Resolution Minerals Expands Idaho Critical Minerals Push With Gold, Antimony and Tungsten Targets
Resolution Minerals has turned Horse Heaven into the centre of its strategy, pairing broad gold drilling with high-grade antimony and tungsten test work. The expansion came with a sharply higher A$53.3 million FY2026 loss and a disclosed dependence on future funding.
- Horse Heaven acquisition completed and landholding expanded
- Broad gold intersections remain open at Golden Gate
- Antimony, tungsten and gold recoveries show early processing potential
- A$45.1 million raised through institutional placements
- A$10.3 million cash balance alongside going-concern uncertainty
Horse Heaven Becomes Resolution’s Core Asset
Resolution Minerals Ltd (ASX:RML) ended FY2026 with a radically different asset base: Horse Heaven in Idaho now accounts for most of the company’s exploration value and strategic attention. Resolution completed the acquisition of the 100%-owned gold, antimony, tungsten and silver project in July 2025, expanded its land position to about 59 square kilometres and added the Johnson Creek processing site and historical tungsten stockpiles.
The project sits in the Stibnite Mining District, immediately adjacent to Perpetua Resources Corp’s Stibnite Gold Project. During the year, Resolution ran exploration, metallurgy, permitting and US government engagement in parallel, supported by A$25.1 million raised in September 2025 and a further A$20 million institutional placement in April 2026.
Gold Drilling Points Towards a Larger System
Golden Gate North delivered the strongest exploration narrative in the report. Phase 1 drilling returned broad, near-surface gold intersections including 253 metres at 1.50 grams per tonne gold from surface, with a higher-grade interval of 111.9 metres at 2.31 grams per tonne. Other holes returned intervals of 197.5 metres at 1.26 grams per tonne and 265.2 metres at 0.60 grams per tonne.
Mineralisation remained open along strike and at depth, with several holes ending in mineralisation. Follow-up drilling also identified Golden Gate South, roughly 1.5 kilometres along strike from Golden Gate North, while early Phase 2 holes encountered visible scheelite and an interval of eight metres at 0.14% tungsten. Resolution says the expanded programme of up to 13,000 metres across as many as 45 holes is intended to support a maiden Mineral Resource Estimate, although no resource has yet been declared.
Metallurgy Adds Three Commodity Options
Antimony Ridge produced some of the report’s more eye-catching numbers, with rock-chip assays reaching 49.8% antimony and a model identifying more than 100 high-grade antimony-silver veins across an area of about 1,000 metres by 700 metres and 250 metres vertically. Those are surface and modelling results, not a defined resource, but they have given Resolution a substantial target for further drilling and bulk-sampling work.
Early processing tests were also encouraging within the limits of laboratory work. Historical stibnite produced an intermediate antimony trioxide product grading 99.38% Sb2O3, while flotation tests achieved sulphide recoveries of up to 99.5%. Gold recoveries reached up to 95.5% from oxide material and 88.7% from sulphide material. At Johnson Creek, gravity separation upgraded historical tungsten stockpile material from 1.85% WO3 to concentrates of up to 52.3% WO3, with recoveries of up to 75.5%.
A Bigger Platform With a Bigger Funding Burden
The financial statements show the cost of building that platform. Resolution reported a net loss of A$53.3 million, compared with a restated A$6.0 million loss a year earlier. Share-based payments accounted for A$35.0 million of operating cash-flow reconciliation adjustments, while exploration and evaluation expenditure rose to A$74.4 million after the Horse Heaven acquisition and subsequent activity.
Cash stood at A$10.3 million at 30 June 2026, but operating and investing activities consumed A$28.3 million during the year. The directors prepared the accounts on a going-concern basis while acknowledging that continued operations depend on future financing, grants, asset sales, farm-outs or other funding measures. The company also restated prior-period figures after its Nasdaq-related re-audit identified errors in share-based payment valuations, capital-raising cost classification and impairment accounting.
Nasdaq Access Arrives as Dilution Accelerates
Resolution’s US-market push moved beyond preparation after year-end: its American depositary shares began trading on the Nasdaq Capital Market under RML on 9 September 2026. The company also received FAST-41 Transparency Coverage for Antimony Ridge during the year and later for Golden Gate, while it was accepted into the US Defense Industrial Base Consortium.
Those milestones may improve access to US investors and government-facing opportunities, but the capital structure is expanding rapidly. At 30 June, the company had 2.24 billion ordinary shares on issue, alongside 503.3 million performance rights and almost 1 billion options. Since year-end, it disclosed a further 165 million performance rights and the issue of 285.7 million ordinary shares on performance-rights exercise. The next test is whether drilling, permitting and processing work can convert this enlarged platform into a defined resource before the funding requirement returns.
Bottom Line?
Horse Heaven has supplied Resolution with a credible multi-commodity exploration story, but the next phase must deliver a maiden resource and disciplined cash use before the company’s funding and dilution risks become harder to ignore.
Questions in the middle?
- Will Phase 2 drilling support a maiden Mineral Resource Estimate at Golden Gate?
- Can early antimony and tungsten test work progress into a viable processing pathway?
- How long can the A$10.3 million cash balance support exploration before another capital raising is required?
