Executive Summary
EV Resources CEO Mike Brown discusses the company’s emerging antimony story at Los Lirios in Mexico and the US, where Phase 1 drilling has helped validate a carbonate replacement style (CRD) mineralisation model. The company has now established an exploration target of up to 5 million tonnes, giving investors a clearer sense of scale and a potential pathway to a maiden JORC resource.
Brown highlights the strategic importance of antimony, especially given its role in defence and supply chain security. With global supply dominated by Russia and China, the opportunity to develop a North American-facing antimony project is a major theme of the update.
Key Highlights
- Exploration target of up to 5Mt at Los Lirios
- Potential for 77,000 to 160,000 tonnes of contained antimony
- Phase 1 drilling comprised 15 holes into an undrilled project area
- Evidence supports a CRD mineralisation model rather than only vertical feeder structures
- The Cofradía zone may deliver meaningfully higher grades than the conservative target assumptions
- Strategic focus on North American supply and local processing infrastructure
- Potential pathway to near-term cash flow via a processing-led strategy
Market Analysis
Antimony is increasingly viewed as a strategic critical mineral, particularly in the United States where defence applications and supply chain resilience are front of mind. Brown notes that most global supply is concentrated in Russia and China, creating a geopolitical backdrop that could favour domestic or near-domestic sourcing.
For EVR, this matters because Los Lirios is positioned to serve the North American market, potentially giving the project stronger commercial relevance than a standalone exploration story. The company’s emphasis on processing also suggests a more capital-disciplined approach, with the objective of translating geological success into early production potential.
Investment Thesis
The investment case hinges on three main points: scale, grade upside and strategic location. First, the newly defined exploration target gives the market an initial framework for the project’s size. Second, the CRD model and the Cofradía zone point to the possibility of better grades than the current conservative estimate implies. Third, the project’s North American supply relevance could support stronger stakeholder interest, particularly in a market increasingly focused on critical minerals security.
If EVR can continue to de-risk the geology and advance the processing route, Los Lirios may evolve from a promising antimony discovery into a credible development story with commercial optionality.
Conclusion
This update frames EV Resources as more than a pure explorer. Los Lirios now has a defined scale, a validated geological model and a strategic commodity backdrop that may support a faster development narrative. Investors will likely watch for further drilling, resource conversion and processing milestones as the next catalysts.