Felix Gold Secures US Bulk Sample Permit, Targets 2027 Metal Production

Exclusive Bulk Sample Permit Unlocks US Antimony Supply

Felix Gold (ASX:FXG) now holds the only active antimony bulk-sample permit in the United States, authorising extraction of up to 1,600 tons (~1,450 tonnes) of high-grade massive stibnite ore from its NW Array prospect in Alaska. This permit, granted by the Alaska Department of Natural Resources and valid through to the end of 2029, allows Felix Gold to commence ore extraction from Q2 2026 with minimal environmental disturbance due to its selective surface vein mining approach and absence of federal land involvement, thus bypassing the NEPA EIS process.

The bulk sample represents a critical operational milestone, positioning Felix Gold to supply domestic antimony where none has been produced since 2001. Site mobilisation is complete, and the company plans to either stockpile the ore for processing through its own facility or ship it directly for toll treatment, potentially accelerating early revenue.

Military-Grade Ore Quality Simplifies Processing

The Treasure Creek ore has been independently validated as exceeding the US military specification MIL-A-22131 for antimony concentrate, with a direct ore assay of 71.9% Sb confirmed by Core Resources. This purity level is achieved without beneficiation, featuring approximately 90% antimony-bearing minerals and arsenic levels ten times cleaner than military standards. The absence of deleterious sulphosalt minerals reduces the complexity and cost of processing, enabling capital-light, dual-pathway flowsheets through either hydrometallurgical alkaline sulfide leach plus electrowinning or direct pyrometallurgical smelting.

This high-grade, physically accessible ore supports a low-volume, selective extraction approach, potentially lowering operating costs by reducing consumables and equipment needs. Off-the-shelf refinery technologies validated at commercial sites worldwide underpin Felix Gold’s processing strategy, with first metal production from a dedicated refinery targeted for 2027.

Drilling Extends High-Grade Antimony and Gold Systems

Recent drilling at NW Array has confirmed the continuity and scale of ultra-high-grade antimony mineralisation, with standout intersections including 8.67m at 12.51% Sb (including 1.63m at 36.65% Sb) and 4.92m at 12.53% Sb near surface. Gold mineralisation also continues to expand, highlighted by a 25.61m intercept at 2.03 g/t Au in the same drill hole that yielded significant antimony grades. This dual-commodity system enhances the project’s strategic value and optionality.

Felix Gold’s drilling results contribute a significant proportion of the highest-grade antimony intercepts reported in the US, reinforcing its position as a leading domestic antimony developer. The company is advancing follow-up exploration and development pathways, including potential toll treatment through the nearby Kinross Fort Knox mill or establishing a standalone mill under its control, reflecting a flexible approach to processing and production.

These developments build on previous drilling confirming multiple near-surface gold zones at Treasure Creek, underscoring the project's dual-commodity potential and the company's expanding footprint in Alaska’s mining districtFelix Gold Uncovers Multiple Near-Surface Gold Zones.

Refinery Site Selection and DOE Funding Applications Progress

Felix Gold has received a site selection study from Worley Group identifying multiple candidate locations for a dedicated US refinery designed to process approximately 5,000 tonnes per annum of antimony metal. Final site selection is targeted for early Q4 2026, with engineering design and permitting activities advancing in parallel.

Alongside the primary refinery pathway, Felix Gold is pursuing a toll-treatment option with a third-party facility, aiming for antimony metal production in H2 2026 subject to commercial agreements. This optional pathway could accelerate cash flow ahead of the company’s own facility commissioning.

Federal engagement is robust, with two Department of Energy applications submitted in January 2026 totaling over US$80 million in potential funding. One application targets a pilot processing facility with US$65 million requested, while the other seeks US$16 million for mining technology innovation in partnership with the University of Alaska Fairbanks Geophysical Institute. Active dialogue with the US Army PM MAS and DEVCOM continues, with technical data and samples provided for qualification testing, positioning Felix Gold as a credible domestic antimony supplierFelix Gold’s Treasure Creek Ore Surpasses Military-Grade Specs.

Strengthened Leadership and Financial Position

Felix Gold has bolstered its operational and financial leadership with the appointments of Dan Brearley as Vice President of Development & Operations and Dougal Elder as Chief Financial Officer, both commencing in February 2026. Brearley brings extensive experience from major mining projects including Barrick Gold’s Pueblo Viejo expansion, while Elder has a track record in capital raising and financial governance in the lithium sector.

At quarter-end, Felix Gold held $14.2 million in cash, deploying funds across exploration, metallurgy, permitting, and government engagement. The company spent $2.5 million on exploration and project studies during the quarter, maintaining a runway of approximately 4.7 quarters based on current expenditure rates.