EV Resources Limited (ASX: EVR) ('EVR' or the 'Company') is pleased to advise that it has executed a tri-party Memorandum of Understanding ('MOU') with Wogen Resources Ltd ('Wogen') and Xcelsior Capital Advisors Ltd ('XCLR') Under the MOU: Funding: Wogen and XCLR will engage on a proposed US$2-3 million secured debt facility to advance the Company's Los Lirios Antimony Project in Oaxaca, Mexico, towards production, subject to a definitive agreement.
Offtake: Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, subject to the completion of a positive internal scoping study and a definitive agreement. Technical & Market Support: Wogen and XCLR will provide EVR with technical input and market intelligence to assist EVR in developing product specifications, pricing and marketing strategies for the Los Lirios Antimony Project.
This strategic partnership is a significant step forward to underpin the development of EVR's proposed 100 tonne-per-day antimony processing plant. The plant is expected to treat ore from both Los Lirios and third-party sources. In addition, the Company will pursue downstream processing of the Los Lirios product with the support of Wogen and XCLR. The MOU establishes a framework for future binding agreements relating to financing, offtake and operational collaboration. Importantly, the proposed funding structure supports EVR's strategy to develop a reliable antimony supply chain in alignment with U.S. and allied critical minerals priorities.
About the Partners
Wogen Resources Ltd: Established in 1972, Wogen is a UK-based global trading house specialising in exotic metals and minerals, with operations across five continents. Xcelsior Capital Advisors Ltd: XCLR provides financing solutions to critical minerals and metals producers, including miners, processors, refiners, recyclers and manufacturers.
EVR Executive Director, Hugh Callaghan, commented: 'The current tensions between China and the United States over rare earths and critical minerals are already being felt in the antimony market, with sharp price increases and supply challenges emerging for end users. Antimony is a critical material in defence-related applications, and with military stockpiles continuing to deplete worldwide, we anticipate growing demand supported by increased government spending and funding initiatives. This MOU represents a highly strategic step for EVR. The proposed funding and offtake partnership will support the restart of production from two historic open pits at Los Lirios, while also enabling us to advance broader exploration across the project. With consistently high grades, clean metallurgy, and a simple, low-cost processing pathway, Los Lirios has the potential to become a significant new supplier of antimony to the global critical minerals supply chain.'
Next Steps
With the exploration program underway (ASX announcement 'Exploration commences at Los Lirios to Fast Track Production' dated 13th August 2025), EVR is advancing discussions with the owners of production permitted plant sites, with a view to establishing a 100 tonne-perday pilot processing plant. The plant is planned to utilise gravity and flotation recovery methods, which have historically been proven effective in processing antimony ores in Mexico. In support of this strategy, EVR recently reported encouraging results from mineralogical studies at Los Lirios (ASX announcement 'High Grade Antimony and Production Potential' dated 2nd July 2025). The work confirmed high-grade antimony mineralisation with exceptionally low impurities, and identified gravity processing as a suitable, scalable and lowcost recovery pathway
Metallurgical test work and flowsheet design have now commenced, alongside early engagement with equipment suppliers as part of the pilot plant planning process. These initiatives build on previously reported exceptional surface sampling and mineralogical test results at Los Lirios, which highlighted the high-grade nature of the project. Individual grab samples have returned grades of up to 62.99% Sb, with other notable results including 29.17% Sb and 20.44% Sb. (ASX announcements 'Acquisition of the Los Lirios Antimony Mine (EVR:70%), Mexico' and 'High grade Antimony Samples from Los Lirios' dated 28 January 2025 and 12 February 2025 respectively). These outcomes underline not only the strong grade potential, but also the consistency and scale of antimony-bearing mineralisation identified across the tenements.
Contact:
Shane Menere
Non-Executive Chairman
Tel: +61 8 6489 0600
Email: info@evresources.com.au
Hugh Callaghan
Executive Director
Tel: +61 8 6489 0600
Email: hugh@evresources.com.au
Compliance Statement
This announcement contains information on the Los Lirios Project extracted from ASX market announcements dated 28 January 2025, 12 February 2025 and 2 July 2025 and reported in accordance with the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ('2012 JORC Code'). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.
Forward Looking Statement
Forward Looking Statements regarding EVR's plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that EVR's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR's mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and mineralised material loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
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