EV Resources Advances Mexico Antimony Hub with Drilling and Plant Refurbishment on Track

Drilling and Geophysics Unlock New Targets at Los Lirios

EV Resources (ASX:EVR) has completed 11 diamond drill holes at its flagship Los Lirios Antimony Project in Mexico, marking the first systematic drilling campaign on the property. While assay results are still pending, initial surface grades have reached up to 30.2% antimony (Sb), underscoring the project's high-grade potential. The drilling aims to provide the first quantified subsurface intercepts, a critical step toward the maiden JORC Mineral Resource Estimate planned for the third quarter of 2026.

Complementing the drilling, EVR has initiated a Controlled-Source-Audio-frequency Magnetotellurics (CSAMT) geophysical survey over 13 line kilometres across the Lirios 1 and Lirios 2 targets. This technique is particularly suited to detecting stibnite mineralisation associated with quartz gangue, the dominant sulphide at Los Lirios. The survey will help delineate mineralisation and structural controls, enhancing drill targeting efficiency across the largely unexplored 1,552-hectare property, where 90% remains untested and nearly 5 kilometres of the Lirios Fault Zone await systematic evaluation.

San Miguel Vein Discovery Highlights Near-Surface Potential

A significant highlight from recent fieldwork is the identification of the previously unrecognised San Miguel vein structure at Lirios 1. This 2-metre wide, shallow-depth vein was uncovered near Pit 5, revealing new antimony mineralisation that had not been historically exploited or identified. Preliminary handheld XRF readings indicate variable antimony oxide (cervantite) presence, with formal laboratory assays underway. This discovery adds a fresh, drill-ready target that could expand the near-surface resource base.

Tecomatlán Plant Refurbishment Progresses on Schedule

Central to EVR's near-term production strategy is the Tecomatlán Processing Plant in Puebla, Mexico, located just 50 kilometres from Los Lirios. The plant refurbishment is advancing well, with key steel fabrication and the commissioning of three ball mills underway as part of a five-week grinding circuit rehabilitation program. This low-capital, milestone-based approach aims to deliver operational readiness in the second half of 2026. The strategy involves initially processing ore sourced from artisanal miners before incorporating material from Los Lirios, providing a cost-effective path to production without the need to build processing infrastructure from scratch.

This refurbishment update builds on the company's earlier move to accelerate antimony production through the Tecomatlán plant revival, which emphasised a staged, low-risk approach to securing supply and capital discipline. The milestone-linked payment structure continues to align capital deployment with tangible progress, protecting shareholder interests.

Exploration Upside and Next Steps

With 90% of the Los Lirios project area unexplored and multiple fault systems untested, EVR's ongoing geophysical surveys and drilling are expected to materially expand the inventory of drill-ready targets. The company plans to process and interpret geophysical data, continue grinding circuit refurbishment, and commence soil sampling at its Nevada projects, advancing its North American critical minerals strategy.

EVR is also preparing to engage with US government agencies as part of its broader supply chain security efforts. Assay results from the current drilling campaign are anticipated within 4 to 10 weeks, which will be pivotal in refining the resource model and guiding further development.

Given the pending assay data and an ongoing judicial appeal concerning the Lirios 1 mining licence, some tenure risk remains. However, the company's multi-pronged approach combining exploration, infrastructure refurbishment, and strategic partnerships positions it well to advance toward near-term antimony production.

EVR’s progress and strategy echo its recent move to accelerate antimony production with the Tecomatlán plant revival, highlighting a clear shift from exploration to execution in a market increasingly focused on critical minerals supply chain security.