Antimony Mining Stocks USA: The Critical Metal War

When China formally banned antimony exports to the United States, it created a supply crisis that most investors still do not fully understand. Antimony is a critical mineral used in armor-piercing ammunition, night-vision goggles, infrared sensors, and semiconductor manufacturing. The Pentagon cannot buy it from abroad anymore. And almost nobody in America produces it.

Dylan Jovine’s BTM Gold War presentation identifies one American mining company that holds the country’s only domestic reserve of antimony, buried alongside a major gold deposit in the same pit. As we detail in our full review of the BTM Gold War presentation, this dual-metal profile is central to the entire investment thesis.

Why Antimony Matters to National Security

Antimony is classified as a critical mineral by the U.S. Geological Survey and the Department of Defense. It strengthens lead and other metals, serves as a flame retardant, and is essential in military applications. The U.S. has relied almost entirely on imports, with China historically supplying over 50 percent of American antimony consumption.

When China banned antimony exports to the United States, it was not a market decision. It was a strategic move in what Jovine frames as a monetary and resource war between superpowers. The ban created an immediate vulnerability for the Pentagon, which needs antimony for weapons production and has no domestic supply chain to replace Chinese imports.

Jovine describes the situation bluntly in his presentation: “This metal is so critical to American weapons production that China formally banned its export to the United States, a chokehold Washington is now desperate to break.”

The One American Deposit

According to Jovine’s research, exactly one mining project in the United States contains a commercially viable antimony reserve alongside gold. This deposit, which Jovine refers to by the codename “The Arsenal,” carries both metals in the same open-pit mine. The gold represents the monetary war. The antimony represents the shooting war. Both come from the same ground.

The company behind this deposit spent roughly 15 years navigating federal permitting, environmental reviews, and legal challenges. It won its federal Record of Decision, secured an Army Corps water permit, obtained final state permits in January, and survived a federal court challenge in June when a judge refused to halt construction. As Jovine notes, bulldozers began rolling last fall.

The EXIM Bank voted unanimously on May 21, 2026 to approve nearly $3 billion in financing for this project. That is one of the largest single-project financings in the bank’s modern history, and it moved through an institution whose legal mission includes competing with China.

The Federal Government’s Buying Pattern

Jovine documents a pattern that should concern anyone interested in critical minerals. Over the past 18 months, the federal government has become a direct shareholder in 26 companies, deploying $23.9 billion out of $205 billion in authorized capital. The results have been dramatic.

MP Materials (MP), America’s only rare-earth miner, surged 226 percent after the Pentagon announced it was becoming the largest shareholder. Trilogy Metals (TMQ), a tiny Alaska miner, jumped 402 percent in a single week after Washington bought in at $2.17 per share. Intel (INTC) soared over 500 percent after the government converted $8.9 billion into a 9.9 percent stake.

Jovine’s point is direct: “When this machine picks a company, the stock doesn’t drift higher. It gaps.” The implication for the Arsenal is that if Washington transitions from lending to ownership, the stock could reprice dramatically.

John Paulson’s Conviction

John Paulson, the hedge fund manager famous for his $15 billion bet against the housing bubble, has invested approximately $185 million in the Arsenal company. He installed his longtime partner as chairman of the board and recently added $100 million at $13.20 per share. His stake is estimated at roughly a third to half the entire company.

When Reuters asked Paulson why he went so deep into gold, he pointed to February 2022: “When the war started, Russia’s physical gold stayed safe, but all their cash, the paper reserves, were confiscated.” Paulson understood the lesson that every finance minister learned that month. Physical assets cannot be frozen.

The Free Pick: Kinross Gold

For investors who want gold exposure without subscribing, Jovine gives away Kinross Gold (KGC) for free. Kinross is one of the largest gold producers operating on American soil, with operations in Nevada and Alaska. Its flagship American operation is a massive Alaskan gold mine literally named Fort Knox.

Kinross trades near 12 times earnings, roughly half the market average. Wall Street’s average price target sits at $40.24, about 74 percent above recent prices. For a broader look at Kinross as an investment, see our article on Kinross Gold stock.

Considerations and Risks

The antimony thesis is compelling, but risks are real. The Arsenal company produces no revenue yet. Its value lies in the ore body, the permits, and the federal relationship. The $3 billion EXIM financing is approved but not yet fully signed, with the final signature expected in the second half of 2026. If you want to understand the broader gold revaluation thesis behind this pick, see our analysis of the gold revaluation concept.

The antimony story is genuine. China’s export ban is documented. The Pentagon’s need for domestic supply is real. And one American company holds the only reserve. Whether that translates to investment returns depends on execution, permitting, and the broader gold market.

This is not financial advice. Always do your own research before investing.