RETRANSMISSION: Spearmint Comments on China's Ban of Critical Mineral Exports to the USA, including Antimony

Rhea-AI Summary

Spearmint Resources has responded to China's recent ban on critical mineral exports, including antimony, to the United States. The ban highlights the growing necessity for Western nations to secure domestic sources of these vital materials. Antimony, important for semiconductors, battery storage, and military applications, has seen significant price increases, with antimony trioxide prices surging 228% to $39,000 per metric ton as of November 28.

The company recently acquired the George Lake South Antimony Project in New Brunswick, Canada, comprising 1,945 contiguous acres. This project is located near the historic Lake George Antimony Mine, which was North America's largest primary antimony producer until 1996. Spearmint's management is developing work plans for this project and will soon announce updates on their crypto diversification strategy.

Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") wishes to comment on yesterday's announcement of China banning exports of critical minerals including antimony to the United States. As trade tensions escalate between the USA and China, this move clearly emphasizes the urgent need for Western nations to secure reliable long-term sources of these critical minerals which are now at the forefront of the global supply chain crisis.

Antimony is an essential component in semi-conductors, battery storage technology, and has several military applications. Prices of antimony trioxide in Rotterdam had soared by 228% since the beginning of the year to $39,000 a metric ton on Nov. 28, data from information provider Argus showed⁽¹⁾. The move is a considerable escalation of tensions in supply chains where access to raw material units is already tight in the West⁽¹⁾.

James Nelson, President of Spearmint stated, "This recent move by China is a clear signal of the importance for Western nations to explore for and develop a domestic supply of these critical minerals. Year to date, antimony prices have more than doubled, making it one of the best performing commodities this year and this recent move by China will likely further exacerbate this price surge. Management is currently formulating a plan to begin work on the George Lake South Antimony Project and also intends to update the market on Spearmints crypto diversification plan within 7-10 days. These are truly exciting times for Spearmint shareholders."

On November 27, 2024, Spearmint acquired the George Lake South Antimony Project in New Brunswick, Canada. This project consists of 1,945 contiguous acres prospective for antimony. This new project is in the direct vicinity of the Lake George Antimony Mine in New Brunswick which was operated intermittently from 1876 to 1996 and was once the largest primary antimony producer in North America.

Qualified person for mining disclosure:

The technical contents of this release were reviewed and approved by Frank Bain, PGeo, a director of the company and qualified person as defined by National Instrument 43-101.

About Spearmint Resources Inc.

Spearmint's projects include four projects in Clayton Valley, Nevada: the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge gold project and now the 1,945 acres George Lake South Antimony Project in New Brunswick.

For a cautionary note and disclaimer on the crypto diversification, please refer to the news release dated November 12, 2024.

Contact Information
Tel: 1604646-6903
www.spearmintresources.ca

"James Nelson"
President
Spearmint Resources Inc.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

(1)Reuters; China bans export of critical minerals to US as trade tensions escalate; By Amy Lv and Tony Munroe; December 3, 2024

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232561

FAQ

What impact did China's antimony export ban have on Spearmint Resources (SPMTF) in December 2024?

China's antimony export ban prompted Spearmint Resources to emphasize the importance of developing domestic critical mineral supplies, particularly through their George Lake South Antimony Project in New Brunswick.

How much did antimony prices increase before China's export ban in 2024?

Antimony trioxide prices increased by 228% to $39,000 per metric ton as of November 28, 2024, making it one of the best-performing commodities that year.

What is the size of Spearmint's (SPMTF) George Lake South Antimony Project?

The George Lake South Antimony Project consists of 1,945 contiguous acres in New Brunswick, Canada, located near the historic Lake George Antimony Mine.

When did Spearmint Resources (SPMTF) acquire the George Lake South Antimony Project?

Spearmint Resources acquired the George Lake South Antimony Project on November 27, 2024.