The antimony price plunge this year has left certain industry players nursing wounds as the metal’s mid-2025 highs vanished and forced companies to face much tougher economics.
Locksley Resources Ltd (OTCMKTS: LKYRF) (ASX: LKY) (FRA: X5L) has abandoned its California ambitions as a result. On Aug. 17, the ASX-listed explorer announced it had halted all active field work at the Desert Antimony Mine and the neighbouring El Campo rare earths prospect inside its broader Mojave project.
Earlier diamond drilling confirmed antimony mineralisation in narrow veins of quartz and stibnite, yet the deposits proved structurally complex and discontinuous, so further close-spaced drilling would have been needed before any resource could be defined. With European CIF (Cost, Insurance and Freight) antimony spot prices having collapsed more than 57 per cent from mid-2025 peaks near US$63,000 a tonne to around US$27,000 a tonne, the board concluded that additional spending no longer made sense.
Locksley says claims will be kept in good standing at minimal cost, environmental close-out is under way and capital will be redirected towards opportunities offering clearer pathways to scale. This development comes as Locksley shares have fallen more than 76 per cent year-to-date on the ASX.
The pain extends well beyond one Australian junior. United States Antimony Corp (NYSE: UAMY) has seen its shares drop more than 22 per cent over the past six months. In mid-August the company slashed its full-year 2026 revenue guidance from US$125 million to a range of 60 to 75 million after average realised antimony prices halved and margins collapsed.
Antimony Resources Corp (CNSX: ATMY) (OTCMKTS: ATMYF) (FRA: K8J0), focused on its Bald Hill project in New Brunswick, has likewise suffered. Despite intermittent high-grade intercepts, its share price has retreated sharply from earlier peaks as the broader price correction eroded investor appetite for pure-play explorers.
Not every name has suffered though. Nevada-focused NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) has advanced against the tide with its OTC shares climbing more than 75 per cent during the past six months. Steady drilling success, a maiden gold-antimony resource estimate and a clear path toward near-term oxide production have kept investor interest alive even while the underlying metal has retreated.
The divergence highlights a simple mining industry reality: in a market suddenly stripped of its speculative premium, only those with tangible momentum will continue to attract capital.
Read more: NevGold appoints Nevada government affairs veteran Scott Bensing to board
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