Positioning for Critical Minerals: EV Resources’ (ASX:EVR) Antimony Expansion Strategy

Highlights

• EV Resources (ASX:EVR) is advancing a dual-track antimony strategy across Mexico and the United States.
• Los Lirios returned channel sampling results of up to 30.2% Sb at surface across multiple target areas.
• Maiden 1500-2000m drilling currently underway at Los Lirios.
• Tecomatlán plant refurbishment is progressing as EVR works toward a near-term processing pathway in Mexico.
• Milton and Dollar add US-based antimony, copper and silver exposure to EVR’s longer-term supply strategy.
• EVR has acquired 100% of the Don Enrique copper-silver project by consolidating full ownership of Minera Montserrat SAC.

EV Resources Limited (ASX:EVR) is positioning itself within the global antimony market at a time when tightening supply, rising demand, and geopolitical considerations are pushing this critical mineral further into the spotlight.

Antimony plays an essential role across multiple industries, including flame retardants, energy storage technologies, metal alloys, and defence applications. Global demand for the mineral is forecast to grow at an estimated compound annual growth rate of approximately 6.5% through 2032.

However, the supply landscape remains highly concentrated. China dominates both antimony production and refining capacity, while Russia accounts for another notable share of global supply. That concentration has heightened concerns around supply security and accelerated efforts—particularly in North America—to diversify critical mineral supply chain.

EV Resources aims to capitalise on this shift through a portfolio that combines near-term production potential in Mexico with longer-term development opportunities in Nevada, placing the company within the broader push to strengthen North American antimony supply.

A dual-track antimony strategy

EV Resources describes itself as a critical minerals exploration and development company focused on strengthening North America’s antimony supply chain.

Its strategy is built around two complementary tracks:

• advancing near-term production opportunities from its Mexican portfolio
• building longer-term domestic scale through its Nevada assets in the United States

This approach places the company at the intersection of two broader trends — rising demand from defence and energy markets, and increased attention on US critical minerals security programs and funding pathways.

Los Lirios: A High-Grade Antimony Opportunity

The Los Lirios antimony project in Oaxaca, Mexico, in which EV Resources holds a 70% interest, is the centrepiece of the company’s Mexican portfolio. The project is described as a high-grade, structurally controlled antimony system with confirmed mineralisation across at least six kilometres of strike length.

Work at Los Lirios has identified two distinct mineralisation styles - Fault/conduit related mineralisation and replacement mineralisation - which are interpreted as being associated with the same hydrothermal system.

Sampling results have highlighted the grade profile at surface. Channel sampling returned assays of up to 30.2% Sb from a 0.5 metre channel at the Lirios 2 East pit, while other results included 22.6% Sb from a 0.8 metre channel at Pit 5 in Lirios 1. Historical stockpile samples also returned grades of 29.17%, 20.44%, and 18.08% Sb.

The company noted that these results confirm high-grade mineralisation in both fault- or vein-hosted conduits and strata-bound limestone-hosted settings. Mineralisation has been confirmed at Lirios 1 and Lirios 2, located about 5.5 kilometres apart along the same northerly trending Lirios Fault Zone. EVR noted that the broader six-kilometre structure remains largely untested and is expected to be examined in greater detail after the current drilling program.

Phase 1 maiden diamond drilling, spanning 1,500 to 2,000 metres, commenced at the end of January 2026 and is targeting depth extensions of existing high-grade zones.

Metallurgy Results Support Development Pathway

Metallurgical work at Los Lirios has also produced encouraging outcomes.

EV Resources reported recoveries of more than 90% through simple gravity processing, while initial flotation testing delivered recoveries above 99%, with no impurities reported. A composite sample with a head grade of 4.46% Sb achieved an expected antimony recovery of 90.8% through gravitational concentration.

Supporting this pathway is the Tecomatlán processing plant in Oaxaca, which EVR has secured under a 12-month lease with an option to purchase. The plant is intended to serve as a processing hub for near-term antimony production from the broader Mexican portfolio.

Refurbishment activities are underway and the crushing circuit is already operational. EV Resources recently made a pre-payment for the first of two Falcon Concentrators as part of the Tecomatlán refurbishment program. Engineering and construction packages have been completed, with commissioning targeted for the second half of 2026.

The operational plan also includes processing third-party ore from regional artisanal miners, alongside bulk samples from Los Lirios, to refine the commercial process flowsheet design and support near-term activity.

Nevada Projects Strengthen US Supply Exposure

In the United States, EV Resources holds the Milton and Dollar antimony projects in Nevada. These assets form part of the company’s longer-term domestic supply strategy and are located in a prospective antimony jurisdiction.

Initial reconnaissance at Milton returned high-grade antimony, copper and silver values from historic workings. Reported results included 9.82% Sb from a historical adit stockpile and 24.00% Cu, 1.53% Sb and 434ppm Ag from a two-metre-wide mineralised fault near the entrance to a historical adit.

The company said these early results support the presence of a prospective polymetallic vein system where no modern exploration has been recorded. Milton is located 35 kilometres from the Dollar project, and EVR said permitting strategy development is progressing in parallel with Mexican production advancement.

Upcoming catalysts

Looking ahead, EV Resources has flagged several near-term milestones. First assay results from the Lirios 1 diamond drilling campaign are expected by late March 2026. The company is also expected to provide updates on refurbishment progress at the Tecomatlán plant as milestones are reached.

In parallel, EVR is pursuing US government engagement through discussions linked to DPA and IRA funding pathways, as well as agency relationship-building via its MineMaker partnership. The company is also targeting a maiden JORC resource in the third quarter of 2026, based on the Phase 1 drill program.

Copper and Silver Upside

Alongside its antimony strategy, the company announced on 11 March 2026 that it had acquired the remaining 50% of Minera Montserrat SAC, lifting its ownership to 100% and consolidating the Don Enrique copper-silver project. The project includes a chargeability anomaly measuring up to 1,500 metres long and up to 750 metres wide, remaining open to the northwest toward adjacent Estrella claim blocks.

Securing full ownership of the project allows EVR to better explore options to maximise shareholder value from Don Enrique, whilst remaining focussed on its high-priority North American antimony portfolio.

With drilling underway at Los Lirios, plant refurbishment progressing at Tecomatlán, and follow-up work planned across its Nevada assets, EV Resources is moving ahead on multiple fronts. The company’s strategy combines near-term production potential with longer-term resource development, positioning it to participate in the evolving North American antimony supply chain at a time when strategic minerals are drawing increasing global attention.

EVR shares were trading at AUD 0.008, up 14% at the time of writing on 18 March 2026.