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2026-11-06
◂ Monitor RML ASX (secondary: Nasdaq Capital Market ADS, 200 shares each)

Resolution Minerals Ltd

Discovery Drill Stage · Gold · Tungsten · Others · US · AU Rating locked: sign in to view v8.1 · rml-20261030t220321-full
Last 2026-11-06
A$0.03
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$77.8M
EV
A$76.2M
Cash
A$1.6M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$1.6M2025-09-30: 15,561,000 A$2025-12-31: 15,206,000 A$2026-03-31: 8,177,000 A$2026-06-30: 10,343,000 A$2026-09-30: 1,637,000 A$ Finite
Debt A$0 Net cash A$1.6M
Basic shares 2.6BFY25A: 658,126,537FY26A: 2,239,650,858 2026-10-15
Runway 0.2 quarters Appendix 5B item 8.7 at 30 September 2026: A$1.637m cash / A$8.723m quarterly outgoings = 0.2 quarters. After the quarter the company drew A$2.5m of a new A$10m, 12%, six-month Harbour Capital loan; tranche 2 of the April placement (A$10.787m at A$0.07) is approved but unsettled with the shares at A$0.028; 518m RMLOC options (A$0.018) would add A$9.3m if exercised.

Liquidity

Financial position

Liquidity is critical. Cash of A$1.64m at 30 September 2026 covers about one month at the September-quarter rate; the company expects lower spend now drilling has finished, but corporate costs ran at A$2.4m in the quarter. Funding depends on short-dated debt, option exercises and new equity; the A$0.07 tranche 2 is 2.5 times the market price and cannot be relied on. The going-concern note in the FY26 accounts depends on further raisings.

Inventory composition1

No operating inventory. The only stockpile is the unprocessed historic tungsten ore acquired with the Johnson Creek mill; it is not separately carried in the balance sheet (acquisition cost sits in exploration and evaluation assets).

Historic Golden Gate tungsten ore stockpiles on hand at Johnson Creek (~2,000t, 1.85% WO3 composite; historical, non-JORC)
— carrying · 2,000 t ore

Capital structure

Ownership and dilution

Ordinary shares
2.6B
Fully diluted
4.2B

30 June 2026: 2,239,650,858 shares (annual report note 11). Plus 38,027,143 tranche-1 placement shares on 8 July 2026 (subscriptions received before year end), RMLOC exercises (2,400,839 on 8 July and 9,611 on 17 August), 189,738,750 shares on performance-right conversion on 4 September and 96,000,000 on 9 September (issued capital 2,568,514,340), and 25,000,000 on 15 October 2026 = 2,593,514,340. Performance rights: 217,550,000 after 9 September + 373,500,000 issued 15 October (incl. 100m each to Zaetz and Rogatsky, 72.5m to Lynch) - 25,000,000 converted = 566,050,000. Fully diluted adds 518.2m RMLOC, 418.5m RMLOD and 58m unquoted options. Not yet issued: tranche 2 placement (154.1m shares at A$0.07 plus ~51.4m RMLOD, approved 16 September 2026 but unsettled) and loan-facility securities (up to 10m shares and 90m RMLOD, subject to approval).

Security classes7
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (ASX: RML; Nasdaq ADS = 200 shares)Ordinary Share2.6B——
Quoted options A$0.018 expiring 31 July 2028 (RMLOC), in the money at A$0.028Option518.2MA$0.0182028-07-31
Quoted options A$0.10 expiring 30 November 2029 (RMLOD)Option418.5MA$0.12029-11-30
Unquoted performance rights (nil exercise price; milestone, share-price and funding conditions)Performance Right566M——
Unquoted options A$0.032 expiring 26 March 2029 (directors Zaetz and Rogatsky)Option45MA$0.0322029-03-26
Unquoted options A$0.0912 expiring 2 September 2028 (Roth Capital Partners)Option10MA$0.0912028-09-02
Unquoted options A$0.10-A$0.20 expiring 2 September 2030 (C Lindsay)Option3MA$0.152030-09-02

