Business
Military Metals Enters into LOI to Acquire Two Antimony and One Tin Property in the European Union
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Military Metals Corp. (CSE: MILI) (OTC Pink: MILIF) (FSE: QN90) (the "Company" or "Military")
About this update from Military Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - 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 Slova...