RML completes 16 holes at its US gold-tungsten project - assays pending

Our US critical minerals Investment Resolution Minerals (ASX: RML | OTC: RLMLF) just put out an update on its drill program at its gold-tungsten project in Idaho, USA.

RML’s project sits right next door to ~A$3.8BN Perpetua Resources' - the same project the US government has backed with billions in funding support and JP Morgan/Anglo American Invested in last year.

Once online that project will be one of the single biggest gold producing mines (and the biggest antimony producer) in the US.

RML is currently drilling its project following up its gold (and potentially tungsten) discovery from last year where RML managed to deliver the following discovery intercepts:

(source)

(and a 21m hit with average tungsten grades of 0.06%).

14 out of 14 holes from last year's program hit gold and defined a gold structure over a ~2km area completely open at depth (with some of those holes last year ending in mineralisation).

Now, RML is 16 diamond holes (4,470m) through a ~13,700m program on the project where we will find out how big the discovery really is.

Basically, we will find out whether or not the blue area in the image below is full of gold (and tungsten) with this round of drilling:

(source)

RML confirmed that assay results from the project were pending right now - so we should find out fairly soon too.

A reminder on RML's other FAST-41 status

Today’s announcement mostly focused on RML’s gold-tungsten discovery from last year.

Inside RML’s project area, ~2km to the southeast, it also has the Antimony Ridge prospect which holds FAST-41 status, a US federal designation for projects considered strategically important enough to get coordinated, accelerated federal permitting on a public timetable.

Only ~50 projects have received it since the program began in 2015, and only a handful are on the ASX.

The permitting status can be viewed publicly on a public dashboard.

RML’s plan is to run a much bigger 250+ hole program over Antimony Ridge (pending approvals for permits).

Drilling at Antimony Ridge AND its current target area (Golden Gate) is when we think we will really see just how prospective RML’s ground is.

Hopefully FAST-41 status means all of that happens a lot quicker than anyone expects too.

For context, RML's neighbour Perpetua was stuck in permitting for ~8 years, then FAST-41 took it to be fully permitted within roughly a month, and it is now in construction and in May it finalised a US$2.9BN US EXIM loan.

(source)(source)

What we want to see next from RML

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

(source)

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

RML kicked off the 45-hole program last month.

We are hoping to see the discovery get bigger - both along strike and at depth:

(source)

Here are the milestones we are tracking:

• ✅ 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)

🔄 NASDAQ listing

• ✅ SEC registration + ADR facility live via Bank of New York Mellon
• 🔄 NASDAQ listing process (~next few months as of early Feb, "imminently" as of the recent quarterly)

🔄 Antimony Ridge, the FAST-41 asset

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
• 🔄 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

RML’s project has a history of producing critical minerals of tungsten and antimony.

Old records show the asset has produced critical minerals for the United States in every single major conflict of the 20th century:

• World War 1: Antimony production
• World War 2: Antimony again
• 1960s: More antimony
• 1950s through 1980s: Tungsten

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