Trump backed US investment bank Dominari Securities agrees to list RML on NASDAQ

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 23,076,922 RML shares and 24,038,460 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.

Dominari Securities is a US investment bank part-owned by Donald Trump Jnr and Eric Trump.

It has just agreed to lead a NASDAQ listing of Resolution Minerals (ASX:RML) and its USA critical metals project.

And yes, stating the obvious, the Trump brothers father is Donald Trump, the 47th President of the United States of America.

Eric Trump said this about the RML appointed Dominari in a recent interview:

“They’re an amazing firm. They’ve brought a lot of great things to us in the past, and so many of those great things have worked out so incredibly well.”

(Source: RML announcement. News Sources - just google “Dominari and Trump”)

Donald Trump Jr and Eric Trump are 14.8% owners of and advisors to Dominari Securities, the investment bank that has agreed to get RML listed on the NASDAQ.

(The Trump sons have been tasked with running the Trump Organisation and overseeing the Trump family fortune while Donald Senior is US president - Don Jr and Eric sit at arms length from the US government so can still do commercial business deals).

With a head office in Trump Tower, Dominari is widely reported to find (and raise money for) companies that generally fit with President Donald Trump’s new America First Agenda.

Including recent deals in Artificial Intelligence, data centres, bitcoin mining...

... and now USA based critical metals - via our ASX listed Investment RML’s NASDAQ listing.

According to SEC filings, the Trumps, plus executives of The Trump Organisation, own ~20% of Dominari Securities.

As well as the big ownership stake, Donald Trump Jnr and Eric Trump both sit on Dominari’s advisory board.

(along with Ron Lieberman, who is an executive vice president at the Trump Organisation).

Eric Trump had this to say about Dominari Securities in a recent interview:

(watch it here)

Dominari’s recent IPOs and transactions have been pretty successful, including DGNX in January, which was up 3,680% at its peak (keep reading to see the rest of the list, noting past performance is not an indicator of future performance of RML).

Today, Dominari has agreed to bring RML’s US based critical metals and gold project to the NASDAQ.

Specifically, Dominari Securities and co-lead Revere Securities will do the following for RML:

(Source)

President Trump’s Administration has been vocal and supportive of onshoring critical metals, and given RML fits into this theme, it makes sense that a Trump family backed Dominari wants to get involved.

RML’s new Trump family backed advisors track record on US markets

Dominari Securities and Revere (a broker-dealer also appointed by RML) are behind the best performing NASDAQ IPO of the last decade...

DGNX, which IPO’d in January this year, was up 3,680% at its peak.

Across all of their IPOs, the deals have an average return of 344% at their peak.

Of course, the past performance of these companies is not an indicator of the future performance of RML.

Watch Dominari’s CEO talk about the future of markets and AI in 2025:

(Source)

Here are some of the Dominari success stories from their NASDAQ IPOs (except for Unusual Machines, which listed on the NYSE):

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. These products, like all other financial products, are subject to market forces and unpredictable events that may adversely affect future performance.

With so much interest in US critical minerals right now, a NASDAQ listing accelerates RML’s access to much deeper pools of capital in the world’s most capital-rich market - the USA.

The NASDAQ represents ~70% of US equity trading volumes.

Alongside AI, critical minerals are becoming one of the hottest emerging themes in the US.

We still think it's very early days in this investment theme.

In the last few weeks, the US Department of Defence invested US$400M in US rare earths producer MP Materials, and Apple has committed to US$500M offtake agreement with the company.

Right now, the US is making champions of critical minerals projects through the FAST-41 program (which includes RML’s neighbour Perpetua Resources).

And we think that there is more support to come...

🚨Breaking news: The US Department of Defence just gave another critical minerals project US$6.2M in funding - a tungsten project in Nevada (source).

While the NASDAQ listing opens up the door for new capital, being in the Trump family orbit could be like a massive neon sign above RML telling the market “This Way”.

At the same time, RML is only at the very early stages of exploration of its asset, so success is no guarantee here.

Public Trump references can re-rate ASX companies...

