Military Metals Faces 15-Day Window to Challenge Slovak Permit Revocation on EU-Critical Antimony Project

The Slovak Ministry of Environment’s surprise decision to revoke the exploration permit for Military Metals’ Trojárová antimony-gold project has thrown the company into a legal fight — and into the crosshairs of a regulatory paradox. The property had been listed under Slovakia’s national program for critical raw materials, a designation reported to the European Commission under Article 19 of Regulation 2024/1252, yet the ministry cancelled the license without prior notice on May 28, 2026.

Military Metals has vowed to contest the move. It is preparing a formal complaint to the environment minister, which must be submitted within 15 days of the decision. The company argues that the grounds for revocation were insufficiently justified, and it plans to exhaust all legal avenues. For now, shareholders are left waiting for the next official update on the appeal’s progress.

The timing could hardly be worse. Just days before the permit was stripped, on May 22, Military Metals had filed a NI 43-101 compliant technical report on SEDAR+ supporting an initial mineral resource estimate. That estimate pegged Trojárová at 6.5 million tonnes grading 1.02% antimony and 1.06 grams of gold per tonne — translating to 67,000 tonnes of antimony and 222,000 ounces of gold. The resource was based on 53 diamond drill holes totaling 7,167 metres, plus 55 underground samples, using a cut-off grade of 0.8% antimony-equivalent. The geology had just been quantified; now the license to explore it is in limbo.

Antimony is of strategic importance because China dominates global supply and has imposed export restrictions. Military Metals acquired Trojárová in late 2024 specifically to address that supply gap from a European base. The project is located near Bratislava and has a long mining history, but remains at an advanced exploration stage. Without a valid permit, that value is effectively frozen.

Should investors sell immediately? Or is it worth buying Military Metals?

The market delivered a brutal verdict. CIRO, Canada’s market regulator, halted trading on the CSE at 3:28?p.m. ET on May 28 pending news. Trading resumed at 8:00?a.m. ET the following morning, and the stock collapsed. It opened at C$0.18, touched a 52-week low of C$0.16 intraday — a drop of nearly 60% from the previous close — before recovering to close at C$0.24. That still represented a one-day loss of 38.46% on volume of 1.81 million shares. The close was well below the five-day average of roughly C$0.36 and the 20-day average of about C$0.39.

On a weekly basis, the stock shed 37% from its May 22 close, and since late April the decline totals over 44%. The 52-week high of C$0.69 now seems a distant memory. Market capitalisation fell to C$21.6 million, or roughly US$15.7 million. Technically, the Relative Strength Index sank below 20, deep into oversold territory, and the stock carried a “40% sell signal” reading. Key support sits at C$0.1767, with a second floor at C$0.1133; resistance is pegged at C$0.2867 and then C$0.3333.

The political backdrop in Slovakia remains unsettled, with public debates over environmental oversight and leadership within the ministry. For Military Metals, the immediate path forward is clear: the 15-day window to file a complaint is the single most important catalyst. Success is far from guaranteed, and the share price is now a play on the strength of the company’s legal case and the practical weight of the EU’s critical-raw-materials framework in Bratislava.

Military Metals at a turning point? This analysis reveals what investors need to know now.

Elsewhere, the portfolio stands untouched. The company’s other assets — Manson Bay (roughly 4,293 hectares northwest of Flin Flon, Saskatchewan), West Gore (973 hectares in Nova Scotia), Last Chance, Tiennesgrund, and additional holdings in Slovakia, Canada and the US — are unaffected by the Slovak decision. But the market’s attention is squarely on Trojárová and the ticking clock for the appeal.

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