EV Resources Raises $5.5M at 20% Discount to Advance Antimony Development

Capital Raise to Propel Antimony Development

EV Resources Limited (ASX, EVR) has announced a firm commitment to raise up to A$5.5 million through a two-tranche share placement aimed at advancing its key antimony projects, Los Lirios and Dollar. The initial tranche of approximately 235 million shares will be issued under existing ASX listing rules, while the second tranche, comprising around 453 million shares, awaits shareholder approval. The placement price of $0.008 per share reflects a notable discount to recent trading prices, underscoring the company’s urgency to secure funding for its development plans.

Strategic Partnership with Locksley Resources

A highlight of the placement is a conditional A$750,000 strategic investment from Locksley Resources Limited (ASX, LKY), contingent upon the execution of a binding Ore Sales Agreement. This non-binding Heads of Agreement sets the stage for EV Resources to supply antimony concentrate from Los Lirios to Locksley’s refining facility. The partnership is designed to validate concentrate quality through metallurgical testing and establish a long-term offtake framework, potentially securing a stable customer for EVR’s production while supporting Locksley’s refining ambitions in the U.S. market.

Use of Funds and Project Advancement

Proceeds from the placement will be directed towards accelerating resource definition drilling, pilot-scale mine restart activities, and metallurgical test work to optimise recovery rates and concentrate specifications. The company plans detailed geological mapping, trenching, and channel sampling to underpin maiden resource estimates and scoping studies. These efforts aim to de-risk the projects and position EV Resources for potential production ramp-up, with a focus on delivering high-quality antimony concentrate to downstream processors.

Board and Institutional Support

Notably, EV Resources’ board members have committed to participate in the placement, collectively investing A$500,000 subject to shareholder approval. Several institutional investors have also provided binding commitments, reflecting confidence in the company’s strategy and the growing importance of antimony in critical supply chains. Alpine Capital Pty Ltd acted as lead manager for the placement, receiving a fee and options as part of the arrangement.

Outlook and Market Positioning

EV Resources’ Managing Director highlighted the significance of the Locksley partnership in validating concentrate quality and strengthening the company’s position within the antimony supply chain, particularly for U.S. downstream markets. As antimony gains attention for its role in emerging technologies and supply security, EVR’s progress could attract further investor interest. However, the finalisation of binding agreements and successful execution of development milestones remain critical to realising this potential.