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According to data from S&P Global, the price of antimony doubled in July 2024 and reached a record high of $22,750 per ton by August 6. By November 15, the price had climbed to $25,000 per ton, marking a year-to-date increase of 212%. Analysts predict that the price surge will continue into next year, driven by this strategically critical metal’s extensive military applications, along with geopolitical instability and tight supplies that fueled this year’s meteoric rise.
At the same time, stocks related to antimony have seen substantial gains, with Australian antimony mining companies emerging as the biggest winners this year. For instance, shares in Larvotto Resources Ltd. (ASX: LRV), listed in Australia, have skyrocketed by 800% over the past six months.
Despite being relatively unknown, antimony holds immense military strategic importance. It can be said without exaggeration that without this metal, victories in war may not be possible. Antimony is a critical raw material used in the production of armor-piercing ammunition, explosives, nuclear weapons, and advanced military equipment like infrared sensors. Additionally, indium antimonide (InSb) is a vital semiconductor material used widely in infrared detectors, lasers, and other high-tech devices.
The U.S., Canada, the European Union, and the U.K. have all classified antimony as a critical mineral.
Historically, antimony has played a significant role in warfare. During World War II, it was widely used to produce fireproof military uniforms, tents, ammunition, tank missiles, nuclear weapons, and other modern equipment. Today, antimony has become a critical resource for the U.S. defense industrial base. Both the U.S. and Europe are urgently seeking dependable new sources of the metal.
For the U.S. military, antimony’s importance surpasses even that of rare earth elements. However, China imposed its first-ever export ban on antimony this year, triggering a supply chain crisis and driving prices to unprecedented heights. As the world’s largest producer and exporter of antimony, China holds a dominant position. In contrast, a U.S. Geological Survey report reveals that the U.S. has virtually no domestic reserves, while 70% of the world’s antimony resources are concentrated in just four countries, including China.
North American mining company Military Metals (CSE: MILI, OTCQB: MILIF) has identified the opportunity presented by this metal and is rapidly acquiring antimony-related resources globally, with operations spanning Slovakia, Canada, and the United States.
Recently, the company announced the acquisition of two antimony projects in Slovakia, one of which is the Trojarova Antimony Mine, boasting historical resource of over 60,000 tons. At current spot prices, this translates to a valuation of $2 billion, making it one of the largest antimony deposits in the European Union. Additionally, Military Metals acquired the West Gore Antimony-Gold Mine in Nova Scotia, Canada. During World War I, West Gore was Canada’s largest antimony mine.
These transactions are expected to alleviate the supply chain pressures that the European and Western markets currently face, likely ensuring stable and reliable antimony supplies. As CEO Scott Eldridge of Military Metals explains, these assets “align perfectly with the European Union’s Critical Raw Materials Act.” The company plans to quickly bring these projects into production and hopes to secure EU funding while simultaneously supplying the U.S. defense sector with dependable antimony resources.
The growing market backdrop and continuous price hikes present promising opportunities for junior mining companies like Military Metals. Below are some notable emerging players in this space:
Under mounting defense and supply chain pressures in North America and Europe, antimony has emerged as one of the most investable strategic resources for the coming years. China’s export restrictions have not only driven prices higher but also created opportunities for other mining companies to enter the market. Emerging players like Military Metals are moving quickly, while the market eagerly watches to see who will be the next big winner.
