EV Resources (ASX:EVR) Advances Mexico Antimony Strategy with Plant Upgrade and Feedstock Deal

Highlights

• EV Resources has successfully completed the dry commissioning of all three refurbished ball mills at the Tecomatlán Processing Plant in Mexico.
• The dry commissioning milestone support’s EVR’s targeted first antimony production in 2H CY2026.
• The company has signed its first third-party feedstock MOU for antimony ore supply from a mine located nearly 8km from the plant.
• The agreement covers the supply of around 500 tonnes of antimony ore per week, equivalent to nearly 2,000 tonnes per month at approximately 5% Sb grade.
• The first Falcon gravity concentrator has been prepared for shipment to the plant.

EV Resources Limited (ASX:EVR) has achieved significant operational progress at its Tecomatlán Processing Plant in Oaxaca, Mexico, completing dry commissioning of all three ball mills while also securing its inaugural third-party feedstock agreement. These milestones strengthen the company's trajectory toward first antimony concentrate production targeted for H2 CY2026.

Dry Commissioning Marks Major Plant Milestone

The company confirmed that Phase 1 refurbishment activities at the Tecomatlán Processing Plant have reached an important stage following the full refurbishment and dry commissioning of all three ball mills. The successful dry commissioning verified the mechanical integrity of the mills and cleared the way for the introduction of process water, slurry and antimony ore feed during the next phase of commissioning.

The company is now advancing preparations for wet commissioning as part of the broader plant upgrade program and stated that only minor gear adjustments remain before wet commissioning activities begin.

The grinding circuit forms the initial stage of the processing flowsheet and is considered central to the plant’s operations.

Falcon Concentrator Shipment Underway

EVR is also focused on receiving the delivery of gravity concentration equipment for the site. The first of two Falcon gravity concentrators is being prepared for shipment to the Tecomatlán Plant.

The company had previously announced the pre-payment for the first unit in February 2026 as part of efforts to advance the plant development timeline.

EVR Secures Initial Third-Party Feedstock Agreement

In a parallel development, Stibcorp S.A. de C.V., a Mexican subsidiary of EVR, has signed a non-binding Memorandum of Understanding with a local private mining group for the supply of antimony ore. The ore will be sourced from a mine located in Puebla, Mexico, approximately 8 kilometres from the Tecomatlán Plant.

Under the agreement framework, the supplier is expected to deliver approximately 500 tonnes per week, equivalent to around 2,000 tonnes per month, grading roughly 5% antimony (Sb). The arrangement covers both low-grade material ranging from 5% to 29% Sb and high-grade material exceeding 30% Sb.

The ore will be delivered to the plant at approximately six-inch particle size. Pricing for shipments will be determined based on antimony grade, moisture levels, impurity content and prevailing market conditions following independent assays.

EVR stated that securing third-party feedstock ahead of commissioning is intended to support plant utilisation during the ramp-up period and ongoing operations, while materially reducing operational start-up risks.

Regional Supply Strategy Supports Production Plans

The Tecomatlán Plant has been designed to process ore from multiple sources while the Los Lirios project is being advanced toward a maiden JORC Mineral Resource Estimate.

The company is also progressing discussions with additional regional miners to secure further ore supply agreements. EVR noted that the region has a long history of antimony production and that proximity to processing infrastructure may provide logistical advantages for local producers seeking nearby offtake options.

The completion of dry commissioning activities, shipment preparations for gravity concentrators and execution of an initial feedstock agreement mark important steps in EV Resources’ development plans for the Tecomatlán Processing Plant. As the company advances toward wet commissioning and continues expanding regional supply discussions, EVR intends to position the project for targeted first antimony concentrate production in the second half of 2026.

EVR shares were trading at AUD 0.009 per share at the time of writing on 14 May 2026.