Resolution Minerals Ltd (ASX:RML, OTC:RLMLF) has raised A$25.1 million through a strongly supported placement at A$0.05 per share, drawing commitments from global institutions and high-net-worth investors. The placement included cornerstone support of A$7.75 million from prominent local and international groups, while directors also subscribed for A$200,000.
The raise fully funds the company’s medium-term work programs and strengthens its balance sheet ahead of a proposed NASDAQ listing.
Funds will support drilling and exploration at the Horse Heaven Project in Idaho, which targets antimony, gold and tungsten. Proceeds will also support downstream critical mineral processing initiatives, additional drilling and surface sampling, new asset acquisitions, and general working capital.
RML aims to position itself as a major participant in the United States critical minerals sector, aligned with US national security requirements.
“We are delighted with the level of interest in RML and with the high quality of investors who believe in our vision, potential and upside of Resolution’s Horse Heaven Project. We eagerly look forward to progressing work on both the Golden Gate and Antimony Ridge targets at Horse Heaven,” executive director Aharon Zaetz said.
“The recent rock chip results are extremely encouraging, and we are hoping that the current drilling program, which is well underway, will demonstrate to the market the significant potential of our highly prospective antimony, gold and tungsten project.
“With the proposed listing of RML 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 Inc.”
Placement details and structure
The placement will be completed in two tranches.
- Tranche 1, raising A$18.4 million, is expected to settle on September 26, 2025.
- Tranche 2, worth A$6.7 million, will be finalised following shareholder approval in mid-November.
Participants will also receive one option for every two shares issued, exercisable at A$0.10 until November 2029.
The placement price represents an 11.2% discount to RML’s 15-day volume-weighted average price of A$0.0563 per share. Oakley Capital Partners acted as lead manager with Roth Capital Partners as US adviser.
Investor support and management participation
The placement attracted strong backing from investors including John Hancock’s Family Office, Astrotricha Capital SEZC and S3 Consortium (Stocks Digital).
Cornerstone commitments totalled A$7.75 million, institutionalising the company’s share register. Directors contributed A$200,000, subject to shareholder approval.
S3 Consortium will also receive 3.4 million options for investor relations services.
Lead manager Oakley Capital will be issued 9 million shares and 90 million options, subject to approval, with part allocated to third-party brokers.
Next steps
Resolution plans to advance drilling at Horse Heaven, seek additional drill permits and expand its land position.
The company will also pursue downstream collaboration opportunities and build a Washington DC engagement strategy to access potential funding from the US Department of War, Department of Energy, and other agencies.
With its proposed NASDAQ listing, RML intends to position itself alongside US peers such as Perpetua Resources and MP Materials.