EV Resources Outlines 166kt Antimony Exploration Target at Los Lirios

EV Resources Stakes Out District-Scale Antimony Territory With Maiden Exploration Target at Los Lirios

EV Resources Ltd (ASX: EVR) has reported a maiden Exploration Target of 1.8 to 5.0 million tonnes for 70 to 166 thousand tonnes of contained antimony metal at the Los Lirios Antimony Project in Oaxaca, Mexico. The EV Resources Los Lirios antimony exploration target in Mexico spans three zones along a 6 kilometre structural corridor and is supported by Phase 1 drilling that confirms shallow carbonate replacement-style mineralisation. Furthermore, it outlines a clear plan toward a maiden JORC Mineral Resource Estimate in the second half of calendar 2026.

"This maiden Exploration Target is an important milestone that, for the first time, puts a credible scale on what EV Resources Ltd is building at Los Lirios. Our planned Phase 2 program is designed to drill the likely high-grade intersections where those feeders meet the CRD host, with short, low-cost holes, and we are confident this gives us a highly capital-efficient pathway toward a maiden JORC Resource," said Mike Brown, Managing Director & CEO.

According to EV Resources Ltd, Los Lirios has now been tested by 15 drill holes, extensive channel sampling and a Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey, providing the basis for both the Exploration Target and the next phase of drilling.

Cautionary statement: The Exploration Target is conceptual in nature. As stated in the ASX announcement, there has been insufficient exploration work to estimate a Mineral Resource under the JORC Code (2012). It is uncertain if further work will result in the estimation of a Mineral Resource, and the target should not be treated as a Mineral Resource estimate.

Three Zones, One Corridor: Scale of the Los Lirios System

The Exploration Target covers three mineralised zones within the Lirios Fault Zone (LFZ), interpreted as a long-lived structural corridor for antimony-rich fluids.

Two zones, Lirios 1 and Lirios 2, represent a broad carbonate replacement deposit (CRD) horizon. The third, Cofradia, is described as a structurally controlled high-grade zone hosted in hydrothermal breccia.

Los Lirios Exploration Target (reported by EV Resources Ltd)

Note: Figures may not sum due to rounding, as reported by EV Resources Ltd.

What differentiates the zones is the balance between tonnage and grade:

• Lirios 1 and 2

  • Laterally extensive, shallow CRD unit with a target grade of 1.8% Sb.
  • Provides the bulk tonnage foundation of the Exploration Target.
  • Target grade is described as conservative, based on current drill data.

• Cofradia

  • Smaller tonnage range but high average target grade of 6.7% Sb.
  • Defined as a distinct structural and breccia-hosted target.
  • Contributes 50 to 101 kt contained Sb in the Exploration Target, which compares closely with the total CRD component at the lower end of the range.

EV Resources Ltd states that Phase 2 drilling is being designed to test likely high-grade intersections where steep feeder faults intersect the CRD horizon and within the Cofradia breccia zone. The intention is to demonstrate higher local grades than the CRD average when drilling is focused directly on feeders.

What Is a Carbonate Replacement Deposit (CRD)?

A central feature of Los Lirios is its classification as a Carbonate Replacement Deposit (CRD). Understanding this deposit type is important for interpreting the Exploration Target and drilling results.

How Does a CRD Form?

• A CRD forms when hot, metal-rich fluids move through faults and fractures and encounter carbonate rocks, such as limestone.
• The fluids react chemically with the carbonate rock and replace it with metal-bearing sulphide minerals, such as stibnite (antimony sulphide).
• Rather than only filling narrow steep veins, the mineralisation often spreads sideways through the limestone, forming broad, more continuous zones.

Why Do CRDs Matter for Antimony Projects?

For investors, CRD systems are relevant because:

• The geometry is often tabular and continuous, which can be suitable for bulk mining, including open-cut methods, if economics and permitting support that route.
• CRD-hosted antimony deposits account for over 60% of global antimony production, according to the ASX announcement, including the world's largest antimony mine in China's Xikuangshan belt.
• At Los Lirios, EV Resources Ltd reports that the CRD horizon has been recognised over approximately 6 km of strike along the LFZ, suggesting corridor-scale potential if further drilling supports continuity.

