Military Metals has signed a binding letter of intent (LOI) to acquire 100% ownership of three mineral properties in Slovakia, strengthening its position in the global critical minerals sector.
Under the LOI, Military Metals will acquire 100% ownership of 1458205 B.C. (Target), a private company holding three brownfield projects in Slovakia.
This acquisition includes two antimony-focused properties and one tin project, all located within the EU.
The assets involved in the transaction include the Trojarova Antimony Project and the Medvedi Tin Project, both of which boast historical resources from the Soviet era.
To secure the deal, Military Metals will issue ten million common shares valued at C$5.6m ($4.11m) to the shareholders of the Target, with the aim of finalising a definitive agreement and closing the acquisition by October 2024.
Located in western Slovakia, the Trojarova Antimony Project has undergone extensive exploration, revealing significant historical resources of antimony and gold.
Although these findings are not compliant with current standards, Military Metals is committed to conducting new drilling to ensure the data meets National Instrument 43-101 (NI 43-101) requirements.
The acquisition also includes the Tiennesgrund Antimony Project in eastern Slovakia, which features a 10km-long fault-hosted vein system, and the Medvedi Potok Tin Project, known for its classic tin vein system with underground workings and historical resources.
As part of this strategic move, Military Metals will secure access to small-scale processing equipment, which aligns with the company's focus on operational efficiency and innovation.
Military Metals CEO Scott Eldridge said: “This acquisition strategically positions Military Metals as a leading explorer and developer of antimony.
“The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia’s strong mining infrastructure and history. We see this as a perfect alignment with the EU’s Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production.”
