RML: Presented at Trump’s Mar-a-Lago and then started a big drilling campaign - USA gold and critical military minerals.

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 26,863,572 RML Shares and 31,955,351 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.

A 13,700m drill campaign across 43 holes has just begun.

Targeting more gold and tungsten in the USA.

(right next door to the biggest gold and antimony project in the USA)

This comes a week after our Investment Resolution Minerals (ASX:RML) released a presentation on the ASX titled ‘Mar-a-Lago Defense Forum Presentation’.

Mar-a-Lago is the private resort and club owned by President Trump in Florida.

According to Google it’s “Donald Trump’s primary residence and a "Winter White House" for political meetings, high-profile fundraisers, and social events”

Trump spends a lot of time here... wonder if he stumbled across RML’s presentation?

(source)

It’s clear RML has been busy getting its project front and centre of the US administration.

Here’s a photo of RML’s Exec Director Brett Lynch presenting at Mar-a-Lago:

(source)

And here’s one of him in front of (what we assume is) Trump's private jet:

(source)

Trump private jet photos are fun. Mar-a-Lago presentations are attention grabbing.

BUT...

RML has also ALREADY delivered some legit “sausage to match all the sizzle” REAL traction with the USA government.

5 weeks ago, RML secured FAST-41 status for its Antimony Ridge target.

FAST-41 is basically the US government acknowledging that a project is critical for its national security.

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

It gives RML’s project defined permitting timelines and tracking on the Federal Permitting Dashboard - for everyone to see on a public dashboard.

Nothing like being publicly shamed to focus a bureaucrat’s mind on approving a permit.

RML’s neighbour, $5.4BN Perpetua Resources, is one of the other rare FAST 41 status holders.

(RML’s project is directly next door to Perpetua - the biggest antimony deposit in the US, backed by US$2BN+ in US government support, JP Morgan, and $133BN Agnico Eagle Mines.)

(source)(source)

By attaining FAST-41 status, RML has already shown it can get real USA government traction...

And the RML management team has been knocking around Trump’s “winter White House” Mar-a-Lago for the last week.

Who knows what will come out of that... we’ll see.

Meanwhile, RML has just commenced a big follow-up drill campaign on the gold & tungsten discovery it made last year.

Lets see if they can follow up on some of these hits from last campaign:

(source)

All three of the first three holes ended in mineralisation.

There’s potential for a world class multi-million ounce gold project here.

RML is planning to release a maiden JORC resource estimate by the end of the year / early next year - this current 13,700m drill campaign will feed into that resource.

RML also has a NASDAQ listing which it described as “expected imminently” in the recent quarterly. (source)

A USA main board listing provides access to major US investors and funds to buy RML shares.

We think RML’s got the right project, against the right macro backdrop.

Between now and the end of the year we think any one of the following catalysts could re-rate RML higher:

• Drilling Golden Gate - drilling underway at its gold/tungsten discovery (45 holes, 13,700m with two diamond rigs).
  
• Permitting for Antimony Ridge - 250 hole plan of operations submitted, approvals expected to be fast tracked due to FAST-41 status (source)
  
• NASDAQ listing - RML’s latest quarterly (2 weeks ago) said a listing is “expected imminently”. (source)
  
• Production/processing - RML has a nearby historic tungsten processing facility and has been releasing positive results from metwork. RML is aiming to fast track antimony/tungsten production.

RML just raised cash to keep things moving fast - $20M at 7c per share cornerstone by two institutional investors (L1 Capital and Tribeca Investment Partners). We participated in this raise.

(source)

So as long as the news is strong in the coming months, RML shouldn’t be in a position where it needs to raise cash in the near term.

That means anyone looking for exposure to RML will have to step up and buy on-market...

Resolution Minerals

Coming back to the drill campaign that just began

RML is drilling immediately to the north of its other project, which only a few weeks ago got FAST-41 status from the US government (more on that project later).

Combined, the two projects have a history of producing gold and critical minerals (antimony and tungsten) when the US has needed it in the past including during WW1 and WW2.

This next round of drilling (~45-holes using two diamond rigs) - will be following up the gold (and tungsten) discovery RML made last year when it hit gold in every single one of its 14 holes.

Here they are again (I don't mind seeing these twice) - RML’s discovery holes from last year's program:

(source)

All three of the first three holes ended in mineralisation.

(meaning RML doesn't actually know how deep this thing goes yet, as the holes ran out of metres before they ran out of gold)

That’s the unknown we want to see RML really go after with this round of drilling.

