Explorer Acquires Strategic Antimony-Gold Property in Nova Scotia

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Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) has amended the terms of its mineral property option agreement for the Ammo antimony-gold property in central Nova Scotia. Under the updated agreement, announced on September 11, the company's final payment obligation will now be settled through the issuance of 384,615 common shares, replacing the originally scheduled US$25,000 cash payment. This amendment follows the company's earlier payments totaling US$25,000 and the issuance of 750,000 common shares since the original agreement was signed on October 26, 2024.

The company confirmed that the issuance of the additional shares is expected within five business days of acceptance by the Canadian Securities Exchange, if such approval is required. Once completed, Armory will secure a 100% interest in the Ammo property, which borders the past-producing West Gore antimony-gold mine.

"The amendment accelerates the acquisition for Armory and once approved gives us a 100-percent interest in the project," said CEO Alex Klenman in a news release. "We completed a round of data compilation earlier this year and we are now planning a subsequent exploration program."

The Ammo property, comprising 3,092 hectares, is situated in a historically active antimony-gold region approximately 45 kilometers northwest of Halifax. According to company materials, the area is well served by existing infrastructure and holds potential for further exploration surrounding the historic mine site. The region has a documented production history and historical development includes multiple underground shafts, over 70 drill holes, and eight underground levels.

Strategic Importance of Antimony in Global Supply Chains

On August 11, CNW Group reported that global demand for antimony had been growing across multiple sectors, driven by its application in defense technologies, flame retardants, and semiconductors. The report stated, "Antimony alloys improve the durability of lead-acid batteries in military vehicles; its flame-retardant properties enhance the fire resistance of military uniforms and equipment; and it is used in semiconductors for infrared sensors and night-vision devices." CNW cited a 2025 report from Research and Markets that projected the antimony market to grow to US$6.54 billion by 2029, reflecting a compound annual growth rate of 6.9%. Market growth was attributed to the rise in fire safety regulations, expansion of green and battery technologies, and evolving industrial demands.

According to the report, rising fire incidents in the United States contributed significantly to antimony consumption, particularly in fire-retardant applications. The National Fire Protection Association recorded 1.5 million fire incidents in 2022, resulting in US$18 billion in property damage. Between 2021 and 2022, deaths from apartment fires rose by 14 percent, injuries by 7 percent, and property losses by 6 percent. These statistics underscored the increased need for materials like antimony, which is commonly used as a flame inhibitor in fire-resistant apparel and equipment.

On September 9, the Times of India highlighted a US$500 million investment deal between a US-based firm and Pakistan aimed at expanding that country's mineral sector. The agreement included plans to develop a poly-metallic refinery to process minerals such as antimony, rare earth elements, and gold. A statement from Pakistan's Prime Minister's office noted that the agreement would "begin immediately with the export of readily available minerals from Pakistan, including antimony." The US Department of Energy had previously defined antimony as a critical mineral vital to advanced manufacturing and energy technologies.

Most recently, a September 11 commentary published by Alkane Resources described antimony as "a critical link in the energy transition and defence supply chains." The report emphasized that antimony was essential for semiconductors, renewable energy infrastructure, and military hardware. It also noted that the United States consumed roughly 25,000 tonnes of antimony annually and had classified it as a mineral of "high strategic importance." Alkane pointed to the scarcity of Western supply, stating that "almost all supply comes from China, Russia and Tajikistan," and highlighted the growing premium placed on stable production outside those regions.

Exploration in a Critical Minerals Corridor

The Ammo project represents part of Armory Mining's broader strategy focused on antimony and precious metals assets within established mining districts. According to the company's online investor presentation, a comprehensive exploration program at the Nova Scotia property is scheduled for 2025. Planned activities include prospecting, geophysics, and sampling to assess the potential of the surrounding area, which remains largely unexplored despite proximity to a historic producer.

The company positions the Ammo property as a strategic asset within the critical minerals space. Antimony is recognized for its applications in defense technologies, batteries, and flame retardants. Armory's investor materials emphasize the role of antimony in national security and supply chain resilience, with projects like Ammo potentially contributing to North American resource independence.

With a tight share structure and a management team experienced in mining and capital markets, the company maintains that its exposure to antimony, silver, gold, and lithium across Canada and Argentina positions it for continued development across its portfolio.

Ownership and Share Structure

According to Refinitiv, 0.65% of Armory Mining is held by management and insiders. The rest is retail.

Armory Mining has 50.51 million free float shares, a market capitalization of CA$2.75 million. As of September 12, 2025, the 52-week range is CA$0.0000 - CA$0.2700.