Antimony Export Deadline Nears as Two Companies Advance Projects

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Agnico Eagle were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-06 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-06 and excludes option exercises. These are public-source estimates and can differ from a later official register.

2. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Rua Gold were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-06 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-06 and excludes option exercises. These are public-source estimates and can differ from a later official register.

China's November 27, 2026, deadline for the temporary suspension of certain antimony-related export restrictions to the United States is approaching, raising questions about Western supply security. As uncertainty over Chinese supply policy persists, gold-antimony projects in Canada and New Zealand are advancing through exploration and permitting. Against this backdrop, companies with potential exposure to antimony are advancing projects that could eventually contribute to supply diversification.

Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE), a senior gold producer, is expanding its critical-minerals exposure through subsidiary Avenir Minerals, which signed an exclusive exploration agreement for New Brunswick's former Lake George antimony mine site in October. Meanwhile, Rua Gold Inc. (RUA:TSX; NZAUF:OTCMKTS; A40QYC:WKN) submitted a substantive fast-track application on November 5, 2026, for its Auld Creek gold-antimony project in New Zealand.

Both companies have exposure to gold-antimony mineralization in jurisdictions seeking to strengthen critical-mineral supply chains. However, their projects are at different stages: Agnico Eagle is evaluating an established historical mining site, while Rua Gold is advancing a proposed underground operation through permitting and feasibility work.

Key Investor Takeaways

• China's November 27, 2026, deadline marks the scheduled expiry of its suspension of certain antimony export prohibitions to the U.S. Broader licensing requirements remain in place.
• Agnico Eagle's subsidiary Avenir Minerals signed an exclusive exploration agreement for the former Lake George mine site in New Brunswick on October 27, 2026. The agreement permits exploration, not mine reopening.
• Rua Gold submitted its substantive fast-track application for Auld Creek on November 5, 2026. The company is targeting a PFS in Q4 2026 and key approvals by mid-2027. Its November application describes a proposed eight-year mine life, compared with the 5.5-year mine life in the earlier PEA.
• The USGS estimated U.S. net import reliance for antimony at 91% of apparent consumption in 2025, highlighting the importance of supply diversification.
• Agnico Eagle's Q3 2026 results included US$852 million in free cash flow and 814,012 ounces of payable gold production, providing financial context for its broader project pipeline.
• Rua Gold's earlier PEA estimated an after-tax NPV of US$42.4 million and IRR of 17% at its long-term base-case metal prices, while its November application describes a proposed eight-year mine life.
• Both companies have potential exposure to stronger demand for antimony outside China, but neither Lake George nor Auld Creek is currently a producing source of the metal.

China Poised to Withhold Antimony Supply

Antimony is used in several industrial and defense-related applications, including flame retardants, lead-acid batteries, ammunition, semiconductors, and specialty glass. Its role in these markets has brought greater attention to supply-chain concentration and the availability of alternative sources. According to a Morningstar article about the upcoming deadline, China's export policy has been a significant factor. In December 2024, China introduced a prohibition on exports of certain antimony-related dual-use items to the U.S.

On November 9, 2025, Beijing announced a suspension, through November 27, 2026, of its prohibition on exports of certain antimony-related dual-use items to the United States. The metals remain subject to broader export controls requiring exporters to obtain licenses from Beijing. The approaching date could renew uncertainty for U.S. buyers and companies dependent on imported antimony. The outcome will depend on whether China extends the suspension or reinstates the restrictions.

The U.S. remains highly dependent on imported antimony. The U.S. Geological Survey's 2026 Mineral Commodity Summaries estimated net import reliance at 91% of apparent consumption in 2025. Recycling supplied approximately 12% of domestic apparent consumption, with imports accounting for the remainder.

The USGS also identified the leading domestic uses of antimony in 2025 as:

• Metal products, including flame retardants: 49%.
• Antimonial lead and ammunition: 40%.
• Nonmetal products, including ceramics, glass and rubber: 11%.

These figures illustrate why Western governments and manufacturers are seeking more diversified sources of the metal. New production and processing capacity outside China could become more strategically important if restrictions tighten again.

Agnico Eagle and Rua Gold are offering different forms of exposure to this potential supply shift. Agnico's Lake George initiative is located in New Brunswick, Canada, while Rua's Auld Creek project is in New Zealand. Both jurisdictions have established mining industries and regulatory frameworks, although the projects face different development requirements.

Still, neither company currently represents a new source of antimony production through these specific projects. Agnico is at the exploration stage at Lake George, and Rua is working through permitting and feasibility studies at Auld Creek. Their potential contribution to supply diversification depends on successful exploration, technical work, approvals, financing, and eventual development.

Agnico Eagle Advances Lake George Exploration Agreement

On October 27, 2026, New Brunswick announced that it had signed an exclusive exploration agreement with Avenir Minerals for the former Lake George mine site, approximately 30 kilometers southwest of Fredericton. This announcement followed Avenir's selection in July to negotiate exploration rights. The agreement allows Avenir, a subsidiary established by Agnico Eagle, to evaluate and advance critical-minerals projects, to assess the property's antimony potential, and to investigate whether future mining and reprocessing of existing tailings could be viable.

