Read the latest research report, dated 26 March 2026 on RML and the Horse Heaven Gold Antimony Project, with an AU$0.25 (25 cent) price target, published by New York-based investment bank, Noble Capital Markets.
Shareholders should note the following:
• This report is not independent research. It was prepared by Noble Capital Markets under its Company Sponsored Research Program, for which the Company pays a fee. Noble has also disclosed that it intends to seek investment banking and non-investment banking services from the Company within the next 3 months.
• The Company does not adopt, endorse, confirm or deny any of the opinions, conclusions, valuations or price targets expressed in the report. The views expressed are solely those of the analyst at Noble Capital Markets.
• The report constitutes general information only. It does not constitute financial product advice and has been prepared without taking into account your individual investment objectives, financial situation or particular needs. You should seek your own independent professional advice before making any investment decision.
HIGHLIGHTS
Initiating coverage with an Outperform.
Resolution Minerals Ltd (ASX: RML, OTCQB: RLMLF) is advancing the Horse Heaven Gold–Antimony–Tungsten–Silver Project in Idaho, now covering 14,580 hectares. Following China’s December 2024 ban on antimony exports to the U.S., the country faces a structural supply deficit with no meaningful domestic mining or processing capacity. Resolution is positioned to address this gap through both resource development and intention to build a commercial-scale hydrometallurgical processing facility, aligning the project with U.S. policy priorities around domestic critical mineral supply chains.
Golden Gate.
Phase 1 drilling at the Golden Gate Prospect confirmed a fault-controlled Intrusion Related Gold System with indications of meaningful scale. All 14 holes intersected mineralization from surface, including intercepts of 253m at 1.50 g/t Au, 265m at 0.60 g/t Au, and 189m at 1.30 g/t Au, all open at depth, while a second discovery at Golden Gate South expanded the mineralized footprint to more than 1.5km of strike. Importantly, the historical Golden Gate Tungsten Mine, last in production in 1980, is located within Resolution’s property boundary, with management evaluating a restart. A Phase 2 program of up to 45 diamond holes across 13,700 meters commences in early May 2026.
Antimony Ridge.
Surface rock-chip samples have returned grades of up to 49.8% Sb across an ~1km by 0.7km mineralized footprint that remains open in multiple directions. Resolution is advancing metallurgical test work while permitting drilling and bulk sampling, supported by the recently acquired Johnson Creek Antimony and Tungsten Mill, which provides infrastructure and approximately 2,000 tonnes of tungsten ore stockpiles. The company is evaluating early production paths, including mobile processing or toll milling.
Permitting and funding.
Resolution has retained a Washington, D.C. advisory firm and initiated the FAST-41 federal permitting process to accelerate environmental review timelines for strategically important projects. The company is also exploring potential support through Department of War funding, Export-Import Bank financing, and Defense Production Act Title III.
