A little-known metal called antimony has surged 300% this year, outpacing gold, silver, and even Bitcoin. This critical metal, used in military applications and technology, has seen a significant price increase from $11,000 per ton to over $40,000 per ton, with expectations of reaching $50,000 per ton by 2025.
The surge in antimony’s price can be attributed to China’s decision to cut off its supply to the US this summer. In response, Western governments are pouring billions of dollars into securing alternative sources. This has led to a scramble for companies with significant antimony assets, like Australia’s Larvotto, which boasts the country’s largest antimony mine and the “golden” Hillgrove project. Larvotto’s stock has skyrocketed by almost 600% since the beginning of 2024.
Military Metals Corp is another company poised to benefit from this rush. With the acquisition of two of the world’s top ten antimony projects, they are rapidly bringing a new antimony mine online. One of their most significant purchases is the Trojarova project in Slovakia, a Cold War-era mine estimated to contain nearly 70,000 tons of antimony, worth approximately $2 billion at current prices.
The importance of antimony has been overlooked since the end of the Cold War, but the current geopolitical tensions and NATO countries’ massive rearmament efforts have pushed demand to new heights. Military Metals is not solely focused on Slovakia; they also have a foothold in North America, specifically in Canada’s renowned antimony mine in West Gore, Nova Scotia.
Despite Military Metals’ modest $12 million valuation, their Slovakian operations are valued at $2 billion in-situ at current antimony prices. This valuation does not even consider the potential of the West Gore mine in Canada. With China tightening its grip on antimony exports, the race to secure alternative sources has never been more critical, and Military Metals is well-positioned to capitalize on this opportunity.
As of September 15, China began restricting the purchase, sale, and export of antimony and its products. With a 32% global reserve hold and producing 48% of the world’s antimony, China’s actions have significant implications.
Antimony, a metalloid with both metallic and non-metallic properties, has been utilized by humans for various purposes since ancient times. Today, about half of the world’s antimony consumption in 2023 is used in flame retardants. It is also used in the production of photovoltaic glass to enhance the efficiency of solar panels and batteries. Antimony is even found in military applications such as night-vision goggles, armor-piercing bullets, infrared missiles, and nuclear weapons.