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
RevenueAUDm0.00.0
Other incomeAUDmFY25A: 22,041 AUDFY26A: 0.00 AUD0.00.0
Corporate, advisory, marketing and staff costs (cash)AUDmFY25A: -2,866,735 AUDFY26A: -18,649,853 AUD(2.9)(18.6)
Share-based payments (non-cash)AUDmFY25A: -1,096,601 AUDFY26A: -34,954,396 AUD(1.1)(35.0)
Impairment (expense) / reversal, netAUDmFY25A: -2,101,321 AUDFY26A: 244,542 AUD(2.1)0.2
EBITDAAUDmFY25A: -6,042,616 AUDFY26A: -53,359,707 AUD(6.0)(53.4)
DepreciationAUDmFY25A: 0.00 AUDFY26A: -6,248 AUD0.0(0.0)
Net interest (income less expense)AUDmFY25A: 9,200 AUDFY26A: 49,337 AUD0.00.0
Income taxAUDm0.00.0
Net profit after taxAUDmFY25A: -6,033,416 AUDFY26A: -53,316,618 AUD(6.0)(53.3)
Cash flow
Operating cash flowAUDmFY25A: -1,896,750 AUDFY26A: -17,947,997 AUD(1.9)(17.9)
Capitalised explorationAUDmFY25A: -243,098 AUDFY26A: -10,087,296 AUD(0.2)(10.1)
Property, plant and project acquisition paymentsAUDmFY25A: -85,376 AUDFY26A: -2,293,594 AUD(0.1)(2.3)
Total capexAUDmFY25A: -328,474 AUDFY26A: -12,380,890 AUD(0.3)(12.4)
Free cash flowAUDmFY25A: -2,225,224 AUDFY26A: -30,328,887 AUD(2.2)(30.3)
Asset sales and investments, netAUDmFY25A: 59,093 AUDFY26A: 2,016,556 AUD0.12.0
Equity raised, net of costsAUDmFY25A: 3,098,625 AUDFY26A: 37,484,443 AUD3.137.5
Debt drawn less repaidAUDm0.00.0
Net change in cashAUDmFY25A: 932,494 AUDFY26A: 9,172,112 AUD0.99.2
Balance sheet
CashAUDmFY25A: 1,171,241 AUDFY26A: 10,343,353 AUD1.210.3
DebtAUDm0.00.0
Net debt (negative = net cash)AUDmFY25A: -1,171,241 AUDFY26A: -10,343,353 AUD(1.2)(10.3)
Per share
Shares on issue, year endm sharesFY25A: 658,126,537 sharesFY26A: 2,239,650,858 shares658.12,239.7
EPSAUD/shareFY25A: -0.01 AUD/shareFY26A: -0.02 AUD/share(0.01)(0.02)
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -11.75 xFY26A: -1.33 x(11.7)(1.3)
P / E (x, current market cap)xFY25A: -12.04 xFY26A: -1.36 x(12.0)(1.4)
FCF yield (current market cap)%FY25A: -0.03 fractionFY26A: -0.42 fraction-3.1%-41.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY25A: 0.19 xFY26A: 0.19 x0.20.2

