Antimony Supply Squeeze Intensifies as Military Metals Fights to Reclaim Slovak License
03.06.2026 - 17:15:50 | boerse-global.de
The clock is ticking for Military Metals. With an appeal deadline of 12 June, the junior miner is scrambling to overturn the Slovak Ministry of Environment’s decision to revoke the exploration license for its Trojarova antimony-gold project, a move that has sent its stock into a tailspin and thrown a strategic European critical-mineral asset into limbo.
The license was pulled on 28 May without what the company calls “adequate justification.” In response, Military Metals plans to file a formal objection with the environment minister, arguing that the cancellation directly undermines both Slovakia’s own National Program for the Exploration of Critical Mineral Raw Materials — which designated Trojarova a priority project on 20 February 2025 — and the European Union’s Critical Raw Materials Act (Regulation 2024/1252) aimed at securing supply chains for materials vital to defence, renewable energy and technology.
The stakes are high. A technical report published on 22 May, just days before the revocation, confirmed an initial inferred resource of 6.5 million tonnes grading 1.02% antimony and 1.06 grams per tonne gold. That translates to roughly 67,000 tonnes of antimony and 222,000 ounces of gold — a deposit that would be among the few significant antimony sources inside the EU. The macro backdrop only adds to the sense of urgency: antimony prices hit new all-time highs in May 2026, driven by supply disruptions and surging demand from the military and electronics sectors.
Should investors sell immediately? Or is it worth buying Military Metals?
The stock market reacted violently. After a trading halt on the Canadian Securities Exchange, shares resumed trading and plunged to a 52-week low of C$0.16. On Tradegate, the euro-denominated listing fell as low as €0.06 before clawing back to around €0.16, 6% higher on Tuesday but still roughly 60% below the 52-week high of €0.39 set in October 2025. The company has lost more than 40% of its value in the past 30 days alone, and annualised volatility over that period has exceeded 150%. The market capitalisation now stands at approximately C$21 million.
To bolster its position in the legal fight, Military Metals recently appointed a former Glencore executive as chairman — a move that signals an intention to wield industrial heft and regulatory experience in the dispute. The company is not solely dependent on Trojarova, however. Its portfolio also includes the West Gore antimony-gold project in Canada and the Last Chance property in Nevada. But the Slovak asset is by far the most advanced European project, and the outcome of the appeal will determine whether the miner can continue development there.
For now, all eyes are on Bratislava. The company insists the licence revocation contradicts EU strategic objectives, and it expects a decision soon after the 12 June deadline. Whether that argument carries weight in the Slovak capital will decide the fate of one of Europe’s most promising antimony deposits — and, potentially, the company itself.
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