RML Gold Discovery: First hole hits 189.2m at 1.3g/t gold… near surface, ending in mineralisation

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 29,821,263 RML Shares and 29,679,160 RML Options. 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.

We Invested in Resolution Minerals (ASX:RML) because of a theory that it might be sitting on a similar gold-antimony deposit to its neighbor A$4BN Perpetua’s estimated 6 million ounce gold and 206M pound antimony deposit.

(BREAKING NEWS: The world’s largest bank, JP Morgan and the world’s third biggest gold miner, Agnico Eagle, just announced a US$225M strategic investment into Perpetua 11 hours ago... but more on that in a second)

The theory is that RML’s ground could host a similar gold-antimony deposit formed by the same underground source structures as Perpetua’s deposit... (called an “Intrusion Related Gold System”)

Today RML announced a “DISCOVERY HOLE” from its very first drill hole to test this theory:

189.2m at 1.3g/t gold...

Including the following sections:

• 12.9m at 2.32 g/t gold from 94.4m
• 70.8m at 2.24 g/t gold from 128.8m

(Perpetua’s estimated 6 million ounce gold deposit has an average gold grade of ~1.42g/t gold)

And RML’s deep hole ended in mineralisation...

Which means if they had drilled even deeper, the gold mineralisation may have kept going...

The "discovery" here is that the deeper than historical drilling done by RML has found higher grade gold in sulphides which are analogous to Perpetua's geology.

It is also open to the north and south - which in layman terms means the discovery could get a lot bigger with more drilling...

We see a LOT of drill results every day - a monster hit like this (especially on the first hole AND ending in mineralisation) does not come around often.

Especially not on the first hole.

Like any cynical exploration investor, we tried to find any flaws or issues with it - but this looks like a legit world class drill result and major discovery from RML’s first drill hole.

And there are 9 more results in the assay lab still to come... which will tell us much more about how similar RML’s discovery is to Perpetua’s project.

(don't just take our word for it - you can drop the PDF of the RML announcement into an AI chat and ask it to compare RML’s drill hit to the top gold drill results around the world from the last 10 years and see for yourself what it says... also ask it to compare it to Perpetua’s drill hits and DeGrey’s Hemi drill hits too)

(source)

RML’s next door neighbour Perpetua has a ~6M ounce gold, 206M lb antimony deposit (estimates).

When Perpetua is in production it will be one of the biggest open-pit gold mines in the USA (likely a big part of the reason the world’s biggest gold miner and the world’s biggest bank just invested into Perpetua last night).

Perpetua’s estimated 6 million ounce gold deposit has an average gold grade of ~1.42g/t gold.

RML’s drill hit was 189.2m at 1.3g/t gold

RML’s theory (pre-drilling) was that the source of mineralisation on its ground was the same intrusion related gold system (IRGS) that hosts Perpetua’s giant deposit.

Basically the same gold rich magma flows from deep in the earth’s crust that created Perpetua’s giant 6Moz gold deposit also created a similar gold deposit in RML’s ground:

Today’s RML drill result was a very big step towards proving the theory that RML could be sitting on a similar IRGS sourced gold-antimony deposit as Perpetua...

RML recently raised ~$27M (source) (source), so it has the funding to continue to drill out its project and try to become Perpetua 2.0.

BREAKING NEWS: 11 hours ago Perpetua announced a US $255M strategic Equity Investment from Agnico Eagle and JP Morgan.

(source)

Agnico is the third biggest gold producer in the world... and the largest company listed in Canada.

JP Morgan is the worlds biggest Investment bank... and it hand picked Perpetua as its first investment from the US$1.5 Trillion it committed to “industries critical to the US national interest”.

(Source, Source, Source, Source)

Here was an interesting comment from JP Morgan’s Co-CEO of Investment Banking:

(source - Reuters article)

Basically what he is saying is that Perpetua’s 6 million ounces of gold underpins the project and protects against any interference by the Chinese to artificially depress the antimony price.

It’s not just an antimony project, but a really good gold one too.

Perpetua’s 6Moz gold resource contains some sections that have antimony running through it, making this critical metals a by product of mining the more (financially) valuable gold.

(image source: Perpetua investor deck slide 14)

Today RML has delivered an incredible gold intercept, we will be watching future drill results to see if they can discover some antimony mineralisation mixed in with their gold too.

Can RML become Perpetua 2.0?

After today's drill result it looks like RML’s intrusion theory could be right...

The next few assay results will prove whether or not that theory is correct and RML is sitting on a big deposit of its own.

Perpetua’s deposit has an average gold grade of ~1.42g/t gold.

