SmallCaps Spotlight: Resolution Minerals (RML) — Fast 41, visible sheelite, and the push to a maiden resource

## Episode overview In this episode of **SmallCaps Spotlight**, we unpack what’s changed at **Resolution Minerals Ltd (ASX: RML)** since the last update, and why investors are focused on the company’s ability to turn strong geology into credible milestones.

## Key discussion points - **Horse Heaven, Idaho:** A large land position (~5,600+ hectares mentioned) with an integrated story across **antimony, tungsten and gold**. - **Fast 41 coverage:** - **Antimony** Fast 41 is **in place**. - **Tungsten** Fast 41 has been **applied for** (one in place, second expected in the near future). - **US Defence Industrial Base Consortium:** Craig outlines acceptance into a **>1,000-company** defence supply-chain ecosystem, plus how this can support grant opportunities and, importantly, **permitting timelines**. - **Golden Gate drilling update (the big operational catalyst):** - A **45-hole** programme targeting **~45,000 feet**. - Programme timing: started **15 May**, expected to finish **mid-August**. - Two drills operating; Scout Discovery assisting with logging; core cut on site and sent to **ALS for assay**. - **Visible sheelite at Golden Gate South:** - Sheelite is being observed via **UV light** fluorescence and supported by **XRF**. - Golden Gate South sits ~**1.5 kilometres** south of Golden Gate North (historic mine location), raising the possibility of connecting mineralised systems. - **Gold consistency (so far, visually):** Core appearance is consistent with prior good gold hits, though gold grades need assays to confirm. - **Path to a maiden resource:** - Craig targets a **maiden resource estimate** around **Q1 2027**, once drilling results are in and a resource model can be built. - **Why this matters for valuation:** The market often discounts pre-resource explorers; the interview frames the resource as the key milestone to support a potential re-rate.

## Technical catalysts / assay watchlist - **Initial batch:** early indications expected from **the first four holes by early August**. - **Ongoing flow:** further drill results through **the second half of 2026**, culminating in the data needed for the maiden resource process.

## Timing & funding themes (as discussed) - Acceptance and coverage are framed as a positive signal of **US government support**. - The emphasis isn’t only grant funding; it’s also the potential for **streamlined permitting**, which can reduce time-to-market and extend runway.

--- *Disclaimer: This podcast is for information purposes only and does not constitute financial advice. Always do your own research before making an investment decision.*

## Disclaimer

This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions.

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