One mention of ASX listed Dateline Resources’ assets by President Trump on social media triggered a ~50x move (in under 3 months).

Noting the past performance of Dateline is not an indicator of the future performance of RML.

Dateline owns the Colosseum project in California, about 10km from MP Materials’ Mountain Pass, which is America’s only operating rare earths mine.

Here is President Trump simply posting about permitting progress on Truth Social, amongst a bunch of other weekly policy achievements:

(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.

The parallels here between RML and Dateline are that they both have ground sitting next to “first and only” critical metal champions in the USA.

Dateline, next to America’s only rare earths mine owned by MP Materials.

And RML sitting beside the only advanced antimony resource in the USA, owned by Perpetua Resources...

If Trump or anyone in the US Administration starts talking about its antimony asset (or the project nearby...) it could put RML in the mainstream spotlight... just like Dateline was.

Of course, what involvement the Trump family might have in RML (via Dominari) is not clear, if any at all.

But facilitating introductions to their US network would be a great start...

OR a public tweet by Don or Eric could be even better.

Would it be too much to ask for a mention on a podcast?

We are probably getting ahead of things a bit too much here though.

Now it is on the Dominari and Revere Securities groups to tap their US investor networks and get RML listed on the NASDAQ, which is proposed to occur in Q4, 2025.

Dominari and Revere have together been behind some of the NASDAQ’s biggest IPOs this year - is RML next?

Dominari Securities and Revere Securities co-led the most successful IPO in 2025.

Diginex was listed in January 2025 and is up over 3,680% at its peak inside 4 months...

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.

As we mentioned above, the Dominari advisory board includes:

• Donald Trump Jnr,
• Eric Trump, and
• Ronald Lieberman (an executive vice president at the Trump Organisation).

And again, according to SEC filings, the Trumps (and Trump Organization executives) own ~20% of Dominari...

So via partnering with Dominari on a NASDAQ listing, RML is essentially entering the Trump family orbit.

Any simple mention of RML by a member of the Trump family could bring massive amounts of attention to the RML story, just like what happened with Dateline Resources.

And with a NASDAQ listing, it will be simple for US investors to buy RML shares...

(RML is also expected to list on the smaller US OTC exchange any day now, giving an early opportunity to US based investors to buy RML shares on market)

RML is next door to $2.9BN capped Perpetua Resources

RML’s project is next to Perpetua Resources' Stibnite Gold Project, which once a mine is built, will be the USA’s only domestic source of antimony.

Antimony is used in various defence applications, most notably in bullets and ammunition - this is why it’s a critical metal.

The US has no domestic supply of antimony and buys most of it from China.

China placed an export ban on antimony back in August last year, and the US (and the US military) is scrambling to get its hands on more supply.

There is a history of production at RML’s project too:

• World War 1: Antimony was produced at RML’s project
• World War 2: Antimony produced again at RML’s project
• 1960s: further Antimony production
• 1950 to 1980: Tungsten was produced at RML’s project
• 1986, 1987, 1994: Drilling hits gold - none of the holes are assayed for antimony or tungsten (nobody cared about these military metals at the time):
  • 36.6m @ 1.51 g/t Au.
  • 71.6m @ 1.37 g/t Au.
  • 59.4m @ 1.03 g/t Au.

RML is the only ASX listed small cap with ground next door to Perpetua.

And RML’s exploration theory is based on trying to replicate a discovery like Perpetua’s multi-billion dollar project.

RML is basically trying to become Perpetua 2.0.

Watch RML’s US CEO Craig Lindsay’s short video from site here, where you can get a better understanding of the asset:

(Watch it here)

RML expects to be drilling in a few weeks.

Perfect timing as there is a giant spotlight on US critical minerals.

US critical minerals in the spotlight after MP Materials historic deal with the DoD and Apple

US precious metals and critical metals stocks have started running again.

MP Materials’ valuation has doubled in July (its now capped at US$15.2BN) - off back of the Pentagon investing US$400M and the Apple offtake deal:

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.

RML’s neighbour Perpetua Resources is also up over 60% in July (now capped at A$2.9BN):

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.

