Military Metals Shifts Gears After Slovak License Revocation Throws Flagship Project into Limbo

A single administrative decision in Bratislava sent Military Metals into a tailspin last week. The Slovak Environment Ministry revoked the exploration license for the Trojarova antimony-gold project without prior notice on May 28, 2026. Shares plunged as much as 60 percent to a 52-week low of C$0.16 before the Canadian regulator CIRO temporarily stepped in to halt trading. The stock resumed on the exchange the following day, partially recovering to a market capitalization of C$21.6 million by Friday afternoon.

The revocation carries an extra sting because Trojarova had been designated a strategic exploration project under the EU Commission’s Critical Raw Materials framework — a fact the company now argues is incompatible with the ministry’s decision. Military Metals is fighting back. It must file an appeal with the environment minister within 15 days of receiving the formal notice and has vowed to exhaust all legal avenues. The company acknowledges that no guarantee exists that the license will be reinstated, and the broader political climate in Slovakia — marked by public debates over environmental policy and ministry leadership — adds uncertainty to the process.

While Trojarova sits in legal limbo, the company’s remaining Slovak assets take on added importance. Two other properties are unaffected by the license withdrawal. The Tiennesgrund antimony project has delivered historic grades of 2.5 to 39.4 percent antimony, with gold samples ranging from 0.07 to 9.69 grams per tonne. It covers 1,300 hectares along a 13-kilometer strike length, including accessible adits where one historical zone produced 26,000 tonnes at grades of 18 to 24 percent antimony. The Medvedi Potok tin project boasts extensive underground workings that date back to 1971, featuring 47 surface diamond drill holes, 5.3 kilometres of underground drifts on two levels, and 82 additional boreholes from underground. Since January 2026, all three Slovak projects have been free of license fees and a previous one-percent NSR royalty has been eliminated entirely.

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With Europe under a cloud, North America is stepping into the spotlight. Military Metals owns two properties on the continent, both of which now carry more strategic weight. The Last Chance project in Nye County, Nevada — 100 percent owned — has been the subject of a first field campaign that outlined an anomalous antimony zone stretching approximately 815 metres. Soil samples in the top decile returned values between 53.5 and 952 parts per million antimony, while select rock chip samples from spring 2025 yielded 6.66 and 11.61 percent antimony. Nevada ranks among the top antimony jurisdictions worldwide, a factor that could become pivotal as Western governments push for domestic critical-mineral supply chains. The company plans additional mapping, sampling, and drilling to test the full extent.

On the other side of the continent, the West Gore project in Nova Scotia offers a historical advantage. It was Canada’s most significant antimony mine during its operating life from 1882 to 1939, with a recorded production period between 1914 and 1917 that yielded 32,000 tonnes of ore containing 3,220 tonnes of antimony and more than 6,800 ounces of gold. Recent geophysical surveys of five drill holes from 2024 revealed an expanded conductive layer, suggesting a larger mineralized zone than previously understood. Data from historical drilling campaigns dating back to the 1950s and 1980s is being integrated into the current exploration program.

Both North American projects will be key fillers while the Slovak appeal unfolds. Results from all active properties are expected in the second half of 2026. The near-term outlook hinges on two parallel tracks: how quickly Tiennesgrund and Medvedi Potok advance toward resource definition and whether the Nevada and Nova Scotia programs can reach drill-ready status. The outcome of the appeal in Bratislava will ultimately set the tone, but for now Military Metals is being forced to prove its portfolio can stand on more than one leg.

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