Antimony Stocks and the Global Battle for Critical Minerals

Critical Mineral Company Locksley Resources Limited Advances Towards U.S. Antimony Production

Investorideas.com (www.investorideas.com) a go-to platform for big investing ideas for traders, including mining and defense stocks, reports on the rollercoaster ride for Antimony and related stocks as the US and China battle it out, featuring Locksley Resources Ltd. (ASX: LKY,OTC:LKYRF) (OTCQX: LKYRF) (FSE: X5L), a company that specializes in critical minerals development within the United States. The Company is actively advancing the Mojave Project in California, targeting rare earth elements (REEs) and antimony.

Critical Mineral Company Locksley Resources Limited Advances Towards U.S. Antimony Production

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Antimony’s critical role in defense has it in high demand globally as geopolitical unrest narratives shift and unfold. Antimony has been on a rollercoaster ride with the narratives and the trade deals being announced (and altered) just as quickly, but the long term demand remains unchanged.

According to StraitsResearch.com, ‘The global antimony market size was valued at USD 2.5 billion in 2024 and is projected to grow from USD 2.62 billion in 2025 to USD 4.83 billion by 2033.’

A major trade deal was announced November 1st between the US and China that impacted antimony stocks as Reuters reported, ‘China agreed to a one-year pause on export controls it unveiled this month on rare earth minerals and magnets, which have vital roles in cars, planes and weapons and have become Beijing’s most potent source of leverage in its trade war with Washington. Those controls would have required export licenses for products with even trace amounts of a larger list of elements and were aimed at preventing their use in military products.

The White House said China will also issue general licenses for exports of rare earths, gallium, germanium, antimony and graphite for the benefit of U.S. end users and their suppliers. The White House said that amounted to ‘the de facto removal of controls China imposed in April 2025 and October 2022.’

Days later the game changed. According to Globaltimes, ‘Chinese Ministry of Commerce (MOFCOM) has issued new rules governing the state-traded exports of tungsten, antimony and silver exports for 2026-27 with the aim to step up the protection of resources and the environment, according to a statement published on the MOFCOM’s website.’

‘The document was proposed by the Department of Foreign Trade of MOFCOM, based on the regulations outlined by the Foreign Trade Law of and the Regulations on the Administration of Import and Export of Goods. It aims to protect resources and the environment and enhance the export management of rare metals, said the MOFCOM.’

Betting big on the future of antimony, Locksley Resources Ltd. (ASX: LKY,OTC:LKYRF) (OTCQX: LKYRF) (FSE: X5L) just announced advancements with its US Mine-to-Market strategy. The Company has delivered numerous key technical milestones including LiDAR based underground modelling, metallurgical processing updates, a Bulk Sample, underground workings assessment and maiden Exploration Target (JORC 2012). These milestones have provided Locksley with the confidence to fast track the redevelopment plans and initiate extraction studies of mineralisation at the Desert Antimony Mine (DAM) Prospect.

From Target Validation to Extraction
The Company has advanced planning for a targeted, integrated work plan designed to fast-track extraction of mineralisation for Locksley’s Phase 1 pilot processing facility, planned for 2026. These results have collectively provided the Company sufficient confidence to progress plans towards re-development of the historical mine. With enhanced knowledge of the geology, metallurgy, and underground access now in place and continually developing, Locksley has commenced early-stage small scale production planning.

Geological Targeting at DAM
Underground LiDAR surveying has mapped ¬236m of historical workings confirming Sb vein continuity, supported by 3D geological modelling, structural mapping, and sampling sequencing that have enabled the Company to establish an Exploration Target (JORC 2012) at DAM containing between 19,400 to 67,700 tonnes of antimony metal (see basis for the exploration target below). This provides a framework to establish a conceptual development plan to provide feed for a pilot plant which is envisaged in 2026. This initial work provides a basis for the scale of operation which would be required and allows conceptual planning and design to be undertaken.

