Drill Permit Completed and Plant Work Advancing to Fast-Track Development Pathway

HIGHLIGHTS

• On-ground drill program preparations commenced, including camp setup, core warehouse and personnel. Drilling expected to commence in the second week of January.
• Informe Preventivo (“IP”) completed and to be submitted for up to 50 drill holes and bulk sampling trenches at Los Lirios.
• Due diligence on Tecomatlán plant concluded positively.
• Preliminary engineering for Phase 1 refurbishment is significantly advanced and expected before end of the year.
• First results from sampling are now expected mid-December; with remaining assays anticipated by year-end.
• Second tranche of private placement closed: Company is now fully funded for all planned activities.

EV Resources (ASX: EVR) (“EVR” or “the Company”) is pleased to report strong progress across its Mexican antimony portfolio. The Company continues to advance a dual-track strategy that accelerates drilling at Los Lirios while finalising engineering for the Tecomatlán processing plant that could enable antimony production as early as mid-2026.

Managing Director and CEO, Mike Brown, commented:

“My recent visit to Mexico reinforced the quality of our assets and strengthened my confidence in our pathway to becoming a near-term antimony producer. At Los Lirios, the structural preparation, alteration and historical workings all highlight the potential for a significant antimony system.

The strength of mineralisation returned to date allows us to advance drill planning with confidence. With the Informe Preventivo now completed, we remain focused on commencing drilling by January.

Equally important is the Tecomatlán plant, which provides a strategic foundation for our production ambitions. Its location near transport routes and potential feed sources supports a staged development profile, beginning with a simple, low-permitting Phase 1 refurbishment and progressing to Phase 2 flotation and leaching. Engineering work is well advanced and scheduled for completion this month, keeping us firmly aligned with a mid-2026 production target utilising artisanal ore”.

Los Lirios Antimony Project

Permitting Status

The Company has completed and will be formally submitting an Informe Preventivo (“IP”) environmental filing to SEMARNAT (secretariat of Environment and Natural Resources). This permit covers a comprehensive campaign of up to 50 drill holes and bulk sampling trenching. Under Mexican environmental regulations, if no further clarifications are requested, the permit will be automatically approved within 20 business days.

Operational Mobilisation

Field teams have commenced on-ground preparations to ensure an efficient start to the maiden drill program including securing field camps, a core logging and storage facility, and support personnel. Drill contractors will be on site next week to confirm budgets and logistical arrangements. Mobilisation is on track, and drilling is scheduled to commence in the second week of January, subject to final permitting approval.

Sampling and Assay Results

Surface sampling results have been delayed due to significant laboratory backlogs caused by elevated regional exploration activity. Initial assays are expected mid-December, with subsequent batches anticipated before the end of the year.

Tecomatlán Plant Due Diligence

Site inspections, trial operations and other due diligence activities have been concluded satisfactorily. The Company has mutually agreed to a short extension to allow for the owner to finalise necessary tax documentation with financial institutions.

EVR intends to commence the lease following the receipt of the preliminary engineering studies, which are on track for delivery this month. These studies will provide the budget and timelines for the Phase 1 refurbishment, as well as Phase 2 filtration plant conceptual layout.

Community and Access

EVR is committed to strong local stakeholder engagement. Surface-rights and Right-Of-Way agreements with local communities have been advanced with one agreement finalised, one pending signing and all necessary Rights-of-Way secured. Ongoing positive engagement with five additional communities with limited project impact is advancing positively.

Next Steps

• Receipt of channel and trench sampling assay results (expected from mid-December 2025)
• Receipt of final Preliminary Metallurgical Test work
• Approval of permit for maiden drill program
• Selection and engagement of drilling contractor, to commence drilling in early January 2026
• Finalisation of Preliminary Engineering and Budget for Phase 1 refurbishment

–     ENDS       –

For further information, please contact:

Mike Brown
Managing Director & CEO
Tel: +61 466 856 061
E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited.

Original Article: https://announcements.asx.com.au/asxpdf/20251204/pdf/06sy310kq7nsw6.pdf