EV Resources Limited (ASX: EVR) has announced the acquisition of the Milton Canyon Antimony Project in Nye County, Nevada, USA. EV Resources is focused on developing specialty metal resources, particularly those required for electric vehicles. The company aims to become a fast-to-market supplier of antimony, a US-designated critical mineral. This acquisition aligns with EVR’s strategy to secure a vital role in the U.S. antimony supply chain.
The Milton Antimony Project consists of 18 mapped lode claims covering historic mine workings. Historical production records indicate that approximately 30 tons of ore, averaging 40% antimony, were shipped in 1939. Recent high-grade assays have revealed samples containing up to 20.77% antimony from stockpiles, 12.57% antimony in workings, and USGS samples showing up to 3% antimony. The project features multiple shafts, adits, and shallow subsurface workings, demonstrating extensive mineralised vein systems.
This acquisition builds upon EVR’s recent acquisition of the Dollar Antimony Project in Nevada, strategically located near the U.S. military’s Hawthorne critical minerals storage facility. Combined with the Los Lirios Antimony Project in Mexico, EVR is establishing a cross-border critical minerals strategy. The company’s strategic rationale includes supplying the U.S. Department of Defense (DoD), Department of Energy (DoE), and downstream consumers seeking domestic and allied sources of antimony. Antimony is essential for defence, energy storage, and advanced manufacturing.
According to EVR Chairman Shane Menere, the Milton acquisition strengthens EVR’s U.S. antimony portfolio at a time of escalating demand for secure critical minerals. The acquisition terms include a AUD150,000 non-refundable cash payment, AUD350,000 in freely tradable common shares, and a 2% net smelter return (NSR) to the vendor. Completion is subject to the vendor completing necessary filings and securing legal title to the Sale Assets.
