Conceptual render only
Reshoring American antimony domestic supply chains
U.S. ore. U.S. refinery. U.S. metal. Building a domestic supply chain for military-grade antimony from Treasure Creek, Alaska.
Selected for federal funding. The U.S. Department of Energy has selected Felix Gold for up to US$18 million in non-dilutive federal funding, subject to award negotiation. Any funding is intended for the capital cost of the U.S. refinery Frontier is developing, and its application within the group is subject to DOE approval.
Federal funding, not equity; the DOE funding itself does not dilute Felix Gold shareholders. Selection is to enter award negotiations, which may take up to 120 days. Funding is obligated only on execution of an award agreement by a DOE Grants Officer. DOE may cancel negotiations or change the award amount at any time.
Introducing Frontier.
Felix Gold mines the ore in Alaska. Frontier buys that ore from Felix Gold and will refine it into military-grade antimony metal in the United States. One chain, one owner, all on U.S. soil.
- Frontier — a wholly owned subsidiary of Felix Gold. Frontier Antimony Refinery Corp. is a U.S. company incorporated in Delaware.
- Felix Gold sells high-grade antimony ore to Frontier. Frontier holds exclusive rights to that ore under an ore supply agreement.
- Building a U.S. refinery. Frontier is developing the refinery that turns that ore into antimony metal on U.S. soil, targeting operation in H1 2028.
- Well advanced. Engineering design substantially advanced · flowsheet demonstrated end to end at pilot scale, metal cast · Worley/SLR site-selection study complete · ore permitted and in extraction.
- Selected for DOE funding. Non-dilutive funding of up to US$18 million. Any funding is intended for the capital cost of this refinery, subject to award negotiation and DOE approval.
- Built for U.S. capital. For U.S. capital markets and government critical minerals programs, with Felix Gold the major shareholder.
U.S. net import reliance for antimony in 2025 (USGS).
Antimony is a national security metal.
Antimony hardens ammunition and armor, and goes into night-vision optics, flares, flame retardants and energy storage. No marketable antimony was mined in the United States between 2001 and 2024, and although one company restarted mining in Montana in 2025, the country still barely makes any of its own (USGS). China's export controls announced in August 2024, and the December 2024 ban on shipments to the United States, are policy rather than a market cycle.
Military-grade material — MIL-A-22131, 70% Sb or better — is the scarce part of the market, and commodity antimony does not meet it. That grade is what Frontier is being built to produce.
America cannot buy what it needs. It must build it.
85%+ of world antimony mine production comes from China, Russia and Tajikistan — 94,000 of 110,000 tonnes in 2025. 91% U.S. net import reliance for antimony in 2025; domestic mine production restarted in Montana that year but remains withheld as proprietary. Both USGS Mineral Commodity Summaries 2026. EO 14156 · 14241 national energy and minerals emergency; antimony on the USGS critical minerals list, with limited domestic production.
U.S. ore → U.S. refinery → U.S. metal
Conceptual render only
One chain, one owner, all on U.S. soil.
Massive stibnite vein at surface, Treasure Creek
Treasure Creek ore sampleTreasure Creek has supplied the U.S. military before.
This is ground with a production history, not a greenfield discovery. America has mined antimony here when it needed it, and the same ore still meets the military specification without a concentrator.
- Supplied the U.S. across three wartime periods, including the Scrafford Mine — Alaska's second-largest historical producer.
- The Army built the road to it, cut from the Fairbanks base straight to the deposit.
- Frontier holds the exclusive rights. Ore under the agreement is not sold to third parties. The agreement is between Felix Gold Limited and its wholly owned subsidiary, Frontier Antimony Refinery Corp.
- Permitted and in extraction today. Bulk sample permitted to December 2029, ore mined, bagged and positioned in the U.S.
Metallurgical work returned a 74% Sb single-stage concentrate and 98% leach extraction, exceeding the military-grade specification.
Sources: historical production across the three wartime periods, including the Scrafford Mine, is set out in the Felix Gold Limited prospectus and in the ASX announcement of 23 October 2024, Scrafford Antimony Mine History. The Army road is shown on a historical map of the district. The exclusive ore supply arrangement, the bulk sample permit, and the extraction and positioning of ore were previously reported by Felix Gold Limited in the announcements listed in the notices below.
The world’s four best intercepts are all Treasure Creek.
