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Highlights

  • EV Resources has acquired the Milton Canyon Antimony Project.
  • Acquisition adds U.S.-based Milton Antimony Project with historic high-grade production data.
  • Portfolio now includes assets in Nevada and Mexico supporting cross-border critical minerals supply.
  • Acquisition consideration totals AUD 150,000 cash, AUD 350,000 shares, plus 2% net smelter return royalty.

EV Resources Limited (ASX:EVR) holds a diversified portfolio of projects focused on electric vehicle and green energy technology metals, with its primary exploration focus on copper across the Americas.

Acquisition Overview

The company has acquired the Milton Canyon Antimony Project, located in Nye County, Nevada, USA. The project is part of a historically productive antimony district and forms part of the company’s plan to establish supply of this U.S.-designated critical mineral.

Project Location and Geology

The Milton Antimony Project consists of 18 mapped lode claims covering historic mine workings. Mineralisation is hosted within Triassic limestone and is characterised by structurally controlled stibnite oxide with silver and gold credits. Veins remain open along strike and depth, providing scope for further exploration.

Historical Production and Sampling

The project has a history of production, with records indicating around 30 tons of ore shipped in 1939 at an average grade of 40% antimony (Sb). More recent assays have returned grades of up to 20.77% Sb from stockpiles and 12.57% Sb in underground workings, while U.S. Geological Survey samples reported up to 3% Sb. Development features include shafts extending to 64 metres, adits, and shallow workings across mineralised vein systems.

Expanding U.S. Antimony Portfolio

The acquisition builds on EVR’s earlier purchase of the Dollar Antimony Project in Nevada. Together, the Milton and Dollar projects provide a U.S. base of operations for antimony development.

Integration with Los Lirios in Mexico

EVR continues to progress its Los Lirios Antimony Project in Puebla State, Mexico, which is advancing toward drilling and resource definition. With access roads completed and mapped mineralised structures, Los Lirios is expected to provide concentrate production. By linking Mexican production with U.S. processing capacity, the company aims to develop a cross-border critical minerals strategy.

Management Comment

EVR Chairman Shane Menere stated:
“The acquisition of Milton adds another high-grade U.S. antimony project to EVR’s portfolio at a time when demand for secure critical minerals supply is rapidly escalating. Alongside our recently acquired Dollar Project, Milton provides EVR with a strong U.S. footprint to complement our flagship Los Lirios project in Mexico. Our strategy is to become a fast-to-market supplier of antimony concentrate into the United States, supporting the Department of Defense, Department of Energy, and allied industries. This acquisition further cements EVR’s position as one of the very few companies outside of China building a near-term, integrated antimony supply chain.”

Acquisition Terms

The Milton Antimony Project is being acquired through the purchase of Strategic Minerals Inc, the holder of 100% of the claims, from MineMaker LLC. The package covers 18 claims totaling 3.6 km². Consideration for the acquisition includes AUD 150,000 in cash, AUD 350,000 in EVR shares, and a 2% net smelter return royalty payable to the vendor. Completion is dependent on the vendor securing legal title within 50 days.

Next Steps

The company plans to conduct confirmatory sampling and mapping at Milton, integrate the Nevada projects into its U.S. critical minerals strategy, continue advancing Los Lirios in Mexico, and engage with U.S. stakeholders for potential offtake agreements and funding discussions.

Share Performance

The stock was trading at AUD 0.014  per share, same as the previous close of AUD 0.014, with a market capitalisation of AUD 34.47M.