Resolution Minerals raises $20M to advance Horse Heaven and NASDAQ plans Proactive uses images sourced from Shutterstock

Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has secured firm commitments to raise about $20 million in a two-tranche placement to institutional and sophisticated investors at $0.07 per share, with the raising cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund.

The raise is a 12.5% discount to the last closing price on ASX on $0.08 on April 20, 2026, a 6.3% premium to the 20-day volume weighted average price (VWAP) of $0.0658 up to, and including, April 20, 2026, and a 1.7% premium to the 15-day VWAP of $0.0689 to April 20, 2026.

The money will be used to accelerate activity across the Horse Heaven Project in the US, including further exploration drilling, tungsten and antimony metallurgical test work, and permitting work. Resolution said the funds would support multiple near-term catalysts across antimony, gold, silver and tungsten, as well as provide working capital.

The raising comes as the company pushes ahead with its US critical minerals strategy, with a Phase 2 drilling campaign at Golden Gate scheduled to begin in May 2026. That program is expected to comprise up to 45 holes for about 13,700 metres and is aimed at defining the scale of gold mineralisation at Golden Gate and Golden Gate South, while supporting progress towards a maiden mineral resource estimate targeted for Q1 2027, subject to successful outcomes.

“Following a highly successful drilling campaign last year, today’s successful capital raising marks a transformational milestone for the company as it is about to list on the NASDAQ as well as launch its second drill campaign in the coming weeks. Strong tailwinds from the critical minerals sector as well as the recent FAST-41 status is a further endorsement of the project’s quality and potential,” Resolution executive director Aharon Zaetz said.

Institutional backing and placement structure

Resolution said strong support from institutional and sophisticated investors, alongside cornerstone backing from Tribeca and L1 Capital Global Opportunities Master Fund, provided validation for its US-based critical minerals platform.

Under the placement structure, about 285.7 million new shares will be issued. Tranche 1, worth $9.213 million, is due to settle on or around April 29, 2026, under the company’s existing placement capacity, while Tranche 2, worth $10.787 million, is subject to shareholder approval and is expected to settle within about 60 days following the next shareholder meeting. Subject to that approval, investors will also receive one free attaching listed option for every three shares issued, exercisable at $0.10 and expiring on November 30, 2029.

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Resolution also said it plans to seek shareholder approval at its upcoming general meeting for the capacity to raise up to a further $5 million on the same terms as the placement, although no commitments are currently in place for that additional amount.

What comes next

Near-term milestones include the start of Phase 2 drilling at Golden Gate in May, completion and release of metallurgical test work results, advancement of permitting activities at Antimony Ridge under FAST-41, and progression toward a NASDAQ listing.

Resolution is preparing to begin the Phase 2 drilling campaign at its Golden Gate target, with up to 45 holes planned for about 13,700 metres.

The program is designed to better define the scale of gold mineralisation at Golden Gate and Golden Gate South and support progress toward a maiden mineral resource estimate targeted for the first quarter of 2027, subject to successful results.

The upcoming work follows encouraging Phase 1 drilling, which returned broad gold intersections including 253 metres at 1.5 g/t gold, 197.5 metres at 1.26 g/t, 265.2 metres at 0.6 g/t and 240.8 metres at 0.64 g/t.

Phase 2 drilling will also test associated tungsten mineralisation, highlighting the broader multi-commodity potential of the Golden Gate system.

The company is also now well-funded for its upcoming NASDAQ listing and for building its North American investor footprint.

The broader Horse Heaven Project remains central to Resolution’s US growth strategy, with the company positioning the asset base around antimony, tungsten and gold at a time of heightened geopolitical interest in domestic critical minerals supply.

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