AI assistant
RESOLUTION MINERALS LTD — Capital/Financing Update 2026
Mar 25, 2026
65717_rns_2026-03-25_1c60122e-77a8-416a-94b9-3dabc78ff774.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [92 x 64] intentionally omitted <==
EXCEPTIONAL TUNGSTEN GRADE IDENTIFIED IN STOCKPILE MATERIAL AT RECENTLY ACQUIRED JOHNSON CREEK TUNGSTEN AND ANTIMONY MILL
PRELIMINARY SAMPLING OF HISTORICAL STOCKPILE PROVIDES MOMENTUM FOR FAST-TRACKING OF JORC-CODE UPDATE & DEVELOPMENT OF STOCKPILE
HIGHLIGHTS
==> picture [10 x 11] intentionally omitted <==
- Assay results of a late-2025 sampling program of historical stockpiles returns high-grade tungsten, material levels of gold and low levels of impurity elements.
==> picture [10 x 11] intentionally omitted <==
- Stockpiles containing ore material from the historical Golden Gate Tungsten Mine have remained untouched since 1980s at Resolution’s newly acquired Johnson Creek Tungsten and Antimony Mill.
==> picture [10 x 11] intentionally omitted <==
- Mini-bulk-sample of 93.6kg comprising composite of six samples of stockpile material contains 1.85% WO3 and material levels of gold at 0.11g/t.
==> picture [10 x 11] intentionally omitted <==
- Independent mineralogy study identifies scheelite as the predominant WO3 ore mineral.
==> picture [10 x 11] intentionally omitted <==
- Independent mineralogy study reveals low levels of impurities, including but not limited to arsenic (As): 97 ppm; molybdenum (Mo): below detection; and phosphorus (P): below detection
==> picture [10 x 11] intentionally omitted <==
- Same independent mineralogy study identifies quartz (>90%) as the predominant gauge mineral (non-ore) with minor gauge minerals calcite (trace levels) and potassic-mica (trace levels).
==> picture [10 x 11] intentionally omitted <==
- A more detailed stockpile sampling and assay testing program to upgrade the stockpile to JORCcompliancy is under development. The intention is to fast-track the tungsten potential of the stockpiles.
==> picture [10 x 11] intentionally omitted <==
- The U.S. government is pro-actively working to rebuild its tungsten supply chain which is part of broader US$12 billion policy initiative to stockpile critical minerals to reduce off-shore supply dependency.
==> picture [10 x 11] intentionally omitted <==
- Ongoing global conflicts and tight supply has contributed to tungsten prices surging from under US$400 to US$2,200/metric ton currently.
Resolution Minerals Ltd (RML or Company) (ASX: RML; OTCQB: RLMLF) is pleased to announce the assay and mineralogy results of a preliminary mapping and sampling program of stockpiles at its recently acquired Johnson Creek Tungsten and Antimony Mill. The fieldwork was completed in late 2025.
The fieldwork, described in more detail below, is the initial part of the broader campaign to bring ore stockpiles into JORC-code 2012 compliancy. The aim of the Company is to fast-track potential tungsten production from the stockpile to take advantage of US critical minerals policies.
==> picture [98 x 49] intentionally omitted <==
Resolution Minerals Ltd (ABN: 99 617 789 732) Address: Level 21, 91 King William Street, Adelaide South Australia 5000 Email: [email protected] Website: https://resolutionminerals.com/
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Resolution Minerals Executive Director, Aharon Zaetz, commented:
“Confirming a high-grade 1.85% WO₃ result from the Golden Gate stockpile is a significant milestone for Resolution Minerals. The combination of strong grade, scheelite-dominant mineralisation and low impurity levels highlights the potential for a simple, low-cost processing pathway.
Furthermore, given that Golden Gate has previously been mined for tungsten, and has supplied the US Government with critical metals for several war efforts during the 20[th] century, this presents a compelling opportunity to fast-track the stockpiles should further planned work prove positive.”
