China Just Banned Antimony Exports – Three Stocks to Capitalize on the Supply Crunch

With prices hitting all-time highs, these North American-listed companies offer direct exposure to the antimony market.

Editorial Team (ET)May 9, 2025

Antimony has long been an overlooked element in the global supply chain, yet it plays a critical role in industries ranging from defense and munitions to semiconductors and energy storage. The mineral is classified as critical by both the U.S. and the European Union, as it is essential for military applications, ammunition, and high-tech industries. In a move that could have profound implications for global markets, China recently banned antimony exports, sending prices surging to all-time highs of $47,500 per ton. This decision underscores the growing importance of securing a domestic or allied supply of antimony, particularly for North American markets.

Currently, China dominates global antimony production, controlling the vast majority of the supply chain. With China cutting off exports, Western nations will need to find alternative sources quickly to meet the growing demand. This presents a significant opportunity for investors looking to gain exposure to North American-listed antimony stocks.

There are three primary publicly traded companies with significant antimony assets that could benefit from the current supply crisis:

Military Metals (CSE: MILI | OTCQB: MILIF)
Perpetua Resources (NASDAQ: PPTA | TSX: PPTA)
United States Antimony Corporation (NYSE: UAMY)

Each of these companies offers a different risk/reward profile and a unique angle on the antimony market. Below, we break down their key assets, strategic positioning, and investment potential.

Military Metals (CSE: MILI | OTCQB: MILIF)

Military Metals is a pure-play antimony company with three past-producing assets located in Canada, the United States, and Europe. The company is uniquely positioned to capitalize on both Western and European demand for critical minerals.

Key Assets:

Trojárová Antimony-Gold Project (Slovakia)

60,000+ tonnes of high-grade antimony
$2.5 billion+ in in-situ value at current prices
Located in Europe, which has virtually no domestic production of antimony
Potential to secure European Union defense sector funding

West Gore Mine (Nova Scotia, Canada)

A historic gold-antimony mine
$30 million+ worth of stockpiles of gold and antimony ready for processing
Located in a stable, mining-friendly jurisdiction

Investment Thesis: Military Metals offers high leverage to rising antimony prices, a diverse geographic asset base, and direct exposure to European and North American defense supply chains. As Western nations scramble to secure new supply, Military Metals’ high-grade, strategically located assets could attract government funding and defense partnerships.

Perpetua Resources (NASDAQ: PPTA | TSX: PPTA)

Perpetua Resources is an advanced-stage mining company focused on redeveloping the Stibnite Gold Project in Idaho. While primarily a gold project, Stibnite also contains the largest known U.S. antimony resource.

Key Assets:

Stibnite Gold Project (Idaho, USA)

83,000 tonnes of antimony, the largest known U.S. deposit
One of the highest-grade open-pit gold deposits in North America
$59.2 million in U.S. Department of Defense funding under the Defense Production Act
A portion of the mine’s antimony production will be supplied to Ambri, a U.S. company developing liquid metal batteries for energy storage

Investment Thesis: Perpetua is a lower-risk investment due to strong U.S. government support, but its primary focus is gold rather than antimony. While investors gain exposure to both gold and antimony, Perpetua is not a pure-play antimony company. However, with direct U.S. defense funding, the project is well-positioned for long-term success.

United States Antimony Corporation (NYSE: UAMY)

Unlike Military Metals and Perpetua, United States Antimony Corporation (UAMY) does not mine its own antimony. Instead, it focuses on processing and refining the mineral.

Key Operations:

Montana-Based Antimony Smelting & Refining Facilities

The only U.S. company refining antimony products
Historically sourced raw material from Mexico
Relies on third-party ore supply rather than owning large-scale antimony deposits

Investment Thesis: UAMY offers exposure to the downstream side of the antimony supply chain, but its lack of mining assets means it is dependent on securing reliable feedstock. The company could benefit from government initiatives to process domestic antimony, but it lacks the resource upside potential of Military Metals and Perpetua.

The Investment Outlook

With China restricting exports and antimony prices soaring, North America must secure domestic supply sources. Investors looking to capitalize on this shift have three key options:

Military Metals (MILI) – A high-grade, pure-play antimony company with assets in North America & Europe. The most direct exposure to antimony price increases.
Perpetua Resources (PPTA) – A gold/antimony hybrid, with strong U.S. government backing and the largest U.S. antimony resource.
United States Antimony (UAMY) – A processing and refining company that does not mine antimony but could benefit from increased U.S. demand for antimony products.

As global supply chains continue to tighten, antimony is shaping up to be one of the most strategically important critical minerals. Investors looking to gain exposure should carefully consider which company aligns with their risk tolerance and investment goals.

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