SYDNEY – Resolution Minerals Ltd. (ASX: RML; OTCQB: RLMLF) announced Tuesday it has entered a binding agreement to acquire a processing mill and historic tungsten stockpiles in Idaho, a strategic move aimed at accelerating potential U.S. production of critical minerals antimony and tungsten.
The acquisition targets the Johnson Creek Tungsten & Antimony Mill and the nearby Antimony Camp, situated on 25 acres of private land directly adjoining RML’s Horse Heaven project. The site is adjacent to Perpetua Resources Inc.’s multi-billion dollar Stibnite Gold Project.
Company officials said the deal is designed to fast-track RML’s path to production, positioning it as a potential domestic supplier for the Pentagon, which is seeking to secure immediate U.S. sources of antimony for defense applications.
“This move toward production status catapults RML into pole position when approaching the U.S. Government for permitting, funding and offtake negotiations,” said Brett Lynch, a senior strategic adviser to Resolution.
The mill, which was built in the 1950s but only ever processed tungsten, is intended to be rehabilitated. Once operational, it would make RML one of the few U.S. companies with its own processing capability for antimony, tungsten, and gold, the company said.
The acquisition includes key infrastructure like a mill facility, storage buildings, industrial water rights, electrical power, and two historic stockpiles of tungsten ore from the former Golden Gate Tungsten Mine that were never processed.
The deal also secures a strategic base camp for RML’s expanded exploration and drilling activities in the region, an area historically significant for antimony production during World War I, World War II, and the Korean War.
Under the transaction terms, RML will reimburse a $50,000 deposit and, upon exercising the option to acquire the properties, pay $1.25 million in cash and issue 70 million shares and 35 million options to the sellers. The deal is subject to due diligence and shareholder approval, with completion expected in late November or early December 2025.
The Horse Heaven project, where RML holds over 14,580 acres of mining claims, is located in a critical minerals belt and shares a boundary with the Stibnite project, which is slated to become a major source of U.S. antimony.