RML to list on the NASDAQ TONIGHT

Our US critical minerals Investment Resolution Minerals (ASX: RML | NASDAQ: RML) just confirmed its NASDAQ listing is happening tonight…

And that first trades will go through Wednesday morning US time (so tonight for us in Australia).

RML will trade under the same ticker code on both exchanges, NASDAQ: RML.

RML keeps its primary listing on the ASX and will trade on the NASDAQ at a 1:200 ratio.

Meaning each NASDAQ share is equivalent to 200 ASX shares.

We will be tracking trading from here: https://www.nasdaq.com/market-activity/stocks/rml

(source)

With tonight’s listing, RML will have executed one of the big milestones in our “US critical minerals playbook” - getting direct access to US capital markets:

Ticked

1. ✅ Own or acquire a US critical minerals project. (Horse Heaven Project).
2. ✅ Spend time in USA or appoint US based operations person. Craig Lindsay is CEO US Operations.
3. ✅ Appoint experienced, big name advisors or board members. Brett Lynch (ex Sayona and Lake Resources) advisor Jul 2025, board Apr 2026. Perpetua’s prior geologist also joined.
4. ✅ List on the US OTC market. (OTCQB as RLMLF, Aug 2025).
5. ✅ Commence NASDAQ or NYSE listing process. (Now Listed, to trade today USA time).
6. ✅ Deliver early metwork and processing of bulk samples, ahead of drilling. (Johnson Creek stockpile sampling Mar 2026, antimony flotation May 2026).
7. ✅ Prove samples can be processed, deliver downstream product. 52.3% tungsten concentrate (Apr 2026) and 99.38% purity antimony trioxide (Apr 2026).
8. ✅ Deliver drilling success on project. Golden Gate discovery (14/14 holes, 253m @ 1.50 g/t plus Golden Gate South confirmed Aug 2026).
9. ✅ US investor roadshows. (Roth Conference Mar 2026, Mar-a-Lago Defense forum May 2026, Proactive US media).
10. ✅ List on major US exchange. NASDAQ confirmed today.

Here are some of the remaining points we would like to see ticked off:

1. Acquire, license or partner with downstream processing technology.
2. Secure US government funding.
3. Attract interest from private US investors.
4. Outline plan for small, cheap and fast mine.
5. Appoint Washington lobbyist. 
6. Use larger market cap to bolt on later stage US projects.
7. Deliver domestic US critical minerals supply.

We covered this playbook initially here: Our “playbook for small ASX stocks advancing US critical minerals projects

RML says the listing should increase its visibility for White House and US Department of War funding incentives, and improve its ability to raise capital in the US.

RML will now trade alongside the big US-listed critical metals names, including its next door neighbour US$3BN Perpetua Resources and US$10BN MP Materials.

Hopefully that means, investors who won on the existing US critical minerals names - can start to look (And potentially come into) RML…

Especially with RML being the only company (we know of) to have been awarded TWO White House FAST-41 designated projects:

(source)(source)

We covered RML's two FAST-41 designations in our most recent note.

What we want to see next from RML

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

(source)

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

RML kicked off the 45-hole program last month, with the first 3 assays received today.

We are hoping to see the discovery get bigger - both along strike and at depth:

(source)

Here are the milestones we are tracking:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• ✅ Phase 2 drilling commences (two diamond rigs through to mid-September)
• ✅ First assay results
• 🔄 Remaining assays
• 🔲 Maiden JORC mineral resource estimate (targeting Q1 2027)

✅ NASDAQ listing

• ✅ SEC registration + ADR facility live via Bank of New York Mellon
• ✅ NASDAQ listing process (Trading commences 9th September USA time) (source)

🔄 Antimony Ridge, the FAST-41 asset

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
• 🔄 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

RML’s project has a history of producing critical minerals of tungsten and antimony.

Old records show the asset has produced critical minerals for the United States in every single major conflict of the 20th century:

1. World War 1: Antimony production
2. World War 2: Antimony again
3. 1960s: More antimony
4. 1950s through 1980s: Tungsten

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