The four highest grade-thickness intercepts reported anywhere in the past three years, on the S&P Global database. Nine of the global top twenty are Treasure Creek; in the United States, nine of the top ten and fourteen of the top twenty.
| # | Project | Hole / trench | Yr | Grade thickness · % Sb × m | Intercept |
|---|---|---|---|---|---|
| 1 | Treasure CreekUSA | NWTR004 trench | 2025 | 151 | 3m @ 50.26% from 0m |
| 2 | Treasure CreekUSA | 25TCDC026 | 2026 | 108 | 8.97m @ 12.09% from 16.8m |
| 3 | Treasure CreekUSA | 23TCRC155 | 2024 | 84 | 15.2m @ 5.5% from 21.3m |
| 4 | Treasure CreekUSA | 25TCDC004 | 2025 | 76 | 9.8m @ 7.76% from 37.6m |
| 5 | Golden RangeAustralia | SSRC104 rev | 2025 | 64 | 49m @ 1.31% from 42m |
| 6 | MagwoodAustralia | MAG010 | 2026 | 63 | 12.1m @ 5.19% from 0m |
| 7 | WabamiskCanada | WR25-01 | 2025 | 62 | 19m @ 3.24% from 1m |
| 8 | WabamiskCanada | WS25-40 | 2025 | 57 | 51.5m @ 1.1% from 3m |
| 9 | WabamiskCanada | A_CS_10.29.24 | 2024 | 55 | 14m @ 3.92% from 0m |
| 10 | HerbertonAustralia | ARRC0001 | 2024 | 53 | 7m @ 7.61% from 38m |
Source: S&P Global Market Intelligence, August 2026. Antimony intercepts reported worldwide over the past three years, from drilling and from surface trenching, starting within 50 m of surface. Coverage reflects companies that report publicly to the database and does not include unreported results from China, Russia or Tajikistan; where no start depth is reported the intercept is at surface. Grades are % Sb; grade thickness is grade multiplied by thickness (% Sb × m). Grade thickness is a comparative measure only. It is not a Mineral Resource and is not an indication of true width. Where displayed values tie, ranking is by unrounded grade thickness. Intercepts are ranked, not holes, so a hole or trench with more than one separate zone can appear more than once. No zone is counted twice: repeated reports of an interval are kept at the latest year, a revision superseding the original it revises and marked rev, and overlapping intervals resolve to the highest grade thickness. Thickness is as reported and not necessarily true width. Third-party results are as publicly reported by those companies and not independently verified by Felix Gold. Treasure Creek results were previously reported by Felix Gold Limited in the announcements listed in the notices below.
Active extraction, Treasure Creek
Antimony stockpiles
Bagged ore and metallurgical samples
Treasure Creek, Fairbanks, Alaska
Smelting Treasure Creek ore, August 2026
Antimony trioxide fume, drawn to the baghouseThe flowsheet has run end to end at pilot scale.
Ore in one end, antimony metal out the other, through the same sequence of unit operations the refinery will run. Solving the flowsheet removes a major technical unknown ahead of the refinery.
- Smelt and fume. Ore charged straight from hand-sorting and coarse crushing.
- Capture and reduce. Antimony trioxide fume drawn to the baghouse, then reduced.
- Cast to metal. A 1,962 g ingot; indicative grade of approximately 95% Sb by handheld XRF.
Read the full announcement, 27 August 2026
Grades are indicative: handheld XRF is not calibrated to certified reference standards. Laboratory assays pending; final refining stage not undertaken. Batch operation on bench and demonstration-scale equipment; no recovery, throughput, product specification or production target is reported or implied.
Pathway to a U.S. refinery
Metallurgical breakthrough — 74% Sb single-stage concentrate, 98% leach extraction, military-grade specification exceeded.
Extraction begins — Bulk Sample Permit granted; first ore mined and positioned in the United States.
DOE selection and pilot plant — selected for non-dilutive funding of up to US$18M; the design flowsheet demonstrated end to end under pilot plant conditions, casting antimony metal.
Site and feasibility — U.S. refinery site finalized and engineering and feasibility work completed.
Frontier refinery operating — subject to site selection and funding.
* Projected. Timing is indicative and subject to commercial agreements, permitting, funding and the outcome of the DOE award negotiation.
Aligned with federal priority. Antimony is named a critical material with limited domestic production under Executive Orders 14156 and 14241.
Directors and management with experience building and listing major resource businesses.
Ronnie BeevorNon-Executive Chairman
Joseph WebbExecutive Director
Andy BrowneNon-Executive Director
Blair WayNon-Executive Director
Dougal ElderChief Financial Officer
Dan BrearleyVP Development & Operations
Board and management of Felix Gold Limited (ASX: FXG).
U.S. ore.
U.S. metal.
Partner, offtake, government and investor inquiries.