RML: Now trading on the NASDAQ - the only company we know of with TWO White House FAST-41 projects

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 20,848,572 RML Shares and 31,955,351 RML Options and the company’s staff own 1,000,000 RML Options at the time of publishing this article. Some Shares and Options are subject to shareholder approval. The Company has been engaged by RML to share our commentary on the progress of our Investment in RML over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

Overnight, our Investment Resolution Minerals (ASX:RML) started trading on the NASDAQ.

The ticker is RML - same as on the ASX.

We watched the open here - and RML briefly traded at a high of ~US$37.77 per share.

One NASDAQ-listed share = 200 ASX shares.

So at some point someone on the NASDAQ was willing to pay ~US 18.9c equivalent for RML... (~A$0.26 per share in AUD terms).

(source)

RML closed at US$11.60 per share which is ~US$0.058 per share on the ASX (8c for us on the ASX).

What really surprised us was the volumes... RML’s traded over US$30M in volume on the NASDAQ overnight...

One of the strongest first days we have seen of a small cap ASX stock moving to the US.

So today will be interesting for RML on the ASX (given it’s below that 8c implied price from the NASDAQ).

RML is now the first company in our Portfolio to execute the “ASX to US markets” baton pass, which is a big part of our US critical minerals playbook for ASX explorers and developers.

We have been writing about how we expected the US markets to slowly wake up to the importance of critical minerals, and securing a supply chain.

And eventually, that would translate into capital flows from big tech into critical minerals.

Critical minerals are well, critical, for AI data centres, missile systems and fighter jets...

Thanks to US President Trump - lots of people in the US now know about critical minerals:

(source)(source)(source)(source)

The issue in the US is there isn't a big ecosystem of critical minerals stocks - like there is on the ASX.

Enter the ASX to offer a smorgasbord of choice to US investors.

Now all of the capital generated by the US tech boom has domestic options if it wants to allocate some portion of that capital into critical minerals.

Remember the big green NVIDIA vs mining ball comparisons we kept writing about:

(Source, Mining.com October 28, 2024)

We keep writing about it - and it's actually happening now - here is a post from mining billionaire Robert Friedland saying:

“we’re seeing unconventional interest in mining that I have never seen in my 45 years in mining”

(he is talking about “big tech” interest in the copper company he runs in Africa)

(source)

What does all of this have to do with RML?

RML’s listing on the NASDAQ means it's directly accessible by all that tech capital.

Now - anyone on the NASDAQ looking for tungsten, antimony or gold exposure...

... can now easily trade (nano cap by US standards) RML, capped at ~A$136M.

In the US where investors have had some big critical minerals wins over the last few years:

• US$9.7BN MP Materials (10 bag in ~1 year)
• US$3.1BN Perpetua Resources (14 bag in ~2 years), AND
• Names like Almonty, USA Rare Earth and Energy Fuels which have all gone on runs.

Check out some of their share prices:

(source)

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The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

A big part of why we Invested in RML was because we saw what was happening to Perpetua Resources in the US.

And we think RML could be our “Perpetua 2.0”.

RML's project is next door, and only ~6km away from Perpetua’s project in Idaho. (source)

RML’s exploration model is that whatever geological structure spawned Perpetua's deposit, could also have spawned repeat deposits on RML's ground:

(source)

Perpetua went on its big share price run mainly because its primary gold project also happened to host the only identified antimony reserve in the United States. (source)

Antimony is used in almost every military round, plus missiles, night vision gear and radiation shielding, and industrially into lead acid batteries and flame retardants.

And the antimony is what got Perpetua:

• FAST-41 permitting status (source)
  
• ~US$66M in US Department of Defense funding (source) (source) (source)
  
• A US$2.9BN loan from the US Export-Import Bank (source), and
  
• US$255M strategic investment from JPMorgan and Agnico Eagle - US$75M of it from JPMorganChase's US$1.5 trillion "Security and Resiliency Initiative" (source)

All of that contributed to Perpetua’s share price re-rating by ~1300% at its peak - (between Feb 2024 & March 2025).

We think RML today is roughly where Perpetua was a few years back.