==> picture [449 x 286] intentionally omitted <==
Figure 1: Project location plan showing the Johnson Creek Mill where the stockpiles are located, and the major prospects of the Horse Heaven Project, Golden Gate and Antimony Ridge.
Mapping and Sampling Program
Stockpiles located at the Johnson Creek Tungsten & Antimony Mill were mapped and sampled by the Company in two separate fieldwork programs in 2025. The stockpiles are of interest to the Company because the stockpile material is derived from the tungsten mine located at Golden Gate.
The field program involved mapping the surface of the stockpiles and the collection of representative samples for analysis. The exposed coarse component of the stockpiles (Figure 2 Left) was mapped as predominantly granodiorite. Using a handheld fluorescent lamp, scheelite was identified in association with the granodiorite, occurring as veins and disseminations (Figure 2 Right). The stockpile material is characteristic of the mineralised granodiorite at the historical Golden Gate Tungsten Mine.
Six samples were collected from different parts of the stockpiles (Table 1, and Figures 3 and 4) using both random selection and blue-light selective methods.
2
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
==> picture [207 x 277] intentionally omitted <==
==> picture [208 x 277] intentionally omitted <==
Figure 2: LEFT: A photo of one of the historical stockpiles at Johnson Creek Tungsten & Antimony Mill that was mapped and sampled by RML field personnel. The stockpile has remained untouched since the 1980s following the cessation of mining activities at Golden Gate that decade. As reported in previous ASX announcements, the stockpile contains ore-material believed mined from the Tungsten Mine at Golden Gate. RIGHT: Blue-light (ultraviolent lamp) photo of part of the stockpile pictured left. Under ultraviolet light the WO3 ore mineral scheelite reflects vivid white/light blue. By virtue of this reflectance, this photo shows tungsten mineralisation. This mineralisation is in the form of vein and disseminated scheelite with an estimated abundance of between 1% and 30% of the individual rocks in the photo. The tungsten assay result of the mini-bulk sample (described in text), includes a portion of the pictured material and other material from five other locations, is the subject of this announcement. Also note that the scheelite mineral contains 80.52% WO3 molecular weight.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
The six samples were then amalgamated off-site with no sample sub-sampling and/or sample weight reduction. A subsequent mini-bulk, composite, sample had a total weight of 93.6kg.
| Sample Number | Plan Sample Reference Number |
DATUM |
Easting (mE) |
Northing (mN) |
Elevation (feet.asl) |
Sample Weight (Kg) |
Stcokpile Sample Description |
|---|---|---|---|---|---|---|---|
| Golden Gate W - PN000217407 | 001 | WGS84 Zone 11 | 619479 | 4976203 | 5,118 | 15.6 | Granitic rock with visible scheelite(veins,disseminations) |
| Golden Gate W - PN000217408 | 002 | WGS84 Zone 11 | 619483 | 4976201 | 5,122 | 16.4 | Granitic rock with visible scheelite(veins,disseminations) |
| Golden Gate W - PN000217409 | 003 | WGS84 Zone 11 | 619487 | 4976199 | 5,115 | 16.4 | Granitic rock with visible scheelite(veins,disseminations) |
| Golden Gate W - PN000217410 | 004 | WGS84 Zone 11 | 619488 | 4976185 | 5,115 | 17.7 | Granitic rock with visible scheelite(veins,disseminations) |
| Golden Gate W -PN000217411 | 005 | WGS84 Zone 11 | 619491 | 4976183 | 5,121 | 16.6 | Granitic rock with visible scheelite(veins,disseminations) |
| Golden Gate W - PN000217412 | 006 | WGS84 Zone 11 | 619492 | 4976178 | 5,114 | 10.9 | Granitic rock with visible scheelite(veins,disseminations) |
Table 1: Stockpile sample location data and descriptions.
