten project in Idaho, USA.

....directly next door to the biggest antimony (plus one of the biggest gold) projects in the USA - $2BN Perpetua Resources.

And this morning RML announced exploration work has commenced with first drilling to commence early next month.

Critical military supply chain metals antimony and tungsten are trading at record highs after Chinese export bans.

Precious metals gold and silver are testing new highs too, probably on global uncertainty.

RML’s new project has drill ready targets, historical antimony and tungsten production and successful gold exploration - gold hits from surface that were never assayed for antimony.

RML says they could be sitting on the same geology that hosts next door neighbor Perpetua’s 6M ounce gold, 8M ounce silver and 200M+ pound antimony resource...

(RML’s first drill program next month will test this theory).

A few days ago, a senior resource geologist who spent 12 years at Perpetua joined RML - and commented on the similarity of the two projects (more on this in a second).

This geologist's incentive package gives him bonuses if the RML share price reaches 15c, 20c, 25c and 30c (Source - noting that while it’s good to see these incentives, but they are not an indicator of the future price of RML)

Due to the strategic importance of antimony to the USA, RML’s neighbor Perpetua has received US federal government fast track approval to build its mine, ~$1.8Bn funding from the US Export-Import Bank and $80M US Department of Defence funding.

Last week, RML appointed their own Washington lobbyist to push for fast track approvals and tap similar US funding sources as Perpetua. (Source)

(Source: RML investor presentation)

Today RML announced its initial exploration plans and confirmed drilling would start next month.

In the next few weeks we want to see results of pre-drill work and then drilling early next month with first drill results shortly after.

...Our new Investment, RML will be the only ASX listed company with:

• Ground directly next to $2BN Perpetua
• On similar geology
• With historical production of antimony, gold and tungsten
• Drill ready antimony and gold targets
• 6,000m of drilling starting next month

Note: RML’s new project acquisition is still subject to shareholder approval at an upcoming shareholder meeting on July 25th.

RML will be drilling into a backdrop of all time high antimony prices, tungsten prices hitting decade highs, silver looking to breakout into new 13 year highs and gold testing new all time highs:

Since we first Invested in RML a few weeks ago - RML’s share price is up ~308%. Here is a rundown of everything that has happened over the last 20 days and what we think might be coming next:

RML 1.8c to 5.3c: Timeline of what has happened in the last 20 days

• Early JUNE: USA gold and defence metals stocks start running - Dateline Resources, Trigg Metals and Locksley Resources all up hundreds of percent. (Source)
  
• JUNE 11th: RML announces acquisition of its gold-antimony-tungsten-silver project in Idaho, USA - next door to $2BN Perpetua Resources. (Source)
  
• JUNE 12th: We initiate coverage on RML (read our RML launch note here)
  
• JUNE 12th: RML’s neighbour Perpetua announces a US$400M cap raise - the raise is fully underwritten and attracts a US$100M investment from billionaire investor John Paulson's hedge fund. (Source)
  
• JUNE 13th: RML’s neighbour Perpetua upsizes its cap raise to US$425M “as a result of excess demand” (Source)
  
• JUNE 13th: The gold price retests new all time highs, near US$3,400 per ounce.
  
• JUNE 13th: RML fast-tracks its US OTC listing “Due to a rise in demand and interest in the Company from North American investors”. (Source)
  
• JUNE 18th: NEWS: Battery makers say antimony ban is starting to bite (Source: Reuters)
  
• JUNE 18th: Silver price reaches new 13 year high, US$37 (Source)
  
• JUNE 18th: Antimony prices hit new all time highs at US$60,400/tonne (Source)
  
• JUNE 18th: RML appoints Todd Clewett as its “external affairs advisor” to support with US Government grant funding and fast-tracked permitting in Washington. Clewett was also involved in Jindalee Lithium which was designated as one of the first 10 mining projects in Trump’s “FAST-41” program (Source)
  
• JUNE 20th: Tungsten prices close at record highs (Source)
  
• JUNE 24th: NASDAQ listed Snow Lake Resources goes substantial in RML buying up a 5.17% stake in RML on market. (Source)
  
• JUNE 30th: RML appoints 12-year ex-Perpetua Resources senior geo as technical advisor. He says RML’s project “reminds me of where Perpetua’s Stibnite Project was when I joined them”. (Source)
  
• TODAY: RML announces that pre-drilling mapping and sampling would start ahead of schedule and RML’s new technical advisor will start to finalise final drill locations for the upcoming drill program. (Source)

Things coming up:

• JULY 4th: President Trump’s Big Beautiful Bill expected to be passed by July 4th - A bill that would include US$2.5BN for a national critical minerals stockpile and $500 million for a Department of Defence loan program to support domestic mining projects
  
• Early AUGUST: RML to commence drilling

Sick of time lines yet?

