What's Happening?
EV Resources, listed on the Australian Securities Exchange as EVR, has acquired the Milton Canyon Antimony Project located in Nye County, Nevada. This acquisition is part of the company's strategy to become a 'fast-to-market' supplier of antimony in the United States. The deal involves acquiring Strategic Minerals from MineMaker, which holds 100% of the mining claims for the Milton Antimony Project. The transaction includes 18 claims covering an area of 3.6 square kilometers, with a total cash consideration of $150,000 and $350,000 worth of shares. MineMaker will retain a 2% net smelter return fee on material sold from the project. EV Resources plans to conduct confirmatory sampling and mapping at Milton Canyon while advancing its Los Lirios Project in Mexico.
Why It's Important?
The acquisition of the Milton Canyon Antimony Project is significant as it strengthens EV Resources' position in the U.S. antimony market, a critical mineral for various industries, including defense and energy. The demand for antimony is rapidly increasing, and this move aligns with the company's strategy to support the U.S. Department of Defense and Department of Energy by providing a domestic supply of antimony concentrate. This acquisition also positions EV Resources as one of the few companies outside China developing an integrated antimony supply chain, which is crucial given the geopolitical importance of securing supply chains for critical minerals.
What's Next?
EV Resources plans to initiate a confirmatory sampling and mapping program at the Milton Canyon site. The company is also progressing with the development of its Los Lirios Project in Mexico, with plans for drilling and resource definition. These steps are part of EV Resources' broader strategy to establish a robust supply chain for antimony, catering to the growing demand in the U.S. market. The company's efforts could lead to increased production and supply of antimony, potentially reducing U.S. reliance on foreign sources for this critical mineral.
