Alvaro Cacat

Global investor in mining and tech equities. United States, Australia and Europe. My tweets are my opinions and not investment advice.

[Bullseye Analytics @bullseye_analyt]

#AT4 has signed to acquire the Del Sol refinery in Nevada, a constructed, NDEP-permitted antimony facility, plus the White Spar antimony mine in Arizona that has historically provided feedstock.

From 1 Jan 2027, US defence contractors lose easy waivers for Chinese critical minerals. Executive Order 14415 requires proof of exhaustive efforts to qualify a domestic source first.

AT4 already holds the Antimony Canyon project in Utah, tungsten ground at Tennessee Mountain, Dutch Mountain and Nightingale, and the only fully permitted tungsten mill in Utah's Clifton district. Del Sol adds the final link, refining, with a tungsten APT expansion planned under a separate permit application.

Washington has already been funding this model. Perpetua secured a US$2.9B EXIM loan. US Antimony holds a $245M DLA stockpile contract plus $27M in DPA Title III funding. The pattern rewards companies that pair mines with processing.

Mine to metal, two critical national security minerals, entirely made in America. Read our full breakdown: https://t.co/zfuH6Tnyt7

[Bullseye Analytics @bullseye_analyt]

#AT4 $ATALF American Tungsten & Antimony Ltd has confirmed a larger than anticipated tungsten system at the Dutch Mountain Project in Utah, with surface sampling showing mineralisation open in all directions.

The project includes the last producing tungsten mine in the US and the only fully permitted processing facility in the district, creating a pathway toward accelerated production.

Drilling approvals are being formalised at Dutch Mountain while Antimony Canyon drilling continues with assays expected imminently.

[Alvaro Cacat @CacatAlvaro]

$TMG long awaited CSAMT findings for Antimony Canyon Project are in. The 43 km CSAMT survey has uncovered a large-scale hydrothermal antimony system: ~3+ km × 3 km footprint, shallow (<150 m) walk-up drill targets, feeder faults and alteration blanket all in place. The size and geology mean real scope for a commercial antimony deposit. Looking forward to the incoming drill program and building upon the 100kt+ historical resource.

[Alvaro Cacat @CacatAlvaro]

$TMG $LRV $UAMY Antimony was notably absent from the agenda during the Trump–Xi meeting and for good reason: it remains non-negotiable for President Xi.

China introduced restrictions on Antimony exports in August 2024, while President Trump was inaugurated for his second term on 20 January 2025. The renewed U.S.–China trade war officially commenced on 4 February 2025 with an initial 10% tariffs on Chinese goods.

China’s domestic Antimony reserves are rapidly depleting, forcing it to rely increasingly on imports to meet industrial and military demand. In 2022, China imported 26,000 tonnes of Antimony; in 2023, 28,000 tonnes; and by 2024, imports had surged to 54,000 tonnes, 92.9 per cent increase year-on-year.

Given these supply constraints, there is virtually no prospect of détente between China and the United States or the broader West over Antimony. China simply cannot spare supply and must prioritise domestic industry and national security needs.

[Alvaro Cacat @CacatAlvaro]

$TMG An excellent rebranding effort by Trigg Minerals, who will soon be known as American Tungsten & Antimony Ltd., as the company positions itself to address the U.S. critical minerals needs.

Trigg is one of the few companies with actual, resource-rich assets, rather than relying on disparate nearology and rock chips.

The Antimony Canyon Project contains a historical resource of over 100,000 tons of antimony (Sb) at 0.79%, a substantially higher grade than that of PPTA and the company has released two exploration targets with considerable potential for growth.

The Tennessee Mountain Project is one of the few Tungsten resources in the United States and has produced high-grade historical intersections.

American Tungsten & Antimony Ltd. is well positioned to lead the charge for U.S. supply chain independence, whether it be Tungsten or Antimony, both of which are crucial to the U.S. defense industries.

