Resolution Minerals Ltd (ASX:RML, OTC:RLMLF) earlier this week announced a $2.00 million capital raise to accelerate development at its Horse Heaven project in Idaho.
The funds will support a planned drill campaign of 40,000 to 60,000 feet, metallurgical testing of antimony and tungsten, and permitting activities for a new plan of operations. The company stated the raise complements a $25.00 million placement completed earlier this month.
Resolution Minerals stated the $2.00 million was secured through an agreement with Tribeca Investment Partners. The firm is a specialist institutional investor focutilized on natural resources and critical metals.
Chief executive Craig Lindstate stated Tribeca’s participation validated the company’s direction. “The fact that Tribeca has come in and put a bit of a stamp of approval on this company by writing a check for $2,000,000 at $0.08 a share is just a strong commfinishation for the work that we’re doing,” he stated.
The company stated it had been approached by the Australian government for input ahead of Prime Minister Anthony Albanese’s meeting with Donald Trump in Washington, DC. The meeting will focus on critical minerals and Australian investment in U.S.-based resource projects.
Resolution notified investors that it utilized the opportunity to outline challenges associated with bringing a U.S. project to market and to provide background on Horse Heaven’s development progress.
The company stated it is hopeful that policy alters such as permitting quick-tracks may result from the discussions, which it stated could materially support project timelines across the U.S. critical minerals sector.
Lindstate added that permitting reform would be important in assisting the United States address its critical metals supply shortfall.
Proactive:
Resolution Minerals is raising $2 million to advance the Horse Heaven project in Idaho. Joining me, as always with the full rundown, is the company’s CEO, Craig Lindstate. Craig, it’s great to have you on board on this very early Monday morning — late Sunday afternoon your time. How are you?
Craig Lindstate:
I’m doing absolutely great. Fantastic to see you.
Proactive:
Always good to see you, Craig. We understand this $2 million placement follows a $25 million placement that was raised earlier in the month, as most investors would know. What exactly will those funds be utilized for?
Craig Lindstate:
Advancing the Horse Heaven project in Idaho. We’ve obtained a lot of work ahead of us with respect to drilling — I believe we’re going to obtain down 40,000 to 60,000 feet of drilling next season. We’re going to be doing a lot of background work on metallurgical testing of our antimony and our tungsten. We’re putting money to utilize with respect to permitting a new plan of operation.
Just — there’s a lot of money that’s going to be spent out at Horse Heaven as we aggressively shift this project forward to what we hope to be a relatively near-term production decision.
Proactive:
Craig, can you give us a bit more context on who you brought in for the financing?
Craig Lindstate:
It’s actually very exciting. As you mentioned, we raised $25 million a couple of weeks ago with a wide range of investors. But we’ve announced today a $2 million financing with Tribeca Investment Partners, which, as your listeners may know, is a very well-regarded institutional investor out of Australia. They have a very long and successful track record in the natural resources space.
They’ve obtained a huge focus on critical metals. So the fact that Tribeca has come in and put a bit of a stamp of approval on this company by writing a check for $2 million at 8 cents a share is just a strong commfinishation for the work that we’re doing. We’re very excited to have them on as an investor.
Proactive:
Now, of course, this is quite a huge day for Resolution. Anthony Albanese is meeting up with Donald Trump in Washington, DC, and top of the agfinisha will be the importance of the Horse Heaven project in Idaho. What can we expect at this meeting?
Craig Lindstate:
Well, just to be clear, they are going to be talking about critical minerals and the Australian investment wave into that space in the United States — not just the Horse Heaven project, of course.
But we were happy to be approached by the Australian government to give a little feedback on what we’re doing — give them a little bit of background and flavour as to the Horse Heaven project, how we’re attempting to develop the project, and some of the challenges that you face when bringing a project to market in the United States.
So specifically, one of the things I’d like to see out of that meeting is a discussion around quick-tracking permitting, which would really assist shift some of these critical metals projects towards a production decision. And that’s what the United States requireds with respect to meeting its critical metals supply deficit.
Proactive:
Resolution Minerals CEO Craig Lindstate, it’s been great having you — kickstarting the week on a pretty high note. We’ll view forward to having you again, and hopefully we’ll have more updates from the meeting that will take place in Washington as well. Thank you so much.
Craig Lindstate:
Absolutely. Thank you. I appreciate it.
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