3
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
==> picture [453 x 284] intentionally omitted <==
Figure 3: Mill/Stockpile and sample location plan.
==> picture [451 x 323] intentionally omitted <==
Figure 4: Google Earth image showing the Mill/Stockpile and sample locations.
4
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Assay Results
The mini-bulk sample of the stockpile (described above) was sent to Independent Metallurgical Operations Pty Ltd (IMO) for the primary initial purpose of multi-element geochemical analysis and mineralogical assessment.
==> picture [198 x 303] intentionally omitted <==
The tungsten grade of the mini-bulk sample is 1.85 %
WO3 (Table 2). The tungsten ore mineral is predominantly the calcium tungstate mineral, scheelite (CaWO4), an important tungsten ore mineral.
Analysis of other elements indicates that metals that may be considered as impurities in tungsten ore occur at very low grades. These include As: 97ppm, Mo: below detection, P: below detection, Iron (Fe): 0.48%, and manganese (Mn): 263ppm (Table 2). Refer to Appendix 1 for a copy of extracts of the independent IMO report.
Additional mineralogical studies indicate that the nonore, or gangue minerals, are predominantly quartz (>90%), calcite (trace levels) and K-micas (trace levels).
Table 2: Assay results of mini-bulk sample.
Background Information about the Stockpiles
Tungsten exploration and development at Golden Gate began in the late 1940s, when scheelitebearing veins were discovered. An open pit tungsten mining operation began at Golden Gate in the early 1950s.
Tungsten ore from Golden Gate was initially processed at the Stibnite Mill (not an asset of the Company), until its closure in 1952. Historical records of this phase of production indicate that 1,814 tons of tungsten were mined and milled at the Stibnite Mill and that this material had an average grade of 1.5% WO3.
Following the closure of the Stibnite Mill, a custom milling operation, known as the Johnson Creek Mill, was built on 15 acres of land immediately adjacent to what is now known as the Horse Heaven Project (Figure 1).
In 1973, 227 tons of tungsten ore was mined from the open cut operation at Golden Gate and processed at the Johnson Creek Mill. It had an average grade of 2.03% WO3. In 1977, a further 456.6 tons of ore were mined and stockpiled. This ore material was reported to have an average grade of 1.8% WO3.
5
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
In 1979 and 1980, underground mining at Golden Gate began, and a reported 1,905 tons of mill feed was produced and stockpiled at the Johnson Creek Mill.
The estimated approximate 2,000 tonnes of Golden Gate tungsten ore now comprising the stockpiles at the Johnson Creek Mill comprise “leftover” ore-feed from the above-described phases of past mining.
The Johnson Creek Mill tungsten stockpiles have remained undisturbed (since 1980’s) as evidenced by the regrowth of trees and other vegetation on the slopes of the stockpiles (Figures 2 and 4) .
Cautionary Note: The above production data (tons/tonnes and grade of ore material from the Golden Gate tungsten mine) is both an Historical Estimate and a Foreign Estimate. The Competent Person has not done sufficient work to classify the Historical Estimate and the Foreign Estimate as a mineral resource or mineral reserve in accordance with the JORC (2012) Code. It is uncertain that following evaluation and/or further exploration work (as described above) that the Historical Estimate and the Foreign Estimate will be able to be reported as a mineral resource or mineral reserve in accordance with the JORC (2012) Code.
In addition, the Competent Person has not done sufficient work to determine whether the Stockpile has the potential to become a mineral resource.
The Competent Person is aware that the Company plans to conduct further exploration at the stockpiles to bring the stockpile up to JORC-code standard.
It is due to the above caution, and corollary limitations, that the Company is seeking to do such work as to enable the stockpiles to be upgraded to JORC-standard.
Importance of Results
The grade of the mini-bulk-sample of 1.8% WO3 is entirely consistent of the historical grades of the past production. As previously released to the market (and described above) historical data indicates that the stockpile comprises approximately 2,000 tonnes of tungsten at a grade of 2.0% WO3.
