EV Resources Limited (ASX: EVR) (“EVR” or the “Company”) is pleased to advise that it has
executed a tri-party Memorandum of Understanding (“MOU”) with Wogen Resources Ltd
(“Wogen”) and Xcelsior Capital Advisors Ltd (“XCLR”).
Under the MOU:
- Funding: Wogen and XCLR will engage on a proposed US$2–3 million secured debt facility to advance the Company’s Los Lirios Antimony Project in Oaxaca, Mexico, towards production, subject to a definitive agreement.
- Offtake: Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, subject to the completion of a positive internal scoping study and a definitive agreement.
- Technical & Market Support: Wogen and XCLR will provide EVR with technical input and market intelligence to assist EVR in developing product specifications, pricing and marketing strategies for the Los Lirios Antimony Project.
This strategic partnership is a significant step forward to underpin the development of EVR’s
proposed 100 tonne-per-day antimony processing plant. The plant is expected to treat ore
from both Los Lirios and third-party sources. In addition, the Company will pursue
downstream processing of the Los Lirios product with the support of Wogen and XCLR.
The MOU establishes a framework for future binding agreements relating to financing, offtake
and operational collaboration. Importantly, the proposed funding structure supports EVR’s
strategy to develop a reliable antimony supply chain in alignment with U.S. and allied critical
minerals priorities.
About the Partners
- Wogen Resources Ltd: Established in 1972, Wogen is a UK-based global trading house specialising in exotic metals and minerals, with operations across five continents.
- Xcelsior Capital Advisors Ltd: XCLR provides financing solutions to critical minerals and metals producers, including miners, processors, refiners, recyclers and manufacturers.
Key Terms of the MOU
| Memorandum of Understanding (MOU) Terms | |
|---|---|
| Item | Details |
| Offtake Rights | Wogen to receive exclusive offtake rights for antimony produced at Los Lirios, subject to internal scoping study and execution of definitive agreements, which will include certain conditions precedent being met, including, amongst others, satisfactory due diligence to Wogen’s absolute discretion. |
| Debt Funding | XCLR and Wogen to collaborate on a secured debt facility of US$2.0-3.0 million to fund project development and construction. Any facility is subject to the execution of definitive agreements, which will include certain conditions precedent being met, including, amongst others, satisfactory due diligence to XCLR/Wogen’s absolute discretion |
| Technical & Market Support | Wogen and XCLR to provide technical expertise and market intelligence on product specification, pricing, and marketing for the product from Los Lirios and othe EVR projects as agreed from time to time |
| Option Issuance | EVR to issue 10 million unlisted options (5 million each to Wogen and XCLR), exercisable at AUD 0.01, exercisable at AUD 0.01, expiring four years from the date of issue and will be issued within 15 days of signing the MOU |
| Nature of MOU | Non-binding except for confidentiality and legal provisions; subject to due diligence, regulatory approvals, and execution of final agreements. |
| Term | The MOU remains in effect for 12 months from the date of signing unless terminated earlier by mutual consent or default. |
EVR Executive Director, Hugh Callaghan, commented:
“The current tensions between China and the United States over rare earths and critical minerals are already being felt in the antimony market, with sharp price increases and supply challenges emerging for end users.
Antimony is a critical material in defence-related applications, and with military stockpiles continuing to deplete worldwide, we anticipate growing demand supported by increased government spending and funding initiatives.
This MOU represents a highly strategic step for EVR. The proposed funding and offtake prtnership will support the restart of production from two historic open pits at Los Lirios, while also enabling us to advance broader exploration across the project. With consistently high grads, clean metallurgy, and a smple, low-cost processing pathway, Los Lirios has the potential to become a significant new supplier of antimony to the global critical minerals supply chain.”
Next Steps
With the exploration program underway (ASX announcement “Exploration commences at Los Liriots to Fast Track Production” dated 13th August 2025), EVR is advancing discussions with the owners of production permitted plant sites, with a view to establishing a 100 tonne-per-day pilot processing plant. The plant is planned to utilise gravity and flotation recovery methods, which have historically been proven effective in processing antimony ores in Mexico.
In support of this strategy, EVR recently reported encouraging results from mineralogical studies at Los Lirios (ASX announcement “High Grade Antimony and Production Potential” dated 2nd July 2025). The work confirmed high-grade antimony mineralisation with exceptionally low impurities, and identified gravity processing as a suitable, scalable and low-cost recovery pathway.
Metallurgical test work and flowsheet design have now commenced, alongside early engagement with equipment suppliers as part of the pilot plant planning process.
These initiatives build on previously reported exceptional surface sampling and mineralogical test results at Los Lirios, which highlighted the high-grade nature of the project. Individual grab samples have returned grades of up to 62.99% Sb, with other notable results including 29.17% SB and 20.44% Sb. (ASX announcements “Acquisition of the Los Lirios Antimony Mine (EVER: 70%), Mexico” and “High grade Antimony Samples from Los Lirios” dated 28 January 2025 and 12 February 2025 respectively). These outcomes underline not only the strong grade potential, but also the consistency and scale of antimony-bearing mineralisation identified across the tenements.
-ENDS-
For further information, please contact:
Shane Menere
Non-Executive Chairman
Tel: +61 8 6489 0600
E: [email protected]
Hugh Callaghan
Executive Director
Tel: +61 8 6489 0600
E: [email protected]
This ASX announcement was authorised for release by the Board of EV Resources Limited.
Original Article: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02980786-6A1279140&v=4a466cc3f899e00730cfbfcd5ab8940c41f474b6
