Legal Appeal Looms but EV Resources Pushes Ahead with Antimony Drilling Plans

A Dual-Hemisphere Antimony Strategy Takes Shape

EV Resources Limited (ASX – EVR) has delivered a transformative quarterly update, underscoring its evolution into a focused antimony developer with assets spanning Mexico and the United States. The company’s September quarter activities reveal a clear trajectory toward near-term production, anchored by promising exploration results, strategic acquisitions, and critical infrastructure agreements.

At the heart of EVR’s progress is the Los Lirios Antimony Project in Oaxaca, Mexico, where extensive trenching and sampling have identified a potentially large-scale mineralised system. Visible stibnite mineralisation across multiple zones, including newly discovered areas, has set the stage for a maiden drilling campaign slated to commence before year-end. Pending assay results from 170 channel samples will further define the project’s scale and grade.

Processing Plant Lease Unlocks Production Pathway

Complementing exploration advances, EVR secured a 150 tonnes per day processing plant at Tecomatlán, just 50 kilometres from Los Lirios. The lease agreement, with an option to purchase, provides a low-cost, fast-track route to pilot production and early cash flow generation. Initial metallurgical testing on Los Lirios material has yielded encouraging recoveries above 70% using simple gravity separation, suggesting a cost-effective processing approach without complex flotation circuits.

Expanding Footprint in the United States

Further strengthening its North American presence, EVR acquired two high-grade antimony projects in Nevada – the Dollar and Milton projects. Both have historical production records with assays up to 40% antimony, positioning EVR to tap into a developing US antimony district. Exploration programs at these sites are planned to commence in the final quarter of 2025, complementing the company’s Mexican operations and enhancing supply chain flexibility.

Financial and Leadership Momentum

EVR bolstered its financial position by raising $6.5 million through a two-tranche placement, including a $0.75 million strategic investment from Locksley Resources tied to a binding ore sales agreement for Los Lirios concentrate. The company also signed memorandums of understanding for debt funding and exclusive offtake rights, underpinning its development plans. Leadership was strengthened with the appointment of Mike Brown as Managing Director and CEO, bringing over three decades of mining and critical minerals expertise, particularly in North American project finance and government partnerships.

Navigating Legal and Operational Challenges

While EVR faces an administrative appeal regarding the cancellation of one Los Lirios concession, the company remains confident in its legal position and notes that exploration activities continue uninterrupted. Environmental permitting is advancing, with drilling approvals underway. The sale of the Khartoum Project in Queensland streamlines EVR’s portfolio, allowing a sharper focus on its antimony assets.

With a robust funding platform, secured processing infrastructure, and a growing portfolio of high-grade projects, EV Resources is well-positioned to capitalize on increasing demand for critical minerals, particularly amid US government initiatives to secure domestic supply chains. The upcoming maiden drill program at Los Lirios and exploration in Nevada will be key milestones to watch.