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Perpetua awarded $6.9M additional funding from US Army for antimony pilot plant

Staff Writer | May 28, 2025

Perpetua Resources (NASDAQ: PPTA) (TSX: PPTA) announced Wednesday it has won up to $6.9 million in funding from the US Army via the Defense Ordnance Technology Consortium (DOTC) to support the development of its Stibnite antimony-gold project in Idaho.

This additional funding, awarded under an ordnance technology initiative agreement (OTIA) from August 2023, builds on the $15.5 million already awarded to the company by the DOTC, Perpetua said.

According to the Boise, Idaho-headquartered miner, the funding will be used for testing intended to demonstrate the feasibility of using material sourced from the Stibnite project to produce military-specification antimony trisulfide, a critical component in certain munitions and advanced defense systems.

The OTIA is intended to fund the development and delivery of a flexible, modular pilot plant to the US Army to process antimony and other materials of Department of Defense interest. The additional funding would enable Perpetua to expand material sampling and increase the scope and size of the pilot plant, the company said.

“We are honored to continue our work with the US Army to secure a domestic source of antimony trisulfide,” CEO Jon Cherry said in a press release. “Advancing America’s capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience.”

Despite the funding, shares of Perpetua Resources traded 1.1% lower at C$19.47 apiece by 10:30 a.m. ET, for a market capitalization of C$1.4 billion ($1.01bn).

Only known US antimony reserve

The Stibnite project currently holds the only identified reserve of antimony in the US. At an estimated 148 million lb., it represents one of the largest antimony reserves outside of Chinese control.

Once built, the mine is expected to supply up to 35% of America’s antimony needs during its first six years of operations, based on the 2023 USGS commodity summary. A 2021 feasibility study projects its total antimony production to be 115 million lb. over an estimated 15-year mine life. The US currently produces no antimony and relies largely on China, which accounted for 60% of globally mined antimony in 2024.

Due to its strategic importance to the US, Stibnite was recently placed on the initial list of 10 projects selected by the newly formed National Energy Dominance Council for fast-tracked permitting. Last week, the $1.3 billion project received its final federal permit.

In addition to antimony, the project is expected to produce a significant amount of gold, totalling 4.2 million oz. during its mine life.

Nyrstar seeks government funding for antimony production

Reuters | May 21, 2025

Nyrstar, owned by global commodity trader Trafigura, could potentially produce the critical mineral antimony at its South Australian processing plant but would need government support to do so, CEO of Nyrstar Australia Matt Howell said.

New supply of the strategic metal crucial to the production of ammunition, night-vision goggles, and infrared sensors is in high demand after China, the world’s biggest antimony producer, imposed export controls last year.

As part of a strategic review of Nyrstar’s Australian operations Trafigura is undertaking, Nyrstar found it would be able to produce up to 5,000 tonnes of antimony metal or antimony trioxide a year at its multi-metals processing plant in Port Pirie by adding an additional processing stage after lead smelting, the company said.

“We have the capability to produce a range of critical minerals including antimony to help meet global demand,” Nyrstar Australia CEO Howell said.

“However, it will require significant investments and support to address the unsustainable market pressures that Australian smelters are facing,” he said in a statement to Reuters on May 5.

Howell did not specify how much government funding would be necessary to support output at the Port Pirie site or when it could begin producing antimony metal.

Australia’s smelters are struggling with high domestic power costs and an oversupply of processing capacity in China that has squeezed the fees they can charge to process material.

The Australian government is offering billions of dollars in funding to support critical mineral processing.

“Antimony is defined as a critical mineral by the Australian government, which provides a pathway to access substantial government support,” a South Australian government spokesperson said. He added that complex refineries were key to the state’s economy.

Perpetua seeks $2 billion loan for Stibnite project in Idaho

Staff Writer | May 23, 2025

Perpetua Resources (NASDAQ: PPTA) (TSX: PPTA) has submitted a formal application to the Export-Import Bank of the United States (EXIM) for up to $2 billion in debt financing to fund construction of its Stibnite gold-antimony project in Idaho.

The request is an increase from the $1.8 billion outlined in EXIM’s 2024 non-binding letter of interest.

Perpetua attributed the higher figure to a revised estimate of job-years stemming from recent financial and engineering updates.

Earlier this week, the Boise, Idaho-based miner announced it had obtained final approval for Stibnite, a critical minerals project being fast-tracked by the Trump administration.

