Equinox Resources Signs Strategic MoU to Advance High-Grade Antimony from Alturas

Strategic Alignment with Alaska Antimony Corp and SB51 to Support Western Critical Mineral Security

Highlights

• Equinox Resources (ASX:EQN) has entered into a non-binding Memorandum of
• Understanding (MoU) with Alaska Antimony Corporation, a United States-based downstream processor, and SB51 Pte Ltd, a Singapore-based global antimony trading firm, to explore offtake, processing, and commercialisation pathways for the Company’s high-grade Alturas Antimony Project in British Columbia, Canada.
• Alaska Antimony Corporation has been granted the rights to negotiate a Right of First Refusal (ROFR) over ore and concentrate from Alturas, providing a potential direct pathway for future sales into North America’s only proposed new antimony refinery, strategically located in Alaska with access to port infrastructure and in alignment with the US Department of Defense’s critical mineral objectives.
• The ROFR is to include the delivery of up to 10,000 tonnes of bulk sample material, enabling smelter qualification, metallurgical testwork, and downstream compatibility assessments to support a potential definitive offtake agreement and early-stage revenue generation. SB51 to be appointed as Equinox Resources exclusive global marketing and sales agen for Alturas ore and concentrate, leveraging its portfolio of over 100,000 tonnes of antimony rights across Asia, Africa, and South America, and its established channels into Western-aligned industrial and defence markets.
• Alturas hosts ultra high-grade, coarse-grained stibnite mineralisation, with historical sampling recording grades up to 69.98% Sb, and includes legacy underground workings.
• The bulk sample evaluation program targets potential direct shipping ore (DSO) from sorted and cobbled stibnite, with no pre-concentration required, offering a potential path to near-term monetisation and strategic entry into global markets.
• Antimony metal prices have surged to between US$56,000–US$59,800/t as of 14 April 2025, reflecting global supply disruptions, Chinese export restrictions, and tightening inventories of highpurity feedstock.
• A 10,000-tonne evaluation parcel equates to approximately 9% of current global primary antimony production, highlighting Alturas’ potential significance as a Western-controlled source of high-grade feedstock.
• The MoU supports a broader strategy to onshore critical mineral processing, diversify supply away from Chinese and Russian dominance, and integrate Equinox Resources into the rapidly evolving North American and allied antimony supply chains.

Equinox Resources Limited (ASX: EQN) ("Equinox Resources" or the "Company") is pleasedto announce it has signed a Non-Binding Memorandum of Understanding (“MoU”) with SB51 Pte. Ltd., a Singapore-based global antimony trading company, and Alaska Antimony Corporation, a United States-based downstream processor. The MoU establishes a framework for potential offtake and processing of high-grade antimony ore from Equinox Resources Alturas Project in British Columbia, Canada.

Strategic Context

The signing of this MoU is underpinned by a favourable antimony market, characterised by tightglobal supply, elevated pricing, and rising demand from Western-aligned industrial and defencesectors. The MoU provides a framework to advance negotiations and the Alturas Project towards downstream processing and offtake solutions that align with these strategic imperatives.

Recent pricing data confirms a structurally robust market. As of 14 April 2025, antimony metal with minimum purity of 99.65 per cent is trading in the range of US$56,000 to US$59,800 per tonne1 This reflects a growing scarcity of high-purity material outside China, as export restrictions and domestic stockpiling reduce international availability. Antimony metal is the refined form of the element used in ammunition, battery technologies, flame retardant systems and high-performance alloys, applications where purity and security of supply are paramount.

In contrast, antimony trioxide (Sb₂O₃), which is priced between US$32,000 and US$33,200 pertonne 2 , is a downstream compound typically produced by oxidising antimony metal. It ispredominantly used in flame retardants, plastics and glass manufacturing. While trioxide represents the largest volume market for antimony, its production requires additional refining steps and dedicated infrastructure, making secure feedstock essential.

The MoU reflects Equinox Resources strategy to deliver a high-grade antimony supply chain

independent of Chinese control. With China currently producing approximately 48% of the world’s mined antimony and controlling an even greater proportion of refining capacity, Western markets are actively seeking alternative sources of clean, compliant feed. The Alturas Project, with its high-grade mineralisation and potential for early-stage direct shipping ore, is well positioned to respond to this demand.

The MoU supports near-term progress towards downstream collaboration, investment, and long-term offtake arrangements that leverage current market conditions and the strategic importance of antimony in global critical minerals supply chains.