Furthermore, the style of mineralisation (scheelite-bearing veins and disseminations in granodiorite), of the ore material of the stockpiles is the same as the ore material remaining at the Golden Gate mine working and exposed on in-situ mine exposures. The mineral assemblage (scheelite, quartz, calcite and K-micas) of the stockpile sample, itself representative of the stockpile, is also characteristic of the insitu rock and float material at the old tungsten mine at Golden Gate.
The extension and further application of these preliminary data is the assessment as to whether the stockpiles may be amenable to JORC-standard upgrade. Obtaining an indicative (surface) grade; identifying the ore and gangue mineral assemblages; determining the levels of potential impurity elements, is the initial phase of this proposed upgrade.
Other grade and metallurgical considerations that would be drawn from and are germane to a JORCcompliant stockpile include the following observations:
==> picture [10 x 10] intentionally omitted <==
- According to the US Geologic Survey, the typical grade of Tungsten mined globally in underground mines is between 0.15% and 0.20% WO3;
6
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
==> picture [9 x 9] intentionally omitted <==
- Scheelite (CaWO4) is well understood metallurgically, and generally presents an easier process for tungsten production than other tungsten ore types.
==> picture [9 x 10] intentionally omitted <==
- High quartz content is a positive for grindability (brittle) and potential for liberation of scheelite at coarser grind size.
==> picture [9 x 10] intentionally omitted <==
- The absence of significant arsenic, phosphorous and molybdenum simplifies the production of high grade concentrate capable of meeting ammonium para-tungstate (APT) refinery specifications.
Acquisition of Stockpiles
RML acquired the Johnson Creek Tungsten & Antimony Mill, associated infrastructure, and ore stockpiles, believed to contain approximately 2,000 tonnes of tungsten ore previously mined from Golden Gate early this month (ASX Announcement: 2 March 2026 “ Resolution Completes Acquisition of Processing Mill and Tungsten Stockpiles to Advance Potential U.S. Antimony and Tungsten Production. ”)
The above previous ASX announcement followed an earlier ASX announcement (23 January 2026
“ Resolution to Advance and Develop the Past-Producing Golden Gate Tungsten Mine & Stockpiles .”)
==> picture [223 x 126] intentionally omitted <==
==> picture [220 x 126] intentionally omitted <==
Figure 5: LEFT: Photo from the ASX Announcement of 2 March 2026 showing the Johnson Creek tungsten and antimony Mill. Refer also to Figure 3. RIGHT: Photo from the ASX Announcement of 2 March 2026 showing the adit of the closed tungsten mine at Golden Gate.
Next Steps for the Johnson Creek Stockpiles
The next phase of exploration at the Johnson Creek stockpiles will include, but will not be limited to, a detailed sampling program to sample older (sub-surface) parts of the stockpile, and a volumetric survey to quantify the cubic metres. Specific gravity analysis will allow tonnage conversations for the volumetric data.
Results from the program will allow RML to potentially upgrade the stockpiles to JORC-code compliancy. options for direct offtake of the stockpiled tungsten in the near term whilst the process flowsheet is being developed in parallel.
More broadly, the positive results subject of this announcement, align very well with RML’s objective of becoming one of the few U.S.-focused critical minerals companies with in-house processing capability for antimony, tungsten, and gold.
7
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Authorised for release by the board of Resolution Minerals Ltd.
For further information, please contact:
Aharon Zaetz Jane Morgan Executive Director Investor Relations Resolution Minerals Ltd Jane Morgan Management M: +61 424 743 098 M: +61 405 555 618 [email protected] [email protected]
Competent Person’s Statement
The information in this report that relates to exploration results, is based on and fairly represents information reviewed and compiled by Mr Ross Brown BSc (Hons), M AusIMM, Principal Geologist/director of exploration consulting firm, Riviere Minerals Pty. Ltd, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Brown has sufficient experience, which is relevant to the exploration activities, style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Riviere Minerals is consulting to Resolutions Minerals Limited and consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
About Rivere Minerals
Riviere Minerals Pty Ltd (“ Riviere ”) is a resource consultancy specialising in project evaluation and portfolio management. Its principal geologist and sole director, Mr Ross Brown, has nearly 40 years of experience in mineral exploration worldwide. Through Riviere, Mr Brown also provides assistance in exploration planning, execution and ASX reporting.
