Canada’s Antimony Gap Shows as Iran War Sharpens Focus on Defence Metals

Why It Matters

Without a clear antimony strategy, Canada risks falling behind the U.S. in securing a strategic defence metal, limiting its role in the emerging critical‑minerals supply chain.

Key Takeaways

• Canada classifies antimony as critical but lacks dedicated policy
• New Polaris is Canada’s most advanced antimony project, awaiting funding
• US Pentagon has pledged over $80 million to antimony projects
• No domestic processing route exists for North American antimony concentrate
• Funding applications for Canadian antimony projects have been rejected

Pulse Analysis

The surge in geopolitical tension, highlighted by the Iran conflict, has amplified demand for antimony, a metal essential to explosive formulations, infrared sensors and flares. U.S. Geological Survey data shows that 40% of American antimony consumption last year fed ammunition, underscoring its defence relevance. As governments worldwide tighten critical‑minerals policies, antimony’s strategic profile has risen, prompting investors to scrutinise supply‑chain resilience and domestic sourcing options.

In Canada, the antimony narrative is hampered by policy inertia. Although the metal sits on the federal critical‑minerals list, funding streams such as the C$3.6 billion ($2.6 billion) Critical Minerals Sovereign Fund are not earmarked for antimony‑specific projects. Canagold’s New Polaris in British Columbia, the nation’s most advanced antimony venture, boasts a mine plan of 5,173 tonnes of antimony but was denied Natural Resources Canada support, leaving its C$425 million ($311 million) after‑tax NPV and C$250 million ($183 million) capex unbacked. By contrast, the U.S. Pentagon has already allocated more than $80 million to Perpetua Resources’ Idaho Stibnite project, illustrating a stark funding divide.

The absence of a domestic processing route compounds the challenge. Both miners and analysts note that North America lacks facilities to convert antimony concentrate into refined metal, forcing reliance on overseas smelters. This bottleneck not only inflates costs but also exposes supply chains to geopolitical risk. Establishing a regional refinery—potentially funded through a targeted antimony program—could unlock the value of projects like New Polaris, Bald Hill and Howells Lake, and position Canada as a reliable supplier for defence manufacturers. Bridging the policy‑funding‑infrastructure gap will be critical for Canada to capture a share of the growing antimony market.