Resolution Minerals Ltd (ASX:RML, OTC:RLMLF) has entered into a binding agreement to acquire 100% of the shares in Remington Capital Corporation, a Canadian entity holding an option to acquire the Johnson Creek Tungsten & Antimony Mill and associated Antimony Camp properties in Idaho, USA.
“I see this as a pivotal point for RML to establish itself as a leader in solving the US Administration’s immediate need to secure antimony and tungsten for its national security requirements," Brett Lynch, senior strategic adviser to Resolution, said. "Horse Heaven is a unique deposit as it has demonstrated strong evidence of three valuable commodities present on site – antimony, tungsten and gold. This move toward production status catapults RML into pole position when approaching the US Government for permitting funding and offtake negotiations.”
Location map showing position of the Johnson Creek Mill and Antimony Camp properties in relation to the Horse Heaven project area.
Strategic acquisition adjoining Horse Heaven Project
The mill and associated stockpiles occupy 25 acres of private land directly adjoining Resolution’s Horse Heaven Gold-Tungsten-Antimony Project, which lies adjacent to Perpetua Resources Inc.’s A$4 billion Stibnite Project — a major US critical minerals development.
The acquisition includes an existing antimony and tungsten processing mill, as well as historic tungsten stockpiles, significantly enhancing Resolution’s capacity to fast-track domestic processing and production of critical minerals within the United States.
Key strategic benefits
Resolution expects the acquisition to deliver multiple material advantages, including:
- The potential to fast-track antimony and tungsten production in the US.
- Advancement of offtake discussions with prospective US buyers.
- Improved positioning for permitting and access to US Department of War (DoW) funding.
- Establishment of Horse Heaven as a prospective US hub for critical mineral production.
- Contribution toward addressing the Pentagon’s urgent need for domestic antimony supply for defence applications.
- A foundation for future downstream partnerships in smelting, refining and offtake agreements.
- A strategically located base of operations to support exploration, drilling, processing and staff accommodation.
Mill site and stockpiles
The past-producing Johnson Creek site comprises a mill facility, storage buildings, industrial water rights, and electrical power infrastructure. Once recommissioned, the mill will position Resolution among the few US-based antimony, tungsten and gold companies with its own processing capability.
The location also secures rare privately held land in the region, providing space for processing operations, exploration support facilities, storage, and core-cutting.
Included in the acquisition are two historic tungsten stockpiles, originally mined from the Golden Gate Tungsten Mine at Horse Heaven but never processed. The Golden Gate deposit was worked intermittently from the 1950s to around 1980 via open-pit and underground operations.
Meanwhile, the nearby Antimony Ridge prospect — historically mined during World War I, World War II and the Korean War — hosts significant high-grade mineralisation. Operations at the time ceased due to waning demand rather than resource depletion.
Pathway to restarting production
Resolution is evaluating options to restart high-grade antimony processing from Antimony Ridge in the near term. Metallurgical testing of Horse Heaven samples has already commenced, supporting the company’s strategy to establish a vertically integrated US antimony-tungsten supply chain within one of North America’s premier critical minerals districts.
Once the acquisition is complete and recommissioning of the Johnson Creek Mill, Resolution will become one of the only companies in the United States capable of processing antimony, tungsten, and gold on-site — cementing its strategic role in advancing domestic critical minerals security.
Acquisition details
RML has signed a sale and purchase agreement to acquire all the shares in Remington Capital Corporation, a Canadian entity that holds an option over the Johnson Creek Tungsten & Antimony Mill and the Antimony Camp properties.
RML will first reimburse Remington (or its nominees) US$50,000 for the option deposit. If the option is exercised, RML will pay US$1.25 million by electronic transfer to the asset owner and will issue 70 million fully paid ordinary shares to Remington’s shareholders, together with 35 million free-attaching options on a one-for-two basis. The options are exercisable at $0.10 and expire on November 30, 2029.
One-third of the consideration shares and options will be freely tradable on completion, with the balance split equally under three-month and six-month holding locks. The transaction remains subject to due diligence, exercise of the option and approval by RML shareholders.
The cash component will be funded from existing reserves, with completion targeted for late November or early December 2025. RML has also agreed a 10% facilitation fee to Oakley Capital Partners, to be satisfied by issuing 7 million shares and 3.5 million options (on the same terms as the consideration options), subject to shareholder approval; if approval is not obtained, a cash equivalent will be paid.