Here’s one more quick one for you way back in time about RML’s project’s history (Source):

• World War 1: Antimony was produced at RML’s project
  
• World War 2: Antimony produced again at RML’s project
  
• 1960’s: further Antimony production
  
• 1950 to 1980: Tungsten was produced at RML’s project
  
• 1986, 1987, 1994: Drilling hits gold - none of the holes are assayed for antimony or tungsten (nobody cared about these military metals at the time):
  
  • 36.6m @ 1.51 g/t Au.
    
  • 71.6m @ 1.37 g/t Au.
    
  • 59.4m @ 1.03 g/t Au.

And today RML announced that it would start mapping and sampling to finalise drill targets ahead of drilling next month.

According to the RML pitch deck, recent rock chip samples from the target zones returned some pretty interesting gold, silver antimony and tungsten grades:

Rock chip samples are indicative only and not a reliable measure of mineralisation underground. Drilling is required to accurately assess mineralisation.

The key objective of the upcoming exploration program is to determine the true extent of the surface mineralisation at both the Golden Gate and Antimony Hill Fault Zones, which remain open ended.

This initial exploration program announced today will hopefully lead to some priority targets for RML to drill (with the help of RML’s new ex-Perpetua Geologist)

And the key thing we are waiting for is drilling coming up in a few weeks time according to today's RML exploration update (Source)

While we wait for RML’s explorations targets and drilling, today we will cover:

• Highlight RML’s new key appointments (ex-Perpetua Geo, US Government funding and permitting lobbyist)
• What it means for RML to be a “fast follower” to its more advanced neighbor Perpetua Resources
• The 10 Reasons we Invested in RML
• The key risks for RML

RML appoints Technical Advisor who helped develop $2Bn Perpetua Resources over 12 years

So who is heading up the exploration and target work?

12-year, ex-Perpetua Resources geologist - Austin Zinsser...

Earlier this week, RML brought Austin onboard as its technical advisor.

Austin was with Perpetua from the very early days of exploring its Stibnite project.

He said that RML’s project “reminds me of where Perpetua’s Stibnite Project was when I joined them”.

Here is that comment from the announcement earlier this week:

He also joined RML with short dated option incentives expiring 12 months after two drill programs are run on RML’s project - all exercisable between 15c and 30c...

(Source)

Basically, Austin’s bet for his incentive package is that RML would be trading at the very least above 15c within 12 months of RML’s second drill program starting.

(of course RML may not reach this price within twelve months, but it means that the options will expire and RML won’t be as diluted).

Pretty solid from a guy who would know the geology of this part of the US very well.

Austin is also the right person to have onboard when RML is trying to apply the same exploration model that helped define Perpetua’s resource - based on looking for a big intrusion-related gold system:

IF RML can discover and define something even a fraction of the size of Perpetua’s resource then that would be a big win for us as Investors in RML.

Perpetua’s project is so big it is estimated to produce ~450,000 ounces of gold, and ~35% of yearly US antimony needs once in production.

That antimony angle is what attracted the ~US$2BN in government funding support for its project.

(and a big part of the reason for the 1,000%+ move in the last 18 months).

RML appointed advisors to go after US government funding

RML is also going after funding from the US Government, last week appointing Todd Clewet to support the company with its applications.

(Source)

Here is a picture of Todd with the Jindalee Lithium management, who recently was designated as one of the first 10 resource projects in the US to qualify for Trump’s “FAST-41” fast tracked permitting program:

(Source)

After today’s news RML is the only ASX listed company with:

• Ground directly next to $2BN Perpetua ResourcesWith historical production of antimony, gold and tungsten, AND
• A drill program starting next month...

At a time when a lot of people might be out looking for Perpetua 2.0...

RML to ride the wave of capital from $2B neighbour, become Perpetua Resources 2.0?

Perpetua Resources has had a rapid rise over the last few years.

The stock reached a low of $1.65 USD in 2022 and climbed to a high of $17.96 USD in 2025, representing an approximate 988% increase.

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.

Perpetua’s rise was off the back of a confluence of the US Government’s support for critical minerals projects (in Perpetua’s case - antimony) and a big run in the gold price (Perpetua has an 6 million ounce gold resource).

With the success of Perpetua resources we think that there are a lot of investors that have made money off Perpetua, and are now looking for Perpetua 2.0.

We have seen this play out before in the past.

But the past for Perpetua is not a guarantee that it will also play out the same for RML.

We were Invested in Latin Resources, a lithium exploration junior looking to emulate the success of its Brazilian lithium neighbour Sigma Resources.

Sigma was up ~35x in ~4 years and at its peak was capped at nearly $6BN.

Latin was looking to make a new discovery in the same region, on similar geology.

Here is one of our old notes talking about how Latin could become Sigma 2.0:

(Source)

With some luck Latin made a lithium discovery and its share price went from ~3c pre-drilling to just over 40c at its peak.

At its peak Latin’s market cap was >$1BN.

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.

One of the reasons that Latin Resources was able to reach the heights that it did was because of the clear and obvious market comparison in Sigma Lithium.

