Military Metals’ revoked Slovak antimony licence: regulatory risk lens for projects
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Military Metals’ share price fell as much as 60% to C$0.16 after Slovakia’s Ministry of the Environment revoked its exploration licence for the Trojarova antimony-gold project near Bratislava, which the company says was cancelled “without appropriate justification”. Trojarova, interpreted as a continuation of the historic Pezinok mine, carries a Soviet-era resource of 415,000 tonnes grading 0.162% Sb and 1.148 g/t Au based on underground exploration. The licence had been within Slovakia’s designated exploration areas under the EU critical raw materials framework, raising questions over regulatory risk for antimony supply projects in the region.
Technical Brief
- Trojarova’s historic underground resource derives from Soviet-era workings, not recent surface drilling campaigns.
- Military Metals only acquired Trojarova in late 2024, so licence loss truncates very early-stage work.
- The project is interpreted as a structural continuation of the former Pezinok antimony mine near Bratislava.
- Pezinok operated for over 200 years and was once among Europe’s largest antimony producers.
- Trojarova, Tiennesgrund (antimony) and Medvedi (tin) all carry extensive Soviet-era exploration and development data.
- Slovakia’s Ministry of the Environment had previously listed Trojarova within designated exploration areas for critical raw materials.
Our Take
Antimony appears in only a small subset of our 396 keyword-matched pieces, so the Trojarova setback removes one of relatively few European-focused antimony stories at a time when the EU is trying to diversify away from Chinese supply.
With Military Metals’ market capitalisation now around C$21.6 million, the 60% share price drop materially constrains its ability to self-fund further work at Trojarova, Tiennesgrund or Medvedi, making farm-ins or asset sales more likely if Slovak permitting risk remains elevated.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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