The latest rally in Perpetua seems to be somewhat related to the US$400M Pentagon investment into MP Materials and the US$500M deal with tech giant Apple.

Earlier this week we also saw another small cap get US$6.2M in Department of Defence funding

The DoD is funding a pre-feasibility study for this company’s tungsten project:

RML’s neighbour Perpetua Resources is also up over 60% in July (now capped at A$2.9BN):

(Source)

(RML’s project was a past producer of tungsten from the 1950s to the 1980s).

If you want to get an idea of how important funding critical minerals is to the US military, read these comments by the former US assistant secretary of defence for industrial base policy:

(Source)

There is no guarantee that RML can access government funding, but more government support for US critical minerals should improve the momentum in the sector.

RML’s team’s incentives are also aligned with us as shareholders

Since the first acquisition announcement on the 11th of June, RML has announced a few key people joining their team.

Last week, RML brought on board Steve Promnitz and Brett Lynch as Senior Strategic Advisers.

Both have been behind some big micro cap success stories in the past:

• Steve was behind Lake Resources which went from a micro cap capped at $1M to a $3BN company at one point and
• Brett was behind Sayona Mining which was also once capped in the billions of dollars (at the height of the lithium market).

We are looking forward to seeing what these guys can do when we reach the height of the US critical metals market... which we think is in its very early stages.

Of course the past performance of Lake Resources and Sayona Mining is not an indicator of the future performance of RML.

(Watch Steve and Brett talking about why they joined RML - Source)

Both Steve and Brett were able to capture the market's attention while a macro thematic was hot and attract attention and capital to their respective companies.

Distinguishing a company from all the other lithium companies during a bull market wasn’t an easy thing to achieve...

But for those companies that do manage to capture investor attention in a hot macro thematic, there is a lot more capital available.

For a small company with big ideas, riding the macro waves correctly can be the key to unlocking the capital to chase and deliver on those ideas.

(We have seen this play out with our best ever Investment Vulcan Energy Resources taking the idea of “zero carbon lithium” from geothermal brines at a $20M market cap and developing a billion dollar company throughout the lithium boom. Read more about that here.)

One thing we noticed was that both Steve and Brett received incentive packages that are tied to RML’s share price reaching 10c - 25c hurdle prices.

These are very similar hurdles set for the US based CEO Craig Lindsay AND the 12-year ex-Perpetua geologist that came on as as technical advisor only a few weeks back:

We think RML has put together a team that can increase the odds of drilling success AND also of any positive results being seen by the broader market...

With drilling permitted and ready to go after deal completion expected any day now, it will be all about delivering strong exploration results that keep pace with the hot macro thematic tailwinds - which we think are the biggest factors for whether or not RML can achieve our Big Bet:

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.

“ASX to NASDAQ” journey opens doors to major capital markets

One of our highest conviction macro views going into 2025 was that US capital would flow into the ASX metals and mining companies.

Much like the Artificial Intelligence (AI) rush created new tech and microchip multi billion dollar success stories, we think US capital will next turn its attention to critical metals and mining.

At the same time, a US debt addiction that's putting pressure on the USD as a reserve currency will mean precious metals like gold and silver could also become of interest to US capital.

The ASX has a “head start” across both critical metals and precious metals projects based in the USA.

The ASX has always been obsessed with metals and mining - most of our listed companies are in this space, and our investor base understands and invests in it.

The USA’s stock exchanges are just not that into metals and mining... yet.

What this means is that many early stage metals and mining projects from around the world find their way into the enthusiastic capital pools of the ASX.

(including many US based critical metals projects, that until recently probably couldn't find enough interest to raise money and list in the USA, or were struggling on Canadian markets)

The USA investor pool appears to be only just catching on to metals and mining...

... and we think that a wave of capital coming out of the US could trigger the next bull run in ASX metals and mining stocks.

Including dual listings for ASX companies onto US stock exchanges.

So what happens when USA money wants to start moving into US based critical metals projects?

US financial markets are giant - NVIDIA’s market cap alone is bigger than the top mining companies in the world combined.

