Gold Acquisition Completed, Slovakian Asset & TVR
Summary by AI BETAClose X
TOMAHAWK METALS PLC
("Tomahawk" or "the Company")
3 June 2026
Australian Gold Acquisition Completed
Solid progress on Slovakian Asset due diligence
Total Voting Rights
Tomahawk Metals Plc (AQSE: TWHK), quoted on the Aquis Stock Exchange Growth Market, is pleased to provide an update on the Slovakian Gold, Antimony assets and the Australian Gold asset options entered into and announced on 20th April 2026.
Overview:
· The Company entered into an agreement to acquire 100% in the high grade Koolyanobbing Gold Project in Western Australia from Mining Equities Pty Ltd and has now completed the transaction for 100% interest in the asset.
· Western Australia, Saturn Gold Project has extensive surface shafts and workings targeting high grade gold- 12g/t Au previous production grade.
· The exposure to high grade gold in the Tier 1 mining jurisdiction of Western Australia with extensive previous gold production history provides a compelling addition to Tomahawk Metals.
· Excellent progress has been made with the due diligence process on the Slovakian option the Company entered into, and we expect to close the transaction within the next few weeks.
Saturn Gold Project, Western Australia
The Saturn Gold Project is located in Western Australia proximal to the Koolyanobbing Iron Ore Mine.
Small scale underground mining was conducted at a 12g/t Au production grade. Extensive trenching and costeaning is evident from satellite imagery, with no reported results.
Field based exploration program to sample mineralisation at surface and proximal to historical workings will be conducted now that the transaction is complete, and we expect to report first results within the next 6 weeks.
Option Details Saturn Gold.
Following a cash payment of £10,000 to enter the option agreement, the completion of the transaction and the transfer of ownership of the licenses is secured by the transfer of £45,000 in ordinary shares priced at £0.02, equating to 2,250,000 ordinary shares ("Shares").
Application will be made to the Aquis Stock Exchange for admission of the Shares and it is expected that admission will become effective and dealings in the Shares will commence on Aquis at 8.00 a.m. on or around 9 June 2026.
The agreement calls for a Royality payable of 1% net smelter from future production and a further cash payment of £45,000 which will be made once Tomahawk Metals achieves it's planned AIM listing which it is currently progress, however there can be no guarantees that the listing on AIM will go ahead.
Slovakian Option Progress:
Excellent progress has been made with legal and operational due diligence, and the Company is working towards completing the transaction in the coming weeks.
To complete the transaction the Company will need to set up a Slovakian company, appoint a local Managing Director, appoint a local geological expert, both have been identified and are ready to take office, once the subsidiary has been established in Slovakia.
The Company is working to satisfy certain other conditions imposed by the Slovakian Ministry of Environment, and the Company is working to progress these conditions, whilst the operational review and due diligence is being completed.
Summary of the Opportunity
· Acquisition of portfolio of five projects including four antimony-gold assets in Slovakia, 3 assigned licenses and 2 licenses applied for
· Slovakia, Zlata Bana: 1.62Mt at 1.63% Sb, 1.42g/t Au and 39.7gt Ag
· Slovakia, Poproc Antimony-Gold Project has historical production grades of 10-15% Sb and modern sampling has returned grades of up to 9.8g/t Au
· Slovakia, Lom Antimony-Gold Project has a historical Indicated Resource of 530Kt at 0.98% Sb and 1.5g/t Au. High grade channel sampling has returned 2.75m at 30.98% Sb
· Slovakia, Stieborna: Underground sampling with >1% Sb, 455g/t Ag, 4.4% Cu
Asset Summary
| Project | Licence | Status | Area (km²) | Resource / Target Summary |
|
Lom |
P8/25 |
Granted |
1.22 |
530 Kt @ 0.98% Sb & 1.5 g/t Au (vein + stockwork); indicated classification. Channel samples incl. 2.75m @ 30.98% Sb |
|
Poproc |
P2/25 |
Granted |
13.61 |
Historic mine (1939-1965): 251 Kt @ 4.12% Sb produced. Remaining est. 5.2 Kt @ 5.04% Sb. Modern grabs up to 55% Sb pXRF, 3.92 g/t Au FA |
|
Strieborna |
P7/25 |
Granted |
7.79 |
Brownfield discovery: medieval historic mine. UG grabs: >1% Sb, 4.4% Cu, 455 g/t Ag. E-W soil anomalies untested at depth |
|
Zlata Bana |
App. |
Pending |
21.08 |
1.62 Mt @ 1.42 g/t Au, 39.7 g/t Ag, 3.65% Zn, 1.43% Pb + 630 Kt @ 3.67 g/t Au verified. Channel samples: 2.75m @ 30.98% Sb |
|
Zalomy |
P3/26 |
Pending |
12.16 |
Exploration target: eastern strike extension of Lom. 188 Kt @ 2.2% Sb, 5.3 g/t Au (1999 estimate). Best trench: 2m @ 6.46% Sb |
Further detailed information on the license will be available upon completion of the operational due diligence within the next few weeks.