Of course, the past performance of Perpetua is not an indicator of future performance of RML.

RML is in the FAST lane like its big brother Perpetua

Over the last five months, RML received FAST-41 status for TWO of its projects.

(not just one like Perpetua did).

(source)

"FAST-41 status" basically means the US government considered a project as "critical" and essential for US national security.

It's the US government's way of trying to fast track the build of nationally strategic, USA-based critical minerals projects.

The equivalent of the US federal government saying "this project matters - everyone get out of its way so they can build it quickly".

These FAST-41 awards are aimed at fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production. (source)

Right now there are just 27 projects on the FAST-41 transparency list across the US. (source)

RML has two of them.

RML says it isn't aware of any other critical metals company that holds two - we haven't found one either. (source)

Below are the US Federal Permitting dashboard links for RML’s two projects - save these as they regularly get updated so you can see how things are tracking from a permitting perspective:

(source)(source)

RML’s two projects collectively have historic production:

• During World War 1: RML's project produced antimony.
• During World War 2: Antimony was produced again
• In the 1960's: There was even more Antimony production
• And then in the 1950's to 1980: Tungsten was produced at RML's project

And the broader district RML’s project sits in supplied more than 90% of the USA’s antimony during WWII - and ~50% of US tungsten through WWII and the Korean War. (source) (source)

Anytime there has been some sort of kinetic conflict with the US and one of its adversaries, it has turned to this part of the US for critical minerals supply.

So the two FAST-41 statuses RML has received starts to make sense.

So far, RML’s only drilled one of its two projects (Golden Gate) and been able to declare a discovery.

That project already has a historical (non-JORC) gold estimate of ~286,000oz - from work done long before RML's current drilling. (source)

RML is currently drilling the project, and just a few weeks back announced a 300m+ gold hit which extends the discovery over ~2km.

The discovery holes on this project were some of the best we have seen:

• 189.2m @ 1.30 g/t gold,
• 253.0m @ 1.50 g/t gold from surface and
• 265.2m @ 0.60 g/t gold from surface (source)

With this next batch of drilling, we are seeing the discovery grow - so we think RML could surprise the market with a much bigger than expected resource here.

Here is how we are following along (using Canetoad.ai to track the drill results in 3D as they drop):

As of RML’s latest update, RML had 28 more holes with assays pending on them.

AND through the two FAST-41 Plans of Operations, RML has already submitted and had accepted an exploration and development program of ~340 holes.

(looking at the 3D image from above, RML will be able to drill out the areas between the two highlighted areas and extensions in either direction).

There is also a critical mineral wildcard for RML’s gold discovery from the existing tungsten processing mill, infrastructure and stockpiles sitting around it.

(all of which was responsible for that historic tungsten production during WW1, WW2 and the Korean War)

Tungsten is vital in armour-piercing ammunition, fighter jets, and the warheads of Tomahawk, Patriot and Precision Strike missiles.

The pictures above are of RML’s fully owned tungsten processing plant.

RML is drill testing the tungsten potential of its project for the first time right now - so we could get some surprise tungsten hits over the coming months.

RML’s second FAST-41 project has gold & antimony too

We think things will really get interesting when RML starts drilling its Antimony Ridge project to the south.

RML’s Antimony Ridge was also a past-producer - producing antimony and supplying it to the US government during World War I, World War II, and the Korean War.

RML is yet to drill a single hole into this project (yet).

RML’s plan is to drill up to 250 drill holes + bulk sampling of near-surface high-grade antimony at Antimony Ridge (source)

Our BIG, longer-term thesis for RML is that Antimony Ridge and Golden Gate come together to one day, emulate the success $4.3BN Perpetua Resources has had.

If you look at the two companies' projects on a map, Perpetua’s projects - like RML’s - sit across two different areas too.

So maybe RML’s planned 250-hole and 340-hole programs will be what really unlocks the “Perpetua 2.0” theory we are Invested for.

And now with both projects having FAST-41 status, sitting on a US federal permitting dashboard - things can happen a lot quicker.

(source)

Over the next 12-24 months RML’s project could morph into a strategically important asset in the US for its GOLD...

