EV Resources has completed extensive groundwork at its Los Lirios Antimony Project in Mexico and secured a processing plant, positioning itself for a transformative 2026 with maiden drilling and production plans underway.
- Extensive trenching and sampling at Los Lirios confirm high-grade antimony mineralisation
- Maiden diamond drilling program scheduled to start January 2026 targeting key zones
- Secured 150tpd Tecomatlán processing plant under lease with option to purchase
- High metallurgical recoveries achieved with simple gravity processing methods
- Strong cash position of AUD 3.2 million and $25 million equity facility support growth
Operational Progress at Los Lirios
EV Resources Limited (ASX, EVR) has reported a quarter of significant operational advancement at its flagship Los Lirios Antimony Project in Oaxaca, Mexico. Building on previous work, the company completed six additional trenches and collected 140 channel samples across three high-priority target areas. Geological mapping reinforced the presence of widespread stibnite mineralisation, validating the structural model that underpins the project’s potential.
Despite some delays in assay results due to high stibnite content, initial metallurgical test work has been promising. Exceptional grades were confirmed, including 29.2% antimony from stockpiles and up to 15.3% from pit samples, with an average head grade of 4.45%. Recovery rates of over 90% were achieved using a simple, reagent-free gravity process, highlighting a low-cost pathway to concentrate production.
Drilling and Infrastructure Readiness
Preparations for the maiden diamond drilling program are complete, with over 5.5 kilometres of new and rehabilitated roads providing reliable site access. The initial phase, targeting 900 metres of the mapped Lirios Fault Zone, is set to commence by the end of January 2026. This drilling campaign aims to define priority zones and underpin a maiden JORC resource estimate expected in the third quarter of 2026.
Complementing exploration efforts, EVR secured the Tecomatlán processing plant in Puebla, Mexico, under a lease with an option to purchase. The 150 tonnes per day facility is undergoing refurbishment to establish a two-stage gravitational plant capable of producing antimony concentrates with grades between 22% and 36%. Minimal permitting requirements suggest the plant could be operational by the third quarter of 2026, potentially processing both Los Lirios bulk samples and artisanal ores from the region.
Expanding US Critical Minerals Footprint
In the United States, EVR’s Dollar and Milton projects in Nevada have delivered encouraging early-stage exploration results. Rock chip sampling from historic workings returned high-grade assays including antimony up to 15.05%, copper up to 24%, and silver exceeding 10,000 ppm in some samples. These findings bolster the company’s strategy to develop a domestic supply chain for critical minerals, addressing projected shortages in the US market.
Corporate Strength and Outlook
Corporate developments include the appointment of Mike Brown as Managing Director and CEO, bringing over three decades of mining and critical minerals experience. The sale of the Khartoum Project has streamlined the portfolio, allowing EVR to focus on its antimony assets. The company ended the quarter with a robust cash balance of AUD 3.2 million and access to a $25 million equity drawdown facility, providing ample funding for upcoming catalysts.
Looking ahead, EVR plans to deliver assay results from channel samples in February, commence plant refurbishment, and accelerate exploration at its US projects. The company is also engaging with government agencies in both Mexico and the US to explore funding and support opportunities, positioning itself as a key player in the critical minerals sector.
Bottom Line?
With drilling imminent and processing capacity secured, EV Resources is poised to transform exploration success into production momentum in 2026.
Questions in the middle?
- Will the maiden drilling at Los Lirios confirm the scale and grade suggested by surface sampling?
- How quickly can the Tecomatlán plant be refurbished and ramped up to production capacity?
- What level of government support or funding might EVR secure to accelerate its US and Mexican projects?