The policy of Britain’s national government on critical-minerals promises to “reduce barriers to domestic exploration and extraction”. But in Northern Ireland, it has no power to do so https://t.co/0fISo719ZS ...

Core Viewpoint - Nova Minerals has received $43.4 million from the US Department of War to support antimony trisulfide production at its Estelle project in Alaska, significantly boosting its stock price [1][10]. Group 1: Project Overview - The Estelle project is located 150 km northwest of Anchorage and spans a 35-km mineralized corridor with 20 identified gold prospects, including four large near-surface gold deposits, holding nearly 10 million ounces of resources [2]. - The property covers 514 km² within the Tintina gold belt, known for over 220 million ounces of documented gold endowment and significant gold mines [3]. Group 2: Antimony Significance - The Tintina belt also contains significant antimony deposits, historically supplying the North American market, particularly during wartime [4]. - Antimony is critical to national and economic security, with high usage in defense and high-tech applications; however, the US has not produced it commercially since 2016 [5]. Group 3: Development Plans - Nova has discovered antimony alongside gold in surface sampling across the Estelle claims and plans to publish a resource estimate for antimony this year [6]. - The DoW funding will enable the development of a fully integrated US supply chain for extracting, concentrating, and refining stibnite to produce military-grade antimony trisulfide [7]. Group 4: Strategic Importance - The partnership aims to support the establishment of a domestic supply chain for munitions and other defense products, as well as for high-tech applications like semiconductors and energy systems [8]. - The funding will be used for the initial phase of a state-of-the-art antimony mining and refining hub in Alaska [9]. Group 5: Market Reaction - Following the announcement, shares of Nova Minerals surged by up to 20%, reaching a 52-week high of $20.87, with a market capitalization of approximately $130 million [10].

A Congolese firm under US sanctions won a court ruling that may aid its claim to a prized tantalum deposit, potentially complicating Washington’s efforts to shore up supplies of critical minerals https://t.co/0Fe55PwGrC ...

Summary of United States Antimony Corporation Conference Call Company Overview - **Company Name**: United States Antimony Corporation (Ticker: UAMY) - **Founded**: 1968, went public in the late 2000s, listed on NYSE American in 2012 [2][3] - **Current Management**: New management team led by CEO Gary C. Evans since two years ago, with a complete overhaul of the management and board [3] Industry Context - **Antimony Supply**: China announced a cut-off of global antimony supply, significantly impacting U.S. industries that have relied on cheap Chinese imports for decades [4][9] - **Critical Mineral Status**: Antimony is classified as a critical mineral by the U.S. Department of Defense, essential for various defense applications [6][8] Key Developments - **Mining Operations**: - First mining permit received for the Mohawk mine in Fairbanks, Alaska, with mining operations beginning shortly after [6][25] - Reactivation of the Madero smelter in Mexico and reopening of the Montana mine, marking the first antimony mining in the U.S. in over 40 years [5][8] - **Revenue Growth**: The company has seen consistent revenue and income growth quarter over quarter and year over year [5][35] Strategic Initiatives - **Vertical Integration**: The company aims to become vertically integrated to leverage its assets effectively, including expanding claims in Alaska [3][5] - **Government Contracts**: - Anticipated significant contracts with the U.S. Department of Defense, including a $245 million contract for 8 million pounds of antimony ingot bars over five years [15][16] - Received a $400,000 grant to produce mill spec material for antimony [12] Market Dynamics - **Price Fluctuations**: Antimony prices have surged from around $5 per pound to approximately $30 per pound, driven by supply constraints and increased demand [19] - **Global Supply Control**: China and Russia control 60% of the raw material globally, with China dominating downstream production [9][17] Operational Capacity - **Production Capacity**: - Montana facility engineered for 300 tons per month, currently operating at around 100 tons per month, with plans to ramp up to over 400 tons by year-end [10][11] - Madero smelter in Mexico has a capacity of 200 tons per day, with potential for expansion [11] Future Outlook - **Expansion Plans**: Continued focus on expanding operations in Alaska and Mexico, with ongoing negotiations for international agreements for antimony sourcing [37] - **Diversification**: The company is also exploring claims in other critical minerals like cobalt and tungsten, aligning with U.S. government priorities [27][28] Additional Insights - **Zeolite Operations**: The company has a zeolite mine with a 100-year supply, exploring applications in water treatment, agriculture, and concrete production [29][30][32] - **Environmental Considerations**: Zeolite is being positioned as a solution for nuclear remediation and water purification, with ongoing discussions with the EPA [30][31] Financial Performance - **CapEx Investments**: Recent capital expenditures of $17 million for expansion, with expectations of reimbursement through government grants [36] - **Market Capitalization**: The company has seen a significant increase in market cap, with expectations of further growth [38] Conclusion - United States Antimony Corporation is strategically positioned to capitalize on the growing demand for antimony and other critical minerals, with a robust operational framework and strong government alignment. The company is focused on expanding its mining capabilities and securing its supply chain in response to global market dynamics.