But we see the similarities between the RML-Perpetua Resources story and the Latin-Sigma Lithium story.

IF RML is able to declare a discovery and define a large enough resource, the market will have a very obvious peer to which it values RML’s ground.

AND we think Perpetua’s market cap will only get bigger as its project is put into production.

Perpetua expects to have its mine online and producing by 2028.

Once in production, Perpetua’s target is to produce ~450k ounces of gold and enough antimony every year to meet ~35% of all US domestic demand.

Based on the gold alone, we think Perpetua’s market cap can be multiples of where it is today.

(for context, ASX listed Genesis Minerals which is aiming to produce ~235k ounces of gold in FY26 has a current market cap of ~$4.9BN).

Perpetua today is capped at ~$1.9BN.

Perpetua’s valuation growth can only be good for RML and it will just mean there are investors who have made even more money off Perpetua looking for Perpetua 2.0.

US Corporate - Snow Lake Resources buying into RML

Interestingly, we have already seen NASDAQ listed Snow Lake Resources start buying RML pretty aggressively on market:

(Source - RML buying ~$780k in RML shares on market)

We note RML is also fast-tracking its US OTC listing “due to excessive demand from North American Investors” - which means RML will soon become more accessible to US capital...

We will be watching the OTC listing when it comes online to see if there is any spike in buying when RML starts drilling...

(Source)

Ultimately we are hoping that the investor interest in Perpetua trickles down into RML (assuming RML can discover and define a resource of its own).

Drilling success forms the basis for our RML 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.

10 Reasons why we are Invested in RML

The following reasons are all from our initiation note on RML, which we put out on the 11th of June 2025.

The full note goes into a lot more detail and also includes a full set of risks to our RML Investment Thesis.

Read the full initiation note here: Our Latest Investment: Resolution Minerals (ASX: RML)

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.

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.

Here is how that theory looks in a visual:

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.

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.

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 won’t have any of this and can start drilling immediately.

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)

What’s next for RML?

Deal completion 🔄

We want to see RML complete the acquisition of its Horse Heaven project.

The shareholder meeting to approve the deal is set for Friday the 25th of July.

Mapping and sampling 🔄

Today, RML announced that it would start pre-drilling exploration work, including:

• Mapping and sampling across both of its two main targets.
• Mapping and sampling across regional targets, AND
• Confirmation of drill sites for the company’s August drill program

That work should mean that we could see some rock chip sampling results come to market between now and the acquisition being completed.

Most of the work will be across RML’s two core target areas:

1. Golden Gate - this is where RML will be drilling first. Here RML has ~3.5km of known strike where old drillholes have delivered hits as good as ~71.6m at 1.37g/t gold and 36.6m at 1.51g/t gold. None of the old drilling here was ever tested for antimony or tungsten, so there is all of that upside come drilling time.
2. Antimony Ridge - an area with ~1.2km of KNOWN strike. Antimony, gold and silver are all exposed at surface here across old trenches and old rock chip sampling data has picked up gold grades as high as ~5.9g/t gold, 19% antimony and ~367g/t silver.

Drilling (August) 🔄

Then in “early August” we want to see RML drill its Golden Gate target:

(Source)

What are the risks?

RML hasn’t started drilling just yet so the two main risks we see to RML’s share price in the short term are “capital structure risk” and “funding/dilution risk”.

Capital Structure Risk

After RML completes its current capital raise and acquisition it will have ~1.2BN shares on issue and over 800M options exercisable at 1.8c per share.

There is a chance the outstanding options act as a weight on RML’s share prices in the short-medium term.

IF RML’s share price goes above 1.8c then the market may start to price in dilution and more supply coming onto market (through option exercises) which in turn may cause some selling in anticipation of those options coming to market.

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

One thing to note though is that the options are listed, so the likelihood of them being exercised, turned into fully paid shares and sold on market is low.

Funding risk/dilution risk

As a pre-revenue small cap company, RML is reliant on capital markets to advance its projects.

If something negative happens at a macro or company level, RML could struggle to access capital on favourable terms.

These capital raises may take place at a discount, and result in the issuance of new shares which incur dilution to existing shareholders.

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

RML just raised $1.9M at 1.3c per share but a large chunk of that cash would have gone toward finalising the acquisition of its new project in Idaho, USA.

We think there is a chance RML will have to raise cash at some point between now and drill results being announced from its project.

For the full set of risks we have identified and accepted in making our Investment in RML, see our RML Investment Memo below.

Other Risks

Investing in RML carries other risks which may affect the value of the company. The Company’s primary asset is a pre-discovery gold-antimony-tungsten-silver exploration project and so there is always a chance that RML makes no economic discoveries.

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 has already rallied significantly, and current prices may already reflect the anticipated news mentioned in this article.

Additionally, there is no guarantee RML will receive any government funding or support, including from the US Department of Defence, despite strategic interest in antimony.

The Company is as mentioned 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