Resolution Minerals [ASX:RML]

Metals & Mining

Expanding a High-Impact Gold–Antimony Discovery in a Tier-1 U.S. District

We value RML with a target price of $0.165, representing an upside potential of 129.7% and a 10.2% increase from our last report in September 2025. Our valuation is firstly driven by drilling at Horse Heaven that has delivered thick, continuous gold intercepts at Golden Gate and triggered additional drilling in November and a significant, multi-rig program in 2026, building scale and discovery confidence. Second, the planned Johnson Creek Mill acquisition and KPM metallurgy initiative create a potential path from discovery to U.S.-based antimony processing. Third, a A$27.1m equity raise, including an at-market private placement of shares with Tribeca Capital, and U.S. dual-listing strategy strengthen funding, market access and the potential for a valuation re-rating.

Building Scale and Momentum at a U.S. Critical Minerals Discovery

RML’s Horse Heaven Project in Idaho is emerging as a major gold–antimony–tungsten–silver system in a key U.S. critical minerals district. Maiden diamond drilling at the Golden Gate prospect (HH-GG25-001C, -002C, -003C) intersected continuous gold from surface, with all holes ending in gold mineralisation associated with IRGS-style pyrite–gold systems. Encouraging geology and visible tungsten led regulators to approve an expanded Phase 1 program utilising an RC drill rig. RML has also increased the project area to ~14,580 acres and begun RC step-out drilling. These results support a larger, stronger, better-defined discovery and significant future resource potential.

Fast-Tracking a U.S. Critical Minerals Processing Hub

RML has agreed to acquire Remington Capital, securing an option over the Johnson Creek Mill and Antimony Camp in Idaho, a formerly operational 50tpd antimony–tungsten mill with infrastructure on 25 acres of private land, for US$1.25m plus shares and options. High grade antimony was confirmed at surface, up to 50% antimony, with metallurgical testwork being conducted by Kingston Process Metallurgy. This gives shareholders a clearer path from discovery to U.S.-based processing, earlier cash-flow potential and scope for a higher, infrastructure-backed valuation.

Balance Sheet Upgrade and U.S. Market Access Drive Re-Rating Potential

In September 2025, RML raised A$27.1m at A$0.05 per share in a heavily oversubscribed placement, with Tranche 1 (A$18.4m) and Tranche 2 (A$6.7m) completed by November and cornerstone investors contributing A$7.75m. Additionally, Tribeca Capital invested a further $2.0m at A$0.08 per share. Proceeds fund drilling at Horse Heaven, downstream processing studies and U.S. government engagement. In parallel, RML commenced trading on OTCQB (RLMLF) and is targeting a NASDAQ listing with Roth Capital. Together, the strengthened balance sheet and U.S.-focused dual-listing strategy increase funding certainty, broaden the investor base and support the potential for a higher, more liquid valuation alongside U.S. critical-minerals peers.

Valuation Driven by Project Scale, Gold Price & Exploration Potential

We value RML at $0.153/share in our base case (+112.9% upside) and $0.177/share in our upside case (+146.4% upside). Using the midpoint, our $0.165/share target price implies +129.7% potential upside from the current price at $0.072. Our valuation rests on: a growing IRGS-style discovery at Horse Heaven, with thick, continuous gold at Golden Gate and high-grade antimony–silver at Antimony Ridge; the Johnson Creek Mill acquisition and Kingston Process Metallurgy testwork, which create a credible pathway to U.S.-based antimony/tungsten processing; and a A$27.1m equity raise plus U.S. dual-listing strategy, which strengthens funding, market access and re-rating potential.

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