RML gets a SECOND FAST-41 status from Trump administration to fast-track nationally strategic antimony and tungsten projects

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 23,796,844 RML Shares and 31,955,351 RML Options and the company’s staff own 1,000,000 RML Options at the time of publishing this article. Some Shares and Options are subject to shareholder 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 about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

A US government “FAST-41 status” is a special accelerated USA permitting and development framework for projects considered “critical” and essential for US national security.

It's the US government's way of trying to fast track the build of nationally strategic, USA based critical minerals mining projects.

The equivalent of the US federal government saying "this project matters - everyone get out of its way so they can build it quickly".

(from a permitting and building perspective).

These FAST-41 awards are aimed at fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production. (source)

Only ~50 projects had been awarded FAST-41 status by the US government since the program's inception in 2015 through to 2025.

Our Investment Resolution Minerals (ASX:RML) now has TWO US based critical mineral projects that have been designated FAST-41 by the US government:

1. 3 months ago: RML’s antimony, gold and silver project got awarded FAST 41 status.
   
2. THIS MORNING: RML announces that its tungsten and gold project has ALSO been awarded FAST 41 status. (read it here)

RML’s wider gold-antimony-tungsten project in Idaho historically produced tungsten and antimony during WW1, WW2 and the Korean War.

16 days ago RML announced that it was 16 holes into a ~45 hole drill campaign - so we should be seeing the first batches of drill results any day now (more on this in a second).

Both the critical military minerals antimony and tungsten are used in missiles, bullets and other military weapons systems and vehicles.

China dominates the global supply of both.

Around ~18 months ago China started placing export controls on both antimony and tungsten (read: started strategically withholding supply). (source)

Meanwhile the USA is rapidly depleting its missile stockpiles with the Iran conflict still going AND supplying to Ukraine over the last few years

So the USA is depleting munitions on two fronts... AND no longer has access to the critical minerals needed to rebuild its munitions stockpiles.

Over the last ~72 hours we have seen the headlines:

(Source, Source)

Hence the two FAST-41s to remove any roadblocks from RML to rapidly try to create new domestic tungsten and antimony supply within USA borders.

RML is right next door to the USA’s biggest antimony deposit owned by $3BN Perpetua Resources (who also has a FAST-41 designation).

Perpetua has a giant gold deposit with a giant antimony resource mixed in with the gold.

RML is currently capped at $102M.

Oh and RML’s planned NASDAQ listing could be launching any week now.

Will we see RML’s market cap climb closer to Perpetua’s with a main board US listing and some more drilling success?

(No guarantees, but we hope so...)

And now, RML has FAST-41 status for TWO of its projects:

(source)

Here are the US Federal Permitting dashboard links for RML’s two projects - save these as they regularly get updated so you can see how things are tracking from a permitting perspective:

(source)(source)

RML is currently drilling so things could move quickly for RML here

RML is currently ~16 holes into a ~45 hole program on its Golden Gate gold-tungsten discovery. (source)

This is the project RML received FAST-41 status for today AND where RML has an existing tungsten processing mill, infrastructure and stockpiles.

(all of which was responsible for that historic tungsten production we mentioned earlier)

Here RML is following up the giant 200-250m+ discovery hole intercepts from last year’s program - all three of the which ended in mineralisation.

(source)

So far, RML has defined gold (and some tungsten) mineralisation across ~2km of strike, open in all directions.

(meaning RML doesn't actually know how deep this thing goes yet, as the holes ran out of metres before they ran out of gold)

Here is a 3D model we spun up using Canetoad.Ai - the green is where RML made its discovery - the yellow highlights are where RML’s current drilling is testing:

(We used Canetoad.ai to make this)

Now with FAST-41 status, things can move a lot quicker - RML will be able to drill out the areas in between the two discoveries (and further to the north/south).

RML has already submitted and had accepted an exploration and development program for new roads between Golden Gate North and Golden Gate South.

Which opens the door to a ~340 hole drill program and ~2,000m of trenching.

(looking at that image from above, RML will be able to drill out the areas between the two highlighted areas and extensions in either direction).

Hopefully, FAST-41 status speeds everything up and how quickly RML can explore and develop the project.

