Antimony is a critical metal which Blue Ocean Equities notes has one of the most skewed resource endowment distributions outside of Western countries, including many that are openly hostile to US economic and defence interests.
As with other critical metals, China historically dominates as the primary production of antimony including across the supply chain with advanced processing capabilities.
As independent advisory firm Blue Ocean Equities notes, however, Chinese mine production decreased from 110kt in 2015 to 40kt in 2023. Key drivers for this decline in mine supply include depletion of higher grade resources and tighter environmental controls amid consolidation of small-scale mining.
“Strong demand growth, mainly from solar PV where China is market leader on global manufacturing and consumption, combined with: (i) no material new supply beyond Russia and Tajikistan and (ii) protracted military conflicts across Ukraine (dislocating Russian supply) and Middle East depleting strategic stockpiles and shifting the market into material structural deficits,” Blue Ocean Equities reports.
A forecast by China Merchants Securities suggests antimony demand from the photovoltaic sector alone will increase from roughly 16,000 tonnes in 2021 to 68,000 tonnes in 2026. The industry’s share of total consumption is poised to rise from 11% to 39%.
However, Blue Ocean Equities says total antimony demand is estimated to be circa 160,000tpa. Short term growth drivers in the demand for antimony include strong growth of solar PV as key foundation of a policy driven energy transition with strong focus on renewables, regulation that requires flame retardant properties in building materials , and extended warfare across Ukraine and the Middle East.
With these major (and proxy) wars currently raging, plus many other conflicts — from insurgencies in parts of Africa to drug cartel wars in Mexico — the global antimony market remains in a state of net deficit.
And steep growth in demand is expected to tighten the available supply over the coming years.
There are two primary forms of antimony for sale – metallic antimony, used primarily as a hardening agent in manufacturing solder, ammunition, castings, and pewter; and antimony trioxide (ATO), used in flame retardants and increasingly as a clarifying agent in solar glass, which increases panel efficiency.
The metal is in high demand. In addition to antimony’s application in flame retardants and cladding, which boomed after the Grenfell Tower fire incident in June 2017 in London, UK, military applications account for a significant share of its usage.
As a key hardening alloy in lead and tin, antimony is vital for the manufacturing of arms and ammunition, as well as other advanced technologies, manufacturing and renewable energy applications.
Though the aforementioned factors are well-established, prices were dealt an additional boost with China’s decision to restrict exports of the metal from mid-September 2024.
Given China’s status as the world’s dominant supplier, it was huge news, and came under the auspices of national security. A brief explanation at the time said the Chinese Government opposes any country using items from the country “to engage in activities that undermine China’s national sovereignty, security, and development interests”.
China imposed similar restrictions previously on exports of gallium and germanium – two metals used in computer chips and solar cells, to “safeguard national security”. Some analysts suspected that China simply does not have the antimony reserves it used to.
Should this be the case, where will the much needed antimony come from to meet burgeoning demand? And how do things look going forward?
It is, predictably, a matter of supply and demand.
Mining.com.au has below selected some interesting emerging antimony plays in various stages of advancement, which are all vying to capitalise on this critical sector.
Felix fieldwork
Blue Ocean Equities prefers exposure to ASX-listed companies with near term production and/or potential for globally significant resources, and reports it has a liking for Felix Gold (ASX:FXG).
Felix is working towards near-term production at its flagship Treasure Creek Antimony Project in Alaska. As reported by this news service, June and July marked a pivotal period for the company where a large volume of technical data has been enabling integration of all workstreams to define the optimal production pathway.
This will feed into resource modelling, mine planning, and economic studies, forming the technical basis for its first mine permit application, targeted for H2 2025.
In June, field-based exploration and development work started at Treasure Creek, which hosts significant antimony mineralisation across multiple deposits, with NW Array and Scrafford representing the most advanced prospects.
Antimony mineralisation occurs primarily as stibnite (Sb₂S₃) and oxidised forms, including stibiconite and some valentinite, hosted within quartz-mica schists and associated with gold mineralisation.
The project benefits from infrastructure access and is located within 20 minutes of Fairbanks, with established roads, power, and a skilled workforce.
Executive Director Joe Webb says this proximity to infrastructure significantly de-risks any future development scenarios.
Webb adds that Treasure Creek is uniquely positioned — “a brownfield site that has already supplied the US government, sitting just outside Fairbanks with road, power, and workforce on its doorstep”.
“We’ve recorded five of the seven highest-grade antimony intercepts ever reported in the S&P Global database, and mineralisation begins right at surface.
“With record antimony prices and a clear US policy push for secure, domestic supply, we couldn’t be better placed. What we’re doing now is moving with intent — trenching, drilling, environmental and engineering work — to assess the viability of getting this project into production in the near term.”
Alaska has such strategic importance, US President Trump has signed an executive order “Unleashing Alaska’s Extraordinary Resource Potential”, which aims to dramatically expand development across the region’s vast, largely untapped natural resources.
The Fraser Institute’s latest annual survey for 2024 also places Alaska in third spot.
Mining today plays an active role in the state’s economic growth. The mining industry in Alaska provides 12,000 total direct and indirect jobs, contributes to C$1.1 billion being spent on goods and services, and provides C$1.1 billion in wages statewide.
Krakatoa about to erupt
Krakatoa Resources (ASX:KTA) in mid-July began preparing its Zopkhito Antimony-Gold Project for a 7,000m to 10,000m maiden diamond drilling program.
