RML kicks off downstream antimony strategy

Our US critical minerals Investment Resolution Minerals (ASX: RML) just put out its first downstream strategy for its Gold-Antimony-Silver-Tungsten Project in Idaho.

RML also appointed Kingston Process Metallurgy (KPM) help RML:

• Demonstrate and validate its production capability to US Government agencies, potentially unlocking non-dilutive funding and accelerated permitting.
• Pursue partnerships with other regional antimony miners to collaborate on production and processing.

Here are the samples RML will be sending to do the testwork on.

(Source)

The Primary aim is to define an optimal concentration and processing pathway which will be used as a base for further bulk samples, this will also form the base for future design and product specification works.

The market values downstream developments and given where RML’s project is we think $3.9BN Perpetua Resources may too.

RML’s project is right next door to Perpetua’s Stibnite project which has the biggest antimony resource and one of the biggest open-pit gold resources in the USA.

(Source)

Where have we seen this playbook before?

In Monday’s announcement we noticed these snippets, which today it appears amongst other things Tribeca will be helping to drive forward.

That announcement stated that RML would use the funds to “explore downstream critical mineral processing initiatives”.

(Source)

As well as the “identification and acquisition of additional strategic assets”:

(Source)

We have seen how Tribeca’s involvement in downstream partnerships can work for our other Investment Locksley Resources (ASX: LKY).

Tribeca came onto LKY as a strategic advisor to specifically advise on “advice on downstream processing, technology collaborations, government engagement, funding programs and product development initiatives specifically related to critical minerals projects and advanced material application”.

(Source)

LKY then went on to form a partnership with Rice University to develop a non-toxic Deep Eutectic Solvent technology for antimony processing, aiming to be environmentally and energy friendly.

Earlier this week we started to see the results from this partnership, LKY produced the first US sourced, US processed antimony ingot (we covered that in a note on Monday).

(Source: LKY announcement)

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 three holes are in the lab and results are expected in the next four weeks.

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.