Resolution stakes claim in US critical minerals market

[Ben Graham]

Australia’s Resolution Minerals (ASX: RML) is entering the critical minerals market in the United States with the acquisition of the Horse Heaven antimony-gold-tungsten project in central Idaho.

Located in the historic Stibnite mining district, the brownfield project borders Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) $2 billion Stibnite redevelopment, which is the only known antimony reserve in the US. 

Resolution will acquire Horse Heaven for $1 million in cash, along with 444.8 million shares and 222.4 million options exercisable at $0.018 each, expiring in July 2028. The project was previously held by Stallion Uranium (TSX-V: STUD).

The planned acquisition gives Resolution control of two highly prospective mineralized corridors — the Antimony Ridge Fault Zone (ARFZ) and Golden Gate Fault Zone (GGFZ). Both of these corridors host known gold, silver, antimony and tungsten mineralization associated with sheared and hydrothermally altered granodiorite.

The move is part of Resolution’s broader push into critical minerals, with a strategic focus on antimony and tungsten, both of which have reached record highs prices amid tightening export controls by China.

How a gold-stibnite restoration in Idaho could add antimony to US supply chain

According to the US Geological Survey, China accounted for 60% of global antimony production in 2024. The US currently imports all of its antimony, which is vital for manufacturing solar panels, flame retardants and defence materials.

“As many governments around the world look to onshore their supply of critical minerals, such as antimony and tungsten, we have secured a commanding ground position with known antimony occurrences and next to what is likely to become the largest antimony producer in the US,” executive director Aharon Zaetz said. “The board considers that the acquisition of the Horse Heaven project has the potential to be a transformative event for RML,” he  noted.

Shares in Resolution jumped on the news, closing nearly 6% higher in Sydney at A$0.019 apiece.  This leaves the company’s market capitalization at about A$9 million ($5.9 million). 

Resolution, which intends to start drilling this year, described Horse Heaven as a strategic complement to its existing Australian portfolio of antimony, gold and copper assets.

Horse Heaven’s neighbouring Stibnite project is one of 20 US government-prioritized assets to be fast tracked under an executive order signed by President Donald Trump, aimed at boosting domestic critical mineral production.

With an estimated 148 million pounds of antimony, Stibnite holds one of the largest reserves of the metal outside Chinese control.