Vancouver, British Columbia–(ACN Newswire – October 7, 2024) – Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the “Company” or “Military”) continues to advance its role in the global critical minerals sector. The Company has signed a binding Letter of Intent (LOI) to acquire 100% ownership of 1458205 B.C. Ltd. (the “Target”), a private company holding three brownfield projects in Slovakia. This acquisition includes two antimony-focused properties and one tin project, all located within the European Union.
The assets include the Trojarova Antimony Project and the Medvedi Tin Project, both containing historical resources dating back to the Soviet era. As part of the transaction, Military Metals will issue 10 million common shares, valued at CAD $5.6 million, to the shareholders of the Target. The Company aims to finalize a definitive agreement and close the acquisition by October 2024.
Antimony, a critical component for battery technology, advanced military systems, and other industrial applications, is in high demand globally. As recognized by the United States, European Union, and other leading economies, antimony is classified as a critical mineral. With much of the world’s antimony reserves concentrated in China, Russia, and Tajikistan, Military Metals sees an opportunity to enhance Western access to this essential resource.
“This acquisition strategically positions Military Metals as a leading explorer and developer of antimony,” said CEO Scott Eldridge. “The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia’s strong mining infrastructure and history. We see this as a perfect alignment with the European Union’s Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production.”
The Trojarova Antimony Project, located in Western Slovakia, has been extensively explored, with historical Soviet-era data indicating substantial antimony and gold historical resources. While these estimates are not yet compliant with modern standards, Military Metals plans to validate them with new drilling, ensuring compliance with National Instrument 43-101 (NI 43-101) requirements.
In addition to Trojarova, the Company is acquiring the Tiennesgrund Antimony Project in Eastern Slovakia, which holds a 10 km-long fault-hosted vein system, and the Medvedi Potok Tin Project, a classic tin vein system with underground workings and historical resources. As part of the acquisition, Military Metals will also gain access to small-scale processing equipment, reinforcing its strategy of operational efficiency and innovation.
With geopolitical tensions and increasing demand putting pressure on critical mineral supply chains, Military Metals is positioning itself to become a key player in securing Western access to vital antimony resources.
Map showing the location of Military’s properties in Slovakia
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The technical contents of this release were reviewed and approved by Avrom E. Howard, MSc, PGeo, geological consultant to Military Metals and a qualified person as defined by National Instrument 43-101.
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
ON BEHALF OF THE BOARD of DIRECTORS
This news release contains “forward-looking information”. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-Looking information in this news release includes statements related to the completion of the acquisition of the Target by Military, as well as future plans for exploration activities, and assumptions related to the continuation of the global demand for antimony. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include entry into a definitive agreement in respect of the Acquisition, meeting the conditions to close the Acquisition, geopolitical developments related to the supply of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the properties that are the subjects of this news release, the results of any future exploration activities, which cannot be guaranteed, and such other factors as may impact both the Acquisition and any future activities in respect of the properties held by the Target. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR+ profile at www.sedarplus.ca. Forward-Looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
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Topic: Press release summary