L1 Capital and Tribeca Investment Partners have backed a $20 million capital raising to accelerate Resolution Minerals’ push into US critical minerals, as the company progresses toward a NASDAQ listing.
The placement, described as “well supported by institutional and sophisticated investors”, strengthens the explorer’s balance sheet as it advances assets including the Horse Heaven Project in Idaho, with the goal of delivering an end-to-end domestic supply solution for the US defence industry.
It was cornerstoned by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund, providing strong institutional validation of the company’s U.S.-based critical minerals platform but did not disclose how much the firms contributed.
Proceeds will be directed toward exploration drilling, metallurgical test work and permitting, supporting a pipeline of near-term catalysts across antimony, gold, silver and tungsten.
The placement was completed at $0.07 per share, representing a 6.3 per cent premium to the company’s 20-day volume-weighted average price.
“Following a highly successful drilling campaign last year, the successful capital raising marks a transformational milestone for the company as it is about to list on the NASDAQ as well as launch its second drill campaign in the coming weeks,” executive director, Aharon Zaetz said.
“Strong tailwinds from the critical minerals sector as well as the recent FAST-41 status is a further endorsement of the project’s quality and potential.”
Resolution has also bolstered its US footprint through the acquisition of the Johnson Creek Tungsten and Antimony Mill and associated infrastructure. Its broader Horse Heaven Project has a long production history, having supplied antimony, tungsten and gold to the U.S. Government during World War I, World War II and the Korean War.
The company is in discussions with US government stakeholders regarding potential funding support and offtake agreements, reflecting heightened geopolitical focus on securing domestic critical minerals supply chains.
As part of its US strategy, Resolution is advancing plans for a NASDAQ listing, aimed at broadening access to American investors and improving liquidity.
In a further boost, the company has secured FAST-41 status from the White House for its Antimony Ridge project, recognising its strategic importance and helping streamline permitting timelines.
Resolution has also produced high-purity antimony at 99.38 wt per cent antimony trioxide, demonstrating downstream processing capability, with optimisation work ongoing.
Looking ahead, Resolution is preparing to launch a Phase 2 drilling program at its Golden Gate target in May 2026, with up to 45 holes planned over approximately 13,700 metres to further define gold mineralisation.
The campaign will target both Golden Gate and Golden Gate South and is aimed at supporting a maiden Mineral Resource Estimate in Q1 2027, subject to results. Previous drilling has returned broad gold intercepts, pointing to strong scale potential, while the upcoming program will also test for tungsten, highlighting the project’s multi-commodity upside.
Under the placement, Resolution will issue approximately 285.7 million new shares in two tranches, with the first expected to settle in late April 2026 and the second subject to shareholder approval. Investors will receive one free attaching option for every three shares, exercisable at $0.10 and expiring on 30 November 2029, pending approval.
