RML gets FAST-41 status from US government to fast track nationally strategic project. NASDAQ listing in 45 days.

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 24,334,222 RML Shares and 29,979,160 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. Any forward-looking statements are uncertain and not a guaranteed outcome.

Yesterday our USA gold-antimony-tungsten Investment Resolution Minerals (ASX:RML) got FAST-41 status in the USA.

It came after RML said it has “been working closely with the White House”.

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

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

Many of them have been awarded in the last 12 months - to fast track the build of nationally strategic, USA based critical minerals mining projects.

Fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production.

Which is designed to reduce reliance on foreign adversaries for the supply of critical minerals.

Especially during times of war.

Critical military minerals like antimony and tungsten - used in bullets, missiles and other military weapons systems and vehicles.

The USA has almost no domestic supply of antimony and tungsten. China and other US adversaries control the global supply.

RML has a gold-antimony-tungsten project in Idaho, USA that historically produced tungsten, and antimony - during WW1, WW2 and the Korean War.

And yes, RML just got awarded a rare and coveted FAST-41 status.

After today RML will join just THREE other companies on the ASX with USA based critical mineral projects that have FAST-41 status.

Here is RML on the federal government’s permitting dashboard:

(source)

(source)(source)

So RML’s project is listed on a US government federal permitting dashboard in “the interest of transparency” - directly related to Trump’s Executive Order 14241, meaning a permitting timetable HAS to be posted on or before April 21 (in ~12 days).

Basically the equivalent of the US federal government saying "this project matters - everyone get out of its way" (from a permitting and building perspective).

So we should find out fairly soon how quickly things can start moving on that single project - where RML’s plan is to drill up to 250 holes this year.

And according to US Congressman Russ Fulcher - the US government is already starting to talk about domestic supply of antimony from RML’s project.

Here he is next to President Trump in February. We’ve added the quote he made in yesterday’s announcement to the photo:

(Source)

The market responded well to yesterday’s news - RML’s share price went up 75%.

In the US under the ticker code RLMRF, the share price went up 62% overnight.

(source)

(source - this one is quoted in USD)

(the past performance is not an indicator of future performance)

RML has submitted a ‘Plan of Operations’ - targeting bulk sampling of near surface high grade antimony mineralisation from existing workings, and drilling of up to 250 holes to define scale.

And now we expect things to move a lot quicker for RML now it has the White House FAST-41 status.

You know who else has a rare FAST41 status?

RML’s next door neighbour, the $5.3BN capped USA “antimony national champion” Perpetua Resources:

(source)

When we first invested in RML back in June 2025, we referred to its neighbour in Idaho, $5.3BN Perpetua Resources, as a benchmark for what we hoped RML could become.

Perpetua is a few years more advanced than RML with its project in the early construction stage.

Here is a picture of the US military on the ground with Perpetua kicking the project off:

(source)

Perpetua’s project was also one that received FAST-41 status, it also received:

• agreed to extend this sum to Perpetua a few weeks ago) ~US$2.7BN in US Export Import Bank funding ( the bank recently
• source), and; US$75M direct equity investment from JPMorgan US$1.5 trillion “Security and Resiliency Initiative” (
• source) US$80M+ in government grants (

(All of this support helped propel Perpetua to its ~$5.3BN valuation today)

(source)(source)

RML’s working geological theory has always been that the same structures responsible for Perpetua’s 6M ounce gold and 106M pound antimony resource COULD also potentially host similar mineral resources on RML’s ground.

Similarly to Perpetua, RML’s project already has a non-JORC gold resource and a history of antimony production.

What we don’t know is the size/scale of any gold/antimony mineralisation on the project.

But obviously, the White House has seen enough to agree RML’s project is important enough to receive FAST-41 status.

(source)

Now, with FAST-41 status, things can move a lot quicker for RML - especially with its exploration work, which is expected to start in the coming weeks :

• RML already has plans to bulk sample antimony from existing workings, and
• to 250 holes to properly test the scale of its project. Is planning a drill program of up

We will be watching that permitting dashboard to see the final timetable that gets posted (on or before April 21 2026):

(Source)

Coming back to the history of antimony production on RML’s project - Antimony Ridge (which received FAST-41 status) has produced antimony:

• During World War I,
• During World War II,
• During the Korean War.

