Slovak License Revocation Exposes Gap Between EU Antimony Ambitions and Local Regulatory Reality
Published on 06/20/2026 at 16:47 | Redaktion boerse-global.de
Military Metals finds itself caught between two contradictory official positions on the same piece of ground. The Slovak Environment Ministry has revoked the exploration license for the company’s Trojarova antimony-gold project, yet that same ministry had previously designated Trojarova as part of the country’s national programme for critical raw materials submitted to the European Commission under Regulation (EU) 2024/1252. Antimony is classified as strategically important for Europe’s resource security — a status that makes the revocation all the more puzzling.
The company formally appealed the decision on June 12, 2026, arguing the move was unlawful. But management has been candid about the risks: the political and regulatory environment in Slovakia is fluid, and the appeal may well fail. Until the ministry responds, all exploration work at Trojarova is suspended, effectively freezing the company’s only substantial asset.
That asset had just reached a technical milestone. In late April 2026, Military Metals published its first resource estimate for the project: 67,000 tonnes of antimony and 222,000 ounces of gold in the inferred category. Final assay results from a definition drill campaign had been released in March. The progress was real — but now it sits idle, useless until the license question is resolved.
Should investors sell immediately? Or is it worth buying Military Metals?
The market has punished the uncertainty brutally. Shares touched €0.10 on Friday, a 14% single-day drop that extended the seven-day slide to nearly 24%. The stock now trades at less than half its 50-day moving average of €0.23, and the relative strength index has sunk to 23, deep in oversold territory. Yet no buyers have stepped in. The stock is down roughly 74% from its October 2025 levels, and nearly 57% in the past month alone.
The broader antimony market offers little support. Spot prices hover around $51.80 per kilogram, a decline of roughly 22% since the start of 2025. Supply remains structurally tight: China has suspended its export restrictions to the US until November 2026, but global refining capacity outside China is limited, and rising defence spending continues to underpin demand. For Military Metals, however, these macro factors are academic as long as the Trojarova license is in limbo.
Until the Slovak Environment Ministry rules on the appeal, the company’s flagship project remains in regulatory purgatory. The market is currently pricing in no positive outcome.
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