Perth-based EV Resources (EVR) has finalised its acquisition of a 70% interest in the Los Lirios antimony mine in Mexico.

The company said on Thursday that it had met all conditions precedent under a binding agreement signed in January, completing the transaction through the formation of a wholly owned Mexican subsidiary, S9bcorp and executing a promissory agreement for the assignment of mining rights with the current titleholders.

“This transaction represents a key step in EVR’s strategy to secure early-stage access to antimony supply in the Americas, supporting the company’s growing portfolio of critical mineral assets aligned with US and allied strategic interests,” the ASX-listed firm said in a statement.

The Los Lirios project comprises three mining concessions totalling 1 552 ha and includes three historic openpits and several underground workings. The mine has a history of producing commercial-grade direct shipping ore (DSO) but has never hosted processing infrastructure, with previous activity focused on high-grade ore extraction.

Ownership of the project will reside in a newly established joint venture company, Exploraciones Mineras los Lirios, which will be held 70% by EVR via S9bcorp and 30% by the original owners. Under the terms, S9bcorp will provide project management and capital until daily production reaches 300 t. It will also cover outstanding licence fees and hold power of attorney over the mining concessions.

The company said it planned to align development with local community and regional priorities.

EVR is also evaluating options for downstream processing. “EVR is in discussion with owners of permitted plant sites with a view to building a pilot processing plant using predominantly gravity recovery methods which have proved successful in processing antimony materials in Mexico,” the company said.

To support this effort, the company recently collected several 30 kg samples from Los Lirios. These are currently undergoing mineralogical and ore characterisation analysis, with results expected shortly. The samples will then be used for recovery testwork which is expected to focus predominantly on gravity recovery techniques.

Antimony, a critical mineral used in energy storage and defence applications, has drawn increased attention from Western governments. The US has listed antimony as a critical mineral, and Mexico is increasingly viewed as a strategic jurisdiction for sourcing.