With war in the Middle East, and China handbraking supplies, a domestic, secure supply of critical military minerals (like antimony) is obviously front of mind for the US government again.

And the fact that the White House has put RML's Antimony Ridge prospect in the same permitting framework as Perpetua, tells us RML may have a role to play in supplying the US domestically (as it has done in the past).

For some context - right now the US is 100% reliant on imports for antimony. China controls ~48% of global antimony production and antimony is critical to the military because it’s used in:

• Ammunition and explosives - antimony trioxide is in virtually every military round
• Missile systems and weapons platforms - hardening and flame retardant

Can RML become the ASX’s Perpetua?

Now with FAST-41 status - RML’s potential “Perpetua 2.0” story just got that much realer for us.

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

RML has only completed one round of drilling and already has (what looks like) a big gold discovery on its hands - and all of the areas with historical critical minerals production has barely been touched.

(Source)

At Golden Gate, RML has a defined 216,000 ounces of gold at 0.93g/t historic foreign resource estimate, based on drilling to depths of ~170m. (source)

And then last year, it hit gold in all 14 of its holes, with most holes ending in mineralisation.

RML’s discovery hole hit 189.2m at 1.3g/t gold.

That’s a very strong hit for a discovery hole.

Now RML has ~1.5km of strike and holes down to 280m+ depths with some ending in mineralisation.

Here is where RML’s drilled on that discovery and here are all the areas yet to be tested:

(source)

RML has a second phase drill program (for a total of ~45 holes) starting next month on this project ahead of a maiden JORC resource estimate expected by Q1 2027.

(keep reading for more details on RML’s gold discovery)

The reason we think a maiden resource will be good for RML is that there is a peer nearby that the market can start to compare RML to.

Yep it’s Perpetua - as we covered above, Perpetua has already found and defined a resource on their side.

So now RML has made its discovery, it remains to be seen just how big the resource is on its side of the fence.

(all of that is without drilling on the antimony/tungsten targets RML has - which could happen very quickly now with that FAST-41 status locked away)

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

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

(source)

Remember RML is planning a NASDAQ listing in about 45 days time - 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:

• A NASDAQ listing - Yesterday’s announcement said a NASDAQ listing was expected in “approximately 45 days”.
• 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 the White House is involved and the project has Fast-41 status.
• Start its second phase of drilling NEXT MONTH - to expand its gold discovery and test the critical minerals (tungsten and antimony) potential of its project. We could see a lot more drilling than the market initially expected with the fast tracked permitting too.

We think any one of the above IF they materialise, could be a major trigger for a move in RML’s current $162M market cap.

RML also has a gold (and tungsten) discovery its drilling in the coming weeks

Yesterday’s announcement was related to RML’s Antimony Ridge - the part of its project where most of the historical antimony production came from.

As mentioned earlier, RML also has the Golden Gate prospect, where it made a big gold discovery last year.

RML declared the gold discovery with hits like - 189.2m @ 1.3g/t gold (source).

And then with two follow up holes (hole #2 and #3) coming in at 253.0m @ 1.5 g/t gold and 265.2m @ 0.60 g/t gold. (source)

(source - Our 9th Feb article)

Golden Gate is also where RML’s project has previously produced tungsten before with old records showing: (source)

• 1,814 tons mined and milled at an average tungsten grade of 1.5% in the 1950’s.
• 227 tons mined and processed at an average tungsten grade of 2.03% in 1973.
• 456 tons mined and stockpiled at an average tungsten grade of 1.8% in 1977, and
• Underground mining produced a further 1,905 tons of mill feed in 1979-1980.

Since the end of the seventies, the project has been drilled several times (in 1986/1987 and 1994) targeting gold BUT never drilled for tungsten.

Tungsten is also a critical military metal, used in armour piercing bullets, armouring for vehicles and people plus radiation shielding.

RML has permits for a 45-hole, 13,700m, drilling program starting early next month.

And so within the next few months, we will find out a lot more about the tungsten potential on the project - as well as how big that gold discovery really is.

