RML completes drilling at US gold-tungsten-antimony project - assays pending for 39 holes

Our Investment Resolution Minerals (ASX: RML | NASDAQ: RML) just completed the biggest exploration program ever run at its antimony-tungsten-gold-silver project.

RML drilled 42 diamond core holes for 12,236m at Golden Gate, which sits directly next door to $4.3BN Perpetua Resources' Stibnite Gold Project.

This drill program is more than 3x the size from last year's 14-holes where every single hole from that program hit gold:

(source)

So far, assays are back from just the first 3 holes of this year's drilling (which we covered here), showing long widths of gold mineralisation across more of the footprint..

All three hit gold from surface, with the best a 305.7m intercept @ 0.64 g/t gold ending in mineralisation, extending the gold at least 2km south of Golden Gate North and confirming the Golden Gate South discovery.

So assays are still to come in on the remaining 39 holes.

RML says results will be released over the coming months as they are received, with the final core samples set to head to the lab within the week.

Some of those holes also targeted tungsten, around the historical Golden Gate tungsten mine and there is also a tungsten-in-soil anomaly at Golden Gate South.

These assays are expected to be received in the coming weeks, here is a look at the drill program:.

(source)

RML listed on the NASDAQ this week

Today's news lands just days after RML started trading on the NASDAQ with the same ticker (RML), you can track the trading here: Resolution Minerals Ltd American Depositary Shares (RML)

Here, one NASDAQ-listed share = 200 ASX shares.

So from overnight it closed at US$8.53 which is equivalent to ~US4.265c for an equivalent RML single share (~6.0c per share in AUD terms).

It is trading on decent sized volume also, with an equivalent of 57M shares traded overnight.

We know that President Trump has made Critical Minerals an important agenda item and US listed stocks have tended to do well.

They have also have much easier access to both local capital and also the billions in dollars being thrown into this:

(source)(source)(source)(source)

Compared to the ASX (which has a heavy mining and exploration focus compared to other markets globally), the US is a much smaller pond relatively (to this).

So the issue in the US is there isn't a big ecosystem of critical minerals stocks to allocate capital, resources and focus toward - like there is on the ASX.

Enter the ASX to offer a smorgasbord of choice to US investors… Which RML has just made the leap to do.

Now all of the capital generated by the US tech boom has domestic options if it wants to allocate some portion of that capital into critical minerals.

FAST-41 received - On 2 Projects

Over the last five months, RML received FAST-41 status for TWO of its projects.

(not just one like Perpetua did).

(source)

"FAST-41 status" basically means the US government considered a project as "critical" and essential for US national security.

It's the US government's way of trying to fast track the build of nationally strategic, USA-based critical minerals projects.

The equivalent of the US federal government saying "this project matters - everyone get out of its way so they can build it quickly".

These FAST-41 awards are aimed at fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production. (source)

Right now there are just 27 projects on the FAST-41 transparency list across the US. (source)

RML has two of them.

RML says it isn't aware of any other critical metals company that holds two - we haven't found one either. (source)

Below are the US Federal Permitting dashboard links for RML’s two projects - save these as they regularly get updated so you can see how things are tracking from a permitting perspective:

(source)(source)

You can catch up on all of this in our Deep Dive from earlier in the week: RML: Now trading on the NASDAQ - the only company we know of with TWO White House FAST-41 projects

What we want to see next from RML

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

(source)

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

RML is currently in the middle of this drill program.

As mentioned earlier we are hoping to see the discovery get bigger as follows:

Here are the milestones we are tracking for this project:

• ✅ 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)
• ✅ FAST-41 status granted by White House
• ✅ Plan of Operations submitted to US Forest Service (for a 340 hole program)
• 🔄 FAST-41 accelerated federal review

🔄 Antimony Ridge (Antimony-gold-silver)

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 (for a 250 hole program)
• 🔄 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

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