RML produces tungsten concentrates from US project

Our US critical minerals Investment Resolution Minerals (ASX: RML | OTC: RLMLF) just produced tungsten concentrates from its project in Idaho, USA.

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This isn’t the first time the project’s produced tungsten before.

RML’s project actually has a history of critical minerals production supplying the government including:

• 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 between the 1950’s & 1980’s: Tungsten.

Now, with the US looking to incentivise a build out of its own domestic critical minerals supply chain, we are Invested in RML to see it produce critical minerals from these assets again.

Another thing we noticed RML mentioned in today’s announcement was that “Discussions with tungsten smelting and refining companies” were underway.

We have previously written about how the US Army is looking to setup processing hubs for antimony (and then for tungsten) in Idaho - with the first partner being RML’s neighbour, Perpetua Resources:

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With RML about to kick off a 45-hole, 13,700m drill program on its Golden Gate target.

See our deep dive into the upcoming drilling here: RML also has a gold (and tungsten) discovery its drilling in the coming weeks

We think progressing the stockpile concentrate strategy will mean more corporations will become aware of what RML’s finding in its drilling results.

RML also has its Fast-41 Antimony Ridge project

We recently covered the big news of RML gaining FAST-41 project status here: 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 $5.0BN market cap on the NASDAQ, RML is currently at ~$151M (~$171M post raise) 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.

The permitting timeline is now up on the government website, so we can track the progress:

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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

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🔄 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”:

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🔄 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 (confirmed today underway)
• 🔴 Metallurgical test work and process flowsheet development
• 🔴 Mill refurbishment assessment