RML: Moving up again after US critical minerals theme re-emerges, releases 48.7% antimony and 890 g/t silver samples

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

Anyone following the “USA’s rush to secure domestic critical minerals supply” investment theme will have seen the waves...

A fast and hard “US critical minerals” bull market kicked off around June last year...

(remember how fun that was)

Then fizzled out in November and December...

(we stayed in, expecting it to come back in 2026)

AND NOW looks like it's kicking back off again in the first two weeks of 2026... with the basket of ASX listed, USA based critical minerals stocks we follow all moving up.

Our Investment Resolution Minerals (🇦🇺: RML | 🇺🇸: RLMLF) has found itself in the middle of three major macro thematic bull markets.

1. USA critical minerals - specifically military metals antimony and tungsten...

(Antimony and tungsten are critical for defense industries. China controls global supplies of both. US has zero domestic supply of both)

2. ... plus precious metal gold.

3. ... and even some silver too...

The RML share price has popped up off its recent base in the last two days after the market appeared to like its latest reported samples showing 48.7% antimony and 890g/t silver:

(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 are also eagerly awaiting the next batch of RML’s gold drilling results (which is what originally spiked up RML’s share price to its highest point in the above chart).

So RML’s gold results are due soon AND the US critical minerals theme looks to be back on the market menu.

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 some sort of supply...

RML is seeking to get the asset back into production again over the coming years as the US once again pushes for domestic supplies of these critical minerals.

Back to that USA critical minerals investment thematic - yep, its back on.

We are only 16 days into 2026 and we have already seen...

... antimony prices continue to hold up, tungsten prices hit new all time highs, gold the same, and silver prices have gone well, parabolic. (source) (source)(source)

The US has made critical minerals such a big priority that it’s put the Department Of War in charge of securing supply chains.

Here is what a “national security document” from November last year said about the issue:

“The intelligence community will monitor key supply chains... around the world to ensure we understand and mitigate vulnerabilities” (source)

Critical Minerals were the first order of business for the US Department of the Treasury in 2026 too:

(source)

Even the tech billionaires are up and about on critical minerals.

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)

Imagine if a few more Silicon Valley billionaires rotated some of their capital and attention from tech into the resources space...

(side note: we ran into Chamath in Italy a few years back - a good guy with some good stories - you can read about our encounter here)

We think 2026 is going to be a continuation of what we saw in 2025 for antimony and rare earths.

We expect it to continue for antimony, and for other critical minerals like tungsten and silver to start getting some market/government attention.

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 planning a NASDAQ listing in “early 2026” so that capital could come in when that happens)

(source)

Perpetua has a 6M ounce gold resource which just so happens to have the biggest antimony resource in the USA (~200M lbs of antimony).

Despite the size, it’s only projected to be enough supply to service less than ~35% of the USA’s antimony needs. (source)

That antimony is what attracted a US$2BN funding offer from EXIM (Export-Import Bank of the United States) funding to the project - and helped the stock rally by over ~1,200%.

(it was also enough for giant US investment bank, JP Morgan, to make Perpetua the first company it made a direct equity investment in).

RML’s exploration model is based on the geological theory that the structures causing the mineralisation on Perpetua’s ground next door, could also be doing the same thing in RML’s project area:

(source)

So far it looks like RML could be right...

RML hit gold from its first drill campaign, declared a gold discovery and with the first 6 holes defined a strike of ~600m (with depths >280M). (source)

Assays are pending from four holes (if we get more mineralisation, that strike could grow to ~3,000m).

AND RML plans to put another 45 holes into the project in 2026...

(source)

What we haven’t seen yet, is RML drill its critical mineral targets...

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 also 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)

So we could see RML have a crack at an antimony discovery in 2026...

(As we covered above, antimony is a critical mineral used in defence applications such as munitions and armour, of which the US has no domestic supply.)

This is a main reason for the US Department Of War being so interested in Perpetua’s project - interested enough to provide some funding and help with permitting).

The US Department Of War has provided US$59.2M through the Defense Production Act (DPA) Title III and US$22.4M through the Defense Ordnance Technology Consortium (DOTC).

Here is a photo of government and military officials on Perpetua’s ground...

(wonder if they drove by RML’s ground next door while in the region?)

(Source)

Let’s also not forget the tungsten RML’s project has produced in the past too...

Tungsten is also a critical military metal used in defence applications such as munitions, vehicle and body armour, missiles and radiation shielding.

We think the market has largely overlooked the tungsten potential on RML’s ground... (hopefully just for now).

One of our new year resolutions for RML (get it?) is to see RML capture attention from inside the US - especially when the stock lists on the NASDAQ - which it is planning to do in “early 2026”.

(source)

RML is preparing to list on the NASDAQ

We mentioned earlier Silicon Valley billionaire Chamath Palihapitiya had said “a basket of critical minerals” was his pick for the “best performing assets” in 2026. (source)

Chamath is one of the first tech billionaires to publicly make a big statement like that (maybe second to Elon - who has become aware of it because of the fragilities in Tesla’s supply chains).

We think in 2026, there will be a lot more in the US tech sector start to look at the metals sector...

Remember that big Nvidia ball we were writing about last year and how even a small portion of that capital going into the US metals space could create big ripple effects:

If you don't, here it is:

See what we wrote about it here: Where will the wave of capital come from?

(Source, Mining.com October 28, 2024)

Oh and remember that JP Morgan and Agnico deal for Perpetua Resources (next door to RML)?

If you don't - here is the press release.

We think there will be other banks stepping into the sector and a lot more corporates, especially those who rely on supplies of critical minerals...

(remember the lithium bull run when carmakers were doing deals with lithium small caps?)

We are hoping all of that interest coincides with RML’s listing on the NASDAQ.

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

AND RML has already engaged Roth Capital (early backers of Perpetua) to run the listing process onto the much larger NASDAQ market.

(source)

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

(Source)

A NASDAQ listing, just as RML commits to drilling out its discovery and critical mineral targets 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 all of that US interest as well as the investor interest in Perpetua trickles down into 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 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 this year (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.

We have been to RML’s project - here’s some info from our site visit

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.

(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.

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