So far, RML has defined gold mineralisation across ~2km of strike, open in all directions.

AND there are two large undrilled areas to the north and south of the existing discovery footprint that haven't been tested at all.

The difference this time around is RML’s got two diamond rigs - capable of going a lot deeper than the rigs used in that first drill program.

Here is a 3D model we spun up using Canetoad.Ai - the orange section is what RML discovered last year, the blue is everything we want to see RML drill:

And here is how the drilling plan looks against our Canetoad image:

(source)

With this drill campaign, RML will also be testing the tungsten potential of the asset.

RML’s Golden Gate was previously a producing tungsten mine between the 1950s and 1980s, with average grades of 1.5% to 2.03% WO3.

(Typical tungsten mines today produce at 0.2-0.6% WO3. RML's old workings run 3-10x that.)

Here is a photo of RML’s old tungsten processing mill and the stockpiles RML owns:

(source - those blue glowing rocks below show the tungsten mineralisation sitting in the stockpile)

Since the 1980s, the project has been drilled multiple times - but never once for tungsten.

So RML will be the first company to drill and assay the project for tungsten.

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

(source)

What we hope to see next from RML is to extend its big gold discovery AND also assays show high grade tungsten in the holes.

(source)

RML has flagged a target maiden JORC resource estimate by Q1 2027.

RML is planning a massive 250-hole campaign on FAST-41 project

RML’s also working toward a 250-hole drill campaign on its other project ~4km away - Antimony Ridge.

That’s the project that RML just got White House FAST-41 status for.

(source)(source)

FAST-41 is basically the US government acknowledging that a project is critical for its national security.

Or to be a bit more technical:

It’s a structured inter-agency coordination under a 13-agency Permitting Council, with defined permitting timelines and public tracking on the Federal Permitting Dashboard.

The overarching goal being to tell all federal agencies to get out of a chosen project's way.

Here is what US Congressman Russ Fulcher - who represents Idaho - said regarding RML’s asset:

"Antimony is a key component in the production of defense weaponry and energy technology. I am pleased to see the Antimony Ridge Project receive FAST-41 transparency status. Ensuring we have a strong domestic supply of this natural resource - sourced right here in Idaho in an environmentally friendly way - is vital to U.S. national defense and economic security."

It makes sense given this region, and RML’s Antimony Ridge project was a past-producing antimony mine that supplied the US Government during World War I, World War II, and the Korean War.

RML is yet to drill a single hole into this project.

Our bigger, longer-term thesis for RML is that Antimony Ridge and Golden Gate (where RML is drilling now) come together to hopefully one day, emulate the success neighbouring $5.4BN Perpetua Resources has had.

(source)

RML’s plan is to run a 250-hole drill campaign on the project (almost 5x what RML’s doing at Golden Gate right now).

And now given the project is on a US federal permitting dashboard - the urgency to make that happen is there as well.

You can follow updates regarding RML’s project here in real time:

(follow the permitting timetable progress dashboard on the government’s website)

We think that once RML starts drill testing its Antimony Ridge asset, that’s when the market can really start to compare RML to its $5.4BN neighbour Perpetua.

Especially IF by then, RML has defined a gold resource at its Golden Gate prospect.

RML to become Perpetua 2.0? We should find out more over the next 6-9 months

A big part of the reason why we Invested in RML was to maybe one day see it become Perpetua 2.0.

And over the next few months we could start to see early signs of whether or not that theory could become a reality.

RML has started drilling its gold/tungsten discovery (made last year).

The maiden campaign delivered chunky 200m+ intercepts that all bottomed out in mineralisation.

(remember that 253m hit at 1.5 g/t gold, ending in mineralisation) (source)

Now we get to find out how big that discovery is.

The resource, depending on its size, will give the market a solid metric to compare RML with its neighbour ~12km away - $5.4BN Perpetua Resources.

Perpetua's deposit and RML's discovery sit on the same broader geological intrusion.

The mineralisation theory is that it comes up from a single source between the two projects, and then extends laterally into both project areas.

Perpetua has already defined its side: 6 million ounces of gold + ~200 million pounds of antimony in JORC resource.

(source)

RML's market cap is ~$155M (allowing for all shares from the recent raise).

Perpetua's market cap is ~$5.4BN.

That's a ~35x gap in market cap on two projects sitting on opposite sides of the same geological system.

IF RML can define a resource of its own, the market could start to value the two on an ounce for ounce basis.

No guarantees of course - Perpetua is much more advanced in its development and has received significant financial backing over the years.

Here is how the two rank side by side at the moment:

RML is also listing on the NASDAQ “imminently.”

