Military Metals Stock Price, News & Analysis

Military Metals Corp. (MILIF) is a British Columbia-based mineral exploration company focused on the acquisition, exploration and development of mineral properties with a particular emphasis on antimony. The company is associated with the basic materials sector and the "Other Industrial Metals & Mining" industry category. Its shares trade in Canada on the Canadian Securities Exchange under the symbol MILI, in the United States on the OTCQB under MILIF, and in Germany on the Frankfurt Stock Exchange under QN90.

According to multiple company news releases, Military Metals has positioned its exploration portfolio around antimony and antimony-gold projects. The company describes itself as primarily engaged in critical minerals initiatives, with antimony as a core focus. Its flagship asset is the Trojarová Antimony Gold Project in Slovakia, which the company consistently refers to as its 100% owned flagship project. Military Metals also holds the West Gore antimony-gold project in Canada and the Last Chance antimony-gold property in Nevada, both described as historical producers where modern exploration methods are being applied.

Flagship Trojarová Antimony Gold Project (Slovakia)

The Trojarová Project in Slovakia is repeatedly highlighted by the company as its flagship antimony-gold asset. Company disclosures state that Trojarová is a 100% owned project and that it has been the subject of extensive historical work. Historical exploration between the 1980s and 1990s included surface and underground exploration, diamond drilling and underground workings. A historical mineral resource estimate was produced by the Slovak Geological Institute and published in 1992 under the Slovak version of the Russian classification system. Military Metals explains that this historical estimate is not treated as current, and that a qualified person has not done sufficient work to classify it as a current mineral resource or reserve.

Military Metals reports that it has engaged SLR Consulting to complete a modern mineral resource estimate for Trojarová. To support this work, the company commenced a definition drilling campaign of up to 10 diamond drill holes totaling up to 2,500 meters. Seven holes are designed to confirm historical drilling results and update SLR Consulting’s ongoing mineral resource estimate, while three holes are designed to test potential strike continuity of the deposit to the northwest. The company notes that preliminary modelling of historical data suggests a trend of thickening and increasing antimony grades in that direction, and that some of the new drill holes have been targeted to test this projected extension.

In analytical results released from hole 25-TVA-001, Military Metals reports intervals of antimony and gold mineralization within the main zone, including antimony grades over a defined true width and associated gold values. The company describes a distinct metal zonation within the main zone, with a specific interval of antimony enrichment overlying an interval of gold enrichment. These results are presented as part of the technical basis for the planned modern mineral resource estimate at Trojarová.

Military Metals also emphasizes the strategic context of Trojarová. Company commentary references Europe’s Critical Raw Materials Act and describes Trojarová as having potential strategic importance for the European Union, particularly in the context of efforts to secure domestic or regional supply of critical minerals. The company notes that Trojarová is located in a region identified by external analysis as promising for antimony supply diversification and states that Trojarová stands out as an antimony project in Europe with extensive historical drilling now being supported by modern drilling and assays. In a separate news release, Military Metals reports that the Ministry of Environment in Slovakia has listed the Trojarová antimony project in a domestic list of critical raw materials projects submitted to the EU, describing this as official recognition of the project’s strategic importance for potential domestic antimony supply.

Royalty Structure and Slovakian Portfolio

Military Metals has disclosed that it previously had a 1% net smelter royalty (NSR) on its Slovakian portfolio, which included three mineral properties: the flagship Trojarová Antimony Gold Project, the Tiennesgrund Antimony Gold Project, and the Medvedi Potok Tin Project. The company states that its wholly owned subsidiary exercised a buyback right to retire this 1% NSR. Following a one-time cash payment, the company reports that there are no further royalties on any of its mineral projects in Slovakia. Military Metals characterizes this NSR buyback as strengthening the strategic value of its Slovakian portfolio and eliminating future royalty obligations on those projects.

West Gore Antimony-Gold Project (Canada)

Military Metals describes the West Gore antimony-gold project as a 100% owned, past-producing property. Company news releases state that West Gore has been under-explored since mining operations ceased in the early 1900s. Recent exploration work by the company includes soil sampling and the analysis of mineralized boulders along a road in the central project area. The company reports high antimony and gold values from samples of stibnite-bearing quartz veins and quartz float, and notes the discovery of a previously unknown antimony soil anomaly in an area parallel to the structure that hosts the historical mine.

