Resolution Minerals (ASX: RML) has received firm commitments to raise approximately $20 million for exploration at the Horse Heaven antimony project in Idaho.
The two-tranche share placement is priced at $0.07 per share, representing a 6.3% premium to the 20-day volume weighted average price, and will see the company issue a total 285.7 million new shares to institutional and sophisticated investors.
Subject to shareholder approval, investors will also receive one free attaching listed option for every three shares issued, exercisable at $0.10 each and expiring in November 2029.
The first tranche to raise $9.21 million through the issue of 131.61 million shares will be settled at month end, while a second tranche total of $10.78 million for the issue of 154.1 million shares is expected to settle within 60 days.
Multiple Near-Term Catalysts
Proceeds from the raising – which is being cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund – will be used to accelerate drilling, metallurgical test work, and permitting activities across Horse Heaven.
This work will position Resolution to advance multiple near-term catalysts across antimony, gold, silver, and tungsten.
The company plans to commence a Phase 2 drilling campaign next month at Horse Heaven’s Golden Gate target, comprising up to 45 holes for a total 13,700m.
Drilling will look to define the scale of gold and associated tungsten mineralisation, supporting the progression toward a maiden mineral resource estimate before end-2027.
An earlier Phase 1 campaign at Golden Gate delivered multiple broad gold intercepts including 253m at 1.5 grams per tonne, 197.5m at 1.26g/t, 265.2m at 0.6 g/t, and 240.8m at 0.64g/t.
US Government Support
Resolution is currently advancing a US-based development platform focused on antimony and tungsten at a time of increasing geopolitical focus on securing domestic supply of critical minerals.
The company has also been working closely with the US government to advance potential offtake agreements and funding support following formal recognition of the strategic importance of its US assets.
“Following a highly successful drilling campaign last year, today’s successful capital raising marks a transformational milestone for the company as it is about to list on the NASDAQ as well as launch its second drill campaign in the coming weeks,” executive director Aharon Zaetz siad.
“Strong tailwinds from the critical minerals sector as well as the recent FAST-41 status is a further endorsement of the project’s quality and potential.”
