Military Metals (CSE:MILI) has pulled the trigger on another antimony acquisition just a week after entering into an asset purchase agreement to acquire the West Gore Antimony Project located in Nova Scotia.
The British Columbia-based mineral exploration company has now signed a binding letter of intent to acquire a privately held company holding three brownfield projects in Slovakia – two antimony-focused properties and one tin project – all located within the European Union.
The assets include the Trojarova Antimony Project and the Medvedi Tin Project, both containing historical resources dating back to the Soviet era.
As part of the transaction, Military Metals will issue 10 million common shares, valued at C$5.6 million ($6.09 million), to the target’s shareholders.
The company aims to finalise a definitive agreement and close the acquisition by October 2024.
On 30 September, Mining.com.au reported Military Metals was acquiring West Gore – a series of mineral claims comprising and brownfield project with past production, historical ‘high-grade’ drill results include 7.07m of 10.6 grams per tonne gold and 3.4% antimony.
As a critical component for battery technology, advanced military systems, and other industrial applications, antimony is in high demand globally. It is recognised and classified as a critical mineral by the US, European Union, and other leading economies.
With much of the world’s antimony reserves concentrated in China, Russia, and Tajikistan, Military Metals sees an opportunity to enhance Western access to this essential resource.
CEO Scott Eldridge says 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 European Union’s Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production,” says Eldridge.
The Trojarova Antimony Project has been extensively explored, with historical Soviet-era data indicating substantial antimony and gold historical resources.
While these estimates are not yet compliant with modern standards, Military Metals plans to validate them with new drilling, ensuring compliance with National Instrument 43-101 (NI 43-101) requirements.
Additionally, the company is acquiring the Tiennesgrund Antimony Project in Eeastern Slovakia, which holds a 10 km-long fault-hosted vein system, and the Medvedi Potok Tin Project, a classic tin vein system with underground workings and historical resources.
As part of the acquisition, Military Metals will also gain access to small-scale processing equipment, reinforcing its strategy of operational efficiency and innovation.
With geopolitical tensions and increasing demand putting pressure on critical mineral supply chains, Military Metals says it is positioning itself to become a key player in securing Western access to vital antimony resources.
Antimony is a strategic critical mineral used in all manner of military applications, including the manufacture of armour-piercing bullets, night vision goggles, infrared sensors, precision optics, laser sighting, explosive formulations, hardened lead for bullets and shrapnel, ammunition primers, tracer ammunition, nuclear weapons and production, tritium production, flares, military clothing, and communication equipment.
Write to Adam Orlando at Mining.com.au
Images: iStock