[American Tungsten & Antimony Ltd (ASX:AT4) @ATAA_AT4]

We held a successful rebranding event last night soft launching our new name 'American Tungsten & Antimony Ltd’ at the Crown Hotel in Sydney, presenting to government officials, industry leaders, and key stakeholders.

The name change reflects our growing U.S. focus, advancing the Antimony Canyon, Central Idaho Antimony, and Tennessee Mountain Tungsten projects, and progressing plans for an integrated downstream processing capability. $TMG $TMGLF #Antimony #Tungsten

[Alvaro Cacat @CacatAlvaro]

$TMG Agreed regarding Tungsten. The market has not factored its importance to the military-industrial complex nor that China has effectively placed an export ban on it back in Feb 2025. Yes, licenses are required for export but its an effective ban as licenses are rejected when exports are for military purposes.

Meanwhile, $TMG acquired an excellent Tungsten project in Tennessee mountain when compared to U.S. peer Guardian Metal Resources (AU $425.92M Mcap) who received DoW/DoD funding -- yes the Pentagon wants to secure U.S. based Tungsten supply. Tennessee Mountain is higher grade and from surface.

Almonty has run like crazy but when in operation, it will still be exporting from South Korea and using sea transport routes during war isn't very safe nor strategic.

Tennessee mountain has clearly not been factored into the $TMG market cap.

[Cucan @cucan1510]

$TMG is the clean US #Tungsten

Have a look at Almonty - #Tungsten 's running hot
that pushed $ALM to almost A$2.6b market cap

Location.. Location..

$TMG is in US based #Nevada Tungsten and #Utah antimony at the right space for government support

$ALM mc already in multibillion while $TMG's hasnt priced the #Tungsten sector

[Alvaro Cacat @CacatAlvaro]

$TMG The market should imminently wake up now to what is being defined as a new antimony district within the United States.

District scale isn't an understatement here. What the geophysics demonstrate is that there is a high-sulfidation epithermal mineral system with wide-scale antimony mineralisation, not simply disparate antimony prospects.

The mineralisation culminates in stacked sub-horizontal mineralised horizons, which substantially increases the volume, making it bulk-tonnage.

We're now talking of a system scale model, rather than simple individual prospects with shallow drill-ready targets within the epithermal system.

The potential here is huge when we consider the historical resource (100,300t), the two JORC exploration targets (234,000t and 158,000t) - it wouldn't surprise me to see the patented claims target increased with this new data at hand.

[Cucan @cucan1510]

$TMG Geological Breakthrough at Antimony Canyon Unlocks District-Scale Potential on $TMG ’s Patented Claims

Geological breakthrough, validated by two independent expert consultancies, Dahrouge Geological Consulting USA Ltd. (DGC) and MineOro Explorations LLC (MOE)

Systematic channel sampling within the patented claims has yielded high-grade antimony results, incl
1.5m at 33.2% Sb, which indicates the presence of a fertile epithermal system.

The CSAMT geophysical survey has been successfully completed, with initial inversions identifying multiple shallow, high-priority targets at depths of 50-100m beneath and along strike from historic high-grade mines within the company’s patented claims.

[Alvaro Cacat @CacatAlvaro]

$TMG Trigg Minerals’ Antimony Canyon Project (ACP) is a logical funding candidate for the Pentagon & Dept. of War. The historic resource sits at 12.7Mt @ 0.79% Sb (~100,000t contained Sb), calculated mostly from surface trench sampling; where antimony mineralisation is exposed at surface, meaning vast upside at depth.

Trigg has now outlined two exploration targets across patented & unpatented claims, with combined potential for up to 392,000t of contained antimony.

In a market and geopolitical environment where the Pentagon is aggressively seeking secure antimony supply for national security concerns, the scale and strategic importance of ACP cannot be ignored for long.

[AGRO @agroasx]

US offers to buy stakes in Australian critical minerals companies #asx #ausbiz https://t.co/PxL2hTjGLk

[Alvaro Cacat @CacatAlvaro]

$TMG Trigg Minerals remains considerably undervalued compared to peers. Trigg's market cap is A$170M, compared to $UAMY A$1.28 billion, $PPTA A$3.11 billion, $DTR A$1.06 billion and $MP A$20 billion.

