Resource Wars: China and the West Battle for Antimony as Prices Explode +350%

The next global conflict may not be sparked by tanks or fighter jets—but by a shortage of one obscure, unsexy metal that underpins nearly every weapon system used by Western militaries.

That metal is antimony (Sb)—and it's just crossed $59,500 per tonne, a staggering 350% increase from early 2024.

With China banning antimony exports to the United States in December 2024 and Russian supply under sanction-related strain, the West is now in full scramble mode to secure reliable sources of this critical mineral. Antimony is essential for armor-piercing ammunition, night vision tech, explosives, flame retardant fabrics and missile guidance systems—making it one of the few commodities with direct links to national security.

Amid the chaos, one small-cap company is positioning itself as a frontline supplier to fill the widening gap: Military Metals Corp. (CSE: MILI | OTCQB: MILIF)

Western Supply Chains Under Siege

Antimony’s price explosion is no accident. In December 2024, Beijing slammed the doors shut on exports of antimony, gallium, and germanium to the U.S., citing national security. The ban followed months of tightened controls that already reduced antimony exports by 97%, leaving Western nations with few options.

With China controlling nearly 50% of global mine supply and 80% of processing, the consequences were immediate:

• U.S. antimony supply was cut off overnight
• Prices exploded from ~$13,000 to over $59,000 per tonne
• Defense contractors began scrambling for non-Chinese sources

While Perpetua Resources is securing a $1.86-billion government financial commitment and boasts 90,000 tonnes of antimony in Idaho, a lesser-known player could be the one with the most torque left in its stock price.

Military Metals: Locked, Loaded, and Western-Controlled

Military Metals Corp. has quietly assembled a trifecta of strategic antimony and critical mineral assets in Slovakia, Canada, and the U.S.—all in jurisdictions friendly to Western governments and their militaries.

At the center of the company’s portfolio is its flagship Trojarová antimony-gold project in Slovakia. The country has a rich history of mining going back centuries, and has had multiple operating antimony mines through out its history. With a historical Soviet-era resource of nearly 61,000 tonnes of high-grade antimony, Trojarová is now being fast-tracked toward a NI 43-101 compliant resource by globally recognized consulting firm SLR. Military has also brought in DGWA GmbH as its European market advisor to help unlock value across the continent.

Through this partnership, the company is pursuing grant funding under the EU’s Critical Raw Materials Act, engaging with potential defense sector offtakers, and establishing a presence among European institutional investors. With Europe eager to secure non-Chinese sources of supply—and fast-tracking permitting for critical minerals like antimony—Trojarová stands out as a high-grade, shovel-ready opportunity in the heart of the EU. It is Europe’s only known untapped deposit, at a time where the EU is advancing re-armament rapidly.

Back in North America, Military is revitalizing the West Gore antimony-gold project in Nova Scotia, a site that once held the title of Canada’s largest antimony producer. With historical production dating back to World War I and post production drilling revealing grades of over 10 grams per tonne gold and 3.4% antimony, West Gore represents a rare opportunity to bring a formerly significant domestic supplier back online. Canada only has 3 brownfield antimony projects, and this is 1. Military has also moved to consolidate surrounding claims, tightening its control over one of the few meaningful antimony systems on the continent.

Adding even more depth to its portfolio, the company recently completed the 100% acquisition of the Last Chance antimony-gold property in Nevada. Located just west of Kinross’s Round Mountain gold mine, Last Chance was historically mined to support U.S. defense needs and still contains existing infrastructure, including a shaft and concrete foundations. While most exploration in the area has focused on gold, Military is preparing modern geological programs that will target antimony specifically—a timely strategy given the skyrocketing prices and surging demand for the metal in Western defense supply chains.

With this three-pronged approach across Europe, Canada, and the U.S., Military Metals isn’t just exploring—it’s executing a coordinated plan to become one of the most important non-Chinese antimony players on the global stage.

With its trifecta of legacy-rich properties in three different Western jurisdictions, MILI may be the only junior with boots on the ground across North America and Europe in the antimony sector.

Tin in the Background, But Rising Fast

Beyond antimony, Military Metals is also sitting on another critical metal with an eerily similar geopolitical profile: tin.

Its Medvedi-Potok tin project in Slovakia includes:

• A Soviet-era historical tin resource with 5.3 km of underground development
• 129 drill holes, extensive trenching, and engineering studies
• All six volumes of data being translated and digitized into a modern GIS model
• A commodity whose production is also concentrated in China, Myanmar, and Indonesia—putting the West at risk once again

With tin prices rising and its strategic uses in electronics, solder, touchscreens, and batteries, this asset could become MILI’s sleeper hit.

Strategic Tailwinds and Policy Support

On April 5, 2025, the U.S. government issued an executive order exempting antimony from tariffs, recognizing its importance to defense, energy, and manufacturing sectors. That move came just weeks after Canada imposed 25% retaliatory tariffs on U.S. goods, adding more complexity to already strained supply chains.

The reality is this: Western militaries and economies need antimony—and they can’t rely on China or Russia to provide it. Antimony is the spinal cord of the defense sector with no substitutes.

That leaves a short list of publicly traded Western-aligned miners—and Military Metals may be the most undervalued among them. Investors can only gain exposure to antimony through pure play mining stocks as there are no futures contracts or physical ETF’s.

The Final Word

As antimony prices flirt with six-figure territory, as predicted by several analysts and the global supply crunch worsens, Military Metals (CSE:MILI | OTCQB:MILIF) is shaping up to be one of the most interesting and strategic critical minerals stories in the market.

With a sub-$30M market cap, ownership of some of the largest undeveloped antimony resources in Europe, a past-producing site in Canada, and a newly acquired project in Nevada, this junior miner is charging straight into one of the most critical supply chain battles of the modern era.

This isn’t just about mining.

It’s commodity warfare—and Military Metals is locked and loaded.