How EV Resources’ Milton Acquisition Could Reshape U.S. Antimony Supply
EV Resources Limited has acquired the high-grade Milton Canyon Antimony Project in Nevada, reinforcing its strategy to supply critical minerals to the U.S. market. This move complements its existing assets in Nevada and Mexico, aligning with U.S. government priorities for secure antimony sources.
- Acquisition of Milton Canyon Antimony Project in Nevada
- Historic high-grade antimony mineralization with assays up to 20.77% Sb
- Complements Dollar Antimony Project in Nevada and Los Lirios Project in Mexico
- Aligned with U.S. critical minerals supply strategy and government priorities
- Consideration includes cash, shares, and a 2% net smelter return royalty
Strategic Acquisition in Nevada
EV Resources Limited (ASX – EVR) has announced the acquisition of the Milton Canyon Antimony Project, a historically productive and high-grade antimony district located in Nye County, Nevada. This acquisition marks a significant step in EVR’s ambition to become a fast-to-market supplier of antimony, a mineral designated as critical by the U.S. government for its defense and energy sectors.
The Milton Project comprises 18 lode claims covering historic mine workings, with past production dating back to 1939 when approximately 30 tons of ore averaging 40% antimony were shipped. Recent assays from stockpiles and workings show grades as high as 20.77% antimony, underscoring the project's potential for near-term development.
Building a Cross-Border Critical Minerals Portfolio
This acquisition complements EVR’s existing Dollar Antimony Project, also in Nevada, which is strategically positioned near the U.S. military’s Hawthorne critical minerals storage facility. Together, these assets establish a strong U.S. footprint for EVR, enhancing its ability to supply domestic and allied markets.
EVR’s strategy extends beyond the U.S. border, integrating its flagship Los Lirios Antimony Project in Puebla State, Mexico. Los Lirios is advancing toward drilling and resource definition, with encouraging early results and infrastructure developments. By linking production from Los Lirios with processing capabilities in Nevada, EVR aims to create a resilient, cross-border supply chain that aligns with U.S. Department of Defense and Department of Energy priorities.
Strategic and Financial Considerations
The acquisition terms include a non-refundable cash payment of AUD 150,000, AUD 350,000 in EVR shares, and a 2% net smelter return royalty payable to the vendor on all minerals produced. Completion is contingent upon the vendor securing legal title to the mining claims, which cover approximately 360 hectares within the Toiyabe National Forest, requiring coordination with the U.S. Forest Service for any development activities.
EVR’s Chairman Shane Menere highlighted the strategic importance of the Milton acquisition, noting the escalating demand for secure critical minerals supply and EVR’s unique position as one of the few companies outside China developing an integrated antimony supply chain targeting U.S. government and allied industries.
Next Steps and Market Implications
EVR plans to undertake confirmatory sampling and mapping at Milton, integrate the new asset with its existing Nevada projects, and continue advancing Los Lirios toward drilling and resource definition. The company is also engaging with U.S. government stakeholders and potential end-users to secure strategic funding and offtake agreements.
While the acquisition leverages historic data and existing infrastructure, it remains early stage with no recent drilling reported. The success of EVR’s strategy will depend on timely regulatory approvals, effective exploration, and the ability to navigate operational challenges inherent in developing critical mineral projects in Tier 1 jurisdictions.
Bottom Line?
EV Resources’ Milton acquisition cements its role in the U.S. critical minerals supply chain, but execution risks remain as it moves toward production.
Questions in the middle?
- What are the timelines and capital requirements for advancing Milton to production?
- How will EVR secure offtake agreements with U.S. government and allied industries?
- What exploration results will confirm the scale and continuity of Milton’s antimony mineralization?
