EV Resources Raises $1.52m to Advance Dual-Track Antimony Strategy

EV Resources (ASX: EVR) has launched a $1.52 million capital raising to advance the production pathway at key antimony assets in Mexico including the Tecomatlán processing plant and the flagship Los Lirios project.

A non-renounceable rights issue will offer eligible investors one new share priced at $0.005 for every 10 shares held, with each new share accompanied by a free attaching new option exercisable at $0.0075 and expiring in August 2030.

The first $1 million under the rights issue will be underwritten by boutique Australian financial services firm Indian Ocean Securities, of which EV director Luke Martino is a director and shareholder.

By committing capital and underwriting risk, EV’s board believes shareholders will gain increased funding certainty at a pivotal stage in the company's transition towards near-term antimony production.

Strengthened Balance Sheet

EV’s raising will aim to strengthen its balance sheet as it advances a dual-track strategy toward near-term antimony production at Los Lirios alongside production capable proof-of-concept and staged circuit commissioning at Tecomatlán.

Funds will also be used to secure an initial 200 tonnes of stockpiled high-grade ore at the third-party Chinantla antimony mine and pursue new commercial offtake and supply agreements.

As part of its broader strategy to strengthen its capital markets positioning, EV will additionally conduct a 10:1 consolidation of its issued capital, with any fractional entitlements rounded down to the nearest whole share.

The consolidation—which is subject to shareholder approval at a meeting to be held in early September—is intended to optimise the company's capital structure, support a more efficient and institutionally attractive share register, and position it for its next phase of growth.

Changes to Management Team

EV has appointed current chair Shane Menere to the role of executive chair, with mining executive Miguel Barahona to take over as interim chief executive officer following the resignation of current chief Mike Brown.

Mr Menere has more than 25 years of international experience in the development, financing, construction, and commissioning of new mining projects in Australia and the broader Asia-Pacific region.

He has led mining companies through critical growth phases, combining operational leadership with extensive capital markets, investor relations, and corporate governance experience to deliver projects and create long-term shareholder value.

Mr Barahona has over 35 years of mining experience across Latin America and Australia, leading exploration, development, operations, and project delivery from early-stage to production.

He has expertise in mine valuation, stakeholder engagement and expense optimisation, feasibility studies, and contributed to record-setting productivity and safety performance at Thiess, where he managed contract mining operations in Australia.