KPI history

Operating metrics · Company

Cash at quarter end shown
04,357,0808,714,16013,071,24017,428,320Sep-25: 15,561,000 AUDSep-25Dec-25: 15,206,000 AUDDec-25Mar-26: 8,177,000 AUDMar-26Jun-26: 10,343,000 AUDJun-26Sep-26: 1,637,000 AUDSep-26
MetricUnitTrendSep-25Dec-25Mar-26Jun-26Sep-26
Cash at quarter endAUDSep-25: 15,561,000 AUDDec-25: 15,206,000 AUDMar-26: 8,177,000 AUDJun-26: 10,343,000 AUDSep-26: 1,637,000 AUD15,561,00015,206,0008,177,00010,343,0001,637,000
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)AUDSep-25: 3,595,000 AUDDec-25: 10,806,000 AUDMar-26: 6,747,000 AUDJun-26: 7,164,000 AUDSep-26: 8,723,000 AUD3,595,00010,806,0006,747,0007,164,0008,723,000
Operating metric source table20
MetricProjectPeriodPeriod typeValueStatus
Cash at quarter endCompanySep-25 quarterPoint In Time15,561,000 AUDReported
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)CompanySep-25 quarterQuarter3,595,000 AUDSource Derived
Cash at quarter endCompanyDec-25 quarterPoint In Time15,206,000 AUDReported
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)CompanyDec-25 quarterQuarter10,806,000 AUDSource Derived
Cash at quarter endCompanyMar-26 quarterPoint In Time8,177,000 AUDReported
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)CompanyMar-26 quarterQuarter6,747,000 AUDSource Derived
Cash at quarter endCompanyJun-26 quarterPoint In Time10,343,000 AUDReported
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)CompanyJun-26 quarterQuarter7,164,000 AUDSource Derived
Cash at quarter endCompanySep-26 quarterPoint In Time1,637,000 AUDReported
Operating plus investing cash outflow (Appendix 5B 1.9 + 2.6)CompanySep-26 quarterQuarter8,723,000 AUDSource Derived
Borrowings at quarter endCompanySep-26 quarterPoint In Time0 AUDReported
Operating cash flow (audited)CompanyFY25Year-1,896,750 AUDReported
Operating cash flow (audited)CompanyFY26Year-17,947,997 AUDReported
Capitalised exploration payments (audited)CompanyFY26Year10,087,296 AUDReported
Loss after tax (audited)CompanyFY26Year-53,316,618 AUDReported
Loss after tax (audited, restated)CompanyFY25Year-6,033,416 AUDReported
Tungsten gravity test recovery (stockpile material, laboratory)Johnson CreekGravity test 2026Point In Time75.5 %Reported
Gold oxide cyanide-leach recovery at 75 micron (0.55g/t feed)Horse HeavenLeach test 2026Point In Time95.5 %Reported
Gold sulphide rougher flotation recovery at 75 micron (1.91g/t feed)Horse HeavenFlotation test 2026Point In Time88.7 %Reported
Diamond metres drilled (42 holes)Horse Heaven2026 programmeOther12,236 mReported
Company guidance3
MetricProjectPeriodLowHighStatus
Maiden Golden Gate Mineral Resource Estimatehorse-heavenQ1 2027 (subject to results)—— timingCurrent
Remaining 2026 Assay Results (32 36 Holes)horse-heavencoming weeks after 29 October 20263236 holesCurrent
Lower Exploration Spend After Drilling CompletionCompanyDecember 2026 quarter—— qualitativeCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-29DebtLoan Facility (Harbour Capital Opportunities Fund, Managed By Oakley Capital)A$2.5M——OngoingA$10m facility: A$2.5m drawn immediately, a further A$2.5m at the company's election, A$5m by mutual agreement.From 2026-10-29 · 12% p.a. interest, 6-month maturity per drawdown; 15m RMLOD options per A$2.5m drawn; Oakley 6% cash fee, 3% in shares and 30m options; securities subject to shareholder approval · Oakley Capital Partners · Holder approval required
2026-07-08Ann. 2026-04-23RaisingOrdinary SharesA$9.2M131.6MA$0.07CompletedTranche 1 of the A$20m placement issued under LR7.1A on 4 May, 3 June and 8 July 2026; ratified 16 September 2026.Max 131.6M · Period 2026-05-04 to 2026-07-08 · Oakley Capital Partners (6% fee)
2026-04-23RaisingOrdinary Shares + 1:3 Rmlod OptionsA$10.8M—A$0.07AnnouncedApproved by shareholders on 16 September 2026 but not settled at 30 September; at a share price of A$0.028 the A$0.07 issue price is 2.5 times market.Max 154.1M · From 2026-09-16 · Oakley Capital Partners · Holder approval required
2025-10-20RaisingA$2M——Completed—
2025-09-26Ann. 2025-09-18RaisingOrdinary Shares + 1:2 Rmlod OptionsA$25.1M502MA$0.05CompletedA$25.1m placement at A$0.05 in two tranches (422m + 80m shares) with 1-for-2 A$0.10 options.Max 502M · Period 2025-09-18 to 2025-11-28 · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-30

Royalties disclosed in the Horse Heaven acquisition announcement; no streams, offtakes, JVs, hedges or tolling agreements are disclosed in the annual report or quarterlies read.

Two whole-project royalties totalling 4% (3% plus a 1% royalty buyable for US$2m); basis (net smelter or gross) not disclosed.

Royalty · Active
Counterparties
Prior Horse Heaven owners (not named)
Applies to
Horse Heaven - Golden Gate gold-tungsten system (Idaho) · Horse Heaven - Antimony Ridge antimony-silver-gold prospect (Idaho) · Gold · Others · Silver · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty on the entire Horse Heaven project: 3 %
Additional royalty on the entire project: 1 %
Buy-back price of the 1% royalty: 2,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

4% royalty on 10 historical lode claims within the project; location relative to Golden Gate and Antimony Ridge not specified.

Royalty · Active
Counterparties
Not disclosed
Applies to
Horse Heaven - Golden Gate gold-tungsten system (Idaho) · Horse Heaven - Antimony Ridge antimony-silver-gold prospect (Idaho) · Gold · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty on 10 historical claims (Oberbillig group): 4 %
Buy-back of up to 3 points: 100,000 USD per percentage point
How it affects our valuation

No valuation treatment is available for this arrangement.