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Military Metals (CSE: MILI; US-OTC: MILIF) secured four more years to explore its Trojárová antimony-gold project in Slovakia after authorities reversed a decision to cancel its licence. Shares rose.
The exploration permit now runs to Oct. 18, 2030, the Vancouver-based company said Monday. The project lies near Pezinok, about 20 km northeast of the capital, Bratislava.
“Europe has significant antimony supply-chain exposure because it lacks meaningful domestic mine production and depends heavily on external suppliers for its raw-material needs,” CEO Scott Eldridge said in a release.
The reprieve restores the company’s ability to advance a potential European source of a metal used in ammunition, flame retardants and electronics. Turning that resource into supply still requires mining and production approvals, with technical, environmental and community work ahead.
Company shares jumped 28% to 25.5¢ apiece on Monday, after testing 15¢ and 56¢ apiece over the past 12 months. It has a market capitalization of C$20.5 million ($14.5 million).
Licence reversal
The May licence cancellation was overturned because the decision was unlawful, Slovakia’s Environment Ministry said Monday. The ministry confirmed the licence holder met all conditions for a four-year exploration extension, while stressing that future mining would require environmental assessment and separate approvals.
The cancellation followed an unscheduled review on May 28. Military Metals challenged the decision, filing an appeal on June 12 and arguing the cancellation was unjustified.
The company argued the cancellation conflicted with the ministry’s inclusion of Trojárová in Slovakia’s national critical-minerals exploration program submitted to the European Commission. That designation identified the site as an exploration area for antimony, the company said in its appeal announcement.
Trojárová holds 6.5 million inferred tonnes grading 1.02% antimony and 1.06 grams gold per tonne, containing about 67,000 tonnes of antimony and 222,000 oz. gold, according to SLR Consulting’s estimate effective April 6.
Development path
Military Metals has begun discussions with Slovak authorities and the Economy Ministry on the requirements for mining and production authorization. Monday’s announcement didn’t set a construction or production timetable.
The company plans to establish a local advisory board to engage neighbouring communities and authorities on environmental priorities and development. It also intends to work with specialists on local wastewater management and expand cooperation with the Technical University of Košice on mineral processing and water research.
The April resource estimate replaced historical figures derived from exploration during the communist era. SLR incorporated 53 diamond drill holes totalling 7,167 metres and 202 metres of underground chip sampling into the estimate, which Military Metals supported with confirmation drilling completed last year.