Mining Analyst Reveals Critical Antimony Resources for Exceptional Returns

Source: Streetwise Reports 04/04/2025

You may not have heard of the mineral, but antimony is gaining increasing attention due to its important applications in defense, energy storage, and fire safety technologies. Find some ideas for exposure to the critical mineral.

You may not have heard of the mineral, but antimony is gaining increasing attention due to its important applications in defense, energy storage, and fire safety technologies.

In a video interview with MiningStockEducation.com on YouTube recently, mining analyst Joe Mazumdar of ExplorationInsights.com told host Bill Powers that projects with critical minerals like antimony, which may have been a byproduct, are now helping some projects get off the ground faster.

“You flip the switch there and this has been building,” Mazumdar said. “I see a lot of projects in the west now (where) gold or some other metal might be the one that drives their value, but the way they’d get permitted and the way they would reduce their cost of capital would be the security mineral or metal, like antimony.”

Considered a critical mineral by the United States Geological Survey and the Department of Defense, about 90% of the world’s supply of the mineral currently comes from China, Russia, and Tajikistan. China began restricting its exports to the U.S. in December.

The U.S. Geological Survey (USGS) defines critical minerals as ones that are essential to a country’s economy and national security, with supply chains that are vulnerable to disruption.

Antimony is used across the military in the manufacturing of ammunition, night vision goggles, infrared sensors, laser sighting, and nuclear weapons and production. It’s also used in clean-energy storage, solar panels, and wind turbines.

Its rising market has been attributed to tightening supply and heightened demand, as recent geopolitical tensions have heightened concerns about supply chain security for Western manufacturers and defense contractors.

Christopher Ecclestone, a principal and mining strategist at Hallgarten & Company, noted that “the military uses of Sb (antimony) are now the tail that wags the dog. Everyone needs it for armaments, so it is better to hang onto it than sell it. This will put a real squeeze on the U.S. and European militaries.”

“Anything that the Chinese restrict exports on, definitely becomes a security mineral automatically almost uh, and antimony is up there, so I agree with you that before there wasn’t that much of a connection between you having a critical mineral and the DoD (Department of Defense) or the DOE (Department of Energy) offering you a letter of intent, and you ever getting permitted,” he said.

Antimony Driving Corporate Movement, Expert Says

According to a report by Kit Maher and John Liu for CNN on March 21, U.S. President Donald Trump signed an executive order last month aimed at immediately increasing American production of critical minerals like antimony by invoking the Defense Production Act to expand leasing and development on federal lands.

The move is intended to help the U.S. reduce its reliance on imports from countries like China, the authors reported. The order gives Defense Secretary Pete Hegseth, in consultation with other executive branch agency heads, the authority to use the Defense Production Act to facilitate the advancement of domestic mineral production.

Mazumdar said permitting for critical minerals projects started to move much faster during the administration of former U.S. President Joe Biden, and now the new administration seems to be continuing the charge.

“Antimony is driving a lot of that corporate movement, as well as permitting, as well as access to capital,” he told Powers. “You can see people changing how they manage their portfolios, given the issue of some of these security minerals.”

In addition to national security concerns, the Business Research Company on January 29 projected that the global antimony market would grow from US$4.69 billion in 2024 to US$5.01 billion in 2025, reflecting a 6.9% compound annual growth rate (CAGR). This expansion was attributed to increased regulatory requirements for fire safety compliance, advancements in electronics, and growing demand in the electric vehicle (EV) sector. The report also highlighted supply chain disruptions and price volatility as persistent challenges.

Perpetua Resources Inc.

Several companies offer exposure to the mineral, including Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ), which is focused on the redevelopment and environmental restoration of the Stibnite gold-antimony project in central Idaho. [OWNERSHIP_CHART-10820]

The project encompasses one of the highest-grade open-pit gold deposits in the United States and aims to provide the only domestically mined source of antimony. The project has received a US$59.2 million Technology Investment Agreement under the Defense Production Act Title III to support construction readiness and permitting.

Perpetua’s investor presentation highlights several upcoming milestones that may impact its market position. In early 2025, the company anticipates receiving its Final Record of Decision, a key permitting milestone necessary for project development. Ancillary permits and project financing are expected to be formalized in the first half of the year, setting the stage for a construction decision.

Perpetua Resources has also entered into a supply agreement with Ambri, a U.S.-based battery company, to provide antimony for liquid metal batteries, contributing to the clean energy transition.

Additionally, the company’s financing strategy includes potential funding support from the Export-Import Bank of the United States (EXIM), which has indicated up to US$1.8 billion in potential financing. This funding, if secured, would provide significant capital for project development and further strengthen Perpetua’s position.

According to a March 13 research note from ROTH Capital Partners, Perpetua Resources remained a “Buy” with a 12-month price target of US$19 per share, reflecting a 106% potential return from its trading price of US$9.22 at the time. Analyst Mike Niehuser stated, “We view financing by EXIM to be the optimal source of debt financing,” noting that the terms could be more favorable than conventional financing.

Niehuser reiterated that the Export-Import Bank of the United States (EXIM) had previously expressed interest in providing US$1.8 billion in debt financing for the Stibnite Gold Project based on feasibility studies outlining project viability, job creation, and capital expenditure needs. He noted that Perpetua had since updated its capital requirements to US$2.215 billion, accounting for inflation, contract adjustments, and optimization strategies. ROTH expected EXIM to fairly review the revised figures, given Trump’s critical minerals executive orders.

The report also highlighted the growing global antimony deficit, exacerbated by China’s restrictions on exports of antimony trisulfide to the U.S. and its allies. Niehuser described the Stibnite project as “a critical potential source of antimony for the U.S.,” emphasizing its strategic importance in reducing reliance on foreign suppliers.

