RML completes $20M placement cornerstoned by Tribeca and L1 Capital

Our US gold-antimony-tungsten Investment Resolution Minerals (ASX: RML) has just locked in a A$20M placement to progress its Horse Heaven Project.

The issue price of $0.07 per share came in at a 6.3% premium to the 20-day VWAP (although a 12.5% discount to the prior close).

So although there is a discount to the prior share price, it has come on the back of some positive news from RML, which recently obtained FAST-41 permitting designation.

We also saw this morning that the permitting dashboard for this is live, so we can now see the timelines for progress on this locked in:

(source)

More on FAST-41 below, what this actually means and how it can accelerate RML through permitting and into production.

The cash from the raise unlocks the rest of RML's plan for 2026 -

• Phase 2 drilling at Golden Gate in May,
• FAST-41 permitting at Antimony Ridge,
• Metallurgical test work on tungsten and antimony, and
• The near-term NASDAQ listing.

It also comes as Brett Lynch came onto the Board as a Director last week, which we covered here.

Brett is the operator behind Sayona Mining's run from a small cap company into one with a market cap in the billions during the last lithium cycle.

Details on the raise

As we said above, RML raised at a 12.5% discount to last close, but a 6.3% premium to 20-day VWAP and a 1.7% premium to 15-day VWAP.

That tells us two things:

• The share price had moved up on the back of the FAST-41 news into the raise (why the last close number is above the VWAP number).
• That the institutions writing the cheques see enough in the story to back it at a price above where most of the recent trading had happened.

And there are 2 known institutions that came on board:

• Tribeca Investment Partners - one of Australia's best-known resources-focused fund managers.
• L1 Capital Global Opportunities Master Fund - a high-profile global long/short fund.

Both of these names validate that they believe in what RML has already shown and what they think RML can achieve.

It’s interesting that Tribeca took part in this raise, they took part in a strategic $2M investment back in October last year, which was a premium to the raise RML had done recently prior to that.

This shows that Tribeca are very much still following the story and are again willing to invest here.

We covered that here, where we listed some of the success Tribeca had seen in some of our other Investments where they also participated.

FAST-41, full steam ahead now

A big part of the reason for this raise is for what those dollars are going to be put toward: the FAST-41 permitting and drilling pathway at Antimony Ridge.

A quick recap on why this was/is important news.

FAST-41 is a US federal program for projects considered strategically important enough to get coordinated, accelerated federal permitting.

This bypasses the multi-year, multi-agency queue most US mining projects get stuck in.

Only a small number of projects have ever received FAST-41 status since the program started with only a handful on the ASX.

We covered this news in a deep dive here and this news is what led the share price to go from 4.4c to as high as 8.4c in the days following: RML gets FAST-41 status from US government to fast track nationally strategic project. NASDAQ listing in 45 days.

Perhaps the most well-known FAST-41 one in critical minerals is Perpetua Resources' Stibnite Gold Project in Idaho - next door to RML.

So far it has shown the same similar antimony-gold mineralisation, stemming from the same geological intrusion between the mineralised areas.

Perpetua currently sits at a $5.3BN market cap on the NASDAQ, RML is currently a ~$167M (post raise at the 7c raise price) sitting next door, literally working on the same geological story.

When the White House handed RML FAST-41 status earlier this month, it did three things at once:

• It put a federal stamp on Antimony Ridge as a nationally significant US critical minerals project.
• It opened a coordinated permitting track for RML's planned drilling program of up to 250 holes plus large-scale bulk sampling.
• It put RML in conversation with a group of projects that the US Government is explicitly trying to support through permitting, offtake and funding pathways.

While all of these are important, Perpetua had been in permitting limbo for many years, it actually began permitting in 2016, taking ~8 years. (source)

While it was well into the permitting process until receiving FAST-41, it was being constantly held up, it was selected for FAST-41 in April 2025 and by May 2025 was fully permitted.

So it wasn’t until it got involved in the FAST-41 program that it was actually able to get through this process (and has since begun construction).

So Perpetua went through all of the pain and now RML can use the accelerated path that was eventually able to be utilised by Perpetua.

Today's placement allows RML to execute all that it needs through this accelerated status.

Specifically, the proceeds are earmarked for:

• Drilling at Antimony Ridge once the FAST-41 permitting path lands.
• Bulk sampling of near-surface high-grade antimony from the existing historical workings.
• Metallurgical test work on the antimony and tungsten feedstock - both pyrometallurgical and hydrometallurgical flowsheets are currently being progressed in parallel.
• Permitting-related work across the broader Horse Heaven Project.

Right now the US is 100% reliant on imports for antimony. China controls ~48% of global antimony production and antimony is critical to the military because it’s used in:

• Ammunition and explosives - antimony trioxide is in virtually every military round
• Missile systems and weapons platforms - hardening and flame retardant

RML's Horse Heaven Project actually supplied antimony to the US Government in

• World War I,
• World War II and
• The Korean War.

The same geology back then was good enough to have supplied the US government three times already.

It isn't producing due to historically low antimony prices in the past and also the domestic supply chain which hasn't been a national security priority over the past few decades

Both of those things have changed.

RML’s progress, what it has achieved

Here is a bit of a timeline with what RML has been up to over the past 6 or so months

• $20M placement at a premium to VWAP, cornerstoned by Tribeca and L1 Capital
• Brett Lynch joining the Board as a Director.
• FAST-41 status granted by the White House (April 2026) - accelerated permitting for Antimony Ridge.
• Antimony Trioxide produced at 99.38 wt% purity - downstream processing capability demonstrated.
• Johnson Creek Mill and tungsten stockpiles acquired - infrastructure for near term production opportunity.
• Golden Gate discovery from Phase 1 drilling (including 253m at 1.5 g/t gold, 197.5m at 1.26 g/t gold) - Phase 2 coming in May.
• Antimony Ridge model showing extensive vein swarms across the system.

What we want to see next from RML

🔲 Phase 2 drilling at Golden Gate gold discovery (gold & tungsten)

RML has permits for a 45-hole follow-up program - up to 45,000 feet (13,700m) of core drilling at Golden Gate.

This is the program that should lead to a maiden JORC resource in Q1 2027.

RML has confirmed drilling is expected to begin early next month. (source)

Here are the milestones we are tracking:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• 🔲 Phase 2 drilling commences (early May)
• 🔲 Phase 2 assay results
• 🔲 Maiden mineral resource estimate (targeting Q1 2027)

🔲 First ever drill program at Antimony Ridge (FAST-41 status now in place)

We also want to see RML drill test Antimony Ridge for the first time.

RML is planning up to 250 holes on the 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 permitting process - (RML expects to have a firm timetable laid out “on or before the 21st of April). See that here
• 🔲 Bulk sampling of near-surface high-grade antimony from existing workings
• 🔲 Drilling of up to 250 holes to define scale of antimony system

(source)(source)

🔄 NASDAQ listing

RML has already submitted its registration statement to the SEC and launched its ADR facility through Bank of New York Mellon.

RML expects to have its listing completed in “approximately 45 days”:

(source)

🔄Tungsten processing opportunity

After RML’s latest tungsten announcement, we are also looking forward to seeing RML progress its tungsten strategy.

Here are the milestones we are tracking:

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