Metallurgy (Bulk Sample)
The recently completed 325 kg bulk sampling has delivered a head grade averaging 7.6% to 7.8% Sb. Flotation has commenced using the same parameters determined in the initial sighter testwork campaign which successfully demonstrated the ability to produce a premium antimony concentrate grading 68.1% Sb (see ASX Announcement 22 September 2025). This metallurgical success provides the foundation for the MoU signed with Hazen and validates the Company’s processing pathway, significantly establishing the technical pathway for the downstream supply chain. The results have established the potential and quality of concentrates that can be produced from the mineralisation encountered at DAM, which is another key step towards a potentially viable production operation.

Underground Assessment
With an increasing and developing understanding in the geology and metallurgy, Locksley liaised with a specialist U.S. based underground development consultant to provide an opinion of the historical DAM workings. The assessment indicates the structural stability and accessibility of the workings, providing a potential plan for future re-entry and development of the mineralisation exposed in the underground faces (Figure 1).

Downstream Capability (Processing & Refining)
The restart pathway complements Locksley’s downstream strategy, including its collaboration with Rice University to develop advanced antimony extraction technology using DeepSolvTM. Together with the MoU signed with Hazen Research for U.S. based processing capability, Locksley is building a fully integrated mine-to-market platform aligned with American industrial, defence, and energy sectors.

The advancement of the Desert Antimony Mine Prospect comes at a pivotal time for the United States, with antimony confirmed as a priority under federal supply chain resilience frameworks. Locksley’s progress directly supports US objectives to rebuild domestic sources of defence-essential materials.

Kerrie Matthews, Managing Director CEO, commented:
‘This is a pivotal moment for Locksley, marking the rapid advancement towards the Company becoming a Developer, with an end-to-end supply chain strategy from Mine-to-Metal. All technical steps, from establishing the exploration target, to achieving the 68.1% concentrate grade and to evaluating the underground workings aligns with this strategy.

‘The successful execution of these three integrated phases has significantly advanced the Company towards mitigating the key uncertainties associated with planning for recommencing operations. We are focused on further enhancing our understanding of DAM and working in parallel with US government on permitting, finance, and ultimately physically delivering antimony product into the US market.’

Full news:
https://investors.locksleyresources.com.au/announcement-detail/Locksley-Advances%20Toward%20U-S-%20Antimony%20Production-NzQ2NQ==?

Perpetua Resources (NASDAQ: PPTA), another US based antimony stock, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Company just announced a $71 Million offering betting that antimony is the right play long term. The gross proceeds to Perpetua Resources from the Offering, before deducting commissions and expenses and other Offering expenses, will be approximately $71.2 million, and will be approximately $78.2 million if Agnico exercises its participation right in full in the Concurrent Private Placement.

From the news:
The Company expects to use the net proceeds of the Offering and the Concurrent Private Placement to fund the construction and development of the Stibnite Gold Project, working capital costs in excess of the Project capital costs, continuing exploration and development activities, restoration and reclamation work, and for general corporate purposes.

Well known antimony stock, United States Antimony Corporation (NYSE American: UAMY) (NYSE Texas: UAMY) reported its third quarter and nine months ended September 30, 2025 financial and operational results. Antimony sales were up significantly.

From the news:
Revenues for the first nine months of 2025 increased to $26.23 million, or a 182% increase of $16.92 million, compared to $9.31 million for the first nine months of 2024. During the same period, cost of revenues increased 170% or $11.96 million. This in-turn allowed the Company’s gross profit to more than triple with an increase of 219%, or $4.96 million to $7.22 million as compared to $2.26 million during the same nine-month period in 2024. Gross margin increased to 28% during the first nine months of 2025 from a 24% margin experienced during the same nine months of last year. This 4% increase in gross margin is before processing any of USAC’s in-house antimony recently mined in Montana. Operating expenses were $11.76 million for the first nine months of 2025, which is an increase of $8.19 million compared to the same period in the prior year.

Our antimony sales were $23.57 million for the first nine months of 2025, which is up $16.5 million, or 235%, over last year. This improvement was primarily due to an increase in the average sales price per pound over the two nine-month reporting periods, not increased volumes.

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