JORC disclosure
The Company confirms it is not aware of any new information or data that materially affects the results cross referenced in this announcement and further “Agreement to Acquire Major US Antimony Project and Placement” on 11 June 2025, “RML to Acquire Processing Mill and Tungsten Stockpiles” on 31 October 2025, “Resolution to Advance Golden Gate Tungsten Mine Stockpiles” on 19 January 2026 and “Resolution to Advance Golden Gate Tungsten Mine Stockpiles” on 23 January 2026. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements. The Company is not in possession of new information or data in relation to historical estimate that materially impacts the reliability of the estimate or the Company’s ability to verify the estimate and the supporting information in relation to the historical estimate reported as “Resolution to Advance Golden Gate Tungsten Mine Stockpiles” on 23 January 2026 continues to apply and has not materially changed.
8
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Forward Looking Statements
This announcement may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same. These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the acquisition and divestment of projects, joint venture and other contractual risks, metal prices, exploration, development and operating risks, competition, production risks, sovereign risks, regulatory risks including environmental regulation and liability and potential title disputes, availability and terms of capital and general economic and business conditions.
Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this announcement to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based.
9
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Appendix A: Extracts from the IMO Report (Memorandum #2) of 23 March 2026
==> picture [394 x 25] intentionally omitted <==
==> picture [302 x 44] intentionally omitted <==
==> picture [247 x 139] intentionally omitted <==
==> picture [202 x 29] intentionally omitted <==
==> picture [374 x 216] intentionally omitted <==
10
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Appendix B: JORC Code, 2012 Edition
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• This announcement includes Exploration Results for 6 rock chip samples taken from two stockpiles located at the Johnson Creek Tungsten & Antimony Mill. • The six samples have different total weights, provided in Table 1 and in Appendix 1. • The stockpile samples were collected by grab sample techniques from different parts of the stockpile. • No attempt was made to quantify the total tonnage of the stockpile at the time of the sampling. • The six samples were amalgamated into a single composite sample, which was subsequently submitted for geochemical and mineralogical analysis, the results of which are the subject of this announcement. |
| Drilling techniques |
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if _so, by what method, etc). _ |
• Drilling is not discussed in this release. |
| Drill sample recovery |
• Method of recording and assessing core and chip |
• Weights of the six samples were recorded and provided in Table 1 and in |
11
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
Appendix 1. Recoveries are strictly not relevant to this sample program. • The six samples of the stockpile are deemed representative of the surface material of stockpile. No attempt to sample below the surface of the stockpile was made. |
|
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
• The rocks comprising the six samples were lithologically described. |
| Sub- sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. |
• There were no sub- sampling techniques used in the generation of the stockpile assay results. • The six individual stockpile samples were mixed and made into a composite (single) sample. • The average weight of the six stockpile samples was 15.6kg. The composite sample weight was 93.6kg. • The composite sample is considered appropriate for the purpose of the initial grade assessment of the stockpile. Notwithstanding this, a more detailed sampling program and quantity survey of the stockpile is currently being arranged. |
| Quality of assay data and |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether |
• Laboratory techniques were as follows: Gold assays were carried out using Fire Assay |
12
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| laboratory tests |
the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
Fusion and Atomic Absorption Spectroscopy Finish (Proprietary code: AA-23). Multi-element assays were carried out using Nitric Aqua Regia Digestion and Inductively Coupled Plasma - Atomic Emission Spectroscopy (Proprietary code: ME-ICP41). |
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
• The nature of the verification of assaying and laboratory was not conducted as this is the initial sampling survey of the stockpiles. |
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• All data points (stockpile sample locations) were collected using handheld GPS programmed into the local coordinate system. The accuracy of the GPS is in line with best practice standards. |
