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| The world has woken up to a very critical element...and a very critical situation.
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| You see, not long ago, most investors had never heard of antimony.
Yet today it sits at the center of a geopolitical firestorm.
It’s a metal the Pentagon considers indispensable and irreplaceable. And here’s the problem: It’s produced almost entirely by countries that aren’t America’s friends.
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| Which is why one company deserves serious attention right now: NevGold Corp. (NAU.V; NAUFF.OTC) — the company that controls high-grade oxide antimony mineralization in Nevada...alongside a multi-million-ounce gold portfolio in Idaho.
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| And the best part? It’s trading at a mere fraction of what comparable companies have already commanded in this space.
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| The Metal Behind America’s Bullets
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| Antimony hardens ammunition, enables night-vision systems and is embedded in the defense supply chain at virtually every level.
China imposed export restrictions on antimony in August 2024 and completely banned shipments to U.S. military users that December.
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| As noted, that created a problem, because the U.S. consumes roughly 25,000 tonnes annually and produces absolutely none domestically. China, Russia and Tajikistan together account for approximately 90% of global supply.
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| Washington has moved quickly to change that.
The Defense Production Act has been deployed to channel hundreds of millions of dollars into domestic critical mineral supply chains.
This act and major institutional investors have allocated billions of dollars to companies positioned to solve the problem.
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| Perpetua Resources, which holds the most advanced domestic gold-antimony project in the country, has seen its market cap climb toward $4 billion as a result.
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| Comparably, NevGold has higher antimony grades, simpler metallurgy and a faster path to production.
However, its valuation is just a small fraction of Perpetua’s.
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| A Deposit Built For This Moment
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| The flagship Limousine Butte gold-antimony project in White Pine County, Nevada is exactly the kind of asset Washington is looking for.
The antimony is near-surface and oxide — the simplest, most economical style of deposit to process.
And unlike most global antimony projects, which are sulfide systems requiring underground mining and complex concentrate processing, Limousine Butte’s oxide mineralization is amenable to leaching, with the opportunity to produce antimony metal directly on-site.
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| Metallurgical test work has confirmed antimony recoveries averaging 75% to 85%, with individual samples reaching 92%.
Gold recoveries in sequential leaching have come in at 93% or better, with some samples hitting 99%.
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| Two strategic metals…one operation…one cost structure.
Drill results from the Bullet Zone discovery, which is regarded as one of the highest-grade antimony projects in North America, have returned intercepts ranging from 1% to over 5% antimony.
Perpetua’s Stibnite project, the current U.S. benchmark, grades approximately 0.064% antimony. The comparison speaks for itself.
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| A Remarkably Short Path To Production
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| Limousine Butte was previously mined in the late 1980s, when a small heap-leach gold operation produced roughly 110,000 ounces of gold before closing when gold was trading below $400 an ounce.
The operator had no interest in antimony. The crushed material containing all the antimony along with some gold was left behind on the leach pads and simply abandoned.
NevGold has sampled both pads and found consistent antimony and gold grades throughout.
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| The Crushed Leach Pad averages 0.27% antimony and 0.34 g/t gold.
The Run-of-Mine pad averages 0.31% antimony and 0.18 g/t gold.
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| Combined, that’s an estimated 2.4 to 3.0 million tonnes of mineralized material already at surface, already crushed.
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| Prior mining has left leach pads with leftover material containing significant and readily-accessible antimony ore.
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| Now here’s where it gets interesting and important...
A low-cost, simple processing facility — with potential Defense Production Act grant funding that the company is pursuing — could put that material into production by next year.
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| That would make NevGold potentially the first new domestic antimony producer in the United States, ahead of Perpetua, which is tracking to production after 2030 — despite their much larger valuation.
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| For a company at this stage, that is a remarkable position to be in.
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| Plus:
Gold That’s A Company-Maker All By Itself
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| Set Limousine Butte aside for a moment.
NevGold also controls large gold resources that would be the envy of just about any junior mining company.
It’s Nutmeg Mountain gold project in Idaho carries a September 2025 Mineral Resource Estimate of 1.2 million ounces gold Indicated at 0.50 g/t and 550,000 ounces Inferred at 0.34 g/t.
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| The Nutmeg Mountain MRE shows an impressive near-surface deposit with both lateral and vertical exploration potential.
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| It’s a near-surface, heap-leachable deposit with a strip ratio below 1:1, which is among the most efficient geometries in the Western U.S.
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| Development-stage heap-leach gold projects in this region have been acquired at $100 to $150 per ounce of resource.
Applying even the low end of that range to Nutmeg alone implies a value approaching NevGold’s entire current market capitalization.
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| That’s before assigning a dollar of value to the antimony at Limousine Butte…
…Or to the Zeus copper project in Idaho, which sits on the same geological trend as a discovery that attracted a C$30 million strategic investment from Barrick Gold.
...Or yet another gold project, in Nevada, residing in the company’s portfolio.
Either asset class — gold or antimony — could justify today’s valuation for Nevgold on its own. The fact that both are inside the same company, at the same price, is what makes this story unusual.
Gold or antimony. You can take your pick...and you’re going to get both.
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| Smart Money Is Already Noticing...
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| NevGold recently closed a C$42 million financing that was upsized from the original C$25 million on the strength of overwhelming investor demand.
It’s also worth noting who’s behind this story. Insiders and close associates hold approximately 20% of the company. Institutional and high-net-worth investors hold much of the balance.
The float is tight. So when a resource story with this profile starts moving, there’s comparatively less stock available to buy.
And it’s easy to see why demand could rise in the days just ahead:
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| A maiden resource estimate for Limousine Butte incorporating both the gold-antimony zones and the historical leach pads is expected this summer, with additional drill results coming in the interim.
It doesn’t end there: A preliminary economic assessment at Nutmeg Mountain is planned for later in the year…and first drilling at the Zeus copper project is advancing now.
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| For investors who followed the Perpetua story from the early stages, the setup here should look very familiar — but at an earlier point in the curve and at a fraction of the valuation.
Timing, however, is critical. And the time to look into NevGold is now.
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