New-look board tins up EV Resources for Mexican antimony tilt

EV Resources is doubling down on its high-grade Los Lirios antimony mine in Mexico, with a revamped board and a fresh round of funding to fast-track the project towards production.

The company has welcomed two seasoned mining veterans to its board, with Shane Menere stepping in as non-executive chairman and Justin Werner joining as a non-executive director. The incoming heavyweights have opened their shoulders – and their wallets – to invest $200,000 total in a $650,000 capital raise, affirming their belief in the company and its flagship – and now sole - project.

Menere is a mining entrepreneur with a quarter century’s worth of experience, including his current role as founder and chief executive officer of ASX-listed explorer Far East Gold.

Meanwhile, Werner currently steers the ship at the world’s largest listed pure nickel producer, Nickel Industries. As managing director, he has taken the company to a $3 billion market cap and some 130,000 tonnes per annum of nickel output.

The pair’s arrival sees Luke Martino shift from chairman to non-executive director, ensuring continuity as EVR sharpens its antimony strategy.

The new directors have also elected to receive their salaries as shares, allowing for all-important funds to be focussed on bringing Los Lirios into immediate production while antimony prices are at all-time highs.

As remuneration, Werner and Menere will receive 20 million shares and 20 million options each at a 0.3 cents excise price with a one-year expiry, pending shareholder approval. The funds will fuel the restart of Los Lirios, a 1652-hectare project in Oaxaca, Mexico, which has three historical small open pits. EVR holds a 70 per cent stake in the project.

Los Lirios has climbed the ranks to become EVR’s cornerstone and sole asset. The historical open pits and underground workings delivered high-grade antimony ore until the 1970s, returning assays as high as 62 per cent and 62.99 per cent antimony.

The company has 30-kilogram bulk antimony samples undergoing ore characterisation to pave the way for gravity-based recovery tests. With talks underway for a pilot processing plant, EVR is eyeing a rapid production restart to capitalise on antimony’s soaring demand, driven by China’s export bans and its critical role in semiconductors, ammunition and solar panels.

To streamline its focus, EVR made a tough call to relinquish its former flagship Parag copper-molybdenum porphyry project in Peru. Despite stellar drilling results, such as 18 metres at 1.7 per cent copper and 0.4 per cent molybdenum from 11m. The board deemed Parag’s funding needs were too hefty for the current market conditions and instead opted to conserve cash and channel resources into Los Lirios’ near-term potential.

The company has recently made several divestments, such as the Yanamina gold-silver project, which it sold for up to $9.3 million and quickly flipped its Coyote Creek antimony project for a $450,000 profit. The deals have armed the company with the cash and future payments it needs to advance its Mexican mine to regional prominence.

While EVR cautions that exploration and development risks remain, including uncertainties around mineralisation economics and financing, the new board’s pedigree and strategic focus signal a clear intent. With drill bits ready to spin and a pilot plant in sight, EV Resources is shaping up as a near-term player in a red-hot antimony market.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au