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Military Metals (CSE: MILI) has expanded its search for quality critical minerals assets beyond Canada with an agreement to buy three brownfields projects in Slovakia. Two of the projects focus on antimony, while the other is on tin.
Under the letter of intent signed Monday, the company said it will acquire these projects through the issuance of 10 million shares, with a total value of C$5.6 million. The stock traded at C$0.75 at market open, and by noon ET, it had gone up 4% to C$0.78 apiece for a market capitalization of C$25.5 million.
A definitive agreement for the acquisition is expected to be reached this month, Military Metals said.
The main asset highlighted is the Trojarova antimony project near Pezinok in western Slovakia, which has been extensively explored during the Soviet era. The project was previously held by Molten Metals (CSE: MOLT), which published a historical resource of 415,000 tonnes grading 0.162% antimony and 1.148 g/t gold based on underground exploration data.
Also containing historical resources dating back to the Soviet era and worked on by Molten Metals is the Medvedi tin project. It has a calculated reserve of 863,000 tonnes grading 0.19% tin using the Soviet-style classification of mineral deposits.
While these project estimates are not yet compliant with modern standards, Military Metals said it will work to validate them with new drilling, ensuring compliance with NI 43-101 requirements.
The second antimony project, Tiennesgrund, is located in eastern Slovakia and has no published resource estimate. The project holds a 10 km fault-hosted vein system.
CEO Scott Eldridge said the new acquisition strategically positions Military Metals as a leading explorer and developer of antimony — a critical component for battery technology, advanced military systems and other industrial applications. Due to its importance and high demand, the metal is currently classified by the US, European Union and other leading economies as a critical mineral.
“The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia’s strong mining infrastructure and history. We see this as a perfect alignment with the European Union’s Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production,” Eldridge said.
The new acquisition follows Military Metals’ recent acquisition of the past-producing West Gore antimony project in Nova Scotia. West Gore consists of an underground mine that operated between 1882 and 1939, extracting antimony from as many as seven mining levels. At one time, it was Canada’s most prominent antimony mine.