The Stibnite project, with its recently secured record of decision from the US Forest Service, is uniquely positioned to supply antimony, which is essential to national security and energy technology, the company said.

Antimony, classified as a critical mineral for its importance to technology, defense and energy applications, is imported into the US as there is currently no domestic production. China accounted for 60% of globally mined antimony in 2024, according to data from the US Geological Survey.

Last September, China banned exports of the metal to the US.

The Stibnite project holds the only identified antimony reserve in the US at an estimated 148 million lb. —making it one of the largest outside of Chinese control. Once in production, it could meet about 35% of US antimony demand during its initial six years of production, according to the 2023 USGS commodity summary.

Perpetua said Stibnite is also expected to host one of the highest-grade open-pit gold mines in the country, with reserves of approximately 4.8 million oz. Over the first four years of production, it is expected to produce 450,000 oz. of gold annually.

Hillgrove eyes 2026 production start at Australia's largest antimony mine

A definitive feasibility study (DFS) for its Hillgrove antimony/gold project in New South Wales, projecting the development into one of the Western world's foremost antimony producers.

The study outlines robust financial metrics, including a post-tax net present value (NPV) of A$694-million and an internal rate of return (IRR) of 102% under its mid-price scenario, with production slated to begin in the second quarter of 2026.

The 100%-owned Hillgrove project is expected to operate for eight years, producing an average of 85 000 oz/y gold equivalent and supplying about 7% of the world’s antimony at peak output. The DFS builds on an earlier prefeasibility study and reflects a sharp rise in confidence for the project’s economic and technical viability.

MD Ron Heeks called the publication of the DFS a “major milestone", noting the company completed it within 18 months of acquiring the project. “The DFS confirms Hillgrove as a technically sound, high-margin critical minerals project with a rapid pathway to production,” Heeks said.

At mid-price assumptions which the company describes as still conservative compared to elevated current spot prices, the project delivers average earnings before interest, taxes, depreciation and amortisation of A$250-million and post-tax free cash flow of A$128-million. The mid-case economics also reflect a total post-tax free cash flow of A$1.02-billion and an average yearly pre-tax free cash flow of A$200-million.

“The DFS delivers outstanding economics at the base case and even better at what the company firmly believes is the minimum economics that would be achieved at the mid-price commodity price scenario,” Heeks said. “These results reflect the value of the significant installed infrastructure already in place at Hillgrove and the excellent work undertaken by the Larvotto team.”

Initial capital expenditure is estimated at A$139-million, including an upgrade to the on-site minerals processing plant from 250 000 t/y to 525 000 t/y. The operation will source ore from both underground and openpit sources. Under base case pricing assumptions ($2 400/oz gold, $25 000/t antimony), Hillgrove still returns an NPV of A$280-million and an IRR of 48%, with a 26-month payback period. The mid-price case shortens that to just 11 months.

Les prix de l'antimoine multipliés par trois après les restrictions chinoises

RFI le : 19/03/2025 Par : Marie-Pierre Olphand

L'antimoine, un métal résistant au feu et utilisé aussi bien dans les munitions que les batteries électriques, atteint des sommets. Depuis un an, rien ne semble arrêter la hausse des prix.


L'antimoine vaut aujourd'hui, en mars 2025, 54 000 dollars la tonne. C'est trois fois plus qu'il y a un an. La hausse des prix s'est accélérée ces derniers mois : mi-septembre, la Chine a décidé d'opérer un contrôle drastique sur ses exportations, puis en décembre, de les interdire.

Or, la Chine est une des sources principales d'antimoine, avec la Russie et le Tadjikistan. Officiellement, Pékin a pris cette mesure pour garantir un prix bas à ses raffineries. Mais les prix restent encore hauts dans le pays, signe que la tension est assez générale.

Risque de pénurie ?

Au printemps dernier, le déficit entre l'offre et la demande a été évalué à 10 000 tonnes. Il est parti pour durer jusqu'en 2026 au moins, selon le cabinet de conseil Project Blue, car face à une offre qui peine à suivre, la demande est importante, en particulier pour la fabrication des véhicules électriques et dans le secteur photovoltaïque.

L'autre secteur qui tire cette demande, même s'il n'est pas le plus gourmand, est celui de la défense. La guerre en Ukraine fait tourner les usines d'armement et fait grimper les besoins en antimoine, pour la fabrication des munitions. Pour ne parler que de la France, la production d'obus de 155 mm a doublé depuis le début de la guerre.

