Historic Antimony-Gold District Draws Fresh Exploration as Work Begins

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) announced that it has engaged Castello Q Exploration Corp. to conduct a phase one exploration work program at its 100% owned Ammo antimony-gold project in Nova Scotia. The project covers approximately 3,092 hectares and fully surrounds the historical West Gore antimony-gold mine, which produced antimony and gold in the years leading up to World War I. Armory stated that the initial program represents the first structured exploration campaign undertaken on the property under its ownership.

The Ammo project is contiguous to the West Gore mine, which historical records indicate produced nearly 32,000 metric tons of material between 1914 and 1917, yielding more than 7,000 metric tons of antimony concentrate grading approximately 46%, along with total gold recovery of 6,861 ounces prior to 1917. Additional limited exploration activity was carried out intermittently in the 1950s, 1960s, and 1980s by various operators and the Nova Scotia government. Armory noted that this historical information has not been independently verified and that mineralization at West Gore may not be indicative of mineralization on the company's ground.

According to the company, the phase one work program is expected to include data compilation, prospecting, and reconnaissance aimed at identifying favorable geology, followed by detailed surface sampling and geophysical surveys. Geophysics refers to the use of physical measurements, such as magnetic or electromagnetic responses, to infer subsurface geological structures and help prioritize drill targets. Armory reported that it plans to budget up to US$656,000 CDN for the initial phase of exploration. Alex Klenman, Chief Executive Officer of Armory Mining, said in the company's announcement, "This initial program will provide geologically important data that will contribute significantly to drill targeting. We're excited that meaningful exploration work is on the horizon and eager to move the project forward in a positive way."

Armory Mining is a Canadian exploration company focused on minerals considered critical to the energy, security, and defense sectors. In addition to the Ammo project, the company holds a 100% interest in the Riley Creek antimony-gold project in British Columbia and an 80% interest in the Candela II lithium brine project located in Salta Province, Argentina.

Gold and Antimony Market Conditions Support Ongoing Exploration Activity

Antimony continued to be framed as a strategically important material within global supply chains in mid-December. According to a December 18 report from Investing News Network, the U.S. Department of the Interior, through the U.S. Geological Survey, had designated antimony as a critical mineral because of its essential role in national security and economic applications. The publication stated that antimony was used in military and defense-related technologies, including armor-piercing ammunition, night vision equipment, infrared sensors, and precision optics, while supply risks remained elevated due to heavy reliance on imports. Investing News Network also cited research from Fact.MR, which said the global antimony market was valued at approximately US$2.45 billion in 2025 and was projected to reach US$4.38 billion by 2035, with growth driven by demand for flame retardants, batteries, and increased investment in critical mineral supply chains.

Precious metals markets showed continued strength shortly afterward. Bloomberg reported on December 21 that gold rose to an all-time high amid heightened geopolitical tensions and expectations for lower interest rates. According to the report, spot gold strengthened beyond a previous peak after gaining for two consecutive weeks, trading near US$4,383 per ounce during Asian market hours. Bloomberg stated that gold benefited from looser monetary policy expectations because it does not pay interest, while geopolitical developments increased demand for the metal as a safe-haven asset. The report added that central bank buying and sustained inflows into gold-backed exchange-traded funds supported the market.

Momentum in the gold sector carried into the following trading session. According to a December 22 market report by Phoebe Shields, gold touched US$4,429 per ounce as precious metals extended rallies into the final weeks of the year. The report stated that gold and silver had "continued their blinding rallies," contributing to broad gains across materials-focused equities and lifting overall market performance. Shields noted that record prices in precious metals played a central role in the strength seen across market indices during the session.

Building the Geological Foundation Across a Multi-Asset Portfolio

At the Ammo project, the planned phase one program is intended to consolidate historical datasets and integrate modern surface work and geophysical methods to refine priority drill targets, according to the company's investor presentation. This approach aligns with the company's stated strategy of advancing projects through early-stage technical work before committing to drilling. The proximity of the property to a past-producing antimony-gold mine places the project within a known mineralized district, providing a geological framework for ongoing evaluation.

Beyond Nova Scotia, Armory has outlined parallel technical initiatives across its broader asset base. At the Riley Creek project in British Columbia, the company has identified opportunities to digitize and reprocess historical airborne geophysical data using modern software, which may enhance geological interpretation and targeting. In Argentina, the Candela II lithium brine project is located within the Incahuasi Salar in the Lithium Triangle, an area with established lithium extraction activity, and is positioned adjacent to projects operated by major industry participants. 

Ownership and Share Structure ¹

0.65% of Armory Mining is held by management and insiders. The rest is retail.

Armory Mining has 50.51 million free float shares, a market capitalization of CA$2.75 million. As of September 12, 2025, the 52-week range is CA$0.0000 - CA$0.2700.