Felix Gold Establishes Frontier Refinery to Build US Antimony Supply Chain

Felix Gold (ASX: FXG) has established Frontier Antimony Refinery Corp. as a wholly owned US subsidiary to develop a domestic refinery converting antimony-bearing material from its Treasure Creek project in Alaska into military-grade antimony metal.

The Delaware-incorporated business is intended to link Felix’s US ore supply directly with US processing and end users, while providing a structure designed to access US capital markets and government critical minerals programs.

Frontier is targeting operation in the first half of 2028, subject to site selection and funding, after Felix demonstrated the proposed refinery flowsheet from Treasure Creek material through to cast antimony metal under pilot plant conditions.

The development is also aligned with Felix’s selection for negotiations over up to US$18 million in non-dilutive funding from the US Department of Energy (DoE), which is intended for refinery capital costs subject to award negotiations and DoE approval.

Frontier Links Ore to Metal

Frontier holds exclusive rights under an ore supply agreement to buy high-grade antimony material from Felix’s Treasure Creek project, where bulk sample extraction is permitted through to December 2029 and material has already been mined, bagged and positioned in the US.

Treasure Creek will provide the refinery’s anchor feed, while Frontier is being designed to accept third-party domestic and allied material with the aim of serving defence, semiconductor, energy storage, EV, and industrial markets.

US net import reliance for antimony was estimated at 91% in 2025, while more than 85% of global mine production came from China, Russia and Tajikistan during the year.

Antimony is used in applications including ammunition, armour, night-vision optics, and flares, with Frontier targeting material meeting US military specification MIL-A-22131.

Frontier has also begun positioning for US capital, with a seed funding process underway and a US listing targeted, while Felix intends to remain the major shareholder as the subsidiary progresses.

Pilot Plant Process Route

The pilot program replicated the sequence of unit operations selected for the proposed refinery, converting hand-sorted and coarse-crushed Treasure Creek material through smelting and fuming, fume capture, and reduction before casting antimony metal.

The work was conducted in batch mode on bench and demonstration-scale equipment rather than the continuous configuration envisaged for the refinery, with independent laboratory assays and final refining still outstanding, while Felix has produced no metal at a final commercial specification, reported no metallurgical recovery or production target and cautioned that pilot-scale results may not be replicated commercially.

“Ore went in one end of the plant and antimony ingot came out the other end, through the same sequence of unit operations Frontier intends to build and operate at scale—that removes the single largest technical unknown standing between us and a US refinery.,” executive director Joseph Webb said.

“It also confirms what we have said about the ore: there is no concentrator or flotation circuit required between the vein and the furnace—a consequence of ore quality, not engineering ingenuity.”

“A shorter flowsheet means less capital, fewer unit operations, and faster implementation and ramp-up.”

Pre-Commercial Funding Support

The DoE selected the Treasure Creek antimony pilot processing facility for award negotiations under a program aimed at moving previously developed pilot-scale processes towards pre-commercial demonstration.

The applicant is Felix Gold Alaska Treasure Creek Inc., another wholly owned US subsidiary rather than Frontier, with a proposed 26.8% company cost share to be provided in kind through delivery of Treasure Creek material.

Any funding ultimately obligated is intended to be applied towards the capital cost of the Frontier refinery, but no money has yet been committed and DoE may cancel negotiations or change the amount while the funded scope and application within the Felix group remain subject to approval.

Engineering design is substantially advanced and a US site-selection study has been completed, with Felix planning to continue refinery engineering and feasibility work alongside Treasure Creek bulk sample extraction, independent assays, processing of the remaining pilot material, and the final refining stage needed to test metal against specification once site-specific infrastructure, permitting, logistics, and cost inputs are incorporated.