Interview highlights

• Resolution Minerals secured FAST-41 Transparency coverage for the Golden Gate tungsten-gold target at Horse Heaven in Idaho.

• The designation follows FAST-41 coverage for Antimony Ridge, giving the project two targets prioritised for coordinated federal permitting.

• FAST-41 provides defined timelines, enhanced agency coordination and public tracking of permitting milestones.

• Golden Gate and Antimony Ridge are expected to be assessed under a single NEPA process.

• Resolution Minerals has completed 22 holes in a fully funded 13,700-metre drilling program.

• The company is targeting more than 40 holes and a maiden resource estimate for Golden Gate.

• Future drilling will test the approximately 1.5-kilometre gap between Golden Gate North and Golden Gate South.

• Initial drilling results were expected by the end of the month or in early August, subject to laboratory turnaround times.

• The company is developing antimony and tungsten processing flowsheets under full-time metallurgist Dr Adam Roper.

• Resolution Minerals is considering a regional hub-and-spoke processing model that could also process ore from third-party mines.

Proactive: Resolution Minerals has secured its second US Federal FAST-41 Transparency coverage, this time for its Golden Gate tungsten-gold target in Idaho. Here to discuss this latest development is CEO of US Operations Craig Lindsay. Craig, good to see you.

Craig Lindsay: Jonathan, great to be with you today. Thank you for having me. It is a pleasure.

Proactive: Let's talk about this FAST-41 coverage. It is the second one. What does this designation mean in practical terms for permitting and project development?

Craig Lindsay: The FAST-41 Transparency coverage that we received for Golden Gate is part of a program established by the US government to remove permitting hurdles in the United States, reduce timelines and accelerate the permitting process.

That is the biggest challenge holding back many critical metals projects in the United States. The resources are there, but permitting is always a challenge, whether for exploration, development or mine permits.

With FAST-41, you get an agreed timeline for permitting a plan of operations. Historically, these processes have been open-ended, with the agency deciding how long they take. It has often been a case of asking how long a piece of string is.

Under FAST-41, there is an agreed timeline between the proponent, which is ourselves in this case, and the US Forest Service. There is a defined start date and an expected completion date for the process.

It is a significant advantage to have a FAST-41 designation, with the permitting authorities aligned and everyone moving in the same direction.

Proactive: I want to go further into that significance. As I said, it is the second designation. You now have one for Golden Gate and one for Antimony Ridge. What does this say about Horse Heaven's strategic importance?

Craig Lindsay: I think it says quite a lot. I am not aware of any other company that has two FAST-41 designations for one project.

That alone suggests we are pursuing the right opportunity. The fact that the government has supported both projects indicates that it recognises the way we have presented them.

At Antimony Ridge, we have high-grade antimony located at surface that could, in relatively short order, begin addressing the United States' near-term antimony supply gap.

The government also sees the tungsten potential at Golden Gate, which is a past-producing tungsten mine. Historical production grades were between 1.5% and 2%. Those are high-grade tungsten grades.

You can look at Almonty in Korea, for instance, where the grade is around 0.5%. I think the government recognises that these are high-grade and potentially near-term sources of supply.

Thirdly, we are located next to Perpetua, which has a large permitted gold and antimony mine. All of these factors have attracted the interest of the US government.

Proactive: Speaking of everything coming together, the US Forest Service plans to assess both targets. How could this improve development timelines and reduce permitting complexity?

Craig Lindsay: It is excellent news because the US Forest Service is going to permit Golden Gate and Antimony Ridge under one NEPA process.

I will not get into the finer details of permitting in the United States because it is very detailed and complicated, but instead of having two separate NEPA processes, the targets will be permitted under one.

That provides some specific timing advantages. I cannot say enough about the US Forest Service, the Boise (NYSE:BZ) National Forest team, the support it is giving us and its interest in meeting the permitting timelines that have been established.

Proactive: Let's talk about drilling. You have completed 22 holes in a fully funded 13,700-metre drilling program. It is a substantial program. What are you hoping to establish about the relationship between Golden Gate North and Golden Gate South?

Craig Lindsay: First, by the end of the 40-to-45-hole program, we want to publish a maiden resource estimate for Golden Gate. That is the primary focus of the program.

Second, there is a geographic gap of approximately 1.5 kilometres between Golden Gate South and Golden Gate North. The two areas sit on a north-south fault.

With the new permit, we will be able to drill between Golden Gate North and Golden Gate South. We believe there is a geological connection between the two.

Should that connection be established, we believe Golden Gate could develop into a world-class gold-tungsten story in the heart of the United States.

Proactive: You mentioned the maiden resource, and drilling results are also expected around the end of the month. What are the key milestones investors should watch for, and what can we expect next?

Craig Lindsay: We will try to release initial results by the end of the month or in early August, depending on when they are received from ALS.

Resolution Minerals is expected to be news-rich over the next six months because we will have results from more than 40 holes to deliver to the market. A resource estimate is also being prepared in the background.

We will be undertaking a lot of permitting work. Another area we have not discussed much on your program is our focus on developing an antimony and tungsten supply chain from mine to market.

We have hired Dr Adam Roper as our full-time metallurgist. He is developing flowsheets for a hydrometallurgical antimony processing solution, and we are undertaking similar work on tungsten.

We would like to establish a regional hub-and-spoke model in which Resolution Minerals plays a key role in processing ore not only from our own mine but also from third-party mines.

That concept is gaining traction in Washington, DC.

Proactive: Craig, there is clearly a lot to look forward to, and we will no doubt speak again as it unfolds. Thank you for your time this morning.

Craig Lindsay: I appreciate your time, sir.