Resolution Minerals Receives $225m Bid for Newly-Acquired Horse Heaven Critical Minerals Project

Resolution Minerals (ASX: RML) has received an unsolicited $225 million bid from Snow Lake Resources for its newly-acquired Horse Heaven critical minerals project in the US.

The indicative and non-binding offer comes via a combination of cash and Snow Lake shares, following a period of exclusivity for Snow Lake to conduct due diligence and finalise negotiations.

Resolution’s board has advised that shareholders take no action in response to the offer and advised that there is no guarantee the proposal will result in a binding agreement.

Critical Minerals Demand

Resolution acquired Horse Heaven in June as part of the company’s strategy to address growing global demand for critical minerals.

The brownfields project is located in the Stibnite mining district of central Idaho and comprises 699 US federal lode mining claims covering 56 square kilometres.

It contains strong mineralisation across two highly-prospective and structurally-controlled mineralised zones and includes past production of antimony, tungsten and artisanal gold.

Proposed NASDAQ Listing

Resolution has appointed Roth Capital Partners as its exclusive North American capital markets adviser in relation to its proposed listing on New York’s NASDAQ exchange.

Since 1992, Roth has raised over US$100 billion for small-cap public companies and completed more than 2,300 capital markets transactions.

The firm provides capital raising, high-impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, mergers and acquisitions advisory and corporate access services.

Under the terms of its appointment, Roth will be entitled to a monthly retainer and success fee on any transactions for Resolution plus 10 million unquoted options with an exercise price of $0.0912 and three-year expiry.

Nova Subsidiary

Snow Lake Resources listed on the NASDAQ in 2021 as a subsidiary of Nova Minerals (ASX: NVA), after a $33m IPO.

The following year, Nova divested 31% of its stake in an underwritten secondary offering, raising $24m before costs to fund exploration at its flagship Estelle gold project in Alaska.

Monetising Snow Lake allowed Nova to fast-track a pathway to production with an aggressive drilling campaign and associated resource studies.