The aim is to extend the current resource estimate with upcoming geophysical surveys before starting with drilling. The project hosts an estimate of 225,000 tonnes @ 11.6% antimony for contained 26,000 tonnes of antimony and 7.1 million tonnes @ 3.7 grams per tonne for 815,119 ounces of gold.
Krakatoa in December 2024 entered into a binding term sheet with JSC Caucasas Minerals (JSCCM) to acquire up to an 80% interest in Zopkhito.
In June 2025, the company raised $1.302 million to launch drilling at the antimony project. The Zopkhito project covers an area of 1,779 hectares in the northern part of Racha region in Georgia, a country which borders Eastern Europe and Asia and has Azerbaijan, Russia, Republic of Türkiye, and Armenia as neighbours.
Zopkhito is situated 170km from Kutaisi – the second biggest town in Georgia – where rail infrastructure links to the western ports (Poti and Batumi) on the Black Sea. The closest town is a village called Gebi, some 20km from the site.
Larvotto looking ahead
Blue Ocean Equities also covers Larvotto Resources (ASX:LRV), which is actively deploying pre-production capital into ongoing infill and expansionary drilling from underground and surface at Hillgrove Antimony-Gold Project in New South Wales. These early site works come ahead of a mill expansion.
Managing Director Ron Heeks says an August $10 million share purchase plan, together with the recently completed $60 million placement, places the company in a strong financial position to develop its antimony project.
Heeks says development of the Hillgrove Mine is advancing in readiness for mining to begin with first production expected as early as Q2 2026.
On 31 July, Larvotto reached the final investment decision (FID) to proceed with the development of the Hillgrove project and approved the $140 million capital cost for the development.
Lode of antimony
Lode Resources (ASX:LDR) is another player in the space that Blue Ocean Equities has a liking for. Lode is advancing its ‘high-grade’ Montezuma Antimony & Silver Project with near-term production potential and historical Magwood Sb mine.
On 18 August, the company received a batch of ‘high-grade’ antimony and silver drill results from the Montezuma Antimony & Silver Project, with antimony-silver-gold-tin mineralisation delineated over 200m strike length and 200m depth remaining open in all directions with drilling continuing.
Managing Director Ted Leschke says the Montezuma drill program continues to produce exciting results.
“All holes have intercepted multiple zones of strong mineral endowment and now we are seeing the potential for bulk tonnage resources which could materially increase project scale,” Leschke says.
“In addition to high-grade antimony and silver mineralisation there are consistent zones of strong tin and gold mineralisation adding significantly to the overall metal endowment.”
Precision Military moves
Military Metals (CSE:MILI) CEO Scott Eldridge is excited about the momentum building in its projects and the growing recognition of antimony’s strategic role.
Eldridge says Military Metals has renewed the meaning of the Tiennesgrund Antimony-Gold Project in Slovakia in particular, after recently completing a preliminary field and historical data review.
The company is embarking on a field campaign focused on structural controls of mineralisation so that drill targets can be accurately delineated. The upcoming program is expected to begin in October 2025, as reported.
Antimony is listed as a critical raw material under the European Union’s Critical Raw Materials Act, and Tiennesgrund has potential to support the continent’s ambition to secure domestic supply chains for essential minerals.
Eldridge highlights how China’s dominance in antimony mining and processing has left Western nations vulnerable, particularly with export controls and geopolitical tensions on the rise.
US stockpiles are at critically low levels, heightening risks for military applications like munitions and night vision.
Military Metals is tackling this through a portfolio of historical assets in allied jurisdictions including the West Gore project in Nova Scotia, which produced 7,000 tonnes of 46% antimony concentrate during World War I, aiding the Allied effort; the Trojarova deposit in Slovakia, 3km from the historical Pezinok mine; and the Last Chance project in Nevada, with antimony production during WWI and WWII yielding an estimated 192 tons of metallic antimony by 1963.
Rokeby rocking forward
Rokeby Resources (ASX:RKB), previously known as Inca Minerals, is a mineral explorer focused on gold and antimony discoveries in Australia.
The company is undertaking follow-up drilling at the group’s Hurricane Project in Queensland.
Located in the Hodgkinson Province of northeastern Queensland, Hurricane has mineralisation consistent with sediment-hosted orogenic gold systems, marked by a core antimony-arsenic-gold-silver geochemical signature.
Zeus: Sky is the limit
Zeus Resources’ (ASX:ZEU) flagship Casablanca Antimony Project in central Morocco covers six granted licences over a combined 79km2 area. The project features multiple historical and recent artisanal workings and has returned rock chip samples up to 46.52% antimony.
In late August it executed a licence agreement with a Newmont (ASX:NEM) subsidiary to acquire its exploration database and Morocco regional framework study to expedite exploration.
The licence provides Zeus with immediate access to Newmont’s Morocco exploration database and Morocco regional framework study, representing years of systematic regional work across the Anti-Atlas and Central Meseta regions – globally recognised for their gold, base metal, and critical mineral potential.
Geochemical and sampling coverage, digital geology and structural interpretations, as well as mineral occurrence records, associated databases, and technical reports are all included in the database.
Zeus says this comprehensive compilation represents a detailed study of the Anti-Atlas metallogenic belt and provides a robust platform for advanced regional targeting and project generation.
Write to Adam Orlando at Mining.com.au
Images: Felix, Larvotto & Military Metals