(RML’s drill hit was 189.2M at 1.3g/t gold)

(Source)

Some of Perpetua’s drill hits are also pretty similar to RML’s hit today (albeit with higher grades, but remember this only the very first hole RML has drilled) - here they are side by side:

(source)

Again here is RML’s hit (it's hard to stop looking at it):

(source)

Looking through what Perpetua has, we can also see similarities in the way its two deposits sit - trending north-east to south-west:

(Source)

RML’s Golden Gate trends in the same directions (north-east to south-west) with a discovery hole in that north-east section of the project...

RML has already drilled 10 holes, assays from the next 9 holes are pending right now...

So over the coming weeks we could see RML show the market its project is more and more like Perpetua’s (here we still need some exploration luck, which is not guaranteed, it is possible to hit one lucky hole).

RML’s next few holes will be key now...

(Source)

IF more of the first 10 holes come in, then we can start thinking about the broader +2km of strike that RML still has to test:

(Source)

RML US listing is being led by the Roth Capital - early backers of Perpetua Resources

The main reason we Invested in RML was to see it follow up a theory that its project could host similar deposits to Perpetua’s...

(basically to see IF RML could become Perpetua 2.0)

We were just on site where we got a pretty good overview of what the overarching theory was for RML - check out our site visit note here.

This is the first time RML is drilling the project to test that theory and with the first hole it has hit exactly what we wanted to see...

(to be honest, this hit of 189m at 1.3g/t is far above our expectations)

This is the first confirmation of similar geology between Perpetua’s project and RML’s... AND most importantly, gold mineralisation throughout.

Today’s discovery intercept might be what’s needed to get the rest of the market to believe the theory too.

Hopefully, RML’s advisors Roth Capital, who are helping RML with a US listing process, are now showing today’s results to all of the Perpetua investors...

(After today’s drill hit and JP Morgan and Agnico Eagle Investing into Perpetua we think RML needs to get on the NASDAQ or New York Stock Exchange asap - hurry up Roth)

Roth were behind the recent capital raises done for Perpetua - so they will know the right people interested in (and looking for) the “next Perpetua”...

(Source)

There’s also a Roth Capital Partners analyst who covers Perpetua Resources:

(Source)

We can only assume he is sending his RML research notes to his client list that includes lots of Perpetua shareholders.

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 looks to have hit that discovery intercept... and its peer is now capped at a market cap ~$2BN higher than the time we first wrote that....

(Perpetua is capped at $4BN now).

We think Perpetua’s market cap will only get bigger as its project is pushed closer to production.

(no guarantee of course - companies can lose value as they get closer to and enter production)

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

Growth in Perpetua’s valuation 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.

Also, as Perpetua gets close to production it will develop the infrastructure around its project.

This is very positive for RML as it will have better access to drill, skill labour and other operational necessities in the area.

Also, as Perpetua gets close to production it will develop the infrastructure around its project.

This is very positive for RML as it will have better access to drill, skill labour and other operational necessities in the area.

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).

What’s next for RML?

🔄 Drilling results

RML said today that “Identical sulphides” had been logged in the next 2 holes from which drill results are pending.

Next, we want to see the results from the 10 holes drilled across the Golden Gate target area:

(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?

The main risk now for RML will be “exploration risk”.

RML has set the bar pretty high after today’s intercept.

The market could re-rate RML’s share price much higher after that intercept and start to build in expectations of a large discovery having been made by the company.

IF the next round of holes isn’t able to confirm or back up those expectations then the share price could re-rate.

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

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

Other risks?

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

The company’s projects are pre-resource and in early exploration stages. There is no guarantee that drilling will deliver a discovery of economic scale, or that recent intercepts can be repeated across a wider area. Follow-up holes may not confirm the same grades or continuity, which could lead to share price volatility.

RML’s valuation is now more sensitive to exploration outcomes and market expectations. If upcoming drill results fail to replicate the discovery hole, the market could re-rate the stock lower.

As a pre-revenue explorer, RML is reliant on capital markets to fund its work programs. Any future capital raisings could dilute existing shareholders, and funding conditions may tighten if broader sentiment toward junior explorers weakens.

RML’s exposure to multiple commodities - gold, antimony, tungsten, and silver. This brings both opportunity and complexity. Fluctuations in any of these commodity prices, or a downturn in the broader resources market, could affect project economics and investor sentiment.

Operating in the US generally offers stability, but permitting, environmental, or political shifts could still cause delays. The company’s planned US NASDAQ listing also introduces execution and regulatory risks typical of dual-listed entities.

Finally, M&A activity in the US critical minerals sector could impact RML’s valuation either positively, if larger players look to acquire strategic assets, or negatively, if investor attention consolidates elsewhere.

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