RML - permits granted ahead of drill program in August

Our US gold & critical minerals Investment Resolution Minerals (ASX: RML) just had its drill permits approved…

RML now expects to be drilling its gold-antimony-tungsten-silver project in August.

RML’s initial drill program is for ~20 holes, but we did see that the permit allows for the drilling of “up to 57 holes” so RML will have optionality with respect to expanding the program (if results come back a lot better than expected).

At Golden Gate, RML will be drilling ~3.5km of known strike where old drillholes have delivered hits as good as ~71.6m at 1.37g/t gold and 36.6m at 1.51g/t gold.

To date no drilling has gone deeper than ~170 metres and the old holes were never assayed for antimony or tungsten (despite the area having produced those metals in the past).

RML will be drilling deeper as well as assaying for both antimony and tungsten.

RML’s whole exploration theory is built on its project sitting on similar geology to Perpetua Resources project next door.

Perpetua’s project has a >6M ounce gold + 200M lb antimony resource, and the company is capped at $1.9BN.

Here is our attempt to show what RML’s exploration theory:

More on the Perpetua Resources Story:

RML’s neighbour Perpetua, is up over ~1,000% in the last ~24 months - aiming to become USA’s first onshore source of antimony

First and foremost the Perpetua’s project is a gold project.

But the momentum builder for its project has been its giant antimony resource.

Antimony is a critical military metal used for various defence applications like missiles, tanks and ammunition.

Right now, about 85% of antimony supply comes from China, Russia and Tajikistan.

The US has no domestic source of antimony and is completely import dependent which could explain why the US government has been so active trying to get Perpetua’s project up and running.

(Perpetua’s project, once in production, could produce ~30% of all US antimony needs).

So far the US government has given Perpetua:

• US$24.8M in funding from the Department of Defence.
• US$34.6M in 2024 under the Defence Production Act.
• US$1.8BN letter of interest for a loan from the US Export-Import bank
• Recognition as one of the first 10 minerals projects critical to the US’s national interest (in the FAST-41 program).
• Final federal permit permit before construction can begin (this last one took ~8 years to land)

These funding/permitting announcements were the major catalysts that made Perpetua the 10 bagger it is today.

In mid 2023, Perpetua’s share price was ~CAD$2.30, then in early 2024 its share price started running (off the back of that US$1.8BN letter of intent from the Department of Defence).

Now it trades with a market cap close to ~$1.9BN and its share price is up by over 1,000% from its 2023 lows.

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

What’s next for RML?

Deal completion 🔄

We want to see RML complete the acquisition of its Horse Heaven project.

The shareholder meeting to approve the deal is set for Friday the 25th of July.

Mapping and sampling 🔄

Today, RML announced that it would start pre-drilling exploration work, including:

• Mapping and sampling across both of its two main targets.
• Mapping and sampling across regional targets, AND
• Confirmation of drill sites for the company’s August drill program

That work should mean that we could see some rock chip sampling results come to market between now and the acquisition being completed.

Drilling (August) 🔄

Then in “early August” we want to see RML drill its Golden Gate target:

(Source)