(source)

RML’s other project also has FAST-41 status

RML’s also working toward a 250-hole drill campaign on its other project ~4km away - Antimony Ridge.

That’s the project that RML received White House FAST-41 status for back in April.

RML’s Antimony Ridge was also a part-producer - producing antimony and supplying it to the US government during World War I, World War II, and the Korean War.

RML is yet to drill a single hole into this project.

(source)(source)(source)

Our BIG, longer-term thesis for RML is that Antimony Ridge and Golden Gate (where RML is drilling now) hopefully come together to one day, emulate the success neighbouring $3.0BN Perpetua Resources has had.

If you look at the two companies' projects on a map, Perpetua’s - like RML’s - actually sits across two different areas too.

So maybe RML’s planned 250-hole and 340-hole programs will be what really unlocks the “Perpetua 2.0” theory we are betting on.

And now with both projects having FAST-41 status, sitting on a US federal permitting dashboard - things can happen a lot quicker.

(source)

You can follow updates regarding RML’s Antimony Ridge project here in real time:

(follow the permitting timetable progress dashboard on the government’s website)

RML to become Perpetua 2.0? We should find out more over the next 6-9 months

We think that once RML starts drill testing its Antimony Ridge asset, that’s when the market can really start to compare the $102M capped RML (before the T2 placement that is pending) to its $3.0BN neighbour Perpetua.

Especially IF by then, RML has defined a gold resource at its Golden Gate prospect.

We already know RML’s got multiple 200m+ gold hits, ending in mineralisation AND that there is gold across ~2km of strike between its two discoveries.

Now we get to find out how big that discovery is.

The resource, depending on its size, will give the market a solid metric to compare RML with its neighbour ~12km away - $3.0BN Perpetua Resources.

Perpetua's deposit and RML's discovery sit on the same broader geological intrusion.

The mineralisation theory is that it comes up from a single source between the two projects, and then extends laterally into both project areas.

Perpetua has already defined its side: 6 million ounces of gold + ~200 million pounds of antimony in JORC resource estimate.

(source)

Here is how the two rank side by side at the moment:

Looking back at what Perpetua Resources (it used to be called Midas Gold) did - it went from first drilling to a maiden resource estimate in ~2 years.

The company delivered its first resource estimate in February 2011 for ~3.38M ounces (indicated and inferred) on two of the three deposits that make up the project. (source)

Then later in April 2011, the company delivered a ~5.8m ounces of gold (indicated and inferred) resource estimate. (source)

That was all done without FAST-41 status.

Over to RML to deliver all of that (with a bit of luck on the exploration front) a lot quicker.

IF RML can even define something that is even 1/3rd the size of Perpetua’s, we think it would surely start to make RML’s assets interesting from a corporate perspective.

(Especially now with JP Morgan and Agnico Eagle on Perpetua’s register)

(source)

RML’s NASDAQ listing to also help with US interest/funding?

Remember RML has a NASDAQ listing in the works right now - which we think will provide a lot of comfort for US institutional and retail investors.

We said in a previous RML note that there would likely be a big crowd of investors that have made money on Perpetua now looking for “Perpetua 2.0...” AND we also said that:

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

RML has declared a discovery and will be drilling it out in 2026 while a NASDAQ listing is in the works. (Source)

Hopefully some of the US investors who had a win on Perpetua will be looking out for “Perpetua 2.0” and stumble across RML.

Better yet - a huge unexpected win for RML would be if it can get some sort of government funding to push its projects forward - similar to what Perpetua received from the US Export Import Bank.

The funding for Perpetua was what really kicked off the rally in its share price:

(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.

3x major catalysts that could re-rate RML higher in the next 6 months

We think RML is now entering a period where any of the following catalysts could land and be a trigger for a re-rate in RML’s valuation - especially now with all the attention that will come into the stock given the FAST-41 status:

• Critical minerals processing + US funding engagement - Part of RML’s strategy with its tungsten stockpiles is to process it into an end product to then use for US government and offtaker engagement. The chances of something like this happening just got a lot stronger now that it's on the White House radar and the project has FAST-41 status.
• Drilling results from its gold-tungsten discovery - any big hits from this project could bring in a lot of interest from the market. We could see a lot more drilling than the market initially expected with the fast tracked permitting too.

