America’s Antimony Supply Chain Is Being Rebuilt From Scratch — And One Explorer in Nevada Just Pulled 99% Gold Recovery Off a Brownfield Pad

Issued on behalf of NevGold Corp.

NevGold Corp. (TSX-V: NAU | OTCQX: NAUFF | FRA: 5E50) has upsized its brokered private placement to C$42.2 million, reported drill intercepts up to 1.11% antimony over 6.1 meters at Limousine Butte, and confirmed phase II metallurgical gold recoveries as high as 99% — all inside a six-week window as Washington continues to rebuild a U.S. antimony supply chain that currently depends 100% on imports, following China’s December 2024 export ban on the United States and the licensing controls that remain in effect after its November 2025 suspension.

NEW YORK, April 23, 2026 (GLOBE NEWSWIRE) -- World Street Intelligence - News Commentary — The antimony market was a rounding error on the critical minerals ledger a few years ago. Today it is a full-blown national security file. In December 2024, China imposed antimony export restrictions specifically targeting the United States; those restrictions were suspended in November 2025 for a one-year pause running through November 27, 2026, but licensing controls and the ban on exports to U.S. military end-users remain in place. The U.S. Geological Survey designates antimony as a Critical Mineral, and domestic import reliance sits at 100%. Antimony is required for armor-piercing bullets, night-vision optics, infrared sensors, precision munitions, nuclear applications, flame retardants, and — increasingly — advanced batteries and semiconductors. [1]

Against that backdrop, Washington has started writing checks. The U.S. Department of War (“DoW”) and the U.S. Export-Import Bank have both committed hundreds of millions of dollars — and, in one case, $2.7 billion — to a short list of publicly traded operators with domestic antimony assets. [2] [3] [4] The bottleneck is not capital. The bottleneck is advanced-stage, permitted, near-surface projects that can deliver oxide antimony ore into a U.S. smelter within the next 12 to 36 months.

In that very specific window, one TSX-V-listed, U.S. project-focused junior has stacked three news releases in the last three weeks that deserve a closer look.

Review The Entire Report on NevGold Corp. Written by: By Robert Ross • Chief Editor of the Let's Analyze Newsletter by clicking here

The NevGold Six-Week News Stack

On April 20, 2026, NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) announced the upsizing of its previously announced C$25 million brokered private placement to C$42,225,497 (22,223,946 shares at C$1.90), with Clarus Securities Inc. as sole agent and bookrunner. [5] The financing is expected to close on or about May 12, 2026, and is earmarked for advancing Limousine Butte (gold-antimony, Nevada), Nutmeg Mountain (gold, Idaho), working capital, and general corporate purposes. [5] A previously announced C$25 million deal getting upsized by roughly 69% on strong demand is a signal, not a line item.

That capital is landing at a moment where NevGold’s drill bit is returning numbers that have been difficult to ignore. On April 9, 2026, NevGold disclosed oxide antimony-gold intercepts at its Limousine Butte Project in Nevada, including 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t Au + 0.22% Sb) at Resurrection Ridge, incorporating 1.11% antimony over 6.1 meters. [6] CEO Brandon Bonifacio described Limo Butte as “one of the highest grade antimony projects in North America that is near-surface and oxide.” [6]

The third news release in the sequence is arguably the most economically meaningful. On April 2, 2026, NevGold disclosed phase II metallurgical testwork results on oxide antimony-gold material from the Limo Butte historical gold leach pads showing cyanide shake test average gold recoveries above 93%, with individual samples reaching 99%, on residual tailings after the antimony had already been leached out. Acid leach antimony extraction ranged from 54% to 92% across the tested samples, and the company identified additional antimony mineralization at surface in a historical gold waste dump. [7] The sequential process — antimony leach first, gold leach second — is critical: it means both metals can be recovered from the same feed stream with minimal interference.

