Winners and Losers: SA miner’s value doubles on back of US meeting with former PM
A South Australian miner’s shares hit a three-year high on Friday on news it had a planned briefing ahead of Prime Minister Albanese’s meeting with US President Donald Trump.
Shares in Resolution Minerals more than doubled in the last trading week, with record volume changing hands after it announced plans for a high-profile briefing.
The company – which is advancing a major US mining project in Idaho called Horse Heaven – last Monday announced it had received an official request from former Australian Prime Minister Kevin Rudd to provide a briefing on the project.
Rudd is the current Australian Ambassador to the United States, and requested the briefing on the gold-antimony-tungsten project in Idhao ahead of Prime Minister Anthony Albanese’s planned meeting with United States President Donald Trump, expected today.
“Resolution Minerals appreciates the opportunity to brief Ambassador Rudd on the Horse Heaven Project ahead of the Prime Minister’s visit to Washington,” Resolution Minerals US CEO Craig Lindsay said.
“Horse Heaven is a significant Australian-led project in the United States, with historical and potential future production of gold, antimony and tungsten, which are all critical to industrial and defence applications.
“The briefing reflects the constructive cooperation between Australia and the U.S. on the development of secure, transparent critical mineral supply chains.
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“We look forward to contributing to this dialogue and providing an update on our progress of our work in Idaho.”
RML said it marked a “notable advancement for the company”.
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“This involvement reinforces the project’s relevance to America’s critical minerals supply chain,” the company said.
Shares in the firm rose by 109 per cent in the trading week – including a 55 per cent rise on Wednesday – to hit three-year highs by Friday.
The multi-commodity project taps into global demand for critical minerals. Near Horse Heaven is Perpetua Resources’ Stibnite Antimony and Gold Mine, and that company has an approximately $3 billion market capitalisation.
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RML also raised $2 million from Tribeca Investment Partners which acquired 25 million shares. The firm said it would use the money to explore critical mineral processing initiatives, a drilling campaign at Horse Heaven, and the identification and acquisition of additional assets.
It followed a $25 million raise for the firm earlier this month.
RML topped the Winners list this week, followed by Aerometrex which closed at eight-month highs after it published its first quarter trading results.
Orpheus Uranium landed in the Winners list at third after it bought a new uranium project in the West Kimberley region of Western Australia.
Jade Gas Holdings was the biggest Loser of the week on the back of a $5 million raise which discounted its shares by 12.5 per cent.
Andromeda Metals had a similar week after announcing a $13 million raise at a discount.
The full list of Winners and Losers for the week ended October 17:
Data via Baker Young Limited.