AND/OR for its critical military minerals - antimony and tungsten?

Both antimony and tungsten are used in missiles, bullets and other military weapons systems and vehicles.

Antimony is used in armour-piercing rounds and night-vision glasses.

Tungsten is what makes armour-piercing penetrators and nozzles in missiles.

China dominates the supply of both - over 80% of the world's tungsten and >70% of the world's processed antimony. (source)

Two years ago, China started withholding supply - antimony in December 2024 (source) and tungsten in Feb 2025. (source)

Why, 12+ months later is there a sudden urgency to secure domestic supply now?

Because the USA is burning through its missile stockpiles faster than it can build them.

Because of the Iran war, by August US Patriot missile inventories are supposedly ~65% lower than where they were pre-war.

(source)

Missile and munitions manufacturing need antimony and tungsten...

... and the USA currently mines neither in any meaningful quantity.

Which is exactly why the White House is fast-tracking projects like RML's.

And a big part of how $136M capped RML’s projects had enough merit to get the stock listed on the NASDAQ.

RML to become Perpetua 2.0? We should find out more over the next 6-9 months

We think that once RML starts drilling its Antimony Ridge asset, that’s when the market can really start to compare the $136M capped RML (before the T2 placement that is pending) to its $4.3BN neighbour Perpetua.

Especially IF by then, RML has defined a gold resource at its Golden Gate prospect.

The resource, depending on its size, will give the market a solid metric to compare RML with its neighbour ~6km away - $4.3BN Perpetua Resources.

Perpetua has already defined its side: 6 million ounces of gold + ~200 million pounds of antimony in a JORC resource estimate.

And RML is drilling out its discovery right now:

(source)

Here is how the two rank side by side at the moment:

Looking back at what Perpetua Resources (it used to be called Midas Gold) did - it went from first drilling to a maiden resource estimate in ~2 years.

The company delivered its first resource estimate in February 2011 for ~3.38M ounces (indicated and inferred) on two of the three deposits that make up the project. (source)

Then later in April 2011, the company delivered a ~5.8m ounces of gold (indicated and inferred) resource estimate. (source)

Over to RML to deliver all of that (with a bit of luck on the exploration front) a lot quicker.

IF RML can even define something that is even 1/3rd the size of Perpetua’s, we think it would surely start to make RML’s assets interesting from a corporate perspective.

(Especially now with JP Morgan and Agnico Eagle on Perpetua’s register)

(source)

RML’s NASDAQ listing to also help with US interest/funding?

We said in a previous RML note that there would likely be a big crowd of investors that have made money on Perpetua now looking for “Perpetua 2.0...” AND we also said that:

“IF RML is able to declare a discovery and define a large enough resource estimate, the market will have a very obvious peer to which it values RML’s ground”.

RML has declared a discovery and will be drilling it out in 2026 all while listed on the NASDAQ.

Hopefully some of the US investors who had a win on Perpetua will be looking out for “Perpetua 2.0” and stumble across RML.

Better yet - a huge unexpected win for RML would be if it can get some sort of government funding to push its projects forward - similar to what Perpetua received from the US Export Import Bank.

The funding for Perpetua was what really kicked off the rally in its share price:

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

We think RML’s NASDAQ listing could help with RML securing some sort of funding deal.

RML’s announcement yesterday said:

“The Nasdaq listing is expected to increase RML's visibility for White House and U.S. Department of War funding and development incentives, improve the Company's U.S. capital raising ability, provide M&A currency for any potential U.S. corporate opportunities, and facilitate U.S. broker research exposure”

No doubt the US government will be a lot more willing to fund companies with listings in the US.

AND having NASDAQ presence will mean the company slowly works its way into a network of US folks looking at markets everyday - you never know what doors the right person discovering the stock exists could open...

The US listing is actually a big part of our “US critical minerals playbook” - which is a list of things we want our stocks with US critical minerals exposure to do.

The more of these boxes the US critical minerals companies can tick (and quickly), the better (we think) they can position themselves to capture US capital and attention.