We are hoping all of RML’s big news coincides with the company’s US listing on the NASDAQ.

NASDAQ is home to the biggest critical minerals stories in the world right now - MP Materials, Almonty Industries, USA Rare Earth Inc, Energy Fuels and most of them are up over the last 12-18 months.

(US investors have been actively scanning for "the next big thing" in the sector. A NASDAQ listing would put RML directly in front of them.)

And when an ASX company goes to the US and is able to get traction on the major exchanges it generally means the company starts to get a new life of its own...

A good example is Almonty Industries - another critical minerals stock (tungsten) which listed on the NASDAQ in July 2024 (raising US$90M that was upsized and oversubscribed). (source)

Almonty is now capped at ~A$8.5BN, with its share price up over 28x in the last 24 months.

(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.

Think of it like the great baton pass from one capital market and set of investors to one that's huge relative to the ASX:

RML has already lodged its registration statement with the US SEC, has its ADR facility live via Bank of New York Mellon, and has flagged listing "within the next few months" (as of early February) and “expected imminently” (from the recent quarterly).

(of course, there's no guarantee the listing actually completes, or that it generates the institutional liquidity RML is hoping for.)

We think a NASDAQ listing could be a trigger for RML achieving our Big Bet 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.

Resolution Minerals

What we want to see next from RML

Here is the action plan RML had at the end of its recent presentation:

(source)

🔄 Golden Gate (gold and tungsten) - Phase 2 drilling (NOW)

RML kicked off the 45-hole program today.

As mentioned earlier we are hoping to see the discovery get bigger - both along strike and at depth:

(source)

Here are the milestones we are tracking:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• Phase 2 drilling commences (two diamond rigs through to mid-August) 🔄
• 🔲 First assay results
• 🔲 Maiden JORC mineral resource estimate (targeting Q1 2027)

🔄 NASDAQ listing

• ✅ SEC registration + ADR facility live via Bank of New York Mellon
• 🔄 NASDAQ listing process (~next few months as of early Feb, "imminently" as of the recent quarterly)

🔄 Antimony Ridge, the FAST-41 asset

We also want to see RML get its 250-hole drill program on its FAST-41 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 accelerated federal review
• 🔲 Bulk sampling of near-surface high-grade antimony from existing workings
• 🔲 Drilling of up to 250 holes to define scale of antimony system

🔄 Tungsten stockpile + Johnson Creek Mill

RML’s project has a history of producing critical minerals tungsten and antimony.

Old records show the asset has produced critical minerals for the United States in every single major conflict of the 20th century:

• World War 1: Antimony production
• World War 2: Antimony again
• 1960s: More antimony
• 1950s through 1980s: Tungsten

We want to see RML go back and process both the tungsten and antimony stockpiles across both of its projects.

Here are the milestones we are tracking on the processing/production side:

• ✅ Johnson Creek Mill and tungsten stockpiles acquired
• ✅ High-grade tungsten assay confirmed (1.85% WO3)
• 🔄 Sampling and assay program to define stockpile grade/tonnage
• 🔄 Metallurgical test work and process flowsheet development
• 🔲 Mill refurbishment assessment
• 🔲 Offtake discussions with US Government and/or commercial buyers

What could go wrong?

The main risk in the short term for RML will be “exploration risk” now that drilling has begun.

There is no guarantee RML hits economic mineralisation.

IF the results are below expectations, then the market could re-rate RML’s share price lower.

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

Other risks

Like any early-stage exploration company, RML carries significant risk, here we aim to identify a few more risks.

While Phase 1 hit gold in every hole, the current 45-hole program at Golden Gate is testing the system’s depth and scale for the first time. There is a real risk that these deeper assays won't confirm the continuity needed for a major resource, potentially leading to a market re-rating if results underwhelm.

RML is also yet to drill its first hole at Antimony Ridge, meaning the project’s potential is based largely on historical data and geological theory. Even with FAST-41 status, there is no guarantee that the upcoming 250-hole program will hit the grades required to truly emulate its $5.4BN neighbour.

The company’s imminent NASDAQ listing is another hurdle, as there is no guarantee the process will complete or attract the institutional liquidity RML is targeting. A delay or a lack of US investor interest could stall the company's plan to access a larger pool of capital.

Finally, the plan to process old stockpiles at the newly acquired Johnson Creek Mill carries significant technical and metallurgical risks. If the company cannot develop an economic way to process the tungsten and antimony, the value of this infrastructure and the stockpiles will be significantly diminished.

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

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