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• The six stockpile samples were spaced as evening across the stockpile as possible. • No sample was taken other than the surface material exposed on the slopes of the stockpile. • There are no Mineral Resource and Ore Reserve estimation procedure(s) and |
13
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| classifications applied to this data. |
||
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
• With reference to the orientation of the stockpile sample data, the stockpile is considered a mix of ore material mined and dumped into a homogenous pile. Grades are not expected to be the uniform throughout the stockpile, hence the planning of a more detailed sampling program. |
| Sample security |
• The measures taken to ensure sample security. |
• The competent person is that the sampled stockpile is located outside the Company’s project area. • The Competent Person is unaware of measures were taken to secure the stockpile samples. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• The competent person is aware that no audits or reviews for sampling technique and data, other than its own review, were undertaken. |
14
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, past sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
• This announcement discussed exploration results generated through sampling conducted at the Company’s newly acquired Johnson Greek Tungsten and Antimony Mill, which is located close to but outside the Company’s, Horse Heaven project, itself located in Idaho USA. Horse Heaven comprises six hundred and ninety-nine (699) U.S. Federal lode mining claims covering 5,644 hectares and includes six hundred and eighty-nine (689) mining claims and ten lode mining claims referred as the Oberbillig Group. • The competent person understands that the mining claims are all in good standing. • The competent person understands that the acquisition of the Johnson Greek Tungsten and Antimony Mill is unconditional. |
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• The results pertaining to mapping and sampling were conducted by the company. The assay and mineralogy results reported in this release wereperformed byIMO. |
| Geology | • Deposit type, geological setting and style of mineralisation. |
• The project area is dominated by Cretaceous-aged granitic rocks relating to intrusive phases associated with the Atlanta Lobe of the Idaho Batholith. These largely granodiorite rocks have intruded |
15
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Neoproterozoic-aged metasediments, comprising quartzites (which are dominant) calc-silicates, marble and black shale. The area and broader region is affected by broad reginal folding and N-S, NNE-SSW, and NE-SW faults. • Gold, antimony, tungsten and silver mineralisation is associated with hydrothermally altered and fractured granodiorites. |
||
| Drillhole Information |
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: oeasting and northing of the drillhole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar odip and azimuth of the hole odown hole length and interception depth ohole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
• Drilling is not discussed in this announcement. |
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut- off grades are usually Material and should be stated. |
• The stockpile sample assay result is a single result of a composite sample comprising six original samples collected from different |
16
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. |
parts of two adjacent stockpiles. |
|
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
• With reference to the orientation of the stockpile sample data, the stockpile is considered a mix of ore material mined and dumped into a homogenous pile. Grades are not expected to be the same throughout the stockpile. The company is planning a more detailed sampling program to obtain a better indication of the grade of the stockpiles. |
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views. |
• Plans are provided with geolocation information (coordinates, northing and scale bar). Legends are included within each figure (where appropriate) and when additional explanation is required, this is given to the figure caption. |
| Balanced reporting |
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
• The competent person of this announcement considers the announcement to be fair and balanced. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; |
• There is no material other data associated with new exploration results in this announcement. |
17
ASX: RML | OTCQB: RLMLF ASX Announcement 26 March 2026
==> picture [91 x 63] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
||
| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
• Follow-up work is required to bring the stockpile into JORC- code 2012 compliancy. Work includes, but is not limited to: detailed survey of the stockpile to obtain a detailed volume; detailed sampling of the stockpile to include additional surface sampling and “interior” sampling, specific gravity analysis. The aim is to obtain an average grade and tonnage of the stockpile. |
18