Est-ce que la reconstitution des stocks d'armement pourrait conduire à une pénurie ? C'est ce qu'avance le directeur général de la société minière, Larvotto Resources, en raison de stocks qui sont très bas. C'est a minima un facteur qui s'ajoute à une demande qui, tous secteurs confondus, reste importante.

Investissements américains

Les Américains sont, selon Project Blue, les premiers clients de la Chine pour ce qu'on appelle le trioxyde d'antimoine, une poudre dérivée du métal gris argenté qui est incorporée à divers produits pour les rendre ignifuges. Les États-Unis ont compris qu'ils allaient devoir remplacer les 10 000 à 15 000 tonnes qu'ils achetaient jusque-là en Chine. Dans cet optique, une fonderie située au Mexique et détenue par United States Antimony Corporation (USAC) a été relancée. Elle sera approvisionnée dans un premier temps en antimoine venu d'Australie.

Un projet d'extraction d'or et d'antimoine a également été validé par l'administration Biden en début d'année dans l'Idaho. Cette mine opérée par Perpetua Resources pourrait fournir un tiers des besoins annuels en antimoine des États-Unis après son ouverture, programmée en 2028.

Canagold unveils antimony resource for New Polaris project in British Columbia

Staff Writer | February 21, 2025


View of the New Polaris project. Credit: Canagold

Canagold Resources (TSX: CCM) unveiled on Friday a first antimony resource estimate for its flagship New Polaris gold project in northwestern British Columbia. The project is at an advanced development stage with feasibility work underway.


Under the base case scenario, there are approximately 5,630 tonnes of antimony metal contained within the indicated resource, plus 1,195 tonnes within the inferred resource. The existing gold resource at New Polaris is estimated at 1.1 million oz. indicated and 266,000 oz. inferred.

“We are thrilled to incorporate a substantial antimony resource alongside our high-grade gold deposits at the New Polaris project,” commented CEO Catalin Kilofliski. “Past metallurgical testing has shown excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to enhance future revenue streams.”

Further analysis of the antimony resource and expansion potential are expected to place this year, accompanied by additional metallurgical testing aimed at establishing the best processing methods for antimony production.

Potential antimony mine in BC
With the resource estimate, Canagold now believes it holds Western Canada’s highest grade, underground gold and antimony project.

The company first indicated the project’s antimony potential earlier this year, noting its past history of mine production dating back to the 1940s. However, the presence of antimony has largely been overlooked due to China’s dominant global supply, the company pointed out.

With antimony now being classified as a critical mineral for its vital role in numerous industrial applications, such as defense technologies, semiconductor production, fire retardants and the manufacturing of solar panels, Canagold said it will evaluate the potential antimony production at New Polaris.

The plan, according to Canagold, is to integrate the potential antimony production at New Polaris into its existing gold production plan without impacting the current permitting or mine development timelines. The development is currently in the BC environmental assessment process.

The property is 100 km south of Atlin, BC, and 60 km northeast of Juneau, Alaska, on the west bank of the Tulsequah River. In total, it covers 61 mineral claims over 8.5 square kilometres.

The previous technical report gave the gold-only project an after-tax net present value (at a 5% discount rate) of C$469 million and an internal rate of return of 56%. The payback period was pegged at 1.9 years, and the mine life at 8.7 years for an 80,000 oz. gold per year operation.

Korea Zinc in talks with US buyers to supply antimony, chairman says

Reuters | January 9, 2025

Korea Zinc chairman Yun B. Choi said on Thursday that it is in preliminary talks with some US entities to supply antimony, after China’s export ban to the US disrupted the market for the mineral used in semiconductors.


Choi told reporters at a briefing that the company was interested in long-term contracts, and was talking with US traders and others, without naming any of the entities.

Antimony prices are set to hit record levels after China banned exports of the mineral to the United States.

Beijing’s curbs have heightened trade tensions and intensified a global race to secure critical minerals and loosen China’s dominance in the market.

Korea Zinc is the world’s largest zinc smelter but also produces about 3,500 tonnes of antimony ingots annually, some of which is shipped to Japan and the Netherlands.

Korea Zinc produces zinc, lead, copper, nickel and other metals with its own technology in South Korea and with supply chains that “do not involve China in any critical way”, Choi said.

That is expected to be an advantage over the next few years even if incoming US President Donald Trump changes the Inflation Reduction Act (IRA), Choi said.

