Three holes now in RML’s new gold discovery - 7 assays pending in the coming weeks

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 27,931,400 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.

It’s been 7 days since our gold and US critical minerals Investment Resolution Minerals (ASX:RML) announced its giant gold discovery hole...

7 days ago RML announced a 189.2m @ 1.3 g/tonne discovery hole at its Horse Heaven project in Idaho.

Yesterday RML announced 253.0m @ 1.5 g/tonne and 265.2m @ 0.60 g/tonne hits.

These are long, high grade intercepts.

The first three holes are now showing us RML’s discovery extends over at least ~75m and is open at depth.

7 drill hole results are still pending, and should be released by RML sequentially over the coming weeks.

We think this is the best start to drilling RML (and us) could have hoped for

(it certainly far exceeded our expectations... “never ruin a good small cap story by drilling” and all that - well this time the story got much better)

...and if RML delivers another one or two big drill results out of the upcoming assays - it will give the market an idea of the potential scale of just what RML could have found.

(the “post-discovery” drilling out around a discovery hole to figure out the size and extent of a new resource deposit is the most exciting AND terrifying part of moving out of “exploration” stage to “definition” stage)

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Over the coming weeks, RML’s upcoming drill results should provide more clues and confirmations on just how big RML’s discovery could get.

RML’s working theory had been that its project could host a similar style gold system to the one that hosts $4.5BN Perpetua Resources 6M oz gold ~200M lb antimony resource.

The drill bit is now starting to prove up this theory.

(Perpetua’s project - which recently attracted JP Morgan and Agnico Eagle to invest US$225M - will be one of the biggest gold mines in the US when it comes online).

After RML’s impressive discovery hole last week, the natural question mark is whether or not it was an isolated hit OR the beginnings of a Perpetua style discovery.

Yesterday RML confirmed a “Large, open intrusion-related gold system”...

... after hitting 253m at 1.5g/t gold from surface in a hole that ended in gold mineralisation.

(inside that intercept was two high grade intervals too - 111.9m @ 2.31 g/t gold and 18.3m @ 3.98 g/t gold).

RML put out assay results from two holes:

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The first three holes (yesterday’s two and the first hole from last week) are showing us RML’s discovery extends over at least ~75m and is open at depth.

There are another 7 assays remaining which could really open up the project and start to show the market just how big the discovery could really be.

There is potential to extend the mineralisation over a few kilometers if those holes to the south come in...

We should get these results over the coming weeks.

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While we wait for those assays to come in, RML will be getting an RC rig on site to start following up the first batch of holes:

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RML is also applying for a large, 50 hole, drill permit to follow up the results.

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.

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How do RML results compare to $4.5BN capped Perpetua?

Our immediate reaction when RML puts out drill results, is to check and see how they compare to the results from its neighbour’s project (Perpetua Resources).

Perpetua’s project has an estimated ~6M ounce gold, 206M lb antimony deposit resource.

When Perpetua is in production it will be one of the biggest open-pit gold mines in the USA.

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

(Source)

One of RML’s drill hits today was for 253m at 1.5g/t gold from surface, ending in mineralisation.

So the grades are there or thereabouts...

The most interesting difference to us is that it looks like RML’s drillholes are even bigger than Perpetua’s (albeit at lower grades).

Some of the best hits from Perpetua’s project were 194m thick intercepts with 2.5g/t gold grades. (source)

Keeping in mind, those were some of Perpetua’s best hits... they had plenty of other holes where drilling hit much thinner intercepts AND lower grades.

Here is another batch of holes from Perpetua:

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There were also a bunch of intercepts with grades in the 0.5 to 0.8g/t...

We got AI to analyse the Perpetua results - here were the results that we got back:

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RML’s hit yesterday was 250m+ AND ending in mineralisation...

We are still very early into finding out the limits to RML’s discovery and with some luck, some of the future holes could return grades well above what we have seen so far.

It's still very early days, and we think there is a lot to play out here.

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 perspective.

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

(source)

Some sort of external validation 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.

(which the next 7 assays could do...)

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

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

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

But a bigger US stock exchange awaits - RML is planning to list on the NASDAQ.

Hopefully RML’s US advisors Roth Capital are showing RML’s drill hits to Perpetua investors as part of the groundwork for RML’s upcoming NASDAQ listing.

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

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

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We might have to email Mike the RML drill hits soon to see what he thinks.

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

A NASDAQ listing right now - just as RML commits to drilling out its discovery could be the perfect 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 (assuming RML can discover and define a resource of its own).

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:

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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.

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🔄 Complete NASDAQ listing

RML has hired Roth Capital to support a NASDAQ listing.

🔲 Maiden Resource Estimate

RML is targeting a gold JORC resource estimate next year 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”.

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