Why antimony, why now
A supply crisis, and a policy tailwind.
Antimony is a USGS-designated critical mineral spanning defence, energy storage, flame retardants and semiconductors — with almost no domestic primary production.
The supply problem
- USGS-designated Critical Mineral spanning defence, energy storage, flame retardants and semiconductors
- China controls ~80% of global primary production and banned antimony exports to the U.S. in late 2024
- No meaningful U.S. domestic primary production — almost entirely import-dependent
- Price volatility and supply uncertainty accelerating government and industry interest in domestic alternatives
Government support & positioning
- $300M+ federal funding committed to domestic antimony since Sep 2025 — DPA Title III grants, DLA stockpile contracts, FAST-41 permitting designations
- Perpetua Resources: ~$80M DPA funding, $2.7B EXIM approval, FAST-41 — construction commenced Oct 2025. Americas Gold & Silver: largest current U.S. antimony mine; 51/49 JV with USAC for processing plant
- U.S. Antimony Corp.: $245M DLA sole-source contract + $27M DPA III smelter expansion. Resolution Minerals’ Antimony Ridge received FAST-41 designation Apr 2026 — a past-producing, exploration-stage stibnite project directly analogous to White Spar
- The government’s largest commitments have gone to companies with both upstream supply and downstream processing — Nexus’s combined platform aligns directly with this model
US antimony landscape
| Company | Primary asset | Stage | Gov. support | Mkt cap* |
|---|---|---|---|---|
| Perpetua Resources | Stibnite Gold Project, ID | Studies / early works | ~$80M DPA + $2.7B EXIM; FAST-41 | ~US$3.8B |
| U.S. Antimony Corp. | Thompson Falls smelter + claims | Operating smelter; expanding | $245M DLA; $27M DPA | ~US$1.3B |
| Americas Gold & Silver | Galena Complex, ID | Operating mine; Sb by-product | 51/49 JV with USAC | ~US$1.85B |
| Sunshine Silver Mining & Refining | Sunshine Mine + refinery, ID | Permitted; restart targeted 2028 | Positioned under critical-minerals EOs | ~US$2.2B |
| Nexus Metals | White Spar + del Sol | Brownfield exploration + permitted facility | Positioning within U.S. policy framework | Private |
*Market data approximate as of April 2026 and shown for context only. Nexus exploration target is conceptual in nature. Peer data from public filings and announcements; comparisons do not imply equivalence in stage, scale, assets or value.