RML hits a second gold discovery - ending in mineralisation, across 1.5km of strike

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 27,016,400 RML Shares and 29,979,160 RML Options and the company’s staff own 1,000,000 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.

It feels like urgency in the US critical minerals space just went up a gear last week.

The US committed US$12BN to a domestic critical minerals stockpile, AND...

US Vice President JD Vance addressed 50+ countries in a speech solely focused on critical minerals supply chains...

At the same time gold prices seem to have had the common mid bull market pullback - needed to set up prices for a run higher...

Turning points for the two major macro thematics our Investment Resolution Minerals (🇦🇺: RML | 🇺🇸: RLMLF) has exposure to...

1. USA critical minerals - specifically military metals antimony and tungsten... AND
   
2. Precious metal gold - now with two discoveries (that could actually be connected to one another)

Next door to one of the USA’s gold and critical minerals national champions - $4.9BN Perpetua Resources:

(source)

RML is basically looking to become Perpetua 2.0 and so far with the gold prospects may actually be onto something...

15 weeks ago, RML hit a giant 189.2m @ 1.3g/tonne gold discovery hole from its project in Idaho, USA.

A few days after that RML followed up with 253m @ 1.5g/tonne and 265.2m @ 0.6g/tonne.

Those are discovery intercepts usually seen in the early days of multi million ounce discoveries...

Today, RML hit a second discovery intercept - 172.2m @ 0.463g/tonne gold, with the hole ending in mineralisation...

So now we know there is gold across ~1.5km of strike - with multiple holes ending in mineralisation at 200m+ depths:

(source)

What we don't know is if the two discoveries are part of one larger system...

OR if they are two independent structures...

Luckily RML had the following image in today’s announcement showing us a few different scenarios.

And, RML is already permitted for another 45 holes - all of which the company plans to drill in 2026... (starting as early as May)

(source)

So we shouldn't have to wait too long to find out which one it ends up looking like:

(source)

All of RML’s drilling so far has been guided by a theoretical exploration model that RML’s project could host a similar gold-antimony as $4.9BN Perpetua Resource’s deposit nearby...

(called an “Intrusion Related Gold System”)

Perpetua’s deposit has ~6M ounces of gold with average grades of ~1.42g/t.

It just so happens to also have the biggest antimony deposit in the US which we think attracted JP Morgan and $140BN miner Agnico Eagle onto its register AND drawn in over US$2BN in US government funding support.

(source)

So Perpetua’s project is just as much a critical mineral (antimony) deposit then it is gold.

In fact, the whole region (where RML and Perpetua’s projects are based) have a long history of supplying the US domestic critical minerals in times of need).

That critical mineral exposure is a big part of the reason why we Invested in RML.

RML’s project has a history of producing US critical minerals antimony and tungsten (and gold): (Source)

• During World War 1: RML’s project produced antimony.
• During World War 2: Antimony was produced again
• In the 1960’s: There was even more Antimony production
• And then in the 1950’s to 1980: Tungsten was produced at RML’s project

Every time there was a kinetic conflict, historically, the US turned to RML’s ground for supply...

Maybe now with US$12BN committed to a US critical minerals stockpile - and the US Army sniffing around in the area... (source) (source)

RML can get its project back to producing gold or critical minerals again... like the project has done in the past.

So far none of RML’s drilling has focused on the critical mineral targets on its ground.

RML’s other high priority prospect is Antimony Ridge where there is historical antimony production, antimony rock chips up to 55% in grade as well as gold and silver too.

(the name of the place gives a lot of clues of what could be sitting there)

RML wants to drill Antimony Ridge next year, too (alongside the planned 45 holes we mentioned earlier). At the moment, RML is at the permitting stage on that target. (source)

(Source) (Source)

We also note RML is planning a drill program on the tungsten (critical military metal) prospects too.

So we could see RML have a crack at an antimony (and tungsten) discovery in 2026...

