Summary
Antimony is emerging from the shadows as a focal point in critical mineral strategy. China’s export restrictions have rattled the global supply chain, sparking supply shortfalls and price spikes. In response, the U.S. is accelerating domestic production and downstream processing via new contracts, project permitting, and multilateral partnerships. The mineral’s applications—from munitions and flame retardants to batteries and electronics—position it at the nexus of defense, energy, and industrial policy. This briefing examines how antimony is now a key battleground in supply sovereignty.
Key Points
U.S. Issues $245M Defense Stockpile Contract to U.S. Antimony Corporation
United States Antimony (UAMY) secured a sole‑source, five‑year contract with the Defense Logistics Agency to supply antimony metal ingots, reaffirming antimony’s importance in military and strategic applications.
https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/ ReutersPerpetua in Talks for U.S. Antimony Refining Partners
Perpetua Resources is negotiating with Glencore, Trafigura, Clarios, and others to establish refining capacity in the U.S. for its Stibnite antimony reserve (148 million lbs). The process involves issuing an RFP and selecting partners by Q4.
https://www.reuters.com/world/china/perpetua-resources-talks-with-glencore-others-us-antimony-processing-2025-09-26/ Reuters
Company confirmation: https://www.investors.perpetuaresources.com/investors/news/perpetua-resources-sept-26-2025-26pw234 Perpetua Resources | CorporateChina’s Export Controls and Smuggling Crackdown Tighten Global Supply
China banned the export of antimony to the U.S. in December 2024 and has since cracked down on smuggling and indirect trade routes via third countries. This has sharply lowered available supply to Western markets.
https://www.reuters.com/business/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/ Reuters
https://www.fastmarkets.com/insights/smuggling-of-antimony-china-launches-crackdown/ Fastmarkets
https://www.exiger.com/perspectives/supply-chain-impacts-china-antimony-export-restrictions/ ExigerBattery & Industrial Users Face Shortfalls and Price Shock
The battery and electronics sectors, which rely on high‑purity antimony, are reporting stress in supply as inventories shrink and prices rise. China’s controls have constrained global flows, forcing buyers to rely on “grey markets” or alternate sources.
https://www.reuters.com/business/autos-transportation/battery-makers-sweat-antimony-shortage-hits-after-chinas-export-curbs-2025-06-17/ ReutersPermitting Advances for Idaho’s Stibnite Project
Perpetua’s Idaho Stibnite project has obtained final federal permits (including Clean Water Act 404) and is now positioned to move into early works construction, paving the way for antimony production in the U.S.
https://www.mining.com/perpetua-resources-receives-final-federal-permit-for-stibnite-gold-project-in-idaho/ MINING.COM
https://www.investors.perpetuaresources.com/investors/news/perpetua-resources-sept-19-2025 Perpetua Resources | Corporate
Why It Matters
Antimony as a Geopolitical Lever
Once considered niche, antimony is now weaponized via export controls, supply bans, and stockpiling, making it a lever in industrial sovereignty and security.Downstream Processing is the Value Frontier
Raw mining alone won’t suffice. Control over refining and purity conversion is where nations and firms will capture value and supply resilience.Inventories & Substitutes Under Strain
Industrial users with tight tolerances (batteries, flame retardants, defense) cannot easily substitute antimony—supply disruptions are acutely felt.Project Execution Becomes Bottleneck
Stibnite’s permits are just the start. Execution risk, partner selection, and capital management will determine whether domestic antimony supply materializes.
Watchlist Companies & Entities
Perpetua Resources
Developer of the Stibnite antimony/gold project in Idaho; primary U.S. potential source of antimony.
Homepage: https://perpetuaresources.com perpetuaresources.com+1United States Antimony Corporation (UAMY / USAC)
Currently holds the U.S. defense contract for antimony metal supply.
News link: https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/ ReutersGlencore, Trafigura, Clarios, Sunshine Silver, Nyrstar
Potential refining or midstream partners in antimony value chain.
(Referenced in Perpetua’s RFP discussions)
https://www.investors.perpetuaresources.com/investors/news/perpetua-resources-sept-26-2025-26pw234 Perpetua Resources | CorporateChina’s Ministry of Commerce / Export Regulation Authorities
Driver of export bans and regulatory enforcement on antimony and strategic minerals.
(implicit in export control policies)
https://www.exiger.com/perspectives/supply-chain-impacts-china-antimony-export-restrictions/ Exiger+1
Critical Minerals Spotlight
Antimony (Sb) — Used in lead-acid batteries, flame retardants, ammunition, semiconductors, solar panels, and chemical catalysts.
Refined & High Purity Antimony — Especially strategic; many downstream users require high-grade material, making refining a chokepoint.
Substitution Limits — Some applications (e.g. flame retardants, munitions alloys) lack viable alternatives at scale.
Action Points
Watch Perpetua’s RFP process: which firms bid, technical criteria, environmental & financial terms.
Track delivery timelines and performance under the U.S. Defense Logistics Agency contract with U.S. Antimony.
Monitor industrial sectors (battery makers, electronics, defense) for antimony purchase contracts or hedging behavior.
Forecast price trajectories under restricted supply—simulate scenario models including proxy supply from recycling or alternate producers.
Engage with policy and regulation frameworks: export control regimes, strategic reserves, and critical mineral designations.
This briefing is for informational purposes only and is not legal, investment, or policy advice. Information is believed accurate at time of publication. Sources are publicly available.