Key Geological Terms at Los Lirios

• CRD (Carbonate Replacement Deposit): Metal-bearing minerals replace limestone or other carbonate rock, often forming broad zones.
• Stibnite: Grey metallic mineral (Sb₂S₃), the main ore mineral of antimony.
• Cervantite: Oxidised form of antimony mineralisation, commonly near surface where rocks have been exposed to oxygen and weathering.
• Feeder structure: Steep fault or fracture that channels metal-rich fluids upwards; grades often peak close to these feeders.
• Hydrothermal breccia: Rock broken by fluid pressure, with fragments cemented by minerals from hot fluids; can host high-grade mineralisation.
• CSAMT: A geophysical technique that uses controlled electrical signals to map resistivity at depth, helping to outline structures and potential mineralised zones.

By linking grades directly to the proportion of stibnite and cervantite observed in core and channel samples, EV Resources Ltd has defined a geological model that focuses Phase 2 drilling on areas where these minerals are most concentrated, particularly at feeder intersections within the CRD horizon and in the Cofradia breccia.

Drilling Validates the Geological Model Across 6 Kilometres

According to the ASX announcement, Phase 1 diamond drilling for EV Resources Ltd was primarily designed to map out the CRD unit and provide a stratigraphic framework, rather than aggressively chase the highest grades.

Lirios 1: Shallow, Continuous CRD Confirmed

Phase 1 drilling at Lirios 1 indicates:

• Best reported intercept:
  • DDH-L1-08-26:
    • 5.25 m at 1.36% Sb from 8.1 m, including
    • 3.05 m at 2.12% Sb from 8.1 m.

• Several other holes, including DDH-L1-05-26, -06-26, -07-26 and -10-26, intersected the silicified CRD unit at predicted depths, although they returned only anomalous antimony values.

EV Resources Ltd interprets these anomalous results as indicating proximity to feeder structures that strongly control antimony distribution. The CRD unit has been intersected at elevations described as suitable for potential open-cut extraction, subject to future economic and permitting assessments.

Lirios 2: Same CRD Horizon 6 Kilometres Away

The first hole at Lirios 2, located approximately 6 km south along the LFZ, has confirmed that the same favourable stratigraphic horizon extends along the corridor.

• DDH-L2-14-26 returned:
  • 2.35 m at 2.52% Sb from 11.25 m, and
  • 1.95 m at 0.78% Sb from 1.50 m.

• The CRD unit and overlying gypsum sequence at Lirios 2 are described as geologically identical to Lirios 1, interpreted as the same stratigraphic layer.

The hole was drilled around 30 metres north of the East Pit workings, where a previous channel sample reported 30.2% Sb (ASX 24 February 2026). The LFZ is interpreted as a long-lived structural conduit, and the continuity of the CRD host over 6 km provides a basis for potential resource growth through further step-out drilling along the corridor.

Cofradia: Emerging High-Grade Structural Zone

Field reconnaissance at Cofradia has identified:

• A zone of intense hydrothermal brecciation hosted within the same limestone sequence as Lirios 1 and 2.
• The breccia is coincident with the interpreted intersection of two first-order structures; one trending northwest, the other east-northeast.
• An historical adit was channel sampled with a handheld diamond saw, with pXRF readings indicating:
  • 2.2 m at 5.66% Sb (by portable XRF, not laboratory assay).

Individual pXRF sample intervals in the adit reached up to 12.46% Sb. Visual logging by EV Resources Ltd reports dense networks of quartz veinlets containing stibnite and cervantite.

pXRF caution: As highlighted in the ASX announcement, handheld XRF results are indicative only. They are not a substitute for certified laboratory assays and may differ materially from lab results. No resource statements or firm conclusions on continuity should be based on pXRF data alone. Laboratory assays for Cofradia channel samples have been submitted and are pending.

Antimony Market Context: Why Los Lirios and Why Now

EV Resources Ltd positions the EV Resources Los Lirios antimony exploration target in Mexico within a broader critical minerals context. Consequently, several supply and demand dynamics make the project's timing particularly relevant.

Antimony as a Critical Mineral

• Designated a critical mineral by the US, EU and Australian governments.
• Uses include defence applications (armour-piercing ammunition, night-vision devices, infrared sensors), flame retardants, grid-scale energy storage and semiconductors.

Supply Pressures

• China imposed antimony export restrictions in August 2024, which the company states has tightened Western supply chains.
• According to the ASX announcement, there is currently no meaningful domestic primary antimony production in the United States.

