Military Metals Faces Make-or-Break Moment as Slovak License Revocation Triggers Portfolio Pivot

A 15-day clock is now ticking for Military Metals Corp. after the Slovak Ministry of Environment pulled the exploration license for its Trojarova antimony-gold project on May 28. The timing couldn’t be worse for a company that just three weeks earlier had unveiled its maiden resource estimate for what was shaping up to be one of Europe’s largest modern antimony deposits.

The decision has already wiped more than half the company’s market value. Shares plunged as much as 60 percent to a 52-week low of C$0.16, dragging the market capitalization to roughly C$21.6 million (US$15.7 million). Trading has resumed on the Canadian Securities Exchange after a brief halt imposed by the Canadian Investment Regulatory Organization on May 28, but Frankfurt-listed shares remain suspended on Tradegate.

Management is pushing back hard. Military Metals intends to file a formal complaint with Slovakia’s environment minister within the 15-day window mandated by the permit revocation notice. The company argues the license withdrawal is inconsistent with the Slovak government’s own decision to include Trojarova in its national program for critical raw materials under the EU framework. Whether that argument will sway the minister is far from certain.

The resource now in legal limbo is significant. Military Metals reported on April 8 an inferred resource of 6.5 million tonnes grading 1.02 percent antimony and 1.06 grams of gold per tonne. That translates to approximately 67,000 tonnes of antimony and 222,000 ounces of gold — a strategic cache at a time when China, the world’s dominant antimony producer, has tightened export restrictions.

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With Trojarova’s status uncertain, attention shifts to the company’s North American assets. Last Chance in Nevada’s Nye County boasts historical antimony production dating back to 1917-1965, when more than 6,100 tonnes were extracted at an average grade of 29 percent. A 2025 soil sampling campaign outlined an 815-metre-long antimony anomaly trending northwest-southeast, with values in the top decile ranging from 53.5 to 952 parts per million. Military Metals plans mapping, sampling and drilling in the second half of 2026 to refine targets.

In Nova Scotia, the West Gore project adds further optionality. Historical grab samples from the mine dump returned up to 40.6 percent antimony and 106.5 grams of gold per tonne. That asset, combined with Last Chance, gives the company a hedge against the Slovakian regulatory risk.

Back in Central Europe, the portfolio still includes two other Slovak permits: Tiennesgrund for antimony and Medvedi for tin, both with exploration histories reaching back to the Soviet era. But neither has attracted the same level of attention as Trojarova, which had been positioned as the flagship.

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To bolster its European credentials, Military Metals appointed Thomas Hüser as chairman and director on March 26. Hüser brings experience from Glencore’s Nordenham smelter and the German recycling group Recylex — a signal the company was serious about building a EU-critical-minerals platform.

For now, all eyes are on Bratislava. If the complaint is rejected, Trojarova’s development remains stalled, and the value story pivots to Nevada and Nova Scotia. A successful appeal would restore the Slovak project to its former prominence. The decision is expected by mid-June.

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