The fourth data point came on April 14, 2026, with positive sonic drill results on the historic gold leach pads themselves: 0.34% antimony with 0.41 g/t gold over 12.5 meters, 0.33% Sb and 0.55 g/t Au over 11.0 meters, and 0.31% Sb and 0.50 g/t Au over 14.6 meters — grades consistently higher than the Phase I test pit sampling program averages of 0.27% Sb and 0.34 g/t Au. [8] These historical leach pads were created during mining operations in 1989–1990, when gold was trading below US$400 per ounce and antimony was not considered economic. The material was crushed, stacked, and left in place — and is now being re-evaluated as a potential near-term, no-mining-required source of antimony.

The maiden antimony-gold Mineral Resource Estimate at Limousine Butte is targeted for Q2 2026, with the Company’s stated objective to achieve near-term antimony production by 2027 from reprocessing the historical leach pads. [8] The historical leach pads sit inside a property with a U.S. Bureau of Land Management-approved Plan of Operations covering the entire 68 km² Limousine Butte land package, with up to 200 acres of permitted disturbance over a 10-year permit term. [6]

Why Washington Cares: The U.S. Antimony Supply Chain, Rebuilt From Scratch

Antimony supply in 2026 is essentially a geopolitical file. Prior to late 2024, approximately 90% of global antimony production came from China, Russia, and Tajikistan. [1] In December 2024, China formally imposed antimony export restrictions on the United States; those restrictions were suspended in November 2025 through November 27, 2026, though export licensing and the military-end-user ban remain in force. The U.S. has no primary antimony mining operations of meaningful scale, and until recently had only one operational smelter — making the domestic supply chain effectively impossible to replace overnight.

That replacement effort is now happening in public view, with a handful of U.S.-listed names absorbing most of the federal capital being deployed into antimony. The names that have received meaningful recent federal or institutional support all share a common profile: domestic project location, advanced exploration or development stage, and a credible pathway to producing antimony concentrate or finished product within 24 to 36 months.

A Non-Exhaustive Look at Four U.S.-Listed Names Positioned Around the Same Thesis

Perpetua Resources Corp. (NASDAQ: PPTA)

Perpetua is the most advanced U.S. antimony story on the market. On March 31, 2026, the Company announced that the U.S. Export-Import Bank’s Board had advanced a proposed USD 2.7 billion loan to Congressional notice to finance construction, exploration, and corporate costs at the Stibnite Gold-Antimony Project in central Idaho. [2] Combined with approximately $714 million of cash on hand, the proposed financing would cover the full $2.576 billion initial construction cost of Stibnite. [2] Early works construction broke ground in October 2025, and the Project is targeted to supply up to 35% of U.S. antimony demand during its first six years of operations. [9] Perpetua also entered into an agreement with Idaho National Laboratory in December 2025 to host, commission, and operate a modular pilot processing plant for producing military-specification antimony trisulfide from Stibnite material. [9]

United States Antimony Corporation (NYSE: UAMY)

UAMY operates the only antimony smelter in the United States, located in Thompson Falls, Montana. On April 2, 2026, the Company announced it had restarted mining operations at its Stibnite Hill property in Montana after a nearly five-month weather-related pause. [10] UAMY has a sole-source Defense Logistics Agency IDIQ contract with a total potential value of approximately USD 245 million for the production of antimony metal ingots for the U.S. National Defense Stockpile, and was selected in March 2026 for an additional USD 27 million Department of War Title III award to expand the Thompson Falls smelter and support vertical integration of mining in Alaska and Montana. [11] The Company uplisted from NYSE American to the NYSE on March 11, 2026. [12] Fiscal 2025 results, released March 19, 2026, included revenues up 163% year-over-year and $354 million in new antimony contracts executed in 2025. [12]

Nova Minerals Limited (NASDAQ: NVA)

Nova Minerals is building a domestic antimony supply chain in Alaska, anchored by a USD 43.4 million non-dilutive award from the U.S. Department of War that fully funds the initial phase of the Estelle Gold and Critical Minerals Project and targets first antimony production in late 2026 or 2027. [3] The Company has commenced heavy-equipment mobilization via a 150-kilometer winter snow road from Willow, Alaska, with approximately 95% of major equipment already staged in Willow as of the Q1 2026 update. [3] Nova’s Estelle Project sits within the Tintina Gold Belt, which hosts a documented endowment of more than 220 million ounces of gold, including Kinross Gold’s Fort Knox Mine. [3] On April 13, 2026, Nova announced the appointment of Ms. Ashlie Thorburn as Chief Financial Officer, effective April 20, 2026. [13]

