Morocco’s antimony rush has been gaining momentum as elevated prices draw fresh capital. Junior explorers have accelerated prospecting across the North African nation as antimony trades well above recent historical lows.
Steadright Critical Minerals Inc (CNSX: SCM) announced on Jun. 9 that it has approved the purchase of an 80 per cent stake in Exterra Mining & Exploration SARL, a Moroccan entity holding three exploration licences for antimony projects. These licences sit on the same geological structure as existing small-scale antimony mines and qualify for 10-year production permits under Moroccan mining law.
The deal involves issuing 12 million Steadright shares at a deemed price of C$0.25 each, plus up to C$280,000 in cash, with Steadright covering the first US$5 million in exploration and production costs.
Founded in 2019, Steadright focuses on near-term production opportunities in Morocco’s critical minerals sector. It already holds exposure to titanium, copper and polymetallic projects through local entities.
This move follows closely on the heels of Xtract Resources PLC (LON: XTR) (FRA: R9XN) securing a 10-year renewable mining licence for its Amghas antimony project in Khenifra Province. Other players remain active as well. Zeus Resources Ltd (FRA: ZEU) (ASX: ZEU) is advancing its Casablanca Antimony Project with high-grade samples while Critical Mineral Resources PLC (LON: CMRS) (FRA: 98J) engages in offtake trading of local high-grade ore.
Read more: NevGold Corp. reports antimony grades up to 53.7 per cent at Nevada project
Morocco’s mining advantages and the price reality
Steadright highlights several attractions on its website and investor presentation. They include a modern mining code, five-year corporate tax exemptions for new companies, established port and road infrastructure for exports to Europe and North America and relatively low labour and energy costs. The company emphasises rapid permitting and proximity to existing small-scale operations as pathways to quicker production.
These claims align with broadly recognised features of Moroccan mining jurisdiction: stable legal framework, infrastructure advantages and fiscal incentives appear standard for the sector. However, execution risks remain typical for juniors. Exploration success is not guaranteed, and actual timelines or costs could differ. Objectively, Morocco offers a competitive but not risk-free environment for antimony development.
Investors should also note that the Moroccan state, through its mining bureau, typically retains a free-carried interest or holds an option to acquire up to a 10 to 15 per cent stake in mining projects. This could dilute foreign ownership and alter future cash flow projections.
Antimony prices have eased from their 2025 peak but stay elevated compared with pre-surge levels. Assessments reached a high of around US$59,750 per tonne in early July 2025 before declining amid increased supply and some demand moderation. As of mid-2026, prices still hover notably above historical averages, supported by strategic demand even as ample supply from Southeast Asia and elsewhere exerts downward pressure.
North American juniors chase antimony in stable jurisdictions
Steadright’s Moroccan push forms part of a wider trend among North American juniors seeking antimony exposure in investor-friendly locations. The United States has multiple regions that fit the bill.
NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is currently advancing its Limousine Butte project in Nevada, a brownfield site with near-surface oxide gold-antimony mineralisation that could support production as early as 2027. Additionally, Military Metals Corp (CNSX: MILI) (OTCMKTS: MILIF) (FRA: QN90) is exploring the past-producing Last Chance antimony project in this American state, where 2025 soil sampling outlined an 800-metre anomaly.
Of larger-scale significance, Perpetua Resources Corp (TSE: PPTA) (NASDAQ: PPTA) continues development at the Stibnite Gold Project in Idaho, one of the largest known antimony deposits outside China. It blends gold and critical mineral potential in a domestic U.S. setting.
These efforts reflect growing interest in diversifying antimony supply away from dominant producers while capitalising on jurisdictions with established mining codes and infrastructure.
Read more: NevGold launches 20,000-metre drill campaign at Nevada antimony-gold project
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