According to Refinitiv, management and insiders own approximately 0.50% of Perpetua, and institutions own about 63.52%.

Top institutional shareholders include Paulson & Co at 35.08%, Sun Valley Gold LLC with 4.2%, Sprott Asset Management LP with 4.16%, Kopernik Global Investors LLC with 3.05%, and Sprott Asset Management USA Inc. with 3.41%, reported by Refinitiv.

Of insiders, Chief Financial Officer Jessica Marie Largent owns 0.14%, former President and CEO Laurel Sayer owns 0.13%, and Director Chris Robinson owns 0.09%.

Refinitiv reports that there are 70.61 million shares outstanding and 70.06 million free float traded shares. The company has a market cap of CA$1.09 billion and trades in a 52-week range between CA$5.63 to CV$18.91.

Armory Mining Corp.

Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) changed its name from Spey Resources in November and is a junior company focused on exploring for critical minerals that are vital to the future of security and military applications, such as antimony, gold, silver, lithium, and various other minerals that will be in increasing demand in the future.[OWNERSHIP_CHART-11239]

Technical Analyst Clive Maund wrote last month that Armory has four projects situated in proven mining districts that have past-producing mines where the infrastructure is good, three in Canada and one in Argentina. In addition, its Ammo property in Nova Scotia and the Riley Creek property in British Columbia are the chiefly antimony and gold projects.

“It’s not surprising that the company’s stock has been under accumulation for many months, and especially in recent weeks, and is completing a large base pattern from which it is set to break out into a major bull market soon,” wrote Maund. “With the growing imposition of tariffs and trade barriers, the importance of producing antimony in North America is becoming increasingly clear since China is the dominant source of this semi-metal, and its price looks set to continue higher.”

In its investor presentation, Armory said exploration and mining for critical minerals will play “an ever-increasing role in ensuring military and national security readiness at its peak levels.”

“Mining’s strategic importance in strengthening national security and contributing to economic development cannot be overstated,” the company said. “The mineral-related imbalance in which Western Democracies currently operate will only continue to decline without strengthening supply.”

Armory said the Ammo property is adjacent to a past-producing antimony-gold mine in Nova Scotia, with a “comprehensive exploration program planned for 2025.” Riley Creek in British Columbia is located along the significant Rennell-Louscoone fault system with nearby property samples showing up to 7.8 grams per tonne gold (g/t Au) and 32.9% antimony.

According to Refinitiv, about 1% of the company is owned by management and insiders and about 1% by institutions. The rest is retail.

Top shareholders include Purpose Investments Inc. with 0.57%, Director Lawrence Hay with 0.55%, Nader Vatanchi with 0.2%, and Ashish Misquith with 0.11%, Refinitiv said.

Armory’s market cap is CA$3.04 million with 38.2 million shares outstanding. It trades in a 52-week range of CA$0.02 and CA$0.27.

Golden Cariboo Resources Ltd.

Also last month, Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced it has identified two “significantly sized” gold in Mobile Metal Ion (MMI) soil anomalies, one of which contains antimony, north of the currently known extent of the Halo zone at its Quesnelle Gold-Quartz Mine in British Columbia.[OWNERSHIP_CHART-11131]

In addition to gold, one anomaly returned values in antimony, as well as arsenic, cadmium, cobalt, molybdenum, lead, and zinc, geologist David Mark said. It is located at the northern end of the survey area, and its dimensions cover an area of at least 200 meters by 500 meters, with it being open to the north, west, and east.

Golden Cariboo said it will expand trenching and drilling activities to target these two northerly zones of the property during the 2025 exploration season.

The company is rediscovering the Cariboo gold rush by proceeding with highly targeted drilling and trenching programs on its Quesnelle gold quartz mine property, which is bordered by Osisko Development Corp. and partly intertwined at the north end of the Cariboo gold project and located along a favorable corridor adjacent to the Spanish and Eureka thrust faults over a 94,889-hectare area. Historically, over 101 placer gold creeks on the 90-kilometer trend from the Cariboo Hudson mine north to the Quesnelle gold quartz mine property have recorded production, and successful placer mining continues to this day.

Golden Cariboo has said diamond drilling beyond the Halo zone along the several kilometers of untested strike on multiple parallel trends remains a high priority.

Writing in February, Maund noted, “The grades found (at the project) are good, (but) the big news here is the extent of it.”

On the company’s one-year chart, “early this month, the share price broke out of the downtrend, leading into the second low of a Double Bottom made with its lows of last July–August,” Maund wrote.

“Zooming out still further by means of a 17-year chart, we see that a gigantic base pattern has formed above a zone of strong support at a low level, with the recent high volume and stronger volume indicators promising a new bull market, especially given the ongoing upward march of gold itself,” Maund wrote.

According to Golden Cariboo, management and insiders own 12.2% of the company, and President and Chief Executive Officer Frank Callaghan owns nearly 11%.

Retail investors hold the remaining. There are no institutional investors.

The company said it has 60.3 million shares outstanding, and its market cap is CA$7.74 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.11 and CA$0.36 per share.

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Important Disclosures:

1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, Golden Cariboo Resources Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Ltd.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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( Companies Mentioned: ARMY:CSE; RMRYF:OTC; J2S:FRA, GCC:CSE; GCCFF:OTC; A0RLEP:WKN;3TZ:FSE, PPTA:TSX; PPTA:NASDAQ, )

Source: https://www.streetwisereports.com/article/2025/04/04/mining-analyst-reveals-critical-antimony-resources-for-exceptional-returns.html