As world powers race to secure the raw materials needed to achieve their energy transition goals, strengthen national defense and maintain technological leadership, a once-overlooked element is coming into the spotlight as the next strategic opportunity: antimony.
Antimony has long played a traditional role in flame retardants and semiconductors, but this crucial mineral is now at the center of geopolitical and supply chain security strategies. With China controlling most of the world’s supply and Western governments scrambling to build domestic capacity, investors are starting to pay closer attention.
Case for securing supply chains
Antimony is a silvery, brittle metalloid with a surprisingly wide range of uses. It is best known for its role in flame retardants, which account for more than 80 percent of flame retardants American consumption, but it is also a key ingredient in semiconductors, lead-acid batteries and various defense applications, including night vision goggles and armor-piercing ammunition.
The metal’s heat-resistant properties make it indispensable in products that must withstand high temperatures, from electronic components to military equipment. The U.S. Department of the Interior recognizes this importance – and the risks associated with concentrated supply chains antimony has been labeled as a crucial mineralThis means that it is essential for economic and national security and that there is a high risk of supply disruption.
Like many crucial minerals, the global supply of antimony is heavily concentrated in China, which was approximately responsible for the supply of antimony 48 percent of global mining production in 2022, and approximately 63 percent of U.S. antimony imports.
This dominance has come under increasing scrutiny and has highlighted the fragility of global supply. Beijing introduced tighter restrictions at the end of 2024 export controls on antimonyciting national security concerns, the alarm was raised in Washington. The American import more than 80 percent of its antimony, and China is its largest supplier.
Outside China, global production is limited, with smaller contributions from countries such as Tajikistan, Russia and Australia. That concentration has left Western economies vulnerable to supply disruptions and led to new initiatives to develop domestic or related sources of crucial minerals.
Investment landscape
As governments push to secure crucial mineral supply chains, and investors increasingly look beyond key commodities like lithium and rare earths, antimony is emerging as a niche but strategic investment theme.
Antimony prices have risen steadily due to tighter supply.
By mid-2025, U.S. prices averaged around $55,000 to $60,000 per tonne, while Chinese prices hovered around $40,000 per tonne, supported by export restrictions and limited new supply. Analysts expect prices to remain stable until the end of 2020 unless significant new production emerges.
Amid strong prices, the size of the global antimony market is expected to grow from $1.08 billion in 2024 to $1.78 billion in 2032. data from Fortune Business Insights. This combination of a strong market price, rising strategic demand and limited supply creates a favorable environment for young exploration companies with antimony resources in stable jurisdictions.
Spotlight on NevGold: strategic leverage in a tight market
For investors looking to gain antimony exposure in safe jurisdictions, NevGold (TSXV:NAU,OTCQX:NAUFF,FWB:5E50) makes a compelling case. Best known for its growing gold portfolio in Nevada and Idaho, the company is now adding strategic mineral potential to its mix through its Limousine Butte project in Nevada.
In early 2025, NevGold made an important discovery at Limousine Butte. Initial drilling has revealed extensive mineralization across multiple targets, with particularly promising results at Resurrection Ridge, where more than 1,000 meters of strike has been defined with thick, high-grade gold and antimony intercepts near the surface.
Importantly, metallurgical testing shows that antimony can be efficiently recovered alongside gold, indicating potential for a dual-revenue operation. This is important for two reasons. First, NevGold’s projects are located in Nevada, a top-tier mining jurisdiction with strong infrastructure, clear regulations and proximity to North American markets. This is the ideal environment that policymakers are prioritizing in their efforts to build domestic supply chains for critical minerals.
Second, while NevGold remains essentially a gold company, its growing antimony footprint gives investors exposure to a strategic metal at a time when governments are actively encouraging local production.
The enduring appeal of gold and the emerging strategic importance of antimony present an attractive investment story for NevGold. For investors, that combination offers both defensive value and growth potential. NevGold possesses one of the most advanced antimony projects in the United States, which are of significant strategic importance to the U.S. government’s initiatives to build a vertically integrated domestic antimony supply chain.
Takeaway for investors
Antimony is rapidly evolving from an obscure industrial mineral to a strategic resource central to geopolitics, national defense and the clean energy transition.
With China taking a dominant position in global supply and Western governments stepping up efforts to secure their own resources, the stage is clear for antimony to gain more investor attention.
For those looking to diversify their exposure to critical minerals, early movers in stable jurisdictions could be well positioned to benefit. Companies like NevGold, with emerging antimony assets in addition to gold projects, highlight how strategic positioning can create new opportunities for value in a rapidly changing commodity landscape.
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The information contained herein is for informational purposes only and should not be construed as an offer or solicitation for the sale or purchase of any security. Readers should conduct their own research into any information publicly available about the company. Before making any investment decision, it is recommended that readers contact directly NevGold and seek advice from a qualified investment advisor.
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