Antimony: Critical Metal Poses Risk to U.S. Military Supply Chain

A potential conflict with China poses a significant threat to the U.S. military, particularly if Beijing decides to restrict exports of antimony—a key metal crucial to the American military's arsenal. Antimony (Sb) is one of the best-performing commodities this year, and its restricted supply could jeopardize military readiness.

Antimony miners in Western-friendly nations are currently gaining significant traction, with companies like Military Metals acquiring key assets that may reduce North America's reliance on Chinese supply.

The price of antimony has increased by 200% this year, with publicly listed companies in the sector experiencing gains over 800%. China, which controls nearly half of the global antimony supply and dominates its refining, has recently restricted exports to the United States, sparking concerns about supply chains.

Military Metals, a junior player in the antimony sector, aims to tackle supply shortages by acquiring antimony assets in Central Europe and North America. The company has acquired past-producing mines and new opportunities from Europe to Canada, positioning itself as a supplier of critical metals for Western defense.

In Slovakia, Military Metals has two antimony projects, including a historically producing mine and a brownfield project with a large historical resource. In Canada, the company owns a historical antimony/gold site—the West Gore project in Nova Scotia—that previously served Allied needs during WWI.

Perpetua Resources, another antimony producer, is finalizing a $1.86-billion government loan to develop its resource. Perpetua holds 90,000 tons of antimony, while Military Metals recently announced that it acquired one of Europe’s largest antimony deposits, the Slovakian Trojarova deposit, containing over 60,000 tons of antimony.

Military Metals also signed a letter of intent in October 2024 to acquire additional claims near its West Gore Antimony Project. This move aims to consolidate territory and boost production at one of Canada’s biggest historic antimony mines.

China's tightening of controls on antimony exports follows similar moves targeting rare earths like germanium and gallium, as well as graphite. Antimony, used in semiconductors, batteries, flame retardants, and military applications such as night vision goggles and armor-piercing bullets, is critical to modern defense capabilities.

China controls nearly 48% of the world's antimony raw materials and 65% of refining, while the U.S. relies on China for more than 60% of its antimony. Although the U.S. could refine antimony domestically, it lacks the mines needed to source raw materials, making it dependent on third-party suppliers.

Before China’s export restrictions, there were already concerns about antimony supply stability. Russia's export disruption due to sanctions further complicates matters, as it accounts for about 24% of global antimony supply. The recent Chinese measures seem aimed at both reducing exports to the U.S. and securing their domestic supply.

Analysts suggest that antimony prices may rise further in response to these restrictions. "Given we are still at record prices, it's likely that prices will go even higher with this announcement," said Chetan Soni, an analyst at consultancy CRU.

Military Metals aims to address these supply issues by moving swiftly to acquire critical assets while China restricts the availability of these rare materials. The European Defense Commissioner has called for mandatory stockpiling of antimony and other supplies, highlighting the strategic importance of Military Metals' activities, both in Europe and in Nova Scotia, Canada.