Even just a small % move out of these names and into metals and mining could impact share prices in the small cap mining space in a big way.

(Source, Mining.com October 28, 2024)

So far we have already seen NASDAQ listed Snow Lake Resources go substantial on RML with a 5.17% holding in the company. (Source)

AND RML has made some moves toward engagement with the US government regarding funding and accelerated permitting for its project:

(Source)

What’s next for RML?

Deal completion 🔄

We want to see RML complete the acquisition of its Horse Heaven project.

The shareholder vote to approve the deal was passed on Friday, and the deal is set to complete this week.

Drill Target Generation 🔄

RML is currently:

• Mapping and sampling across both of its two main targets.
• Mapping and sampling across regional targets, AND
• Confirming drill sites for its August drill program.

That work should mean that we could see some rock chip sampling results come to market soon.

Drilling (August) 🔄

In August we want to see RML drill its Golden Gate target.

Golden Gate is where RML has ~3.5km of known strike where old drillholes have delivered hits as good as ~71.6m at 1.37g/t gold and 36.6m at 1.51g/t gold.

None of the old drilling here was ever tested for antimony or tungsten, so there is all of that potential upside come drilling time.

(Source)

Complete NASDAQ listing 🔄

Now that RML has signed on with Trump-backed group Dominiari, we want to see the company list on the NASDAQ.

What are the risks?

RML hasn’t started drilling yet so the two main risks we see to RML’s share price in the short term are “capital structure risk” and “funding/dilution risk”.

Capital Structure Risk

After RML completes its current capital raise and acquisition it will have ~1.2BN shares on issue and over 800M options exercisable at 1.8c per share.

There is a chance the outstanding options act as a weight on RML’s share prices in the short-medium term.

IF RML’s share price goes above 1.8c then the market may start to price in dilution and more supply coming onto market (through option exercises) which in turn may cause some selling in anticipation of those options coming to market.

Source: “What could go wrong?” - RML Investment Memo 11 June 2025

One thing to note though is that the options are listed, so the likelihood of them being exercised, turned into fully paid shares and sold on the market is lower.

Funding risk/dilution risk

As a pre-revenue small cap company, RML is reliant on capital markets to advance its projects.

If something negative happens at a macro or company level, RML could struggle to access capital on favourable terms.

These capital raises may take place at a discount, and result in the issuance of new shares which incur dilution to existing shareholders.

Source: “What could go wrong?” - RML Investment Memo 11 June 2025

RML recently raised $1.9M at 1.3c per share. A large chunk of that cash would have gone toward finalising the acquisition of its US asset.

It’s possible RML will require additional funding from capital markets to progress with its planned drilling. We should get an update on the company’s current cash balance when the June quarterly report is released in the coming days.

Once the deal is settled there will be ~823M options most of which would be in the money from 1.8c so it's possible some of these get exercised and bring cash into RML’s bank accounts.

BUT given they are listed and still have a while to go before they expire, we think the probability of them being exercised in the short term is relatively low.

For the full set of risks we have identified and accepted in making our Investment in RML, see our RML Investment Memo below.

Other Risks

Like any stock market investment, investing in RML carries a multitude of risks which may affect the value of the company, some which are unable to be identified (this is the nature of risks).

Here we aim to identify a few more risks.

The company’s primary asset is a pre-discovery gold-antimony-tungsten-silver exploration project and it is possible that RML makes no economic discoveries.

RML is also highly sensitive to fluctuations in commodity prices. A sustained downturn in these prices could materially impact the project’s economic viability and the ability of RML to raise cash to finance exploration.

RML is a highly speculative investment which has already rallied significantly in recent weeks, and the current share price may already reflect the anticipated news mentioned in this article.

There is no guarantee RML will receive any government funding or support, including from the US Department of Defence, despite strategic interest in antimony.

The Company is as mentioned reliant on capital markets to fund development, and any capital raise may dilute existing shareholders.

Finally, regulatory, environmental, and permitting risks in the US jurisdiction - while generally stable - may delay or adversely affect development.

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