Resolution Minerals' Horse Heaven Project: A Strategic Antimony Play in a Geopolitically Charged Market

The global antimony market is at a crossroads. With China controlling over 80% of global production, supply chain vulnerabilities have reached critical levels, especially as antimony—a critical mineral for defense, aerospace, and renewable energy—is now subject to Beijing's export restrictions. Against this backdrop, Resolution Minerals (ASX:RML) has positioned itself to capitalize on the growing demand for domestic critical minerals through its acquisition of the Horse Heaven Project in Idaho, USA.

The Geopolitical Imperative: Why Antimony Matters Now

Antimony's role in military applications (e.g., flame retardants, bullets) and civilian uses (e.g., batteries, semiconductors) has made it a strategic commodity. U.S. legislation like the Critical Minerals Act and the FAST-41 permitting reform underscores the urgency to secure domestic supply chains. Resolution's Horse Heaven Project sits at the heart of this shift:

1. Strategic Adjacency to the Stibnite Gold Mine:
   The Horse Heaven Project shares its entire eastern boundary with Perpetua Resources' Stibnite Gold Mine, the largest antimony reserve in the U.S. This adjacency offers logistical synergies, including shared access to infrastructure (road networks, electrical grids, and a state-maintained airstrip). Crucially, both projects lie within Idaho's historic Stibnite Mining District, a geological corridor rich in antimony, gold, and tungsten.

2. High-Grade Mineralization:
   Historical rock chip sampling at Horse Heaven's Antimony Ridge Fault Zone (ARFZ) has returned standout antimony grades, including 19.15% Sb over 1 meter, alongside gold and silver values (e.g., 4.65g/t Au and 70.5g/t Ag). While recent drilling results for 2025 are pending, these historical figures align with the Stibnite Mine's geological continuity, suggesting the potential for large-scale, low-grade deposits.

3. Timing with U.S. Policy Shifts:
   The Biden administration's $52 billion Critical Minerals Processing Initiative and the Department of Defense's $59.4 million funding for Perpetua's Stibnite Mine signal a policy tailwind for domestic critical mineral projects. Resolution's Horse Heaven Project is poised to leverage this momentum, especially as antimony prices soar to record highs—reaching $59,800/tonne in 2025 amid supply shortages.

The Investment Case: A Transformative Asset in a Supply-Constrained Sector

The Horse Heaven Project's combination of strategic location, high-grade potential, and policy alignment creates a compelling investment thesis:

• Infrastructure Leverage: By piggybacking on the Stibnite Mine's existing infrastructure and expertise, Resolution could accelerate development timelines and reduce capital costs. This is critical in a sector where delays often sink projects.
• Antimony's Market Dynamics: With China's export quotas shrinking and U.S. demand for defense-related materials surging, Horse Heaven's proximity to the Stibnite Mine (and its $1.8 billion Ex-Im Bank financing) positions it to become a cornerstone of U.S. critical mineral production.
• Catalyst-rich Timeline: Resolution plans 6,000m of drilling at the Golden Gate Fault Zone in 2025, with assays expected to validate the project's scale. Positive results could trigger a re-rating of the stock, especially as investors scramble for exposure to antimony plays.

FOMO Alert: Why Wait?

The market for antimony is not just volatile—it's structurally constrained. With Resolution's Horse Heaven Project sitting in one of the world's most prospective antimony belts and backed by U.S. policy support, this could be a once-in-a-decade opportunity to invest in a transformative asset.

Investment Recommendation:
- Aggressive Investors: Consider a position in RML for leveraged exposure to antimony's upside, especially ahead of the 2025 drilling results.
- Conservative Investors: Monitor the stock's performance relative to antimony price trends (see