Felix Gold has transitioned from exploration to development with a metallurgical breakthrough producing military-grade antimony and is advancing pilot plant operations and government funding applications to meet US military demand.
- Metallurgical breakthrough producing 74% Sb military-grade concentrate
- Pilot plant program underway to validate continuous production
- Two DOE funding applications submitted totaling over $80 million
- Targeting metal production via toll treatment in H2 2026 or dedicated facility in H1 2027
- Completed $18 million institutional placement and appointed new Non-Executive Director
From Exploration to Integrated Development
Felix Gold Limited (ASX, FXG) marked a pivotal shift in the December 2025 quarter, evolving from a pure explorer into an integrated critical minerals developer focused on the Treasure Creek Antimony Project in Alaska. This transition is underpinned by a metallurgical breakthrough that has allowed the company to produce military-grade antimony concentrate exceeding stringent US military specifications, a feat unmatched globally outside China.
Metallurgical and Processing Advances
November 2025 test results confirmed a 74% antimony flotation concentrate surpassing the MIL-A-22131 military-grade standard, with exceptional purity levels including arsenic ten times below specification and no deleterious sulphosalt minerals. This purity simplifies processing and reduces costs, enabling Felix Gold to pursue both hydrometallurgical and pyrometallurgical pathways. The company secured exclusive rights to the Albion Process and dispatched approximately 300 kilograms of ore to Core Technologies for a ~10-week pilot plant program designed to validate continuous production and confirm flowsheet repeatability.
Strategic Government Engagement and Funding
Felix Gold has positioned itself as a credible domestic supplier aligned with US critical minerals policy, submitting two Department of Energy applications seeking over $80 million in federal funding. These applications support a pilot processing facility and novel exploration technologies. The company is actively engaging with US Army and government agencies for qualification testing and strategic partnerships, including offtake and stockpile concepts, reinforcing its role as a key player in reshoring critical mineral supply chains.
Exploration and Permitting Progress
The company completed a comprehensive 123-hole drill program totaling nearly 9,000 metres, with assay results pending for a substantial portion of holes, promising significant news flow in early 2026. Environmental baseline studies are substantially complete with no issues identified, and permitting efforts are advancing with the Alaska Department of Natural Resources. Felix Gold is fully mobilised on-site, ready to commence bulk sampling operations pending permit approval, which will serve as a transition to continuous mining.
Capital and Leadership Strengthening
Financially, Felix Gold bolstered its position with an $18 million institutional placement supported by both Australian and offshore investors. The appointment of Blair Way, former CEO of Patriot Battery Metals and a key figure in North America's largest hard-rock lithium discovery, adds significant expertise to the board. The company’s leadership team also includes seasoned antimony plant operators, enhancing operational readiness as Felix Gold advances toward production.
Bottom Line?
Felix Gold’s integrated approach and government backing position it to reshape the US antimony supply landscape, with pilot plant results and permitting milestones set to define its near-term trajectory.
Questions in the middle?
- Will pilot plant results confirm scalability and cost-effectiveness of military-grade antimony production?
- How will pending assay results impact resource estimates and production planning?
- What are the timelines and likelihood of securing DOE funding and finalising strategic partnerships?