Resolution Minerals Raises $25.1m for Horse Heaven Project Expansion

Resolution Minerals (ASX: RML) has received backing from a range of high net worth and global institutions – including John Hancock’s Family Office, Astrotricha Capital SEZC, and the S3 Consortium – in its $25.1 million placement to help accelerate exploration at the company’s Horse Heaven project in the US.

The high-profile funding support comes on the back of Resolution’s early exploration success at Horse Heaven’s Antimony Ridge target, with strong assay results from surface rock-chip and soil sampling.

Executive director Aharon Zaetz said the placement had greatly enhanced the institutional presence on the company’s register, with high-calibre local and international investor groups making a cornerstone investment of $7.75m.

Two-Tranche Raising

The capital raising is being conducted via two tranches, with the first raising $18.4m in late September and the second to take place after the receipt of shareholder approval, which is also necessary for a proposed $200,000 investment by Resolution directors.

The company will issue the placement shares at $0.05 each, representing an 11.2% discount to the 15-day volume-weighted average price of $0.0563, and plans to use the proceeds to advance drilling at Horse Heaven, and explore downstream critical mineral processing initiatives.

Resolution is also planning future drilling and surface sampling programs, while at the same time looking for additional strategic assets to acquire.

High-Quality Investors

Mr Zaetz said the raising had attracted high quality investors who believe in the potential and upside of Horse Heaven.

“With Resolution’s proposed listing on the NASDAQ, we are aiming to be trading shoulder-to-shoulder with the likes of our next-door neighbour Perpetua Resources, and other US critical metals giants such as MP Materials,” he added.

Resolution is now preparing to drill targets in and around the dormant tungsten, gold, and antimony mines in its project area, and intends to apply for further permits to continue expanding its drilling program.

It is also progressing a Washington DC engagement strategy, with the aim of becoming eligible for grants and other support from the US Department of War, Department of Energy, and other government organisations on the back of Horse Heaven’s rich critical minerals potential.