He expects the market for zinc refining to be its “worst” historically in 2025 due to tight ore supply and said Korea Zinc may be the only smelter making money from zinc.

Korea Zinc plans a special shareholders’ meeting on Jan. 23 to discuss the appointment of directors proposed by Young Poong and private equity firm MBK Partners, which hold the largest stake in Korea Zinc, amid an escalating fight for control of the company.

Biden officials issue permit for Perpetua’s Idaho antimony-gold mine

Reuters | January 3, 2025

The Biden administration on Friday issued the final mining permit for Perpetua Resources’ Idaho antimony and gold project, a move aimed at spurring US production of a critical mineral at the center of a widening trade war between Washington and Beijing.


Permitting for the mine, backed by billionaire investor John Paulson, comes after Beijing last month blocked exports to the US of antimony, a metal used to make weapons, solar panels, flame retardants and other goods for which there are no current American sources.

The US Forest Service released the final record of decision for Perpetua’s Stibnite project – essentially the mine’s permit – after an eight-year review process, according to documents published on the agency’s website.

Shares of Boise, Idaho-based Perpetua gained 9.1% in after-hours trading after Reuters reported the permit decision earlier on Friday.

Perpetua’s mine will supply more than 35% of America’s annual antimony needs once it opens by 2028 and produce 450,000 ounces of gold each year, a dual revenue stream expected to keep the project financially afloat regardless of any steps Beijing may take to sway markets.

For example, Jervois Global, the owner of an Idaho mine that produces only cobalt, declared bankruptcy on Thursday after Chinese miners aggressively boosted production of that metal in a bid for market share.

In its 154-page report, opens new tab, the Forest Service said its Perpetua decision was based on a detailed review of environmental data, discussions with Indigenous groups and consultation with other federal agencies.

“I have taken into consideration the degree to which the (mine’s) environmental design features, monitoring, and mitigation measures will, where feasible, minimize adverse environmental impacts on (federal lands),” the Forest Service’s Matthew Davis said in the report.

Perpetua, which changed its mine design three times in response to critics, said it believes it can make the mine – roughly 138 miles (222 km) north of Boise – “the best it can be.”

“Every detail of this project was examined with a fine-tooth comb,” said Jon Cherry, Perpetua’s CEO.

Perpetua will need to obtain a wetlands permit from the US Army Corps of Engineers, although the Forest Service said its own decision was made in consultation with that agency, implying a smooth review process.

Finances

The Stibnite project was forecast in 2020 to cost $1.3 billion, a number expected to rise due to post-pandemic inflation. The site has estimated reserves of 148 million pounds of antimony and 6 million ounces of gold.

The Pentagon committed nearly $60 million to fund permitting for the project, which would entail cleaning and expanding a site that was polluted by World War Two-era mining.

Perpetua last April received a letter of interest from the US Export-Import Bank, the government’s export credit agency, for a loan worth up to $1.8 billion to fund the Stibnite project.

The project has not won the support of Idaho’s Nez Perce tribe, which is concerned it could affect the state’s salmon population.

The tribe, though, was consulted for the permit review and changes were made to address their concerns, according to the record of decision.

Representatives for the Nez Perce were not immediately available for comment.

Perpetua Resources, Sunshine Silver to explore antimony processing in Idaho

Reuters | December 9, 2024 |

Perpetua Resources (Nasdaq: PPTA) (TSX:PPTA) said on Monday its Idaho unit has signed a non-binding agreement with private firm Sunshine Silver Mining & Refining to explore the processing of antimony, amid a brewing trade war between the US and China over critical minerals.

Shares of Perpetua rose 7.4% in premarket trade.

Under the agreement, the companies will assess the technical potential for processing and refining antimony from Perpetua’s Pentagon-backed Stibnite antimony and gold project at the Sunshine Mine Complex in Idaho.

Last week, China banned the export of antimony — a crucial element in defense, clean energy and semiconductor applications — and other minerals such as germanium and gallium to the US, after Washington’s latest crackdown on China’s chip sector.

“Stibnite gold project is the only identified domestic reserve of antimony, and with final federal decisions expected in a matter of weeks, Perpetua is ready to work with US companies to help secure domestic production of antimony,” Perpetua CEO Jon Cherry said.

Perpetua said it and Sunshine Silver expect to cater to 40% of US domestic antimony demand.

The company expects to receive the permit for the Stibnite project, also backed by hedge fund manager John Paulson, by year-end.