Financial Data and Key Metrics Changes - Fiscal Year 2025 marked a transformative year for the company, moving from development to commercial readiness, with strong project economics validated [2] - The recently published pre-feasibility study (PFS) for phase one indicates a 39.5-year mine life, an after-tax NPV of $725 million, and a project IRR of 19% [3][4] - Estimated free cash flow over the mine's life is approximately $3.7 billion pre-tax, with an after-tax payback period of just under six years [4] Business Line Data and Key Metrics Changes - The company successfully qualified its high-purity boric acid with 14 customers across various industries, including specialty glass and chemicals [5] - Phase one targets production of 130,000 short tons of boric acid per year, with all-in sustaining costs estimated at $555 per ton [4] Market Data and Key Metrics Changes - There is a growing demand for U.S.-based high-purity boron supply, with additional customers in advanced testing phases [5] - The company has entered long-term offtake discussions, indicating strong market interest and validation [7] Company Strategy and Development Direction - The company is focused on advancing towards a final investment decision (FID) by mid-2026, with early FEED engineering activities already commenced [8][9] - The company aims to build a resilient boric supply chain to support the U.S. industrial base for generations [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for a new market producer to reduce supply chain risks, especially in light of recent disruptions from major boric acid producers [10][11] - The company views 2025 as an inflection year for boron, with independent analysis indicating supply shortfalls beginning in 2026 [11] Other Important Information - The company received a non-binding letter of intent for a potential $285 million project debt facility, a significant step towards funding phase one construction [3] - The company submitted a formal response to the U.S. Geological Survey draft critical minerals list, advocating for boron to be included [9] Q&A Session Summary Question: Can you review the comments about the disruption to the California boron mine? - Management noted that Rio Tinto announced a strategic review of their industrial minerals segment, which includes borates, following the appointment of a new CEO [15] Question: What is the process for getting boron on the U.S. Geological Survey critical minerals list? - Management explained that public comments are necessary for the review process, and they submitted their comments along with other groups [16][17]

Financial Data and Key Metrics Changes - Fiscal Year 2025 marked a transformative year for the company, moving from development to commercial readiness, with a robust after-tax NPV of $725 million and a 19% project IRR confirmed by the pre-feasibility study [2][3] - The after-tax NPV is approximately $469 million with a 16% project IRR, and free cash flow over the life of the mine is estimated at roughly $3.7 billion pre-tax [4] Business Line Data and Key Metrics Changes - The company successfully qualified its high-purity boric acid with 14 customers across various industries, including specialty glass, fiberglass, ceramics, and agriculture [5][6] - Phase one targets 130,000 short tons per year of boric acid, with all-in sustaining costs estimated at $555 per ton and initial capital at about $435 million [4] Market Data and Key Metrics Changes - The company sees accelerating demand for a high-purity U.S.-based boron supply, with additional customers in advanced testing phases [5] - The U.S. boron market is characterized as an oligopoly, with a single point of failure, highlighting the need for new market producers to reduce supply chain risks [10] Company Strategy and Development Direction - The company is focused on progressing towards a final investment decision (FID) by mid-2026, with early FEED engineering activities already commenced [8][9] - The company aims to build a strong and resilient boric supply chain that supports the U.S. industrial base for generations [19] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 is an inflection year for boron, with independent analysis indicating supply shortfalls beginning in 2026, reinforcing the need for a new market producer [11] - The company is committed to advancing full-scale testing with multiple specialty glass manufacturers and securing additional qualifications and initial offtake agreements [11] Other Important Information - The company received a non-binding LOI from USXM for a potential $285 million project debt facility, a significant step towards funding phase one construction [3] - The company submitted a formal response to the U.S. Geological Survey draft critical minerals list, advocating for boron to be included [9] Q&A Session Summary Question: Can you review the comments you had about the disruption to the California boron mine? - Management noted that Rio Tinto announced a restructuring of their business segments, placing their industrial minerals, including borates, under strategic review [15] Question: To get boron on the U.S. Geological Survey critical minerals list, what needs to happen in terms of the review? - Management explained that the process involves submitting public comments, and they have already submitted their comments along with other groups [16][17]

