RML: Major gold discovery unfolding - 5 holes hit gold mineralisation from surface to end of hole… 45 drill holes still to come…

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 27,016,400 RML Shares and 29,679,160 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.

Our US gold and critical minerals Investment Resolution Minerals (ASX:RML) announced three more strong drill results this morning.

Today, RML hit 200m+ gold intercepts in all three of its latest holes, extending the strike of its large discovery to ~600m (and the depth to 280m+).

Now five out of six drill holes end in gold mineralisation.

There are 45 more holes still to come.

Four are in the testing lab expected in the coming weeks.

RML still has ~3,000m of strike to test, with those 45 holes all permitted and ready to go over the coming months...

Here’s the details of today’s results:

(source)

Today’s results add to RML’s first three holes from its discovery:

(Source)

It’s a bit too early to speculate on the size of the gold resource here as we are only 6 holes in, but based on what we have seen so far, if these kinds of hits continue, it's shaping up to be a big one...

Today at 11 AM AEDT/8 AM AWST, RML’s US CEO Craig Linsday will be hosting a webinar discussing the latest results and what’s next:

CLICK TO REGISTER FOR TODAY’S RML WEBINAR

RML’s gold discovery is on the western side of an intrusion that could be the same one that hosts $4.7BN Perpetua Resources’s 6M ounce gold, 200M lb antimony deposit.

The average grade on Perpetua’s 6M oz gold deposit is ~1.42g/t - with mineralisation ranging from 0.25 g/t gold to over 2 g/t gold.

(We want to see if RML is sitting on something similar to Perpetua - and the current drilling is starting to show it)

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:

So we want to find out if RML is sitting on a similar size and style deposit as Perpetua.

So far so good... but the full picture will keep unfolding as RML drills and announces its results from the remaining 45 holes of the initial first phase, 57 hole program.

RML’s first six assays from drilling have all come back mineralised with gold starting from surface (all except one where mineralisation started from a very shallow 34m).

Assays are pending for another 3 diamond holes and 4 RC holes...

(shallow gold mineralisation is good to see - as it makes it cheaper to mine the gold out of the ground)

Perpetua’s deposit has a ~6M ounce gold resource - the average grade on Perpetua’s deposit is ~1.42g/t.

As with any deposit of this style, it isn't just one continuous block of 1.42g/t gold grades...

Plenty of the Perpetua resource is made up of grades ranging between ~0.25g/t and 0.75g/t gold...

And of course some higher grade areas that average it all out out to 1.42g/t.

(source - Perpetua presentation page 14)

So far in RML’s drilling we have seen intervals where grades have been as high as ~2.32g/t and as low as ~0.36g/t (from only 6 assay results).

(source)

And RML still has assays pending from holes drilled to the south - and over 45 holes planned as part of the “initial phase of drilling” at Golden Gate:

Here is the 3D model we have been using to track RML’s drilling - (those deeper holes are giving us a lot more information to go off in terms of working out how big RML’s discovery might be):

(We used Canetoad to produce this model)

Given how early we are into the drill out of RML’s discovery, for us the most important takeaways so far are:

1. All holes have hit gold from surface (except one from 34m depth) to the end of each hole - so there could be even more gold at depth... AND
2. All of the drilling to date has extended the discovery across ~600m of strike - with over 3,000m in strike still to be tested.

“Post discovery” drill outs can become a rollercoaster of emotions if lived hole by hole - good holes can set expectations high, then some that are good (but not as good as the previous holes) can temper excitement.

The more important thing we try to focus on is whether or not a project is getting bigger AND whether or not the limits of a discovery have been defined yet.

In RML’s case, we think there is still so much to come - and we are nowhere near defining the limits of its discovery.

RML still has four deep diamond holes where assays are pending and four shallow follow-up RC holes which were drilled post discovery all to come over the coming months.

From those, we are particularly interested in the assays pending to the south which could really open up the size/scale of RML’s discovery:

(Source)

IF those holes from the south come in, then we would hope to see RML put the 45 remaining holes planned for the next 12 months to the north and south of those existing holes which is when we might start to learn about the limits of RML’s discovery:

(Source)

RML should have over $20M to fund drilling too - so no imminent capital raise or need to put out newsflow, instead RML can methodically drill out its discovery and show the market just how much of the ~3km of strike is mineralised.

At this stage, we think there is still so much to find out about RML’s discovery.

That’s where RML’s next round of assays and drilling will come into play.

What we want to see now, is RML go into full blown drill out mode, trying to see how big what they have found is.

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)

(source)

(source)

RML is only six 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 six new diamond holes which have hit gold to ~280M depths with all holes ending in mineralisation...

AND the potential strike is ~3km...

We haven’t even seen a drill program on the Antimony Ridge target yet where there is historical antimony production WITH Gold and silver (up to 55% antimony grades).

(Source) (Source)

RML wants to drill Antimony Ridge next year too (alongside those 45 holes planned at Golden Gate).

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 asset interesting from a corporate takeover perspective.

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

(source)

Some sort of external validation from a larger corporate may be the trigger for a real re-rate higher in RML’s share price... of course, before that happens RML will need to show the market that its discovery is getting bigger.

Below is a side-by-side image of the similarities in the way Perpetua’s project sits and what RML has drilled so far:

(Source) (Source)

RML is preparing to list on the NASDAQ

Another catalyst we are following for RML is its planned NASDAQ listing.

RML engaged Roth Capital (early backers of Perpetua) to run the listing process.

Roth was behind recent Perpetua capital raises - 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)

RML is already listed on the OTCQB market under the ticker code RLMRF.

A NASDAQ listing, just as RML commits to drilling out its discovery, could be an excellent time to hit up an investor base who has had a big win with Perpetua (and especially now with the JP Morgan and Agnico publicity).

Ultimately, we are hoping that the investor interest in Perpetua trickles down into RML.

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

One of our analysts recently got back from a site visit to RML’s project.

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 write up:

• 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 7 holes drilled from the first round of drilling RML did at its Golden Gate project.

(Source)

🔄 Complete NASDAQ listing

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.

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