Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) announced that it is preparing to commence a series of airborne geophysics surveys at the Ammo antimony-gold project located in Nova Scotia, Canada. The program follows earlier steps outlined by the company, including a December 2025 partnership with Castello Q Exploration Corp. to execute a Phase One work program covering 3,092 hectares surrounding the historic West Gore antimony-gold mine.
In February 2026, the company outlined plans for high-precision airborne geophysical surveys aimed at refining exploration strategies. The planned surveys include a magnetic survey to collect information on geological characteristics such as structural and lithological features, an electromagnetic survey to gather data correlated with associated sulfide mineralization, and a radiometric survey to assess potential correlations between uranium anomalies and target mineralization.
The surveys are expected to be completed in the months ahead following spring break-up, with additional details to be provided once dates for each survey are confirmed. The company stated that preliminary results from the geophysical surveys are anticipated in the coming months and are expected to inform targeted drilling campaigns.
"We are intent on developing and advancing the Ammo Project," said Alex Klenman, CEO of Armory Mining, in a company news release. "Our recent initiatives, from engaging top-tier exploration partners to deploying advanced geophysical tools, are critical to establish the full potential of this underexplored asset," continued Mr. Klenman.
The Ammo project consists of three contiguous mineral claims surrounding the historical West Gore antimony-gold mine in central Nova Scotia, covering approximately 3,020 hectares. The area has recorded historical production, and recent sampling at West Gore in 2025 returned grades of 11.45% antimony and 21 grams per ton gold. The technical content of the announcement was reviewed and approved by a qualified person as defined by National Instrument 43-101.
Antimony and Precious Metals Amid Volatility and Supply Constraints
Chen Lin of What's Chen Buying? What's Chen Selling? wrote on March 16 that geopolitical developments and policy discussions were influencing the broader metals market, noting that "this week the US and western nations could agree on the floor pricing of key metals. 4 metals on top of the Pentagon's list: Tungsten, Antimony, Gallium and Germanium." He also stated that "gold will benefit in the long run," while describing near-term conditions as unstable, adding that "in the short term, there is chaos in the Mideast."
A March 16 update from Coulior Capital described price movements across key metals, stating that "gold prices ended lower by 2.9% during the week" as geopolitical tensions and macroeconomic factors influenced investor positioning. The same report noted that "silver prices posted a loss of 4.5% during the week," while "copper prices declined by 0.7% during the week" amid a stronger U.S. dollar and rising oil prices. In contrast, "zinc prices rose 1.0% during the week despite a stronger U.S. dollar," supported by supply constraints and lower inventories.
Market analysis that same day from Piyush Goel, Willis Thomas, and Femi Odetunde indicated that the antimony market had undergone significant price movements following a period of supply disruption and demand growth. They wrote that "antimony market prices are down 36% from the June 2025 peak," after previously reaching levels that were "6.65 times their 2020 average." The authors stated that the earlier rally had been driven by "surging PV demand paired with supply disruption and export controls from the largest global producer – China."
According to the same analysis, structural factors had influenced pricing over multiple years, with "a structural deficit" characterizing the market since 2022 due to "falling supply" and "a rapid surge in demand." The report also noted that in 2025, "antimony supply from China was 24% lower than the production in 2021," while China accounted for "61% of global production," highlighting the concentration of supply.
The authors further explained that demand had expanded significantly, stating that "antimony demand from PV was about 330% higher in 2024 than in 2020," reflecting increased use in photovoltaic applications. They added that "trade restrictions imposed by China further amplified an already stressed market and helped drive the rally that culminated in June 2025."
The report concluded that while prices had retreated from peak levels, "antimony prices have remained higher than the historical average," supported by ongoing supply and demand dynamics, even as "substitution and new supply are now exerting downward pressure on prices."
Structured Exploration Program and Data-Driven Targeting
The company outlined that the airborne geophysical surveys are part of a phased approach designed to support future drilling programs by identifying and refining exploration targets. The surveys will focus on collecting geological, electromagnetic, and radiometric data to better understand subsurface conditions and mineralization patterns.
According to the corporate presentation, the Phase One work program at the Ammo property includes prospecting and reconnaissance to identify favorable geology, followed by detailed surface sampling and geophysics to assist in determining priority drill targets. The company stated that it plans to budget up to US$500,000 for this initial phase of exploration.
The presentation also indicates that planning is underway for the program, with additional information to be provided. The use of geophysical surveys is intended to support the identification of drill targets by integrating collected data with historical information from the property.
Streetwise Ownership Overview*
Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA)
Armory also outlined ongoing work at its Riley Creek project in British Columbia, where it plans to digitize and reprocess a historical airborne geophysical dataset. This dataset includes magnetometer, electromagnetic, and radiometric survey data covering 575 line-kilometers, which previously identified eleven geophysical target areas. The company stated that modern reprocessing will involve enhanced filtering, 3D modelling, and integrated analysis to refine geological understanding and support future drill targeting.
Across its portfolio, Armory reported that it is advancing exploration activities at multiple properties, including the Ammo project in Nova Scotia, the Riley Creek project in British Columbia, and the Candela II lithium project in Argentina.
Ownership and Share Structure 1
0.65% of Armory Mining is held by management and insiders. The rest is retail.
As of March 17, Armory Mining Corp. has approximately 69.4 million free float shares and a market capitalization of about CA$2.45 million. The company's 52-week trading range is approximately CA$0.03 to CA$0.14.
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Important Disclosures:
- Armory Mining Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Armory Mining Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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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.
