Antimony Prices Surge Amid Growing Military Demand and Supply Constraints

A lesser-known metal, antimony, has experienced a 300% price rally this year, outpacing gains in gold, silver, and even Bitcoin. Western nations have embarked on a \$100 billion spending spree to replenish their military arsenals, including cruise missiles, artillery shells, javelins, and armored vehicles—all of which require antimony. However, the United States does not produce any of this critical mineral domestically.

The spike in antimony prices followed China's decision this summer to reduce its supply of the metal to the United States, serving as a wake-up call for Western nations. In response, gold miners are stepping in to help fill the gap, with Western governments providing billions of dollars in loans to support new sources of antimony supply.

One promising source of antimony is Australia's Larvotto, which owns the Hillgrove gold-antimony project near Armidale, New South Wales. The company's stock has surged by nearly 600% year-to-date, fueled by the increasing demand for antimony. Another key player is Military Metals Corp., which has acquired two of the world's top ten antimony projects and is rapidly bringing new supply onstream, including the Trojarova project in Slovakia.

Trojarova, a historic antimony deposit dating back to the Cold War, holds an estimated 60,998 tons of antimony, now valued at approximately \$2 billion. Discovered in the 1950s and further explored in the 80s and 90s, the project was put on hold after the Cold War as antimony's strategic importance waned. However, with renewed geopolitical instability and NATO countries ramping up their defense spending, the demand for antimony is once again peaking.