Positioning of Los Lirios

• Described by EV Resources Ltd as one of few advanced antimony projects in North America with:
  • High-grade mineralisation at surface,
  • >90% metallurgical recovery demonstrated in testwork, and
  • A development pathway supported by access to the Tecomatlán Processing Plant, located about 50 km from the project.

CRD-hosted antimony deposits globally, including Xikuangshan, demonstrate that this deposit style can support large-scale, long-life operations where grades, tonnages and economics align. The company's current focus is to determine whether Los Lirios can advance along a similar path through further drilling, metallurgical work and eventual resource estimation.

Phase 2 Program and Pathway to a Maiden JORC Resource

According to EV Resources Ltd, Phase 1 has achieved its primary objective of confirming the CRD unit and testing the structural framework at Lirios 1 and Lirios 2. The forward plan is aimed at targeted drilling of higher-grade feeder zones and refining the Cofradia model.

Planned Work Program

Key steps outlined in the ASX announcement are:

1. Cofradia assay results — Receive certified laboratory assays for Cofradia channel samples and integrate results with structural mapping to finalise Phase 2 drill targets for high-grade breccia zones.

2. CSAMT interpretation at Lirios 2 — Complete CSAMT data interpretation and combine geophysics with Phase 1 drilling to map potential feeder structures and design step-out holes.

3. Remaining Phase 1 assays — Receive and report assays for DDH-L2-15-26, which were pending at the time of the announcement.

4. Phase 2 drilling — Focused diamond drilling of the CRD unit and feeder intersections at Lirios 1 and Lirios 2, as well as structural targets at Cofradia. Holes are planned to be short and near surface, with the aim of managing capital outlay.

5. Maiden JORC Mineral Resource Estimate (MRE) — Targeting completion of a maiden MRE in 2H CY2026, subject to successful completion of Phase 2 and supporting data.

Key milestones for EV Resources Ltd at Los Lirios

Why Investors May Monitor EV Resources Ltd Closely

From an investment perspective, the EV Resources Los Lirios antimony exploration target in Mexico highlights several factors that may be relevant to investors assessing antimony exposure.

Scale With Defined Grade Ranges

A maiden Exploration Target of 1.8 to 5.0 Mt and 70 to 166 kt contained Sb provides the first quantified view of potential project scale, subject to the Exploration Target caveats. Furthermore, confirmation that the CRD horizon extends over approximately 6 km along the LFZ, supported by drilling at both Lirios 1 and Lirios 2, indicates corridor-scale continuity that can be tested by step-out drilling.

High-Grade Potential and Infrastructure Advantages

The 6.7% Sb target grade at Cofradia, supported by pXRF channel results up to double-digit percentages pending lab verification, introduces a potential high-grade component within the broader district. In addition, the Tecomatlán Processing Plant in Mexico is undergoing refurbishment, including installation of a gravitational concentrator circuit.

EV Resources Ltd has previously indicated plans to process third-party ore initially, with the potential for Los Lirios material at a later stage, which may reduce capital intensity relative to a greenfield plant.

Portfolio Leverage to North American Antimony

In addition to Los Lirios, EV Resources Ltd holds 100%-owned antimony projects at Dollar and Milton in Nevada, providing additional optionality to the North American supply theme.

Key takeaway for investors: EV Resources Ltd has reported a maiden Exploration Target at Los Lirios of up to 5.0 million tonnes and 166,000 tonnes of contained antimony metal, across a 6 kilometre mineralised corridor with both CRD-style and high-grade structural targets. With Phase 2 drilling planned to focus on feeder intersections and the Cofradia breccia zone, and a maiden JORC Mineral Resource Estimate targeted for the second half of 2026, the EV Resources Los Lirios antimony exploration target in Mexico represents a developing antimony story closely tied to global critical minerals supply dynamics.

Want to Learn More About EV Resources' Los Lirios Antimony Project?

With a maiden Exploration Target of up to 5.0 million tonnes and 166,000 tonnes of contained antimony metal across a 6 kilometre corridor, EV Resources Ltd (ASX: EVR) is advancing one of North America's most compelling antimony projects toward a maiden JORC Mineral Resource Estimate. To explore the full details of the Los Lirios project, the Phase 2 drilling programme, and what EV Resources is building for investors, visit the company's official website at evresources.com.au.