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Highlights
- Resolution Minerals completed its Phase 1 diamond drilling at Horse Heaven, covering 10 holes totaling 9,000 ft, with encouraging early results.
- Visible tungsten mineralisation confirmed at the Golden Gate target.
- Antimony Ridge sampling delivered peak grades up to 49.8% Sb.
- The company raised AUD 25.1 million through an oversubscribed institutional placement.
- Dual-listing strategy has been advanced with OTCQB and planned NASDAQ listing.
- Tribeca has invested AUD 2 million in the company to accelerate U.S. exploration.
Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) wrapped up the September quarter with major advances across its flagship Horse Heaven Project in Idaho, U.S.A., alongside significant corporate and strategic milestones. The company’s Executive Director, Aharon Zaetz, noted the company had delivered a transformative quarter, building momentum across exploration, corporate, and U.S. engagement fronts.
Horse Heaven Project: Drilling Expansion and Visible Tungsten
During the reported period, the company advanced its maiden diamond drilling campaign at the Horse Heaven Gold–Antimony–Tungsten–Silver Project. To date, the Phase 1 drilling program has been completed, totaling 10 holes (9,000 ft) following positive early results.
A reverse-circulation rig was also secured to complement the diamond rig, enhancing infill and step-out coverage. The company’s landholding expanded by 600 acres to 14,580 acres (~59 km²), marking a significant step in RML’s U.S. exploration growth.
Major Gold Discoveries at Golden Gate
At the Golden Gate target, early drilling confirmed visible scheelite (CaWO₄) mineralisation under UV light, validating the presence of tungsten—a key U.S. critical mineral. Consistent alteration and sulphide veining across multiple holes demonstrated continuity similar to that observed at Perpetua Resources’ nearby Stibnite project.
Assays covering Au, Ag, Sb, and W are due in the December quarter, underpinning plans for a maiden resource in 2026.
In November 2025, the company reported assay results from three diamond drill holes of Golden Gate, each commencing at surface and ending in gold mineralisation. The results confirm the presence of a large, open intrusion-related gold system, with drilling returning 253.0 metres at 1.5 g/t gold from surface, remaining open in all directions. This continued success further validates the discovery status of the Golden Gate target.
Antimony Ridge Yields Exceptional Surface Results
Systematic surface sampling at Antimony Ridge delivered exceptional results, including peak grades of 49.8% Sb, 1,420 g/t Ag, and 3.12 g/t Au. Soil anomalies over a 1,000 m × 700 m corridor confirmed extensive mineralisation continuity. A Phase 1 drilling program is being prepared to test beneath high-grade surface zones, advancing Horse Heaven’s multi-commodity development potential.
District-Scale Geochemical Program Initiated
Resolution Minerals launched a 100-site stream-sediment geochemical survey covering 44 km of drainage lines across the 59 km² Horse Heaven project. The survey, the first of its kind in this region of Idaho, is designed to validate the Intrusion-Related Gold System model linking Horse Heaven to the Stibnite deposit.
The results would help refine 2026 drilling targets and support district-scale resource definition, aligning with U.S. initiatives to strengthen domestic supply chains for critical minerals.
AUD 25.1 Million Capital Raising Strengthens Balance Sheet
The company completed a heavily oversubscribed AUD 25.1 million institutional placement at AUD 0.05 per share. Funds will support ongoing drilling, downstream testwork, and U.S. government engagement initiatives.
Oakley Capital Partners acted as lead manager, with Roth Capital Partners advising in the U.S. The placement positions RML to fund multi-rig exploration and its planned NASDAQ listing, as stated by the company.
Dual U.S. Listings and Strengthened Leadership
During the quarter, RML listed on the OTCQB Market (RLMLF) and began preparations for a NASDAQ listing in Q1 2026, appointing Roth Capital Partners as advisors. The company also expanded its leadership with Craig Lindsay as CEO of U.S. Operations and senior advisors Steve Promnitz and Brett Lynch.
The Idaho-based leadership team ensures on-ground oversight of drilling, permitting, and federal engagement activities.
Government Engagement and U.S. Federal Relations
RML appointed Thorn Run Partners (Washington D.C.) to lead U.S. government engagement, targeting Department of War and Department of Energy programs. The company is aligning with the Defense Production Act Title III and FAST-41 frameworks to access funding opportunities for critical-mineral development.
Post-Quarter Developments
In October, RML briefed the Australian Embassy in Washington D.C. ahead of the Australia–U.S. leaders’ meeting, reflecting Horse Heaven’s strategic profile. Tribeca Investment Partners followed with an AUD 2 million placement at AUD 0.08 per share to advance exploration and downstream initiatives.
RML also engaged Kingston Process Metallurgy Inc. for metallurgical testwork on antimony samples and secured an option to acquire an antimony–tungsten processing mill adjacent to Horse Heaven, providing a pathway to early production.
Shares of RML were trading at AUD 0.076 per share at the time of writing on 05 November 2025.