Here is everything RML has done from that list:

• ✅ own or acquire a US based critical minerals project
• ⬜ appoint Washington lobbyist
• ✅ spend time in USA or appoint US based operations person (CEO US Operations)
• ✅ 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.
• ✅ List on the US OTC market. (OTCQB as RLMLF, Aug 2025).
• ✅ Commence NASDAQ or NYSE listing process. (Now listed and trading)
• ⬜ acquire, license or partner with downstream processing technology
• ✅ Deliver early metwork and processing of bulk samples, ahead of drilling. (Johnson Creek stockpile sampling Mar 2026, antimony flotation May 2026).
• ✅ Prove samples can be processed, deliver downstream product. 52.3% tungsten concentrate (Apr 2026) and 99.38% purity antimony trioxide (Apr 2026).
• ⬜ secure US government funding
• ⬜ attract interest from private US investors
• ✅ outline plan for small, cheap and fast mine (Tungsten production strategy)
• ✅ Deliver drilling success on project. Golden Gate discovery (Gold discovery in Aug 2026).
• ⬜ use larger market cap to bolt on later stage/advanced projects in the USA
• ✅ List on major US exchange. NASDAQ listed today.
• ✅ US investor roadshows. (Roth Conference Mar 2026, Mar-a-Lago Defense forum May 2026).
• ⬜ deliver domestic US critical minerals supply.

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

So far so good from RML - most of the remaining boxes are things we think the NASDAQ listing and US capital markets presence could unlock.

Ultimately, US interest is what we think helps RML achieve our Big Bet as follows:

Our RML Big Bet:

“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 long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our RML Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

What we want to see next from RML

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

(source)

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

RML is currently in the middle of this drill program.

As mentioned earlier we are hoping to see the discovery get bigger as follows:

Here are the milestones we are tracking for this project:

• ✅ Phase 2 permits secured (45 holes, 13,700m)
• ✅ Phase 2 drilling commences (two diamond rigs through to mid-August) 🔄
• 🔲 First assay results
• 🔲 Maiden JORC mineral resource estimate (targeting Q1 2027)
• ✅ FAST-41 status granted by White House
• ✅ Plan of Operations submitted to US Forest Service (for a 340 hole program)
• 🔄 FAST-41 accelerated federal review

🔄 Antimony Ridge (Antimony-gold-silver)

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 (for a 250 hole program)
• 🔄 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

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

What could go wrong?

The main risk in the short term for RML will be “exploration risk” now that drilling has begun.

There is no guarantee RML hits economic mineralisation.

IF the results are below expectations, then the market could re-rate RML’s share price lower.

Exploration risk

There is no guarantee that RML’s upcoming drill programs are successful. RML may fail to find economic deposits of gold, antimony or tungsten.

Source: “What could go wrong” - RML Investment Memo 11 June 2025

Other risks

Like any early-stage exploration company, RML carries significant risk, here we aim to identify a few more risks.

RML is running aggressive multi-rig drill programs across two major targets while maintaining dual-exchange operations, which requires substantial ongoing capital. There is a risk of shareholder dilution if future equity raises are needed before non-dilutive government funding or strategic investments materialize.

Even though RML holds FAST-41 status for both projects, securing final approvals from the US Forest Service for its large Plans of Operations could still encounter delays. Unforeseen regulatory hurdles, local community friction, or environmental appeals could push back drill schedules and delay planned resource estimates.

Processing historical stockpiles and producing high-purity tungsten and antimony trioxide involves complex metallurgy and infrastructure. The company may encounter processing bottlenecks, low recovery rates, or higher-than-budgeted refurbishment costs at the Johnson Creek Mill.

The underlying investment thesis relies heavily on US defense demand and trade restrictions surrounding critical minerals controlled by China. Any sudden shifts in geopolitical tensions, changes to US defense procurement budgets, or broader macroeconomic downturns could depress critical mineral prices and dampen market interest.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our RML Investment Memo

You can read our RML Investment Memo in the link below.

We use this memo to track the progress of all our Investments over time.

Our RML Investment Memo covers:

• What does RML do?
• The macro theme for RML
• Our RML Big Bet
• What we want to see RML achieve
• Why we are Invested in RML
• The key risks to our Investment Thesis
• Our Investment Plan