Just as RML gets ready to list on the NASDAQ... (Yes, RML has submitted its NASDAQ listing application... the listing is expected inside “the next few months”)

(source)

And just as interest and urgency across the whole US critical minerals space looks like it's about to take off.

Interest in US critical minerals stocks heating up again?

We are less than 40 days into 2026 and have already seen...

The US Department of The Treasury convene a “Finance Ministerial on Securing Critical Minerals Supply Chains”:

(source)

Silicon Valley billionaire Chamath Palihapitiya (one of the Facebook billionaires) say “a basket of critical minerals” is his pick for the “best performing assets” in 2026. This makes us think that big capital rotation may happen this year... (source)

Then last week on Monday, February 2nd (US time), the Trump administration announced it would pour US$12BN (~A$17BN) into a US critical minerals stockpile:

(source)

Followed by the US Secretary of State - Marco Rubio - hosting a Critical Minerals Ministerial “with partners and allies” (over 50 different countries) centred around a “whole of supply chain” fix for the critical minerals in the West....

Which included a really powerful speech from Trump’s Vice President, JD Vance.

(source)(source)(source)(source)

We think 2026 is going to be a continuation of what we saw in 2025 and we think the companies with a headstart could be the biggest winners from interest in the sector...

RML was one of the first movers into US critical minerals on the ASX acquiring an asset in Idaho, USA.

RML’s project just so happens to be next door to the US antimony national champion too - the $5.7BN Perpetua Resources.

We Invested in RML because we think that after decades, there is now genuine interest in exploring critical minerals assets in the US - which we think could mean more capital pouring into a company like RML.

RML is trying to become Perpetua 2.0

It's still very early days for RML’s project, especially when we compare it to how Perpetua defined a ~6M ounce gold resource.

If we look back at what Perpetua Resources (it used to be called Midas Gold) did, they went from first drilling to a maiden resource in ~2 years.

The first resource they put out was 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 a ~5.8m ounces of gold (indicated and inferred). (source)

RML is only ~10 holes into drilling the first of its two key prospects (not to mention RML has barely done any work on the rest of its project area):

(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)

Now we have ~1.5km of strike and holes down to 280m+ depths with some ending in mineralisation, so that resource could look a lot bigger come the JORC resource RML is planning after this year's drilling.

(all of that is without drilling on the antimony/tungsten targets RML wants to drill this year)

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)

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’s declared a discovery and will be drilling it out in 2026 while a NASDAQ listing is in the works (led by the same brokers who raised cash for Perpetua - Roth Capital). (Source)

Hopefully Roth will be able to tap into that crowd looking for Perpetua 2.0...

We have been to RML’s project - here’s our site visit note

One of our analysts visited RML’s project last year.

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:

• 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

What’s next for RML?

🔄 Drilling results

Next, we want to see assay results from the remaining holes drilled from the first round of drilling RML did at its Golden Gate project.

RML still has assays pending from 3 further RC holes which “will be released to the market as soon as they are available.”

(source)

Those assays should be from somewhere around Golden Gate North, so hopefully we get some good numbers and possible extensions to the gold in that section of the project:

(source)

🔄 Complete NASDAQ listing

Last week, RML confirmed it was progressing its NASDAQ listing, having lodged its registration statement to the SEC (US Securities Exchange Commission).

RML is expecting the process to be complete “within the next few months” (source).

RML also set up an ADR (American Depository Receipt) facility on the OTCQB market.

Interestingly, RML said the ADRs could be used as “M&A currency for corporate transactions, increase visibility for White House & Department of War funding and development incentives, and facilitate U.S. broker research exposure”.

(source)

So in the meantime we wait to see if this leads to any US specific activity relating to funding or investments...

What are the risks?

The main risk now for RML is “exploration risk”.

Now we enter that period post discovery where a company needs to back up the first few good holes with follow-up hits that define how big the discovery could really be.

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 down.

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.

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