Executive Summary
In this Small Caps interview, EV Resources CEO Mike Brown provides an update on the company’s flagship Los Lirios antimony project in Mexico and the broader strategy to move closer to production. The discussion centres on the recent exploration target of up to 5 million tonnes, the potential for higher grades in the Cofradía and CRD zones, and the company’s processing-led approach aimed at near-term cash flow.
The interview also highlights the strategic importance of antimony in the current geopolitical environment, with North American supply becoming increasingly important as Western markets look to reduce reliance on China and Russia.
Key Highlights
- Exploration target of up to 5Mt at Los Lirios, establishing a meaningful base case for future growth.
- Antimony contained metal estimated at roughly 77,000 to 160,000 tonnes, depending on grade and tonnage outcomes.
- The target is described as conservative, with upside expected from ongoing structural targeting and drilling.
- Phase one drilling comprised 15 holes into a project that had never previously been drilled.
- The Cofradía zone is highlighted as a potential higher-grade area with material upside.
- EV Resources is advancing a processing hub at Teccomodán, with flotation test work returning up to 81% recovery and around 42% stibnite concentrate.
- The company believes its gravity and flotation capacity could support third-party feed processing and faster pathway to production.
Market Analysis
Antimony has emerged as a critical mineral with strong defence and industrial relevance, particularly in the US. Supply is heavily concentrated, with China and Russia accounting for much of the global market. That backdrop gives North American projects added strategic value, especially where logistics, jurisdiction and processing access can be aligned.
EV Resources is positioning Los Lirios not just as an exploration story, but as a domestic supply option for North America. The combination of a sizeable exploration target, encouraging metallurgy and a processing-first strategy may improve the project’s attractiveness in a market where security of supply is increasingly important.
Investment Thesis
The investment case for EV Resources appears to rest on three pillars:
- Exploration upside – a conservative maiden target at Los Lirios may only be the starting point.
- Metallurgical potential – strong flotation results support the view that the project could be commercially viable.
- Near-term production optionality – processing infrastructure and permitting progress could shorten the timeline to cash flow.
If the company continues to grow the resource base and confirm higher-grade zones, Los Lirios could become a more material antimony asset in a strategically important jurisdiction.
Conclusion
This update positions EV Resources as a small cap antimony company with meaningful exploration leverage and a clear production pathway. For investors following critical minerals, defence-linked metals and North American supply chain themes, EVR offers a compelling story to watch as drilling, metallurgy and processing plans advance.