Antimony — pre-feasibility advisory and capital structuring
- Commodity
- Antimony
- Stage
- Pre-feasibility through DFS
- Geography
- Undisclosed at client request
- Confidentiality
- Client and jurisdiction withheld under confidentiality.
Context
Antimony is one of the European Union's designated strategic raw materials, central to flame-retardant chemistry, defence applications, and an increasingly tight supply chain dominated by a small number of jurisdictions. Western capital has begun to re-evaluate antimony production where it can be located in accessible jurisdictions and permitted within a reasonable horizon.
ISR's role
Development of a seven-phase roadmap from first desktop study through a construction-ready decision, with stage-gated cost estimates and decision criteria at each gate.
Phase 1 — Conceptual (desktop study)
Historical data review, regional assessment, market-conditions check. Indicative cost: USD 20–50k. The "look before you leap" phase.
Phase 2 — Exploration
Field mapping, sampling, initial drilling, structural interpretation. Indicative cost: USD 150–500k.
Phase 3 — PEA and environmental baseline
Preliminary economic assessment, scoping-level metallurgy, initial environmental baseline. Indicative cost: USD 300–550k.
Phase 4 — Pre-feasibility (PFS)
Resource estimation, mine design, processing flowsheet, capex and opex build-up, financial model. Indicative cost: USD 700k–1.5M.
Phase 5 — Definitive feasibility (DFS)
Bankable engineering, detailed capex, offtake structuring, permit execution, final environmental and social impact assessment. Indicative cost: USD 1.5–12M (site-dependent).
Phase 6 — Financing and permitting
Debt / equity structuring, permit finalisation, construction-contract bid-out. Indicative cost: USD 100–300k.
Phase 7 — Construction
Site mobilisation through commissioning.
What the engagement illustrates
The discipline of stage-gated capital allocation applied to a critical-minerals commodity. An antimony project with a credible resource case and a permit pathway in an accessible jurisdiction is, in current market conditions, a bankable opportunity — but only if each stage gate is closed before the next stage's capital is committed. The roadmap's value is in what it prevents: spending Phase 4 capital on a project whose Phase 2 case has not been honestly verified.