RML lodges NASDAQ listing application - US announces $17BN critical minerals stockpile

Our US critical minerals and gold Investment Resolution Minerals (ASX: RML | OTC: RLMLF) has now officially submitted its application to list on the NASDAQ markets in the US.

RML said today that it had submitted its registration statement to the SEC (US Securities Exchange Commision) and that ahead of the NASDAQ listing, RML had set up an ADR (American Depository Receipt) facility on the OTCQB market.

An ADR acts as a bridge between international companies and US investors, basically allowing foreign companies to have their shares traded on US stock exchanges without cross-border settlement.

RML’s ADR shares are set to go live on the OTCQB this week, where it already trades under the ticker RLMLF.

One thing that stood out to us was RML saying the ADR’s could be used as “M&A currency for corporate transactions, increase visibility for White House & Department of War funding and development incentives, and facilitate U.S. broker research exposure”.

(source)

So more than just providing US exposure to the stock, RML could sort of become a US critical minerals vehicle that looks at other assets too.

RML’s existing project already has a history of producing US critical minerals antimony and tungsten (and gold): (Source)

• During World War 1: RML’s project produced antimony.
• During World War 2: Antimony was produced again
• In the 1960’s: There was even more Antimony production
• And then in the 1950’s to 1980: Tungsten was produced at RML’s project

Every time there was a kinetic conflict, historically the US turned to RML’s ground for some sort of supply…

RML is seeking to get the asset back into production again over the coming years as the US once again pushes for domestic supplies of these critical minerals.

Good timing, given the news out overnight with Trump announcing a US$12BN (~A$17BN) critical minerals stockpile.

(source)

We expect that news to increase US interest in critical minerals stocks again… especially with respect to potential US government funding announcements for companies in the space.

What else is RML up to?

While we wait to see how the US critical minerals macro evolves, we are keeping a close eye on assay results from RML’s recent gold discovery and follow up drilling.

RML recently announced some impressive drill hits including an initial hit of 189.2m at 1.3g/t gold including 2 subsections of:

• 12.9m at 2.32 g/t gold from 94.4m
• 70.8m at 2.24 g/t gold from 128.8m.

RML’s exploration model is based on the geological theory that the structures causing the mineralisation on Perpetua’s ground next door, could also be doing the same thing in RML’s project area:

(source)

So far it looks like RML could be right…

RML hit gold from its first drill campaign, declared a gold discovery and with the first 6 holes defined a strike of ~600m (with depths >280M). (source)

Assays are pending from four holes (if we get more mineralisation, that strike could grow to ~3,000m).

AND RML plans to put another 45 holes into the project in 2026…

Oh and we haven’t seen RML drill any of its critical mineral targets yet.

(source)

What’s next for RML?

🔄 Drilling results

Next, we want to see assay results from the remaining holes drilled from the first round of drilling RML did at its Golden Gate project.

(Source)

🔄 Complete NASDAQ listing

Prior, RML has hired Roth Capital to support a NASDAQ listing and today has provided an update on this with the initial paperwork lodged with the SEC.

We covered the Roth partnership in detail here: RML NASDAQ listing is being led by the Roth Capital - early backers of Perpetua Resources

🔄 Sampling and metwork programs

RML will undertake column leach met testing on Golden Gate core samples as well as met testing on the tungsten ore picked up from the mill stockpile.

RML confirmed recently that ~100kg of material is now with its metallurgical partner Kingston Process Metallurgy. (source)