EV Resources Limited (EVR:ASX), a company focused on the exploration and development of mineral resources, has announced it has executed a Memorandum of Understanding (MOU) with Wogen Resources Ltd and Xcelsior Capital Advisors Ltd (XCLR) to advance its Los Lirios Antimony Project in Oaxaca, Mexico. The agreement outlines a framework for funding, offtake, and operational collaboration, marking a significant step towards developing EVR’s proposed 100-tonne-per-day antimony processing plant.
Under the MOU, Wogen and XCLR will collaborate on a proposed US$2-3 million secured debt facility to fund the project’s development. Wogen will also receive exclusive offtake rights for antimony products from Los Lirios, contingent on a positive internal scoping study and the execution of definitive agreements. In addition, Wogen and XCLR will provide technical expertise and market intelligence to assist EVR in refining product specifications, pricing, and marketing strategies.
The MOU supports EVR’s strategy to establish a reliable antimony supply chain, aligning with the critical minerals priorities of the U.S. and its allies. EVR plans to process ore from Los Lirios and third-party sources at the proposed processing plant. The company also intends to pursue downstream processing of the Los Lirios product with the support of Wogen and XCLR.
EVR Executive Director Hugh Callaghan noted the growing demand for antimony due to geopolitical tensions and decreasing military stockpiles. He stated that the funding and offtake partnership will support the restart of production from the historic open pits at Los Lirios and enable broader exploration across the project. The company is currently advancing discussions regarding a pilot processing plant and has commenced metallurgical test work and flowsheet design.
