RML’s neighbour gets an additional US$400M financing

Published 12-JUN-2025 12:08 P.M.

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Yesterday we announced our Investment in Resolution Minerals (ASX: RML).

RML is acquiring the Horse Heaven project - next door to Perpetua Resources’ gold-antimony project.

Perpetua’s project is going into development right now, and once in production will be one of the biggest open pit gold mine in the US.

It will also be the only domestic source of antimony supply inside the US…

Overnight Perpetua received a funding commitment for another US$400M to get its project into production.

(Source)

That adds to the almost ~$2BN in funding Perpetua has received to date - primarily because the US is trying to bring on domestic antimony supply at all costs:

(December 2022) - US$24.8M in funding from the Department of Defence.
(February 2024) - US$34.6M in 2024 under the Defence Production Act.
(April 2024) - US$1.8BN letter of interest for a loan from the US Export-Import bank
(May 2025) - Recognition as one of the first 10 minerals projects critical to the US’s national interest (in the FAST-41 program).
(May 2025) - Final federal permit permit before construction can begin (this last one took ~8 years to land)

Clearly the market liked the news out of Perpetua pushing RML’s share price up to ~2.8c (at the time of writing this).

We think any good news out of Perpetua just increases the look through valuation of RML’s project.

AND as Perpetua goes through the development stage and eventually gets its project into production, that will make ground in this part of the US more valuable…

Here is where RML’s asset sits relative to Perpetua’s project:

We are Invested in RML to (hopefully) see the company have some exploration success and define a gold-antimony resource of its own…

(RML’s project also has tungsten and silver - any discovery of those would be an added bonus).

Our RML Big Bet is as follows:

“RML to re-rate to $200M market cap on the back of strong drill results and maiden resource, plus continued interest and capital flows into the USA critical metals thematic”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the medium term (2+ years). There is a lot of work to be done, many risks involved - just some of which we list in our RML Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.