Americas Gold and Silver Corporation (NYSE American: USAS)

USAS operates the Galena Complex in Idaho’s Silver Valley, which the company describes as the only currently producing antimony mine in the United States. [14] On a date previously disclosed, USAS executed a joint venture agreement with United States Antimony Corporation to construct a new, state-of-the-art hydrometallurgical processing facility in Idaho’s Silver Valley — with the explicit objective of unlocking the antimony byproduct value from Galena’s silver-copper-antimony production stream and strengthening U.S. critical mineral supply chain resilience. [14] The structure is notable: USAS contributes production, UAMY contributes smelting and refining capability, and the JV converts what had been a byproduct into a strategic-mineral output. [14] The deal highlights a recurring theme in the current antimony landscape — vertical integration between mining and processing is being assembled in real time, across corporate boundaries, with government incentives as the catalyst.

How NevGold Fits the 2026 U.S. Antimony Thesis

NevGold’s Limousine Butte Project is one of a very short list of advanced-stage, permitted, near-surface U.S. antimony projects with credible near-term production optionality. Three structural features distinguish the setup:

• Brownfield leach pads, not greenfield mining. The antimony NevGold is targeting for 2027 production sits in already-crushed, already-stacked material from the 1989–1990 gold-mining era. No new mining is required to initiate antimony production — the Company is evaluating the economics of reprocessing existing pads. [8] This is a structurally different risk profile than permitting and building a new mine.
• Sequential antimony-then-gold recovery. Phase II metallurgical testwork on the leach pad material showed that antimony can be leached first, followed by gold recovery at up to 99% on the residual tailings. [7] This unlocks a two-metal cash flow scenario from the same feedstock.
• Funded through the next inflection. The upsized C$42.2 million financing closes the funding gap through the initial MRE, metallurgical testwork completion, and the 20,000-meter 2026 drill program focused on Bullet Zone and the Armory Fault discovery. [5] [6] In a capital-intensive sector where juniors routinely run out of cash just as catalysts come into view, that runway is a material differentiator.

The maiden NI 43-101 antimony-gold Mineral Resource Estimate at Limo Butte is targeted for Q2 2026 and is the next direct catalyst for the stock. [6] [8] In parallel, the Company continues to advance the September 2025 Nutmeg Mountain gold resource (1,186,000 oz Indicated at 0.50 g/t + 548,000 oz Inferred at 0.34 g/t, with mineralization starting at surface and a conceptual strip ratio of less than 1:1) toward a Preliminary Economic Assessment. [15]

The Setup

In a sector where federal capital is chasing a very short list of advanced U.S. antimony projects, NevGold enters the spring of 2026 with over C$50 million in the treasury, 1.11% antimony drill hits from surface at Resurrection Ridge, up to 99% gold recoveries from phase II metallurgical testwork on the historical leach pads, a BLM-approved Plan of Operations already in hand, and a maiden gold-antimony MRE targeted within the next two months. For investors already tracking PPTA, UAMY, NVA, and USAS, NevGold (TSX-V: NAU | OTCQX: NAUFF | FRA: 5E50) is the name that sits at the intersection of all four of those theses — at junior-exploration valuations.

