EV Resources Advances with Los Lirios Acquisition and Parag Survey Breakthrough

Strategic Acquisition of Los Lirios Antimony Mine

EV Resources Limited (ASX: EVR) has taken a significant step forward by securing a 70% interest in the Los Lirios Antimony Mine located in Oaxaca State, Mexico. This acquisition, structured as a joint venture with local owners and Proyectos y Construcciones GEO S.A de C.V, positions EVR to capitalize on a past-producing asset with existing open pit and underground workings. The mine’s historical focus on direct shipping ore (DSO) grades offers a potentially low-cost entry point into antimony production, a critical metal with limited large-scale supply alternatives compared to lithium or rare earths.

EVR will fully fund exploration and development activities up to a pilot plant capable of processing 300 tonnes per day, reimbursing partners US$80,000 for prior expenditures. This move reflects EVR’s strategic pivot to diversify its portfolio and leverage market conditions favoring antimony, a metal gaining attention for its industrial applications and supply constraints.

Parag Copper-Molybdenum Project: Geophysical Survey Success

Meanwhile, at the Parag Project in Peru, where EVR holds a 70% interest, the company completed a comprehensive geophysical survey program combining Induced Polarization (IP)/Resistivity and ground magnetometry. Covering 34 line kilometres, the survey identified multiple high-priority drill targets within a large porphyry system, corroborating earlier drilling results that revealed significant copper, molybdenum, and silver mineralization.

The IP survey highlighted chargeability anomalies consistent with sulphide mineralization, while resistivity data suggested alteration zones and feeder structures. Ground magnetic data further delineated preserved igneous bodies and hydrothermal alteration halos, with several anomalies remaining undrilled, presenting compelling targets for upcoming exploration phases.

EVR plans to integrate these new geophysical insights with historical drilling data, re-log existing core samples, and potentially partner with strategic investors to accelerate resource definition. The company’s methodical approach underscores its commitment to unlocking the full potential of Parag’s multi-pit, high-grade prospects.

Corporate Developments and Financial Position

On the corporate front, EVR successfully closed a pro-rata non-renounceable rights issue, raising over $1 million to support ongoing exploration and working capital needs. The company’s cash position stood at $219,000 at the end of December 2024, supplemented by a $25 million equity placement facility and a $700,000 unsecured loan facility, providing a robust funding runway.

Board changes were noted with the resignations of Mr. Navinderjeet Singh and Ms. Lynette Suppiah, leaving a streamlined leadership team focused on executing EVR’s growth strategy. Exploration expenditure for the quarter totaled $238,000, reflecting active investment in advancing key projects.

Looking Ahead

EV Resources is poised to continue its exploration momentum with planned drilling campaigns at Parag and development activities at Los Lirios. The company’s dual focus on antimony and copper-molybdenum assets aligns with evolving market demands and supply dynamics, potentially positioning EVR as a notable player in these critical mineral sectors.