Resolution Minerals (ASX: RML) Up 1,000% on US Tungsten Push: Time to Buy?

Resolution Minerals Rides the Tungsten Mining Surge

Resolution Minerals (ASX: RML) has quietly become one of the best-performing small caps on the ASX, rising more than 1,000% from its 52-week low of A$0.007 to around A$0.077 today. The company is now making its boldest move yet, pushing to revive a historic tungsten mine in Idaho while acquiring a nearby processing mill that could fast-track production.

What makes this story worth watching is the timing. Tungsten prices have more than tripled in 2025 after China slapped export restrictions on the metal in February. With the United States scrambling to secure a domestic supply of defence-critical materials, Resolution finds itself in the right place at the right time.

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Horse Heaven Sits Next Door to a US$2 Billion Project

Resolution’s flagship Horse Heaven Project sits in Idaho’s Stibnite Mining District, right next to Perpetua Resources’ massive Stibnite Gold Project. Perpetua is now valued at roughly US$2 billion and holds a 4.8-million-ounce gold reserve along with significant antimony deposits.

Why does this matter? Because it proves the geology works. The same mineralised structures that made Perpetua a billion-dollar company extend onto Resolution’s ground. If Resolution Minerals can prove even a fraction of what its neighbour holds, the current market cap looks modest by comparison.

The company’s Golden Gate mine produced tungsten from the 1950s through to 1980, so this is not untested ground. Resolution Minerals believes plenty of mineralisation was left behind when the mine closed, particularly along a 3-kilometre strike that earlier drilling programs overlooked while chasing gold.

The strategic angle strengthens the case further. America imports 100% of its antimony and relies heavily on China for tungsten. Washington wants to change that, and Resolution is positioning itself as part of the solution.

Mill Deal Could Shave Years Off the Timeline

Here is where things get interesting. Resolution Minerals is close to completing its acquisition of the Johnson Creek Mill, a past-producing facility sitting on private land right next to Horse Heaven. The deal includes industrial water rights and around 2,000 tonnes of tungsten ore that was mined decades ago but never processed.

This is not just about owning a building. Having a mill ready to go could accelerate production by 18 to 24 months compared to starting from scratch. Private land ownership also means fewer permitting headaches in a region where approvals can drag on for years.

The company has also brought in David Hembree, a geologist with 45 years of experience who was the last mine geologist at Golden Gate before it closed in 1981. His knowledge of where the ore sits and how the mineralisation behaves should help Resolution target the best drilling locations when its 45-hole program kicks off in June.

The Investor’s Takeaway

Resolution Minerals offers genuine exposure to one of the hottest commodity themes around, but the easy gains may already be behind us.
The bull case rests on record tungsten prices, a potential near-term revenue stream from those stockpiles, and a neighbour worth US$2 billion. If drilling goes well, a re-rating looks possible.

The bear case is straightforward. A 1,000% gain means expectations are already high. Resolution Minerals has no JORC resource yet, burns cash, and faces execution risk on the mill deal. Tungsten prices could also cool if China eases restrictions. For investors comfortable with speculative small caps, Resolution is worth watching closely. For everyone else, waiting for drilling results might be the smarter play.