EV Resources Limited has announced the commencement of a comprehensive exploration program at its high-grade Los Lirios Antimony Project in Oaxaca, Mexico. The company is pursuing a dual-track strategy aimed at both quantifying the size and grade of the antimony deposit and fast-tracking the development of a 100 tonne-per-day pilot plant to enable near-term production. This parallel approach is designed to generate early cashflow and capture market share amid tightening global antimony supplies. The exploration work, which began on 18 August 2025, will involve 15 trenches spaced at 50-meter intervals across historical open pits to target vein and shear zone structures. In addition, there is an ongoing program of comprehensive sampling, mapping across a 7km strike length between the old pits, and metallurgical testing that underscores the ore’s low impurities and exceptional grades. Historical sampling has produced high-grade antimony results of up to 9.9% Sb with a composite grade of 4.45% Sb. Mineralogical testing confirms that the fully liberated stibiconite and stibnite present in the deposits are ideally suited for gravity and flotation recovery processes, which support low-cost production. The project is advancing at a critical time as global antimony supplies face unprecedented restrictions following China’s strict export bans. With non-Chinese sources in high demand and Los Lirios offering a unique strategic advantage due to its exceptional surface grades and simple processing requirements, the project is positioned to serve key market needs. Upcoming milestones include trenching results due in October 2025 and a planned drilling program in December 2025, which are expected to refine the resource estimates and bolster the near-term production restart plan. Market sentiment is mixed. From a bullish perspective, the strategic timing in a supply-constrained market combined with outstanding ore quality, low production costs, and the potential for early revenue generation underscores significant upside potential. Investors may also view the dual-track approach as a proactive measure to mitigate risk and quickly capitalize on market opportunities. Conversely, the bearish outlook points to the inherent uncertainties and risks associated with early-stage exploration, including the typical challenges of resource estimation, permitting delays, and fluctuations in commodity prices. While the company’s forward-looking statements indicate considerable promise, these risks remind investors to exercise caution as the project advances.