The province said the historical site contains an estimated 800,000 tonnes of antimony-bearing ore, based on a historical technical report, alongside potential for tungsten, molybdenum, and gold. This is a historical figure, not a current mineral resource or reserve estimate.

Lake George was previously North America's largest primary antimony producer. However, the current agreement grants exploration rights only and does not authorize reopening the mine. Any future mining operation would require additional approvals and compliance with environmental and regulatory requirements. Avenir plans to begin exploration work in early 2027.

Agnico Eagle's latest operating results also provide financial context for its ability to evaluate additional projects. On October 28, the company reported Q3 2026 results, including:

• Payable gold production of 814,012 ounces.
• Free cash flow of US$852 million.
• Net income of US$1,353 million or US$2.67 per share.
• Cash balance of US$3,613 million as of September 30, 2026.

Agnico Eagle maintained its full-year production guidance of 3.3-3.5 million ounces, although the company expects production near the lower end of the range. The company said production is expected near the lower end of its guidance range, reflecting an adjusted mine plan at the Barnat open pit at Canadian Malartic following rock mass movement reported on July 2, 2026. The company's cash generation and established operating base provide financial capacity to evaluate exploration opportunities such as Lake George. However, the antimony project remains an early-stage addition to its broader portfolio rather than a near-term production contributor.

The coverage reflects differing expectations for Agnico Eagle's gold business and valuation. The Lake George agreement adds critical-minerals exposure, but the cited analyst actions do not establish that the analysts have assigned a separate valuation to the antimony project.

Rua Gold Submits Auld Creek Fast-Track Application

Rua Gold announced on November 5 that it had submitted its substantive application under New Zealand's Fast-track Approvals Act for the Auld Creek gold-antimony project in the Reefton Goldfield on the South Island. The application follows the project's acceptance into the fast-track referral process and seeks approvals for a proposed underground mine and associated infrastructure.

According to the company's announcement, the submission includes technical, environmental, social, and economic assessments addressing water quality, ecology, air quality, traffic, mine closure, and other development considerations.

Rua Gold is targeting completion of a preliminary feasibility study (PFS) in Q4 2026 and the receipt of key project approvals by mid-2027. The proposed underground operation has an initial eight-year mine life and is expected to employ more than 200 people, with an estimated NZ$240 million contribution to the regional economy. The application will undergo statutory completeness reviews before an independent expert panel can assess the project. Submission does not constitute approval, and the company's mid-2027 target remains subject to regulatory review, requests for additional information and any potential appeals.

Auld Creek's earlier preliminary economic assessment (PEA) outlined the project's potential economics. At a long-term gold price assumption of US$3,300 per ounce and an antimony price of US$27,000 per tonne, the study estimated:

• After-tax net present value (NPV), discounted at 5%: US$42.4 million.
• After-tax internal rate of return (IRR): 17%.
• Initial pre-production capital: US$132.6 million.
• Estimated mine life: 5.5 years under the PEA mine plan.
• Average annual production: approximately 26,665 gold-equivalent ounces.
• The PEA also examined a higher gold-price scenario of US$4,700 per ounce, while maintaining an antimony price assumption of US$27,000 per tonne. Under this scenario, estimated after-tax NPV increased to US$113 million and IRR to 36%. The earlier PEA's 5.5-year mine plan also differs from the eight-year initial mine life described in the November permitting announcement, reflecting the proposed development plan's evolution. The company is advancing feasibility work alongside permitting to evaluate the proposed mining and processing approach. A development decision would depend on the results of further studies, regulatory approvals, financing, and a final investment decision.

Common Questions from Investors

What happens on November 27, 2026?

The date marks the scheduled expiry of China's one-year suspension of its prohibition on exports of certain antimony-, gallium-, and germanium-related dual-use items to the United States. Broader export licensing requirements remain in place. Whether the restrictions return, are extended, or are modified could affect U.S. buyers and supply-chain planning. Other export licensing requirements remain in place.

Why is antimony considered a critical mineral?

Antimony is used in flame retardants, batteries, ammunition, specialty glass, and other industrial applications. Its importance to defense and manufacturing, combined with concentrated global supply, has led countries including Canada and the United States to classify it as a critical mineral.

How does Agnico Eagle have exposure to antimony?

Agnico Eagle established Avenir Minerals as a subsidiary to evaluate critical-minerals opportunities. Avenir signed an exclusive exploration agreement for the former Lake George mine site in New Brunswick in October 2026. The property has historical antimony production and potential for other minerals, but additional work and approvals would be required before mining could resume.

What is the status of Rua Gold's Auld Creek project?

Rua Gold submitted its substantive fast-track application on November 5, 2026. The company is targeting a PFS in Q4 2026 and key approvals by mid-2027. The application must undergo regulatory review, and submission does not guarantee approval or a development decision.

Are Agnico Eagle and Rua Gold partners?

No partnership or supply agreement between the companies has been announced. They are separate gold-sector companies with exposure to antimony through projects in Canada and New Zealand, respectively.

Could higher antimony prices benefit both companies?

Higher antimony prices could improve the potential economics of projects that successfully develop into producers. Rua Gold's PEA included sensitivity analysis showing higher estimated project returns at higher antimony prices. For Agnico Eagle, any potential benefit from Lake George would depend on exploration results, development decisions, and eventual production. Neither company currently generates antimony revenue from these projects.