Silver and critical raw materials are on the rise! Standard Lithium, First Majestic Silver, and Antimony Resources!

Antimony Resources: In the spotlight of US strategic interests

Antimony is gaining increasing attention from the US government, moving the critical metal out of the shadow of rare earths. A recent agreement between Korea Zinc and the US government is more than just a political signal for the antimony market. Washington no longer wants to rely on Chinese supply chains for strategic metals and is therefore promoting new refining and smelting capacities in the US, which explicitly include antimony. Specifically, the agreement between Korea Zinc and the Trump administration provides for the establishment of a joint venture. This entity is intended to finance the construction of an integrated critical minerals smelting and refining facility in the state of Tennessee. To this end, Korea Zinc plans to sell newly issued shares with a total value of around USD 1.9 billion to a joint venture controlled by the US side together with strategic investors, which would consequently hold around a 10% stake in Korea Zinc. At the same time, the majority of the project financing is expected to be provided through extensive government-backed loans and subsidy programs. The total investment volume for the project is estimated at up to USD 7.4 billion in capex expenditures, with commercial operations scheduled to commence on a phased basis by 2029.

The project addresses one of the West's most significant structural weaknesses, as China's export controls, in place since August 2024, are repeatedly used as leverage against the US, Europe, and others. In the short term, however, the deal will have little impact on physical availability. Until new US capacities actually start producing, the market will remain tight and the geopolitical risk premium high.

One company that stands to benefit from future antimony production in the US is Antimony Resources. After all, the smelting and refining plant will also have to be fed with raw materials from North America in the future. Antimony Resources has repeatedly impressed with excellent drilling results in recent months. The first resource estimate for the Bald Hill project in Canada is expected in the first quarter of 2026. Based on the consistently impressive drilling results in recent months, the estimate should be positive. The best find reported so far was 14.91% antimony over 3 meters. The average value of 3% to 4% within approximately 2.7 million tons of material should enable a profitable mine. The attractiveness of the project should increase further, as the deposit remains open in all directions and at depth.

Since October, Antimony Resources' share price has doubled. Following the healthy consolidation of recent weeks, investors could position themselves for the next jump. Given its potential, the share does not appear to be expensive.

Standard Lithium: Caution!

With a price gain of over 180%, Standard Lithium's share price has made a spectacular comeback in 2025. Most recently, progress was reported in the financing of the South West Arkansas (SWA) project. According to the report, three major financiers have expressed interest in supporting the joint venture with Equinor. The first step involves more than USD 1 billion. In addition, Standard Lithium and Equinor intend to provide equity capital. The US government is also active here and has already pledged more than USD 225 million in subsidies.

However, the rating agency Fitch is now warning that the lithium market is not as healthy as people think. Although prices recovered to over USD 11,000 per ton in the second half of 2025, this is not a sustainable trend reversal. The problem of overproduction remains. Without permanent production cuts, the market is likely to remain oversupplied in the coming year.

First Majestic Silver: Sells project and joins Sierra Madre

While the price of silver continues to rise, now trading at over USD 57, First Majestic Silver has finalized the sale of the former Del Toro silver mine in the Mexican state of Zacatecas (Chalchihuites district). Sierra Madre Gold and Silver signed the final purchase agreement on December 17, 2025. The total purchase price is up to USD 60 million and also includes milestone payments. Sierra Madre intends to finance part of the purchase price and the investments for the resumption of production through a capital increase of up to USD 50 million. As part of the transaction, First Majestic will receive Sierra Madre shares worth USD 10 million, making it a strategic shareholder.

With the deal, Sierra Madre acquires 100% of a 2,129-hectare, fully permitted underground operation including a processing plant (3,000 t/day), which was in operation between 2013 and 2019 and is currently being maintained and serviced. The next steps are planned to be around 50,000 meters of drilling and an updated resource estimate in early 2028.

Silver and critical metals will continue to move the stock market in 2026. Antimony appears to be stepping out of the shadow of rare earths, and Antimony Resources should benefit from this trend. The stock appears to have upside potential. In contrast, Standard Lithium could be due for a correction. A capital increase is possible, and according to Fitch, the lithium market is not as healthy as many believe. First Majestic Silver remains a core investment in the silver sector.