[Alvaro Cacat @CacatAlvaro]

$TMG's approach is sound. Concentrate on the patented claims, thereby the fastest route possible to produce antimony and that should put them on the radar of the Pentagon and Department of War (DoW). Grants and loans for critical mineral projects, have been flowing of late.

- US Strategic Metals (Up to USD $400 million)
- Critical Metals Corp (Up to USD $120 million)
- U.S. Antimony Corp (Up to USD $245 million)
- Perpetua Resources (USD $66.1 million in grants, USD $1.8 billion loan offer)
- Titan Mining/Empire State Mines (USD $15.8 million)

[Bullseye Analytics @bullseye_analyt]

$TMG $TMGLF | Trigg Minerals fast-tracks exploration on patented claims and outlines a high-grade exploration target

Trigg is honing its focus at the Antimony Canyon project to the newly acquired patented claims: the historic heart of the district where title covers both surface and mineral rights, reducing tenure risk and streamlining approvals.

Recent channel work has confirmed exceptionally high-grade antimony, including 1.5 m @ 33.2% Sb with numerous samples above 10% Sb.

An accelerated exploration program consisting of mapping, geophysics, trenching and drilling is being prepared to validate historical datasets and fast-track a JORC and S-K 1300 compliant resource.

With antimony price remaining strong around USD $54,000/t amid ongoing supply constraints, the timing favours a focus on high-conviction patented ground, ensuring rapid execution.

[Alvaro Cacat @CacatAlvaro]

@cucan1510 $TMG is incredibly undervalued at present. The latest exploration target for the patented claims at ACP has an in-situ value of between $4.73 billion USD to $8.69 billion USD based on current Antimony price.

[Alvaro Cacat @CacatAlvaro]

$UAMY $PPTA $LRV $TMG
The Antimony price is now at an all time high of $47,500 USD per tonne and is set to continue its surge as demand intensifies and supply dwindles.

Some interesting data out of China for 2024:
- China's antimony ore imports increased by 48.6% in 2024
- Annual antimony production decreased by 8.09% in 2024 due to lower grades and resource depletion
- As of December 27 2024, Antimony ingot factory reserves were 3,730 tonnes (-560 tonnes YoY). Antimony oxide factory reserves were 6,150 tonnes (-1,880 tonnes YoY)
- Antimony demand for Chinese industrial sectors continued to increase: Photvoltaics +30.9% YoY, Chemical Fiber + 9.7% YoY, PET Polyester + 15.55% YoY.

The origin of the Antimony supply deficit crisis is not China blocking exports - China doesn't have enough Antimony for its own requirements and competes on the same international market as the rest of the world for Antimony imports.

The cause is the lack of global Antimony exploration while the price was suppressed. The 10 year average Antimony price (2013-2023) was $8,000-$9,000 USD per metric tonne.

Companies in pole position to benefit are $UAMY, $LRV, $PPTA and $TMG. $UAMY with existing processing facility in Montana, $PPTA with 67,131t (0.06% Sb) of Antimony at their Idaho Stibnite-Gold project, $LRV with 93,000t (1.3% Sb) at their Hillgrove mine and $TMG with considerable exploration potential and an existing resource of 29,902t (1.97% Sb).

[Alvaro Cacat @CacatAlvaro]

$UAMY $PPTA $LRV $TMG

As the Antimony price continued to surge to $44,200 USD per tonne, China's Antimony production outlook for 2025 remains bleak. Due to depleting deposits and falling grades, China is expected to produce only 30,000 tonnes of Antimony in 2025 (from 40,000t in 2024). In simple terms, that means more competition on international markets for the existing dwindling supply, which will be cataclysmic for the price of Antimony in 2025.

[The Insider Edge @theinsideredge_]

Antimony prices hit another ATH!!!

$44,200 / ton!

