Resources Top 5: Red Mountain adds Silver Dollar to US critical minerals toolbox

• RMX adds Silver Dollar to growing US critical minerals asset base 
• VHM receives letter of interest for up to US$200m from the US Export-Import Bank
• IXR is advancing its integrated magnet rare earths strategy

Your standout small cap resources stocks for Tuesday, October 7, 2025

Red Mountain Mining (ASX:RMX)

Red Mountain Mining (ASX:RMX) has expanded its US critical minerals portfolio with the acquisition of the Silver Dollar antimony project in Idaho with shares climbing 20% to an intraday high of 3.6c.

This grows the company’s antimony footprint in Idaho by 80% and, as well as hosting a historic mine, the project’s geological setting is analogous to Perpetua Resources’ advanced Stibnite gold-antimony project.

Silver Dollar is southeast of RMX’s recently acquired Yellow Pine antimony project and features multiple antimony and gold occurrences, including a 10m deep shaft sunk into fractured granodiorite in 1944 to target a massive stibnite vein up to 1m thick.

The historical Silver Dollar mine produced ore at an average grade of 17.7% Sb while the US Geological Survey mineral database records a grade of 14.6% Sb and 6.3ppm silver from a stockpile sample.

RMX’s new project encompasses four known alluvial gold and two antimony mineral occurrences.

Despite previous production, the project is believed to have significant untested potential for additional antimony, gold, silver, uranium and possibly mercury.

This is likely to occur as pods or shoots where secondary structures intersect each other and the main east-northeast striking fault that cuts across the Silver Dollar claims.

There has been very limited exploration over the area.

Acquiring Silver Dollar provides Red Mountain with increased scale in central Idaho and in its North American antimony-gold portfolio.

It advances the company’s strategy of acquiring highly prospective projects using internal resources while increasing expertise and knowledge in the US critical metals space to increase shareholder value without the cost of external vendors.

This is valuable as achieving scale is believed to be a significant long-term competitive advantage in the US critical minerals sector.

Initial exploration will focus on mapping and sampling along the main east-northeast fault to identify intersecting structures, hydrothermal activity and antimony mineralisation for future drilling targets.

VHM (ASX:VHM)

A letter of interest for up to US$200m in project financing support from the US Export-Import Bank (EXIM) is a strong vote of confidence in VHM (ASX:VHM) and its Goschen rare earths and mineral sands project in northwest Victoria.

The LOI outlines a potential financing package with a maximum repayment term of 12 years, subject to standard due diligence and compliance with EXIM’s program, legal and eligibility requirements.

This identifies the project as a candidate under EXIM’s Supply Chain Resiliency Initiative (SCRI), which supports projects that contribute to secure diversified supply chains for US buyers.

Goschen may also qualify for special consideration under EXIM’s China and Transformational Exports Program under Section 402 of EXIM’s 2019 reauthorisation that seeks to improve the competitiveness of the US by offering lower fees and longer repayment terms.

VHM is engaging with Export Finance Australia and EXIM through the Single Point of Entry framework, a streamlined pathway for businesses to approach EXIM and EFA that enable faster referrals and joint financings of eligible critical mineral transactions.

VHM’s flagship Goschen project has an ore reserve of 210Mt (99Mt permitted) and a large resource of 892Mt at 3% total heavy minerals including monazite and xenotime-hosted REEs.

The company envisions an initial 1.5Mtpa operation expanding to 5Mtpa three years later.

Pre-production costs for stage one are forecast at $160m and this is expected to produce 4300tpa of RE mineral concentrate and 69,000tpa of zircon/titania heavy mineral concentrate.

Stage two will cost a further $110-120m and increase output to 9000tpa REMC concentrate and 134,000tpa HMC for at least 19 years.

Collectively, the two stages are expected to generate a pre-tax NPV of $1.46 billion and an IRR of 54%.

Financing and offtake negotiations are underway to pave the way for a final investment decision to be made.

VHM has a non-binding LOI from Japanese global trading and investment giant Mitsui to offtake 40% of Goschen’s HMC for an initial three-year period. Mitsui has also proposed to provide a trade finance facility, subject to due diligence.

It also has an MoU with Queensland-based Currumbin Minerals as part of its strategy to develop a domestic HMC supply chain solution.

Ionic Rare Earths (ASX:IXR)

After undergoing what Ionic Rare Earths (ASX:IXR) MD and CEO Tim Harrison described as a “transformative 12 months” in FY25, the company continues to advance its integrated magnet rare earths strategy and shares have increased 35.3% to a daily high of 2.3c.

Downstream operations are being progressed by wholly-owned subsidiary Ionic Technologies with the focus on a facility in Belfast, Northern Ireland, at which patented, made-in-Belfast magnet recycling technology is used to extract valuable magnet metals and contribute to a UK rare earth permanent magnet supply chain

From the demonstration plant, the company aims to progress through feasibility studies and supply chain collaboration to a commercial operation.

In Brazil, the company is advancing the Viridion JV to develop a Brazilian magnet supply chain and in Uganda, IXR continues offtake discussions for the Makuutu rare earth project to assist in facilitating a decision to mine.

“IonicRE is set for an exciting year ahead with the rare earth market now enjoying higher ex-China prices and market sentiment improving,” Harrison said in the company’s annual report.

Cosmos Exploration (ASX:C1X)

EAU Lithium, an optioned entity of Cosmos Exploration, is evaluating direct lithium extraction (DLE) technology to test brines from Bolivian projects in collaboration with state lithium company YLB.

A key step has been the acquisition of an A-DLE pilot plant in Germany from a Vulcan Energy Resources (ASX:VUL) subsidiary.

A-DLE technology uses physical processes, optimised by heat and salinity gradients, to selectively extract lithium from brines while minimising water loss and environmental impact.

Last year, Cosmos Exploration (ASX:C1X) signed an exclusive option agreement to acquire EAU, which is part-owned by VUL.

EAU has a technology-testing agreement to test lithium brines from Salar de Coipasa, Salar de Empexa and Salar de Pastos Grandes salars – some of the largest salars in Bolivia – using VUL’s A-DLE technology.

For Cosmos, the agreement further strengthens its exposure to one of the world’s most prospective but under-developed lithium regions. 

Hastings Technology Metals (ASX:HAS)

Disposal of its WA gold assets has been welcomed by Hastings Technology Metals (ASX:HAS) investors as evidenced by a 27.5% lift in shares to 51c, a 12-month high.

The transaction with Metal Bank (ASX:MBK) in late September involves Great Western Gold (75% of Whiteheads JV 80km NE of Kalgoorlie), the Ark project and the Darcy project in the Kimberley.

“Since our announcement of this proposed transaction on 10 September, we have been able to finalise the agreement of the sale of Hastings gold assets to Metal Bank in a short space of time,” executive chairman Charles Lew said.

“It underscores the shared vision and spirit of cooperation between Hastings and Metal Bank’s executive team to create a gold-focused company that will benefit our respective shareholders. “This is a transformational step for Hastings as it continues to focus on developing its rare earth and niobium assets at Yangibana and Brockman.” 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Red Mountain Mining and VHM Limited are Stockhead advertisers, they did not sponsor this article.