RML acquires nearby processing plant and camp
Our US critical minerals Investment Resolution Minerals (ASX: RML) has just acquired a processing mill and stockpiles to fast-track production for its Gold-Antimony-Silver-Tungsten Project in Idaho.
Recently RML announced a discovery hole with a large gold intercept from the Golden Gate Prospect at its Horse Heaven Project, check out or deep dive: RML Gold Discovery: First hole hits 189.2m at 1.3g/t gold… near surface, ending in mineralisation.
And there are another 9 assays from the area pending, with 2 of those due soon.
Today, RML has announced the acquisition of a fully equipped processing mill and historic tungsten stockpiles adjoining its Horse Heaven Project in Idaho, USA.
We actually visited this site on our site visit a few months ago:
There is a large tungsten stockpile and tungsten processing facility.
The 25-acre site directly borders RML’s Horse Heaven Gold-Tungsten-Antimony Project, which is located next to Perpetua Resources’ ~$5B Stibnite Project.
The acquisition includes the Johnson Creek Tungsten & Antimony Mill and associated infrastructure which includes two large stockpiles of tungsten ore, plus Antimony Camp which includes facilities and services.
(Source)
Once operational, the mill would position RML as one of the few US based companies with in-house processing capability for antimony, tungsten, and gold.
RML says the move provides several major strategic advantages:
- Potential fast-track to production of antimony and tungsten
- Strengthened case for US permitting and Department of War funding
- Platform for offtake negotiations with US and defence partners
- Strategic site for base camp, exploration, and processing expansion
- Foundation for future partnerships in smelting, refining, and downstream integration
The 10 acre Antimony Camp property is also nearby and provides additional facilities including workshops, storage buildings, powered accommodation, and maintenance areas.
We also saw this site on our travels, this was where RML’s senior geologist Bill Breen was parked up and storage for RML’s drilling equipment.
Acquiring land that is permitted for industrial uses in this region of Idaho is not easy, because it is a national forest.
So this provides a solid foundation that could be set up to help it toward becoming a future operational hub.
The site hosts two historic tungsten stockpiles mined at the Golden Gate Tungsten Mine but was never processed.
RML is now assessing options to restart processing of high-grade antimony from its Antimony Ridge Prospect, with metallurgical testing on Horse Heaven antimony samples already underway.
The Horse Heaven Project has a long history of antimony and tungsten mining, with Antimony Ridge being mined during both World Wars and the Korean War for US military use. (source)
Golden Gate produced tungsten between the 1950s and 1980s and operations ceased due to a drop in demand, not due to resource depletion.
The Johnson Creek Mill which was built in the 1950s historically processed tungsten ore from Golden Gate at grades averaging 1.5% tungsten.
The current stockpiles on site, totalling around 1,900 tonnes of ore, date from this period.
Terms of the deal
RML will acquire 100% of Remington Capital Corporation, which holds the option to purchase the Johnson Creek Mill and Antimony Camp properties.
Deal terms include:
- US$1.25M in cash
- 70 million RML shares and 35 million options (exercise price $0.10, expiry 30 Nov 2029)
- US$50,000 deposit reimbursement to Remington Capital (who purchased the option to acquire)
- Facilitation fee of 10% (7 million shares and 3.5 million options) to Oakley Capital Partners
Completion is expected in late November or early December 2025, subject to due diligence and shareholder approval.
What’s next for RML?
Drilling (underway) with assays pending 🔄
RML is currently drilling its Golden Gate target, with the expanded drill program having doubled in size.
Assays from the first hole have been released, with 2 due soon and another 7 to follow.
RML expecting to go back to back and get a maiden resource out by the second half of 2026:
(Source)
US government funding 🔄
RML’s CEO of US operations, in a recent interview specifically said RML would attempt to get “non dilutive funding from the US defence industry”.
We think that any funding announcement (especially if it's non-dilutive) could be big for RML.
First because it would give the company cash to put into the ground and second because it would bring a new set of eyeballs to the stock (from the US crowd).
Check out the full interview with RML’s CEO of US operations - Craig Lindsay here: WEBINAR: Resolution Minerals (RML.ASX) US Drive on Antimony & Tungsten to Nasdaq?
US NASDAQ Listing 🔄
RML is also progressing with a NASDAQ listing, legal applications have been made. RML wants to list on the NASDAQ next quarter.
RML has engaged Roth Capital Partners to run the NASDAQ listing process. (Source)
Interestingly, Roth was behind the recent capital raises done by Perpetua Resources.
(Source)
We said in a previous RML note that there would likely be a big crowd of investors that have made money on Perpetua now looking for “Perpetua 2.0...”
Roth, having helped just close out that US$425M raise for Perpetua, will likely know how to find those people and introduce them to RML.
(Additionally Roth have had success with bringing ASX companies to the right US investors before, which we covered here)
Soil sampling program 🔄
With the project wide sediment soil sampling program underway, results from this could help define high priority targets.
Testing the theory that next door neighbour Perpatua could have part of this mineralisation with more yet to be found on RML’s side.
The company expects that if positive results are found from this, follow up work would likely include mapping, grid soil programs, ground geophysical surveys and drill testing.