We note that one of the holes from the last round of drilling did actually hit tungsten (21m at 0.06% tungsten) - so it will be interesting to see what comes from this next round of drilling.

(source)

Fingers crossed RML can extend its big gold discovery AND can also assay high grade tungsten in the holes.

Of course, there is no guarantee that drilling discovers economic gold or tungsten mineralisation. Minerals exploration is inherently risky and results could disappoint.

Check out our deep dives on the gold and tungsten potential at RML’s project here:

• Our take on the gold discovery: RML Gold Discovery: First hole hits 189.2m at 1.3g/t gold... near surface, ending in mineralisation
• Our take on the tungsten potential: RML: Tungsten price running. High grade tungsten sitting in stockpiles. Plus gold drilling in May.

We have seen it with our own eyes - check out our RML site visit write up

Check out our full RML site visit note here.

We breakdown:

• What we 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
• Antimony Ridge - RML’s next drill campaign

Ultimately, we are Invested in RML to 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?

Phase 2 drilling at Golden Gate gold discovery (gold & tungsten)

RML has permits for a 45-hole follow-up program - up to 45,000 feet (13,700m) of core drilling at Golden Gate. This is the program that should lead to a maiden JORC resource later in 2026.

RML has confirmed drilling is expected to begin early next month. (source)

Here are the milestones we are tracking:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• 🔲 Phase 2 drilling commences (early May)
• 🔲 Phase 2 assay results
• 🔲 Maiden mineral resource estimate (targeting Q1 2027)

First ever drill program at Antimony Ridge (FAST-41 status now in place)

We also want to see RML drill test Antimony Ridge for the first time.

RML is planning up to 250 holes on the 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
• 🔲 FAST-41 permitting process - (RML expects to have a firm timetable laid out “on or before the 21st of April).
• 🔲 Bulk sampling of near-surface high-grade antimony from existing workings
• 🔲 Drilling of up to 250 holes to define scale of antimony system

(source)(source)

NASDAQ listing

RML has already submitted its registration statement to the SEC and launched its ADR facility through Bank of New York Mellon.

RML expects to have its listing completed in “approximately 45 days”:

(source)

🔄Tungsten processing opportunity

After RML’s latest tungsten announcement, we are also looking forward to seeing RML progress its tungsten strategy.

Here are the milestones we are tracking:

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

What are the risks?

The main risk now for RML is macro thematic risk.

RML’s share price moves up and down with interest in US critical minerals changing.

IF sentiment was to reduce for critical minerals stocks, it could impact RML’s share price negatively.

Check out the other risks we listed as part of our RML Investment Memo here.

Other Risks

Like any small-cap exploration and development company, RML carries significant risk, here we aim to identify a few more risks.

While FAST-41 status accelerates the federal permitting timetable, it does not guarantee final project approval. Mining in the US, particularly in areas with historical workings, involves rigorous environmental scrutiny. There is a high risk that the project faces lengthy legal challenges from environmental NGOs, local opposition, or requires prohibitive and expensive environmental remediation before any new mining can occur.

RML is also embarking on a massive drill campaign, including 45 holes at Golden Gate and up to 250 holes at Antimony Ridge. There is a high statistical probability that step-out drilling fails to replicate the high grades or continuity seen in the initial discovery holes. Furthermore, extracting and separating multiple commodities like gold, antimony, and tungsten from a single deposit is notoriously complex.

Even if RML delineates a massive JORC resource, the metallurgical recoveries may prove too expensive or technically challenging to process commercially at scale.

Executing hundreds of drill holes, assessing mill refurbishments, and pursuing a dual listing on the NASDAQ requires immense capital. As a pre-revenue junior explorer, RML will experience an exceptionally high cash burn. It is highly likely the company will need to tap equity markets to fund these aggressive programs, which will result in significant dilution for existing shareholders.

Finally, RML’s $162M valuation is heavily leveraged to near record-high gold prices and the "US critical minerals" macro thematic driven by current US-China geopolitical tensions. If those trade relations normalise, alternative supply chains emerge, or underlying commodity prices correct downwards, the strategic market premium currently attached to RML's assets could quickly evaporate.

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