[Alvaro Cacat @CacatAlvaro]

$UAMY $PPTA $LRV $TMG
The Antimony price has increased to $43,000 USD per tonne, demonstrating continued strength in the midst of dwindling international supply and the looming Chinese new year production shutdowns.

[Alvaro Cacat @CacatAlvaro]

$UAMY $PPTA $LRV $TMG

While flame retardants and photovoltaics (solar panels) remain the primary applications for antimony, its critical role in military operations cannot be overlooked.

The recent conflicts in Eastern Europe and the Middle East have triggered a growing shortage of munitions. The United States and its European allies have been hit hardest, given the lack of domestic antimony sources.

Antimony is used in percussion primers and several fuze/detonator ignition trains that support over 200 DoD munitions.

[Alvaro Cacat @CacatAlvaro]

$PPTA $UAMY $LRV $TMG

Antimony prices have skyrocketed to $42,500 USD per tonne as of today, according to Fastmarkets' latest update. (+$1,000 USD on previous price of $41,500 USD)

With the Chinese New Year fast approaching, local producers are preparing for their month-long maintenance shutdowns, further straining the already tight Antimony supply.

As China and the global market vie for limited Antimony resources to offset shortages, the lack of sufficient ore continues to drive unprecedented pressure on prices.

[Alvaro Cacat @CacatAlvaro]

Antimony stocks are surging across the board as investors clamour to secure exposure.

$PPTA (market cap $1.28bn CAD) closed 15.25% up today.

$LRV (market cap $225m AUD) showing post placement strength and currently up 12.61%.

$TMG (market cap $36m AUD) following suit of its much larger peers.

$UAMY (market cap $194m USD) has been building a new base since making considerable gains.

There is a genuine Antimony shortfall and no near to medium term solution to address supply concerns.

While there are only a handful of options for investors to secure exposure to the Antimony bull market.

[Alvaro Cacat @CacatAlvaro]

$UAMY $PPTA $TMG $LRV The Antimony price remains steady at $41,500 USD per tonne, building a new base.

The price is expected to set new highs as Chinese new year approaches and Chinese mines and smelters undergo downtime for maintenance.

Some plants are set to suspend production for over a month. This will require China to try and supplement Antimony ore from the international market to meet any shortfall.

China has already been relying on Antimony imports from the highly contested international market, with Antimony imports up 37.6% this year between January to July.

[Alvaro Cacat @CacatAlvaro]

Western aligned antimony sources are incredibly scarce. Perpetua's $PPTA Idaho Stibnite-Gold deposit contains 67,131 tonnes of Antimony at a very low-grade of 0.06%. During the first four years of production, it is expected to produce 8346 tonnes of Antimony, which is merely 2086 tonnes per year.

The current US demand for Antimony is approximately 30,000 - 35,000 tonnes per year.

The $UAMY Antimony oxide smelter in Montana has a capacity of only 2267 tonnes of Antimony metal per year. The company is seeking to expand the capacity with the possible support of US Federal government funding. However, the company does not have S-K 1300 compliant Antimony deposit and requires feedstock from outside sources.

Currently, the only producing Western-aligned mine is Costerfield in Victoria, Australia. The Antimony production guideline for 2024 was 1,100 to 1,500 tonnes. The mine is operated by Mandalay Resources $MND.

The United States may turn its focus to close-ally and fellow Five Eyes member Australia, where deposits that are JORC Compliant (S-K 1300) exist. Such deposits are $LRV's Hillgrove mine (93,000t of Antimony at 1.3%) or $TMG's Wild Cattle Creek deposit (29,902t @ 1.97%).

Australia represents 64% of the total Antimony reserves for Western countries.

Assisting and/or funding these projects in Australia will ensure the ability to meet the 30,000t of Antimony annual demand and ensure future supply, from an allied nation. Additionally, the Antimony feedstock produced could be processed at $UAMY's Montana plant which may be expanded with federal grants.

The objective is to ensure a China free Antimony supply chain and working with allied nations is imperative to achieve this objective while meeting current demand and future requirements.