America's Antimony Problem and Why Investors Should Care

Why antimony matters

Once overlooked, antimony is now classified as a critical mineral in several countries, including the US.

The US Geological Survey highlights antimony’s role in lead-acid batteries and flame retardants in its Critical Minerals List. As Fastmarkets notes, such applications continue to anchor antimony consumption, underscoring the mineral’s enduring importance beyond emerging technologies.

In the defense sector, military applications of antimony include the strengthening of bullets and armor-piercing rounds. This scientifically happens by mixing with lead as a hardening agent, reducing deformation compared to pure lead. Studies suggest that in the US, the hardening agent typically contains 1 to 3 percent antimony by weight.

Antimony is also found in explosives, night vision goggles, nuclear weapons and flame-retardant military uniforms. Its compounds allow for the conversion of photons (light particles) into electrons, making it usable for other optical technologies like infrared sensors and laser sighting.

“The rapid expansion of the photovoltaic industry has emerged as a key long-term demand driver,” Fastmarkets said. It adds that flame retardants account for roughly half of global end use and that demand from plastics, textiles and construction materials is expected to remain stable, supported by fire safety regulations.

China’s current dominance and export controls

China, along with Russia and Tajikistan, controls about 90 percent of global antimony production. In 2025, Russia and Tajikistan followed China’s lead, accounting for 32,000 metric tons and 22,000 metric tons, respectively. The US imports over 80 percent of its antimony, leaving it highly vulnerable to geopolitical shocks such as China’s export restrictions.

Prices of antimony have already doubled since the restrictions announcement in 2024, reaching a historical high of US$59,750 per metric ton in July 2025, then declining months later, around September.

Commodity price group Sunsirs said in a report that the supply/demand gap for antimony also peaked in 2025 at 34,000 to 39,000 metric tons, its highest in five years. Domestic antimony prices were also significantly higher than international ones, with the price difference exceeding 80 percent. An article by the Center for Strategic and International Studies (CSIS) adds that gallium exports were significantly below pre-restriction levels a year after the export controls were implemented, suggesting that the US defense industry “may need to rely on diversified sourcing of antimony from several smaller producers to meet demand over the next several months.”

Antulio Borneo, vice president of the North America PET/Polyester Chain, told the Independent Commodity Intelligence Services in a podcast that the current situation on antimony is also driving price increases in US PET resins, which can be broadly classified into bottle, fiber or film grade, named according to the downstream applications.

“Some negotiations are ongoing (in terms of antimony) … but it still is a matter of supply and demand.”

America’s moves

All things considered, the US is making its own moves to enhance domestic extraction, processing and refinement of antimony. The Department of War announced an investment of US$27 million in Defense Production Act Title III funds to United States Antimony (NYSEAMERICAN:UAMY) in late February 2026.

The company said it aims to support more mining, and to modernize and expand its Montana refinery with the budget. It also wants to make more antimony products that nobody else in the US can.

The US government’s Defense Logistics Agency has also previously announced plans to stockpile several critical metals, including antimony. A five year contract worth up to US$245 million from the US Defense Logistics Agency was secured to supply antimony metal ingots for the defense stockpile.

Fastmarkets reported that the contract aims to supply 6,685,871 pounds, or about 3,026 metric tons, of antimony metal ingots to the National Defense Stockpile over five years. Reuters highlights that it aligns with domestic efforts to shore up supply chains for strategic materials amid rising geopolitical tensions and growing dependence on foreign sources, particularly China.

Market outlook

The global antimony market size was US$2.5 billion in 2025 and is assessed at US$2.6 billion in 2026. It is expected to grow US$4.7 billion by 2035, Research Nester said.

Sunsirs states in its report that in the long term, global antimony resource grades are declining, and production capacity growth is weak. “The scarcity and strategic importance of antimony will drive prices into a long-term upward trend, especially as the demand for high-purity antimony increases,” the outlook reads.

However, this growth in demand underscores the investment potential in stable, non-Chinese supply chains. As demand rises, projects in secure jurisdictions will command premium valuations.

Beyond primary production, CSIS also recommends that the US continue investing in domestic capabilities, particularly by advancing recycling technologies to boost the recovery of antimony within the country.

Companies moving the needle

Several juniors are exploring antimony-bearing deposits. Nevada-based NevGold (TSXV:NAU,OTCQX:NAUFF,FWB:5E50) holds the strategically located Limousine Butte gold-antimony project in Nevada. With high-grade oxide antimony mineralization at surface alongside gold, it represents the type of near-term antimony production opportunity that could attract investor and US government interest as antimony demand rises.

The company said that it is hoping to advance to a mineral resource estimate by the second quarter of 2026, which will define the grade and quantities of contained antimony on the pads.

“This is one of the only near-term, at-surface antimony production scenarios in the US with a path to potential antimony metal production by 2027,” revealed NevGold CEO Brandon Bonifacio.

Nevada emerged as the top mining jurisdiction in the world in 2025, providing NevGold with positive permitting and regulatory certainty, security of assets and infrastructure and access to funding. In a supply-constrained market like antimony, the reliability of supply and where it comes from is just as important as volume.

The only other advanced antimony project in the US is the Stibnite project in Idaho owned by Perpetua Resources (TSX:PPTA,NASDAQ:PPTA), which is tracking to production by 2029 to 2030.

Other producing antimony mines globally are the Hillgrove antimony-gold project in New South Wales by Larvotto Resources (ASX:LRV,OTCPL:LRVTF) and the Costerfield mine in Victoria by Alkane Resources (ASX:ALK,TSX:ALK,OTCQX:ALKEF).

As of writing, Perpetua, Larvotto and Alkane’s market capitalizations are valued at US$3.81 billion, US$444.88 million and US$1.56 billion, respectively.

Investor takeaway

Antimony is a critical mineral at the intersection of national security and resource scarcity. Domestic initiatives like NevGold’s Limousine Butte project exemplify the type of assets that could benefit from rising demand and government support. Investors who position early in domestic projects in stable jurisdictions stand to benefit from a mineral that is becoming indispensable to defense and technology.

As the November 2026 deadline approaches, urgency will only grow. The question is not whether antimony will matter, but which companies will be ready to supply it and how much they can contribute to the gap.

This INNspired article is sponsored by NevGold (TSXV:NAU,OTCQX:NAUFF,FWB:5E50). This INNspired article provides information which was sourced by the Investing News Network (INN) and approved by NevGold in order to help investors learn more about the company. NevGold is a client of INN. The company’s campaign fees pay for INN to create and update this INNspired article.

This INNspired article was written according to INN editorial standards to educate investors.

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The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with NevGold and seek advice from a qualified investment advisor.