Resolution Minerals Ltd's Quarterly Activities Report

Resolution Minerals Ltd (ASX: $RML) has released its quarterly report for the quarter ended 31 March 2024. The company completed exploration at the Benmara Project in the Northern Territory, which was funded by OZ Minerals and a grant from the NT Government's Resourcing the Territory initiative. However, BHP Group notified RML that they would not be proceeding with further earn-in activities at Resolution's Benmara Copper Project.

Director Changes, Shareholder Meeting, and Financial Overview

During the quarter, Syed Alsagoff was appointed as a non-executive director of the Company. Shareholders approved the issue of shares and options to executive directors Aharon Zaetz and Mendel Rogatsky as remuneration. The cash balance at the end of the quarter was $335k, with the Appendix 5B expenditure disclosure showing expenditure amounts of $nil in certain items. Additionally, executive directors elected to have their director fees settled via the issue of shares.

Outlook and Financial Position

Resolution Minerals Ltd's completion of exploration at the Benmara Project marks a significant milestone, despite the withdrawal of further activities by BHP Group. The appointment of a new non-executive director and the approval of shares and options to executive directors demonstrate the company's commitment to strengthening its leadership. With a cash balance of $335k and the election to settle director fees via the issue of shares, Resolution Minerals Ltd maintains a prudent approach to managing its financial resources. Looking ahead, the company's ability to secure alternative funding and explore new opportunities will be crucial in sustaining its operations and achieving its business objectives.