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Highlights
- EV Resources is advancing drilling, processing, and commissioning activities across its antimony portfolio.
- The company commenced maiden diamond drilling at the Los Lirios Antimony Project in Oaxaca, Mexico.
- Surface sampling at Los Lirios returned high-grade antimony assays of up to 30.2% Sb, supporting the project’s mineralisation potential.
- Commissioning activities advanced at the Tecomatlán Processing Plant, with EVR targeting first production capability by end-CY2026.
- Reconnaissance exploration at the Dollar and Milton projects in Nevada returned high-grade antimony, copper, silver, and gold results.
- EVR completed the acquisition of full ownership of the Don Enrique Copper-Silver Project in Peru.
Antimony is no longer sitting quietly in the background of the critical minerals market. As supply pressures tighten and governments place greater attention on strategic materials, the search for new and diversified sources has accelerated. Much of the world’s antimony supply chain remains concentrated in China, leaving few alternative producers and development projects positioned outside that network.
For EV Resources Limited (ASX:EVR), the March 2026 quarter was shaped by that backdrop. Across Mexico, Nevada, and Peru, the company continued advancing exploration, processing, and development activities as it worked to build a broader antimony-focused portfolio. Drilling commenced at Los Lirios in Mexico, commissioning activities progressed at the Tecomatlán processing plant, and exploration programs expanded across EVR’s Nevada projects.
The period also reflected a broader shift underway within the company, as EVR continued moving beyond early-stage exploration and further into operational and production planning activities.
Los Lirios Drill Campaign Begins
One of the key developments during the quarter was the commencement of the maiden diamond drilling program at the Los Lirios Antimony Project in Oaxaca, Mexico.
EVR identified carbonate replacement deposit (CRD) mineralisation and vertical feeder structures at the project. CRD systems represent one of the largest global sources of antimony and are commonly associated with long-life mineral deposits.
Surface channel sampling during the quarter confirmed widespread high-grade antimony mineralisation, including assays of 30.2% antimony over 0.5 metres at the Lirios 2 East Pit and 22.6% antimony over 0.8 metres at Pit 5 within Lirios 1.
The company confirmed dual mineralisation styles across the project, including structurally controlled fault and vein mineralisation as well as CRD-style mineralisation hosted within limestone units.
Subsequent to quarter end, EVR reported that 10 of 11 drill holes intersected a shallow CRD limestone unit at Lirios 1. The unit was modelled with a strike length of at least 400 metres and thickness ranging from one metre to 2.25 metres, remaining open in multiple directions.
EVR continues targeting a maiden JORC Mineral Resource Estimate for Los Lirios during the third quarter of calendar year 2026.
Processing Plant Moves Toward Commissioning
The March quarter also saw continued progress at the Tecomatlán Processing Plant in Puebla, Mexico, which EVR intends to position as a near-term production platform and centralised antimony processing hub.
Subsequent to quarter end, the company announced that dry commissioning activities had become well advanced across the grinding circuit, with one of the three mills operationally available.
This milestone effectively brings the “heart” of the plant into operational readiness, representing a clear transition from refurbishment into active commissioning and near-term production positioning.
Full dry commissioning of the grinding circuit is targeted within coming weeks, with EVR continuing to target first production capability by the end of calendar year 2026.
Nevada Portfolio Expands Exploration Focus
Outside Mexico, EVR continued progressing exploration at the Dollar and Milton Antimony Projects in Nevada.
Reconnaissance rock chip sampling at Milton returned grades of up to 9.82% antimony, 24.00% copper, and 434 ppm silver from historic workings. The company described the mineralisation as a prospective polymetallic vein system with limited modern exploration.
Subsequent verification work at the Dollar Project confirmed gold assays of up to 3.88 g/t gold through fire assay testing completed by ALS Laboratories.
The broader Nevada portfolio also returned previous reconnaissance results including grades of 15.05% antimony, greater than 10,000 ppm silver, and 17.8% copper at Dollar.
Systematic soil geochemistry and mapping programs were completed across both projects during and after the quarter, with assay results expected to support drill target generation ahead of a maiden Nevada drilling campaign.
Peru Asset Consolidation and Corporate Updates
During the quarter, EVR moved to 100% ownership of the Don Enrique Copper-Silver Project in Peru after acquiring the remaining 50% interest in Mineral Montserrat SAC.
The consolidated project now covers 2,684 hectares across a continuous 5.5-kilometre strike length over an undrilled induced polarisation anomaly measuring up to 1,500 metres long and 750 metres wide.
The company stated that Don Enrique remains drill-ready with approved permits already in place.
On the corporate front, EVR appointed capital markets specialist Timothy Young as Non-Executive Director in late April. The company also engaged US-based advisory group MineMaker LLC to support engagement with US federal and state agencies and assist with non-dilutive funding pathways.
EVR additionally received AUD 600,000 in cash from Koba Resources Ltd as part of the sale of the Khartoum Project, with proceeds allocated toward advancing the Los Lirios drilling program.
Overall, the March 2026 quarter marked a significant step forward for EV Resources as the company continued strengthening its position within the global antimony sector. With drilling underway at Los Lirios, commissioning activities advancing at the Tecomatlán processing plant, and exploration programs expanding across Nevada, EVR is steadily transitioning from exploration into development and near-term production planning. As demand for diversified antimony supply sources continues to grow globally, the company’s expanding portfolio across Mexico, Nevada, and Peru places it in a strategically important position within the critical minerals market.
EVR shares closed at AUD 0.0090 on 14 May 2025.
