Horse Heaven Project: A Critical Mineral Play Riding Federal Funding and Commodity Waves

The U.S. government's push to secure domestic supply chains for critical minerals has turned Idaho's Horse Heaven Project into a strategic linchpin for national security and energy transition goals. Operated by Resolution Minerals (ASX:RML), this antimony-gold-silver-tungsten project is positioned to capitalize on rising commodity prices and unprecedented federal support for critical mineral development. With drilling set to begin in August 2025 and a strategic adjacency to a $2 billion neighbor, Horse Heaven represents a rare opportunity to invest in a project that aligns with both market trends and geopolitical priorities.

A Gold Mine for Critical Minerals

The Horse Heaven Project sits in Idaho's historic mining district, adjacent to Perpetua Resources' Stibnite Gold Mine—a $2 billion project that received $74 million in U.S. Department of Defense (DOD) funding. This proximity is no accident: both projects lie along the same mineral-rich fault zones, with Horse Heaven's Golden Gate target area hosting disseminated gold in granodiorite and an antimony anomaly parallel to the Golden Fault Zone.

While historical drilling focused on shallow oxide gold (yielding intercepts like 36.6m at 1.51g/t gold), Resolution's Phase 1 program (up to 20,000 feet of drilling) will explore deeper sulphide zones for antimony, gold, and tungsten—metals that were not assayed in past campaigns. This shift is critical: the U.S. currently imports nearly all its antimony from China, a dependency the Biden administration aims to dismantle. With antimony prices hitting record highs in 2025 due to demand for lithium-ion batteries and defense applications, Horse Heaven's untapped potential in this metal alone makes it a compelling investment.

Riding the Federal Funding Wave

Resolution is actively leveraging U.S. government programs to fast-track development. The FAST-41 permitting initiative, which streamlines federal approvals for critical mineral projects, has already expedited Stibnite's timeline—and Resolution plans to follow the same path. The company has engaged Clewett Global Services to secure funding under DOD programs like Title III and Industrial Base Analysis and Sustainment (IBAS), which provide loans and guarantees for domestic critical mineral production.

The 2025 Budget Reconciliation Bill further sweetens the deal, allocating $2.5 billion for the National Defense Stockpile and $500 million for DOD-backed loans. If Resolution secures a slice of this funding, it could dramatically accelerate its timeline. Meanwhile, the project's OTC listing pursuit aims to attract U.S. investors directly, capitalizing on its alignment with national priorities.

Market Momentum and Risk Mitigation

Commodity markets are favoring critical minerals. Antimony prices rose 40% in 2025, while gold and tungsten also hit multi-year highs. This pricing environment improves Horse Heaven's economics, particularly for antimony—a metal with no domestic U.S. production.

Risks remain, however. Regulatory delays, even under FAST-41, could push timelines beyond 2026. Shareholder approval on July 25 (a key acquisition hurdle) and due diligence outcomes will also test Resolution's execution. Yet the project's strategic importance to U.S. supply chain resilience may buffer these risks: the Biden administration has prioritized expediting critical mineral projects, and Horse Heaven's antimony focus directly addresses a national vulnerability.

Investment Thesis: A Strategic Buy at This Juncture

Horse Heaven's combination of federal support, rising commodity prices, and untapped mineral potential positions Resolution Minerals as a high-reward, medium-risk play. The company's shares, still undervalued relative to its peers, offer leverage to both drilling results and funding announcements.

Investment Trigger Points:
- July 25 Shareholder Meeting: Approval of the acquisition is a near-term catalyst.
- August 2025 Drilling Results: Positive gold/antimony assays could spark a re-rating.
- Q4 2025 Federal Funding Updates: Any DOD loan approvals or FAST-41 progress will amplify investor confidence.

For investors focused on critical minerals and U.S. supply chain resilience, Resolution Minerals is a must-watch. With antimony's strategic value and the project's alignment with federal priorities, Horse Heaven could become the next poster child for domestic critical mineral production—and deliver outsized returns in the process.

Gary Alexander's Verdict:
Resolution Minerals' Horse Heaven Project is a rare intersection of geopolitical necessity and market tailwinds. Investors should take a long position ahead of the July shareholder meeting, with a focus on drilling results and federal funding milestones to unlock value.