Evergold drills high-grade antimony in British Columbia

Trish Saywell, Special to the Northern Miner Group | December 11, 2024

Evergold (TSXV: EVER) reported its highest-grade antimony assays yet from the DEM project near Fort St. James, BC, putting it in the lead among juniors hunting for the critical metal in Canada, the company said Wednesday.

Drill hole DEM24-05 returned 40 metres grading 0.42% antimony starting from 344 metres downhole, including 2.5 metres of 3.6% antimony and 0.50 metre of 8.37% antimony.

“Most of our peers, all of our peers in fact, in Canada have been touting grab samples or the acquisition of properties but nobody has actually delivered drill results, but we have them, and they are very strong and very high grade over potentially mineable underground widths,” Kevin Keough, Evergold’s CEO, said by phone.

The metal increases the hardness of alloys and is used in advanced military systems, some battery technologies, and other industrial applications, including the production of flame retardant chemicals.

Breaking China’s monopoly
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Spearmint acquires George Lake South Antimony Project in Canada
The proximity to a former major production site suggests potential for the newly acquired project.

November 28, 2024

Spearmint Resources has acquired the George Lake South Antimony Project in New Brunswick, Canada.

The company has not disclosed the financial details of the transaction.

The acquired project spans 1,945 contiguous acres and is known to be prospective for antimony, a valuable mineral used in various technologies.

Spearmint Resources noted that the George Lake South Antimony Project is situated near the historic Lake George Antimony Mine, which was North America’s largest primary antimony producer from 1876 until its closure in 1996.

The proximity to a former major production site suggests potential for the newly acquired project.

Antimony is a critical mineral with applications in battery technology, flame retardants, and the semiconductor and electronics industries.

The demand for antimony has been increasing due to its use in these key technological areas.

Spearmint president James Nelson said: “Year to date, antimony prices have more than doubled, making it one of the best-performing commodities this year. This is a great addition to our stable of projects and being in Canada, it allows us to access flow through money if needed.

Military Metals acquires past-producing antimony project in Nevada

Staff Writer | November 14, 2024

Military Metals (CSE: MILI) is adding another past-producing asset to its antimony-focused portfolio, this time situated in the US, which currently has no domestic production of the mineral used in battery technology, advanced military systems and other industrial applications.


The Last Chance property, also known as Wall Canyon, is located in Nye county, Nevada, approximately 18 km (11 miles) due west of the Round Mountain gold mine operated by Kinross.

Prospecting for gold in the area – the Jett mining district – dates back to the 1870s, leading to the discovery of the Last Chance historical antimony mine. First recorded production of antimony was in 1915, with mining activity recorded throughout both World War I and II and then in 1957-58.

Subsequent exploration, mostly focusing on gold, by both the US Geological Survey and Nevada Bureau of Mines during the 1980s further documented antimony and associated gold mineralization in the area, leading to the development of a small (historical) low-grade gold resource.

According to Military Metals, historical mining and drill data indicate that this antimony mineralization is both structurally and stratigraphically controlled, hosted in faults and receptive carbonate units, in quartz veins that crosscut gold-mineralized zones, indicating that it is part of a younger mineralizing event.

To further investigate, the company has planned a detailed surface mapping and sampling program, after which a drilling program to test the full potential of the system will be undertaken.

To acquire the Last Chance property, covering the past-producing mine and five unpatented mineral claims, Military Metals will pay the project owner Amador Mining LLC $45,000 cash and grant it a 2% net smelter royalty.

This acquisition follows the company’s recent agreements to buy two brownfield antimony projects in Slovakia, as well as the past-producing West Gore antimony project in Nova Scotia, Canada.

These acquisitions position Military Metals as a leading explorer and developer of antimony, which is classified as a critical mineral by the US, European Union and other leading economies, CEO Scott Eldridge said in an Oct. 7, 2024 news release.

The most advanced of the two Slovakian projects has a historic resource estimate of 415,000 tonnes grading 0.162% antimony and 1.148 g/t gold based on underground exploration data. The West Gore project is host to an underground mine that operated between 1882-1939 and at one time was Canada’s most prominent antimony producer.

Shares of Military Metals gained 1.3% to C$0.75 apiece by 11:30 a.m. EDT following the new project addition, sending its market capitalization to approximately C$27 million.

L'antimoine, le métal anti-feu, dépasse les 37 000 dollars la tonne

RFI le : 15/11/2024

L'antimoine, un métal utilisé dans les retardateurs de flamme, atteint des prix historiques. Cette hausse spectaculaire est portée depuis deux mois par les restrictions imposées par la Chine sur l'exportation des produits à base d'antimoine.

