CleanTech’s El Triunfo Project: A Strategic Antimony Play in a Tightening Global Market

CleanTech Vanadium Mining Corp. has provided critical clarity on its El Triunfo Gold-Antimony Project in Bolivia, a venture poised to capitalize on a rapidly shifting global antimony market. With China’s January 2025 export restrictions driving prices to over $40,000 per ton—a 250% surge since early 2024—the project’s high-grade antimony mineralization and strategic location could position CleanTech as a key player in addressing critical supply chain gaps.

Antimony’s Strategic Importance: A Supply Chain Crisis in the Making

Antimony, a metal used in flame retardants, lead-acid batteries, and military alloys, has become a geopolitical flashpoint. China, which accounts for 50% of global production, now prioritizes domestic consumption over exports, leaving the U.S.—which imports 100% of its antimony—scrambling for alternatives. Bolivia, while contributing just 3.6% of global supply (3,000 metric tons annually), offers a rare opportunity for Western firms to diversify sourcing.

The El Triunfo Project’s nine diamond-drill holes from 2020 and 2022 reveal robust antimony grades. Highlights include:
- TR010: A 1.2-meter section grading >1% antimony, alongside silver values of 61.4 g/t.
- TR008: Multiple intervals with antimony up to 0.31% and silver as high as 88.9 g/t.
- TR009: A 1.0-meter section with over 100 g/t silver, even as antimony grades were lower.

These results suggest the project’s potential to deliver both antimony and byproduct silver revenues, though gold mineralization (up to 2.4 g/t in historical assays) adds further upside.

Regulatory Hurdles and Transactional Risks

CleanTech’s acquisition of the project from Silver Elephant Mining Corp. hinges on regulatory and stock exchange approvals, which remain pending as of April 2025. The transaction requires CleanTech to complete due diligence and finalize an amended option agreement by December 31, 2025, or forfeit its CAD 155,000 deposit.

The timeline is tight. While Bolivia’s mining regulations are familiar to CleanTech—given its ownership of the Gibellini Vanadium Mine in Nevada—the company must also navigate Canadian securities requirements for TSX Venture-listed firms. Delays in securing permits or regulatory pushback could derail the deal.

Market Implications: A Goldilocks Scenario for Antimony

The project’s timing aligns with a perfect storm for antimony demand. The U.S. has identified antimony as a critical mineral, and the European Union’s push for energy storage (reliant on lead-acid batteries) will further strain global supplies. CleanTech’s focus on antimony—paired with its existing vanadium assets—positions it to benefit from both commodity cycles.

However, risks remain. While antimony prices have surged, volatility could persist. A slowdown in battery demand or China easing restrictions could temper prices. Geopolitical risks in Bolivia—including potential changes in mining policies—also loom.

Competitors and the Investment Case

CleanTech faces competition from firms like Antofagasta Minerals (which has antimony projects in Chile) and Sichuan Antimony, a Chinese state-owned producer. Yet, El Triunfo’s proximity to La Paz—a logistical advantage—and its dual antimony-gold profile set it apart.

Conclusion: A High-Reward, High-Risk Bet on Critical Minerals

The El Triunfo Project’s technical disclosures underscore its potential to deliver high-grade antimony in a constrained market. If CleanTech secures regulatory approvals and advances the project, it could become a cornerstone of Western antimony supply chains. Key metrics to watch:

• Regulatory timeline: If approvals lag beyond Q3 2025, the project’s viability weakens.
• Antimony prices: Sustained demand above $30,000/ton would justify the project’s capital expenditures.
• Geopolitical stability: Bolivia’s policies under President Luis Arce remain unpredictable, with mining taxes a potential flashpoint.

For investors, El Triunfo represents a gamble on two variables: the durability of antimony’s price surge and CleanTech’s execution in a complex regulatory environment. Success here could make CleanTech a critical minerals powerhouse; failure would leave it with little more than a costly deposit. The stakes—and the rewards—are both enormous.