Review The Entire Report on NevGold Corp. Written by: By Robert Ross • Chief Editor of the Let's Analyze Newsletter by clicking here

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Sources:

[1] U.S. Geological Survey, Mineral Commodity Summaries, antimony chapter; broader critical-minerals policy context including the U.S. Department of the Interior’s Critical Minerals List, the December 2024 China antimony export restrictions, and the November 2025 one-year suspension of those export restrictions (effective through November 27, 2026, with licensing controls and military-end-user restrictions continuing in force).
[2] Kitco News, “Perpetua Resources seeks $2.7B EXIM loan for Idaho gold-antimony project,” March 31, 2026. https://www.kitco.com/news/off-the-wire/2026-03-31/perpetua-resources-seeks-27b-exim-loan-idaho-gold-antimony-project
[3] Nova Minerals Limited corporate disclosures, Q4 2025 quarterly activities and cashflow report (January 27, 2026); Emerging Growth Conference webinar announcement (March 2026); equipment mobilization update. https://novaminerals.com.au/
[4] United States Antimony Corporation, “United States Antimony lands $27M DoW award,” March 5, 2026; DLA IDIQ sole-source contract disclosure (September 30, 2025). https://www.usantimony.com/press-releases
[5] NevGold Corp., “NevGold Announces Upsized C$42MM Brokered Private Placement Financing,” GlobeNewswire, April 20, 2026. https://www.globenewswire.com/news-release/2026/04/20/3275234/0/en/NevGold-Announces-Upsized-42MM-Brokered-Private-Placement-Financing.html
[6] NevGold Corp., “NevGold Intercepts 1.11% Antimony Over 6.1 Meters, Within 1.93 g/t AuEq Over 100.6 Meters (1.07 g/t Au And 0.22% Antimony) From Surface; Focus On Maiden Antimony-Gold Mineral Resource Estimate and Near-Term Antimony Production,” GlobeNewswire, April 9, 2026. https://www.globenewswire.com/news-release/2026/04/09/3270842/0/en/NevGold-Intercepts-1-11-Antimony-Over-6-1-Meters-Within-1-93-g-t-AuEq-Over-100-6-Meters-1-07-g-t-Au-And-0-22-Antimony-From-Surface-Focus-On-Maiden-Antimony-Gold-Mineral-Resource-Es.html
[7] NevGold Corp., “NevGold Announces Up to 99% Gold Recovery From Phase II Metallurgical Testwork on Oxide Antimony-Gold; Identifies More Antimony Mineralization At Surface In Historical Gold Waste Dump,” GlobeNewswire, April 2, 2026.
[8] NevGold Corp., “NevGold Announces Positive, Consistent Drill Results on Historic Gold Leach Pads Including 0.34% Antimony And 0.41 g/t Au Over 12.5 Meters; Path to Near-Term Antimony Production Continues,” GlobeNewswire, April 14, 2026. https://www.globenewswire.com/news-release/2026/04/14/3273242/0/en/NevGold-Announces-Positive-Consistent-Drill-Results-on-Historic-Gold-Leach-Pads-Including-0-34-Antimony-And-0-41-g-t-Au-Over-12-5-Meters-Path-to-Near-Term-Antimony-Production-Conti.html
[9] Perpetua Resources Corp. corporate disclosures, including “Perpetua Resources Breaks Ground on the Stibnite Gold Project,” October 21, 2025, and “Perpetua Resources Partners with the Idaho National Laboratory to Advance Critical Mineral Pilot Plant,” December 9, 2025. https://www.investors.perpetuaresources.com/investors/news
[10] United States Antimony Corporation, “United States Antimony Announces Restart of Mining Operations on Stibnite Hill, Montana,” April 2, 2026.
[11] United States Antimony Corporation, “United States Antimony Corporation Selected for Strategic Antimony Program — $27 Million Department of War Award,” March 2026; DLA IDIQ sole-source contract $245 million reference.
[12] United States Antimony Corporation, NYSE uplisting announcement (March 11, 2026); Fiscal 2025 financial results (March 19, 2026).
[13] Nova Minerals Limited, “Nova appoints Ms. Ashlie Thorburn as Chief Financial Officer,” April 13, 2026.
[14] Americas Gold and Silver Corporation press release, “Americas Gold and Silver Signs Joint Venture Agreement with US Antimony to Construct Antimony Processing Facility in Idaho’s Silver Valley,” referenced in industry coverage.
[15] NevGold Corp., September 2025 NI 43-101 Mineral Resource Estimate for the Nutmeg Mountain Project, prepared by Greg Mosher, P.Geo., Global Mineral Resource Services, effective date August 29, 2025.

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