Resolution Minerals Drills, Raises $20M to Build US Antimony Platform

Resolution Minerals (ASX: RML) pushed its US antimony strategy forward during the June quarter with a Phase 2 drilling campaign at Golden Gate, FAST-41 permitting coverage for Antimony Ridge, and a $20 million institutional placement. The company aims to establish an integrated critical minerals platform at its wholly owned Horse Heaven project in Idaho.

The project sits adjacent to Perpetua Resources’ Stibnite gold-antimony deposit, one of the largest antimony resources in the United States. Horse Heaven includes the Antimony Ridge and Golden Gate prospects, the Johnson Creek processing site, and historical tungsten stockpiles.

Resolution secured FAST-41 transparency coverage for Antimony Ridge during the quarter. The federal permitting program is designed to accelerate environmental reviews for critical mineral projects. The company also completed three-dimensional geological modeling that identified more than 100 antimony-bearing veins at Antimony Ridge. The vein systems are stacked and open in all directions, suggesting considerable exploration upside. Historical mining and recent mapping indicate a broader halo of lower-grade antimony surrounding the high-grade zones.

Metallurgical test work produced an intermediate antimony trioxide product grading 99.38% purity from representative stibnite material sourced from historical workings at Antimony Ridge. Kingston Process Metallurgy in Canada performed the work using conventional pyrometallurgical volatilisation techniques. The company described the result as “exceptionally high purity.”

Additional concentration test work delivered sulphur recoveries of up to 99.5% in rougher flotation studies, indicating near-complete recovery of stibnite from samples. Resolution is also advancing hydrometallurgical studies as part of a broader downstream processing strategy in Idaho.

The Phase 2 drilling campaign at Golden Gate comprises 45 holes totaling 13,700 meters. Two drills are currently mobilised on site. The company aims to evaluate tungsten mineralisation at Golden Gate North and newly identified targets at Golden Gate South, and to advance the project toward a maiden mineral resource estimate.

Resolution strengthened its balance sheet with a $20 million institutional placement priced at $0.07 per share, a 6.3% premium to the 20-day volume weighted average price. Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund cornerstone the raise. The company said the funds would “materially strengthen” its ability to pursue multiple workstreams simultaneously and position it to capitalise on increasing geopolitical focus surrounding US domestic critical mineral supply chains.

“The June quarter represented a transformational period for Resolution from a corporate perspective, significantly strengthening its balance sheet, broadening institutional support, and continuing to build strategic relationships within the US,” the company said. “These initiatives strongly position Resolution to execute its next phase of growth as it advances the Horse Heaven project and seeks to establish itself as an emerging US critical minerals platform.”

Resolution continues preparations for a proposed listing on New York’s Nasdaq exchange to increase access to North American investors and broaden institutional ownership. The company also owns the Johnson Creek mill and associated historical tungsten stockpiles at the base of Antimony Ridge, providing existing infrastructure including private land, access roads, power, and water that could support future processing.

Antimony is classified as a critical mineral by the US government. China controls more than half of global mine production and has imposed export restrictions on antimony compounds since late 2024. Resolution’s progress at Horse Heaven comes as US policymakers push to reduce reliance on Chinese supply chains for defence-related minerals.