EV Resources Limited advances its position in the critical antimony market with a 70% stake acquisition in Mexico’s Los Lirios project and full ownership of Utah’s historic Coyote Creek claims, setting the stage for exploration and development.
- Agreement to acquire 70% interest in Los Lirios Antimony Mine, Oaxaca, Mexico
- 100% acquisition of 49 claims at Coyote Creek Antimony Project, Utah, USA
- High-grade antimony samples at Los Lirios with assays up to 62.99% Sb
- Historical non-JORC resource of 12.7 million tonnes at 0.79% Sb at Coyote Creek
- Plans for pilot mining and exploration with $25 million equity facility supporting growth
Strategic Acquisitions in a Tightening Antimony Market
EV Resources Limited (ASX: EVR) has made significant strides in positioning itself as a key player in the antimony sector, a critical mineral experiencing supply constraints and rising prices globally. The company announced agreements to acquire a 70% interest in the Los Lirios Antimony Project in Oaxaca State, Mexico, and full ownership of the Coyote Creek Antimony Project in Utah, USA. These moves align with EVR’s strategy to develop an Americas-focused antimony portfolio based on open pit mining opportunities.
Los Lirios, a past-producing mine with four licences covering 1,652 hectares, features historic open pits and underground workings along a 7-kilometre mineralised trend. Notably, grab samples from Los Lirios 3 have returned exceptionally high antimony assays of up to 62.99% Sb, while stockpiled materials show grades ranging from 15% to 29%. The project’s geology, hosted within Jurassic limestone and shale formations, suggests potential for significant mineralisation along shear zones extending over hundreds of meters.
Coyote Creek: Unlocking a Historical Resource in the USA
In the United States, EVR’s acquisition of 49 unpatented claims at Coyote Creek covers an area with a rich history of antimony mining dating back to the 1880s. The project holds a historical non-JORC resource estimate of 12.7 million metric tonnes grading 0.79% antimony, compiled by the Utah Geological and Mineral Survey in 1975. While this estimate requires modern verification and JORC-compliant classification, it represents a substantial potential resource in a country currently reliant entirely on imports for antimony concentrates.
EVR plans to commence exploration activities at Coyote Creek in 2025, including detailed surveys, trenching, channel sampling, and drilling to validate and upgrade the historical resource. The project’s accessibility via paved and forestry roads and its proximity to the town of Antimony, Utah, further enhance its development prospects.
Financial Position and Corporate Developments
During the quarter, EVR raised $520,000 through a rights issue shortfall placement and maintains a cash balance of $156,000 as of 31 March 2025. The company also holds a $25 million equity placement facility and a $700,000 loan facility, providing substantial financial flexibility to fund exploration and development activities. Exploration expenditure for the quarter was $203,000, focused primarily on the antimony projects.
Additionally, EVR entered into an agreement to sell its La Cienega Project in Arizona to Magnum Mining and Exploration Limited for a 2% net smelter return royalty, subject to due diligence and regulatory approvals. This divestment aligns with EVR’s strategic focus on antimony assets in the Americas.
Outlook and Market Context
With global antimony supply tightening and prices rising, EVR’s acquisitions position the company to capitalize on a critical mineral essential for flame retardants, batteries, and strategic defence applications. The Los Lirios project’s high-grade samples and the sizeable historical resource at Coyote Creek offer promising foundations for near-term development and production. However, both projects require further due diligence, resource validation, and permitting before advancing to commercial operations.
EVR’s approach of targeting low-cost jurisdictions with established mining skills, combined with its financial readiness, suggests a pragmatic pathway to unlocking value in these antimony assets. The company’s next steps will focus on completing due diligence, formalising joint venture agreements, and initiating exploration programs to confirm resource potential and economic viability.
Bottom Line?
EV Resources’ dual acquisitions mark a pivotal step in securing critical antimony supply, but upcoming exploration results will be key to validating their market potential.
Questions in the middle?
- Will EVR’s due diligence confirm the economic viability of the Los Lirios project’s high-grade antimony deposits?
- How soon can EVR complete JORC-compliant resource verification at Coyote Creek to attract development capital?
- What impact will EVR’s emerging antimony supply have on the tight global market and pricing dynamics?