Military Metals wins four-year Slovak licence lifeline

Military Metals (MILI) has secured a four-year exploration licence extension for its Trojárová antimony-gold project in Slovakia, following the reversal of an earlier decision to cancel the permit. The company reported that the licence now extends to October 18, 2030. Located near Pezinok, approximately 20 km northeast of Bratislava, the project boasts significant resources with an inferred tonnage of 6.5 million grading 1.02% antimony and 1.06 grams of gold per tonne.

CEO Scott Eldridge highlighted Europe's reliance on external suppliers for raw materials, stating that the licence extension restores the potential for a European source of antimony, a metal used in ammunition, flame retardants, and electronics. While the licence extension removes immediate hurdles, company officials emphasize that it still requires mining and production approvals, along with technical, environmental, and community work.

Military Metals' shares surged 28% to 25.5 cents apiece on Monday after trading between 15 and 56 cents over the past year, with a market capitalization of C$20.5 million ($14.5 million). The licence cancellation reversal was attributed to Slovakia's Environment Ministry confirming the company met all conditions for a four-year extension.

The May cancellation followed an unscheduled review on May 28, which the company challenged in an appeal on June 12, arguing the cancellation conflicted with the ministry's inclusion of Trojárová in Slovakia's national critical-minerals exploration program submitted to the European Commission. The project, estimated to contain 67,000 tonnes of antimony and 222,000 ounces of gold, has begun discussions with Slovak authorities and the Economy Ministry on mining and production authorization requirements.

The company also aims to establish a local advisory board and collaborate with local universities on environmental and mineral processing research.