Financial Data and Key Metrics Changes - Fiscal Year 2025 marked a transformative year for the company, moving from development to commercial readiness, with a robust after-tax NPV of $725 million and a 19% project IRR confirmed by the pre-feasibility study [2][3] - The after-tax NPV is approximately $469 million with a 16% project IRR, and free cash flow over the life of the mine is estimated at roughly $3.7 billion pre-tax [4] Business Line Data and Key Metrics Changes - The company successfully qualified its high-purity boric acid with 14 customers across various industries, indicating strong demand for U.S.-based boron supply [5][6] - Phase one targets 130,000 short tons per year of boric acid, with all-in sustaining costs estimated at $555 per ton and initial capital at about $435 million [4] Market Data and Key Metrics Changes - The company noted a significant supply chain risk in the boron market, particularly due to disruptions from major producers, which has created a clear opportunity for new market entrants [10][11] - The second largest boric acid producer in the U.S. has seen costs increase approximately 60% since 2017, highlighting the need for new production sources [10] Company Strategy and Development Direction - The company is focused on advancing towards a final investment decision (FID) by mid-2026, with early FEED engineering activities already commenced [8][9] - The company aims to build a strong and resilient boric supply chain to support the U.S. industrial base for generations [20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the fundamental need for a new market producer in the boron sector, especially in light of supply shortfalls expected to begin in 2026 [11] - The company is optimistic about progressing full-scale testing with multiple specialty glass manufacturers and securing additional qualifications and initial offtake agreements [11] Other Important Information - The company received a non-binding LOI from USXM for a potential $285 million project debt facility, which is a significant step towards funding phase one construction [3] - The company has submitted a formal response to the U.S. Geological Survey draft critical minerals list, advocating for boron to be included [9] Q&A Session Summary Question: Can you review the comments you had about the disruption to the California boron mine? - Management explained that Rio Tinto has streamlined its business structure, placing its industrial minerals segment under strategic review, which includes borates [15] Question: To get boron on the U.S. Geological Survey critical minerals list, what needs to happen in terms of the review? - Management indicated that public comments are essential for the review process, and they submitted their comments along with other groups during the 30-day public comment window [16][17]

Energy Policy & Production - The Trump administration plans to open over 13 million acres of national public land for coal production and reduce royalty rates for mining companies [1][2] - The US government is investing $625 million to upgrade existing coal plants [4] - Increased coal production aims to support the steel and shipbuilding industries by providing metallurgical coal [5] - Coal contains critical minerals like gallium and germanium, reducing US reliance on China [6] Energy Demand & Global Competition - Electricity demand is increasing significantly [5] - China added 93 gigawatts of coal power capacity last year, highlighting global competition in energy [7] - Worldwide coal production is at a record peak, with China and India being major contributors [9] Climate & Environmental Considerations - The argument is made that shutting down US coal production would be offset by increased production in China within 12-24 months [9] - The US can produce "beautiful clean coal" and balance environmental protection with affordable energy [7][11] - Advancements in AI, powered by abundant energy, can help solve climate problems [10][13] Economic Impact & Innovation - Increased coal production is expected to lower electricity rates and create jobs [6] - AI "intelligence factories" require significant power and are crucial for competing with China [13][14]

Critical Minerals - Australia possesses strong critical minerals reserves [1] - Australia has the ability to "value add" to its critical minerals [1] Geopolitics - Australian Prime Minister Anthony Albanese met with US President Donald Trump [1]

Group 1 - The United States' reduced involvement in NATO is prompting European nations to enhance their defense capabilities, leading to increased defense spending and higher demand for critical minerals [1][2] - Global defense spending is projected to rise from approximately $2.7 trillion in 2024 to $6.38 trillion by 2035, reflecting an 8% compound annual growth rate (CAGR) [2] - Specialty metals are essential for advanced military hardware and alternative energy infrastructure, indicating a growing market for critical minerals [2][3] Group 2 - The rising demand for critical minerals like lithium, copper, and rare earths may result in supply constraints, creating long-term growth opportunities in critical minerals ETFs [3] - Drones, increasingly used in military applications, require rare earths and battery materials, further driving demand for critical minerals [4] - The Sprott Critical Materials ETF (SETM) is positioned to benefit from the anticipated growth in defense spending and energy transition materials [4][5] Group 3 - SETM offers diversification with nearly 90 holdings, including companies involved in the production of uranium, lithium, copper, and other critical minerals [5] - The ETF has global exposure, with holdings in Canada, the United States, Australia, and Chile, and includes a mix of large-, mid-, and small-cap companies [6]