EVR completes acquisition of the Los Lirios Antimony Mine (EVR: 70%), Mexico

EV Resources Limited (ASX:EVR) (“EVR” or “the Company”) has completed its binding agreement to acquire 70% of an operating Joint Venture over the Los Lirios Antimony Mine (El Lirio de los Valles mining concessions) in the state of Oaxaca, Mexico by establishing a wholly owned Mexican subsidiary, Stibcorp, S.A. de C.V., and executing a binding Promissory Agreement for the Assignment of Mining Rights with the current titleholders.

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• EVR completes conditions precedent to acquire 70% of the Los Lirios Antimony Mine (“Los Lirios”) in Oaxaca State, Mexico.
  
• Joint Venture Company established and licence assignment in process.
• Three licences cover 1,552 hectares and include 3 historic open pit and several underground workings.
• Past production at Los Lirios included commercial grade Direct Shipping Ore (DSO).

This completes the conditions precedent set out in the Company’s announcement of 28 January 2025.¹

This transaction represents a key step in EVR’s strategy to secure early-stage access to antimony supply in the Americas, supporting the Company’s growing portfolio of critical mineral assets aligned with U.S. and allied strategic interests.

Joint Venture

The joint venture relates to the acquisition of three mining concessions (El Lirio De Los Valles 3 Fraccion 1 and Fraccion 2 form one concession), which have been confirmed as collectively covering approximately 1,551.94 hectares and are considered highly prospective for antimony, a mineral designated as critical under multiple strategic mineral frameworks.

The concessions include three open pit and several underground mine workings dating back several generations. Mining appears to have always focused exclusively on grades sufficient for sale as DSO as no processing facilities were established in the area.

Ownership Structure

Stibcorp and the joint venture parties have established a new legal joint-venture entity, named Exploraciones Mineras los Lirios, S.A. de C.V. (“EML”), which will ultimately hold 100% of the mining rights. The ownership of this company will be 70% EVR (through Stibcorp), and 30% the original owners. Stibcorp’s responsibility under the agreement is to provide the management and capital until a maximum of 300 tonnes of ore per day is produced. In addition, Stibcorp will pay licence fees owing and hold a power of attorney over the licences.

Next Steps

Stibcorp also intends to advance the project in a manner consistent with regional development priorities and local community engagement.

In addition, EVR is in discussion with owners of permitted plant sites with a view to building a pilot processing plant using predominantly gravity recovery methods which have proved successful in processing antimony materials in Mexico.

Several 30 kilogramme samples were taken at Los Lirios several weeks ago, and are undergoing ore characterisation and mineralogy analysis. The results are expected imminently, and the samples will then be used for recovery test work which is expected to focus predominantly on gravity recovery techniques.

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