The company indicates that this early-stage exploration is beginning to develop new exploration targets that were not fully evaluated by previous operators. Planned follow-up work includes additional soil sampling to delineate the anomaly and reconnaissance to locate the bedrock source of the mineralized boulders. Military Metals frames West Gore within a broader context of Canadian federal and provincial interest in critical minerals, but it also clarifies that such external policy commentary does not guarantee funding or specific outcomes for the project.

Last Chance Antimony-Gold Property (Nevada, USA)

The Last Chance property in Nevada is described by Military Metals as a wholly owned antimony-gold property and a historical producer. According to company disclosures, historical production at Last Chance occurred primarily in the early and mid-20th century, with shipments of antimony ore at various grades and tonnages. The property hosts historical infrastructure such as a shaft, adits, dumps and mill ruins. The company notes that modern exploration methods had not been systematically applied prior to its involvement.

Military Metals reports that it has completed a field program at Last Chance focused on structural geology. A professional structural geologist collected structural measurements at multiple outcrops using GPS-controlled digital mapping tools, and these data were used to generate three-dimensional projections of structures for drill target generation. The company states that stibnite mineralization at Last Chance is controlled both structurally and stratigraphically, and that stibnite is found in quartz-carbonate veins and altered metasedimentary rocks in several locations over a distance of approximately one kilometer. Based on these findings, recommendations include further structural mapping, consideration of soil surveys and evaluation of drilling methods in an area with historical underground workings.

In a subsequent announcement, Military Metals outlines plans for a soil geochemical survey at Last Chance. The program is intended to collect a large number of soil samples on a defined grid to refine drill targets by examining the correlation of structures with alteration and known mineralization. The company plans to integrate the soil geochemistry with existing geological and structural data to delineate discrete drill targets for both extensions of historically developed structures and new targets indicated by recent work.

Academic and Institutional Collaboration

Military Metals has entered into a Cooperation Agreement with the University of Košice in Slovakia. The company describes the university as a leading institution in Slovakia for mining industry education and research. Under this agreement, the parties intend to collaborate on the advancement of the Trojarová Antimony Project. The Faculty of Metallurgy and Materials Engineering is expected to provide metallurgical testing and analytical support focused on flow-sheet design. The agreement also contemplates joint participation in European Union grant programs and other funding initiatives, stakeholder engagement support, and educational activities such as field trips, internships and research-based thesis work related to the Trojarová project.

Military Metals notes that the University of Košice participates in EU-funded research projects and has a history of cooperation with industrial partners. The company positions this collaboration as a way to connect academic research capabilities with practical exploration and metallurgical work at Trojarová.

Corporate and Capital Markets Activity

Military Metals has disclosed several corporate and financing activities. The company completed a non-brokered private placement under the Listed Issuer Financing Exemption, issuing units consisting of common shares and common share purchase warrants. The proceeds are intended for technical work, including the completion of a Preliminary Economic Assessment at the Trojarová antimony-gold project and definition infill drilling. The company also reports the payment of finder’s fees and the issuance of finder’s warrants in connection with this offering.

In another corporate development, Military Metals announced its intention to adopt a shareholder rights plan, subject to shareholder ratification. The company states that this plan is not in response to a specific takeover proposal but is intended to address concerns about potential "creeping bids" arising from increased trading volume in its shares across Canada, the USA and Germany. The rights plan is described as a mechanism to encourage fair treatment of all shareholders in the event of a takeover bid and to provide the board of directors with sufficient time to evaluate any such bid and consider alternatives.

The company has also granted stock options and reserved performance stock units (PSUs) for officers, directors, employees and consultants under its incentive plans, tied to future milestones and long-term incentives. These measures are presented as part of the company’s approach to aligning management and technical personnel with project advancement objectives.