And then the big one from a corporate perspective:

• A NASDAQ listing - RML has already lodged its registration statement with the US SEC, has its ADR facility live via Bank of New York Mellon, and has flagged listing "within the next few months" (as of early February) and “expected imminently” (from the recent quarterly).

NASDAQ is home to the biggest critical minerals stories in the world right now - MP Materials, Almonty Industries, USA Rare Earth Inc, Energy Fuels and most of them are up over the last 12-18 months.

US investors have been actively scanning for "the next big thing" in the sector. A NASDAQ listing would put RML directly in front of them.

And when an ASX company goes to the US and is able to get traction on the major exchanges it generally means the company starts to get a new life of its own.

A good example is Almonty Industries - another critical minerals stock (tungsten) which listed on the NASDAQ in July 2025 (raising US$90M that was upsized and oversubscribed). (source)

Almonty is now capped at ~A$5.4BN, with its share price up over 28x (at its peak) in the last 24 months - here is how the share price responded to that NASDAQ listing:

(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.

We think a NASDAQ listing could be a trigger for RML achieving our Big Bet as follows:

(of course, there's no guarantee the listing actually completes, or that it generates the institutional liquidity RML is hoping for.)

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 we want to see next from RML

Here is the action plan RML had at the end of its most recent presentation:

(source)

🔄 Golden Gate (gold and tungsten) - Phase 2 drilling (NOW)

RML’s currently in the middle of this drill program.

As mentioned earlier we are hoping to see the discovery get bigger as follows:

Here are the milestones we are tracking for this project:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• ✅ Phase 2 drilling commences (two diamond rigs through to mid-August) 🔄
• 🔲 First assay results
• 🔲 Maiden JORC mineral resource estimate (targeting Q1 2027)
• ✅ FAST-41 status granted by White House
• ✅ Plan of Operations submitted to US Forest Service (for a 340 hole program)
• 🔄 FAST-41 accelerated federal review

🔄 NASDAQ listing

• ✅ SEC registration + ADR facility live via Bank of New York Mellon
• 🔄 NASDAQ listing process

🔄 Antimony Ridge (Antimony-gold-silver)

We also want to see RML get its 250-hole drill program on its FAST-41 project.

Here are the milestones we are tracking for that project:

• ✅ FAST-41 status granted by White House
• ✅ Plan of Operations submitted to US Forest Service (for a 250 hole program)
• 🔄 FAST-41 accelerated federal review
• 🔲 Bulk sampling of near-surface high-grade antimony from existing workings
• 🔲 Drilling of up to 250 holes to define scale of antimony system

🔄 Tungsten stockpile + Johnson Creek Mill

We want to see RML go back and process both the tungsten and antimony stockpiles across both of its projects.

Here are the milestones we are tracking on the processing/production side:

• ✅ Johnson Creek Mill and tungsten stockpiles acquired
• ✅ High-grade tungsten assay confirmed (1.85% WO3)
• 🔄 Sampling and assay program to define stockpile grade/tonnage
• 🔄 Metallurgical test work and process flowsheet development
• 🔲 Mill refurbishment assessment
• 🔲 Offtake discussions with US Government and/or commercial buyers

What could go wrong?

The main risk in the short term for RML will be “exploration risk” now that drilling has begun.

There is no guarantee RML hits economic mineralisation.

IF the results are below expectations, then the market could re-rate RML’s share price 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 early-stage exploration company, RML carries significant risk, here we aim to identify a few more risks.

RML has yet to drill a single hole at the Antimony Ridge project, meaning its upside relies heavily on historical data. Deeper testing may fail to replicate past production grades or match the scale of neighboring large deposits.

The planned NASDAQ dual-listing is subject to regulatory hurdles and may not complete within the estimated timeframe. Even if it succeeds, there is no guarantee it will generate the institutional liquidity or investor traction RML expects.

Developing the newly acquired Johnson Creek Mill and processing historical stockpiles carries significant technical and metallurgical risks. If the company cannot establish an economic processing flowsheet, the capital spent on this infrastructure may be wasted.

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