Cela fait deux mois que la Chine contrôle drastiquement ses exportations d'antimoine, deux mois pendant lesquels les prix spot du métal ont bondi de plus d'un tiers. De 25 000 $/tonne, mi-septembre, ils ont dépassé les 37 000 $/tonne cette semaine, pour une livraison au port de Rotterdam, selon des données d'Argus Media qui pointe des stocks très bas dans les entrepôts.

L'application des restrictions chinoises, qui pourraient encore durer plusieurs mois, selon un expert de la filière, a joué un rôle de catalyseur de prix dans un marché déjà tiré vers le haut depuis le début de l'année, et plus largement depuis 2020, comme le rappelle une étude de Mineralinfo, le site d'information du ministère français de la Transition écologique et du Bureau de recherches géologiques et minières (BRGM).

L'antimoine est résistant au feu et c'est ce qui lui vaut d'être prisé aussi bien pour la fabrication de plaquettes de frein que de munitions. Grâce à ses autres propriétés, il est utilisé pour la construction de batteries électriques et de cellules photovoltaïques. Cette dernière application sera peut-être le moteur de la consommation de demain : selon le cabinet de conseil Project Blue, plus d'un tiers de la demande mondiale d'antimoine d'ici à 2050 sera tirée par le secteur photovoltaïque.

Un métal critique pour l'Union européenne

Depuis 2011, l'Union européenne a compris que le métal gris-blanc était stratégique et l'a inscrit sur la liste des métaux critiques. À cette époque, les prix avaient bondi après une baisse de la production chinoise. Le stress de manquer avait entrainé des évolutions technologiques et accéléré le recyclage de batteries en fin de vie.

Mais cela n'a pas permis d'éviter un déficit évalué au printemps à 10 000 tonnes environ, selon Project Blue, car face à la multiplication des usages, l'offre ne suit pas.

Un approvisionnement dépendant de la Chine et de la Russie

Le renouvellement des réserves est trop lent, la teneur en antimoine est en baisse dans les mines historiques, en particulier celles de Chine. Le pays a vu sa production baisser ces dernières années — soit 37,5 % de la production mondiale en 2023 selon le BRGM — mais domine toujours le marché avec la Russie et le Tadjikistan. Cette concentration rend l'approvisionnement particulièrement vulnérable aux tensions géopolitiques.

Les prix records actuels pourraient pousser des investisseurs à s'intéresser plus à l'antimoine, ou encourager le recyclage. Mais le déficit est parti pour durer jusqu'en 2026, de l'avis des experts de Project Blue.

Military Metals to acquire mineral properties in Slovakia
The acquisition includes the Trojarova antimony-focused property and the Medvedi Tin Project.

October 8, 2024

Military Metals has signed a binding letter of intent (LOI) to acquire 100% ownership of three mineral properties in Slovakia, strengthening its position in the global critical minerals sector.

Under the LOI, Military Metals will acquire 100% ownership of 1458205 B.C. (Target), a private company holding three brownfield projects in Slovakia.

This acquisition includes two antimony-focused properties and one tin project, all located within the EU.

The assets involved in the transaction include the Trojarova Antimony Project and the Medvedi Tin Project, both of which boast historical resources from the Soviet era.

To secure the deal, Military Metals will issue ten million common shares valued at C$5.6m ($4.11m) to the shareholders of the Target, with the aim of finalising a definitive agreement and closing the acquisition by October 2024.

Located in western Slovakia, the Trojarova Antimony Project has undergone extensive exploration, revealing significant historical resources of antimony and gold.

Although these findings are not compliant with current standards, Military Metals is committed to conducting new drilling to ensure the data meets National Instrument 43-101 (NI 43-101) requirements.

The acquisition also includes the Tiennesgrund Antimony Project in eastern Slovakia, which features a 10km-long fault-hosted vein system, and the Medvedi Potok Tin Project, known for its classic tin vein system with underground workings and historical resources.

As part of this strategic move, Military Metals will secure access to small-scale processing equipment, which aligns with the company’s focus on operational efficiency and innovation.

Military Metals CEO Scott Eldridge said: “This acquisition strategically positions Military Metals as a leading explorer and developer of antimony.

“The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia’s strong mining infrastructure and history. We see this as a perfect alignment with the EU’s Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production.”