Business Focus and Critical Minerals Context

Across its disclosures, Military Metals consistently identifies antimony as its primary commodity focus and describes its projects as antimony-gold or antimony and related critical metals projects. The company frequently references antimony’s classification as a critical mineral in jurisdictions such as the United States and the European Union, and notes external commentary on supply chain concentration and geopolitical risk. While these references provide context, Military Metals also cautions that such external analyses do not constitute endorsements and that its own projects are at early stages of exploration with outcomes subject to technical, regulatory, financial and market risks.

Military Metals’ business model, as described in its news releases, centers on acquiring and advancing mineral properties with antimony potential in jurisdictions such as Slovakia, Canada and the United States. The company emphasizes technical work such as drilling, geological mapping, soil geochemistry, metallurgical studies and resource estimation efforts as key steps in evaluating and potentially advancing its projects.

Regulatory and Technical Oversight

The technical content in Military Metals’ news releases is stated to be reviewed and approved by qualified persons as defined by National Instrument 43-101. For example, the company identifies a Vice President of Exploration and other professional geoscientists who have reviewed specific releases. The company also provides detailed descriptions of analytical methods, sample preparation, quality assurance and quality control procedures for its drilling and sampling programs, including the use of accredited laboratories, specific analytical packages and the insertion of reference materials and blanks.

Military Metals cautions that historical resource estimates at Trojarová are not current and that significant work is required to potentially reclassify mineralization under modern reporting standards. The company outlines steps such as translating and digitizing historical drill logs, georeferencing collar locations and transferring data to independent resource estimation specialists as part of this process.

Frequently Asked Questions (FAQ)

• What does Military Metals Corp. do?
  Military Metals Corp. is a British Columbia-based mineral exploration company that focuses on the acquisition, exploration and development of mineral properties, with a particular emphasis on antimony and antimony-gold projects.
• Which stock exchanges list Military Metals shares?
  According to company news releases, Military Metals trades on the Canadian Securities Exchange under the symbol MILI, on the OTCQB in the United States under MILIF, and on the Frankfurt Stock Exchange under QN90.
• What is Military Metals’ flagship project?
  The company identifies the Trojarová Antimony Gold Project in Slovakia as its 100% owned flagship project. This project is the focus of definition drilling and work toward a modern mineral resource estimate.
• What other projects does Military Metals hold?
  Military Metals reports ownership of the West Gore antimony-gold project in Canada and the Last Chance antimony-gold property in Nevada, both described as historical producers where the company is applying modern exploration methods.
• How is Military Metals involved in critical minerals?
  The company describes its initiatives as focused on critical minerals, particularly antimony. It references external analyses and policy frameworks that highlight antimony as a critical mineral for industrial and defense applications, while noting that such commentary does not guarantee specific outcomes for its projects.
• What work is being done at the Trojarová Project?
  Military Metals has engaged SLR Consulting to complete a modern mineral resource estimate and has initiated a definition drilling campaign to confirm historical results and test potential extensions of the deposit. The company has also bought back a 1% net smelter royalty on its Slovakian portfolio, including Trojarová.
• What is the significance of the NSR buyback in Slovakia?
  The company reports that it exercised a buyback right to retire a 1% net smelter royalty on three Slovakian projects, including Trojarová. As a result, it states that there are no further royalties on its mineral projects in Slovakia, which it views as beneficial for project economics and strategic value.
• What collaboration does Military Metals have with academic institutions?
  Military Metals has signed a Cooperation Agreement with the University of Košice in Slovakia. The agreement covers technical cooperation, metallurgical testing and analytical support, potential joint participation in EU grant programs, and educational activities related to the Trojarová project.
• What is the shareholder rights plan mentioned by the company?
  Military Metals has announced its intention to adopt a shareholder rights plan, subject to shareholder ratification. The plan is described as a measure to encourage fair treatment of shareholders in the event of a takeover bid and to provide the board with time to evaluate any such proposal.
• How does Military Metals describe the stage of its projects?
  The company characterizes its projects, including Trojarová, West Gore and Last Chance, as being in early stages of exploration or evaluation. It emphasizes that potential development, production or market position are uncertain and subject to a wide range of risks.