The logic behind the Slovakian transaction:
Antimony: A Critical Defence and Industrial Metal
Antimony (Sb) has emerged as one of the most strategically significant metals in the global critical minerals landscape. The Board believes that the acquisition will position the Company at the nexus of Western defence supply chain security and the European Union's accelerating programme to reduce dependence on hostile or concentrated sources of critical raw materials.
Defence and Military Applications
Antimony is deeply embedded across modern defence platforms and munitions systems. Its principal military applications include:
• Ammunition and ordnance: antimony is alloyed with lead to harden bullets, shrapnel, and armour-piercing rounds. The U.S. Department of Defense alone utilises antimony in over 200 types of ammunition
• Flame retardants for military hardware: antimony trioxide is the primary synergist in flame-retardant compounds used in aircraft wiring, armoured vehicle interiors, protective clothing, and naval vessel composites
• Infrared and night-vision technology: antimony-based semiconductors (notably indium antimonide) are critical components in infrared sensors and targeting systems used across land, air, and naval platforms
• Batteries for military systems: antimony alloys improve the durability of lead-acid batteries deployed in military vehicles, backup power systems, drones, and battlefield communications equipment
• Explosives and percussion primers: antimony trisulphide is a key ingredient in primer compositions and certain explosive formulations
In September 2025, the U.S. Department of Defense awarded a US$43.4 million Defense Production Act Title III grant to establish a domestic supply chain for military-grade antimony trisulphide, underscoring the metal's classification as a national security material by both U.S. and allied governments.
Industrial and Energy Transition Applications
Beyond defence, antimony underpins critical industrial applications including flame retardants for construction materials and electronics (approximately 50% of global consumption), lead-acid battery alloys for automotive and grid storage, sodium antimonate for photovoltaic glass used in solar panels, and semiconductors for advanced electronics. The global antimony market, currently valued at approximately US$2.4-2.5 billion, is projected to reach US$4.1-4.4 billion by 2034-2035, representing compound annual growth of approximately 5-6%.
Supply Crisis and Geopolitical Context
Approximately 90% of global antimony production is concentrated in China, Russia, and Tajikistan. In September 2024, China imposed export restrictions on antimony citing national security considerations, causing global spot prices to reach an all-time high of approximately US$59,750 per tonne in July 2025. While prices have since moderated to approximately US$49,100 per kg in late March 2026, the structural supply deficit persists. New Chinese export regulations scheduled for 2026 introduce stricter eligibility requirements for exporters, and substitution for antimony in both flame retardant and defence applications remains technically difficult and economically inefficient.
The Board believes these supply dynamics create a generational opportunity for Western-domiciled, EU-jurisdictional antimony projects with credible historic resources and near-term development potential.
EU Critical Raw Materials Act
Antimony is included on the European Union's official list of 34 Critical Raw Materials under the EU Critical Raw Materials Act (Regulation (EU) 2024/1252), which entered into force on 23 May 2024. The CRMA establishes binding targets requiring the EU to extract at least 10% of its annual CRM consumption domestically, process 40% within its borders, and derive 25% from recycled materials by 2030. No single third country may account for more than 65% of the EU's annual consumption of any strategic raw material.
The CRMA introduces a "Strategic Project" designation offering accelerated permitting (27 months for extraction, 15 months for processing), facilitated access to EU financing instruments, and matchmaking with industrial off-takers. In March 2025, the European Commission approved an initial 47 Strategic Projects across 13 member states, with a second application round having closed in January 2026.
The Board intends to engage with the relevant Slovak and EU authorities regarding potential Strategic Project designation for one or more of the portfolio's antimony assets, which would materially accelerate the permitting and development pathway.
Slovakia: A Premier European Mining Jurisdiction
Slovakia has one of the longest and most distinguished mining histories in Europe, spanning over two millennia. During the medieval period, the Slovak Ore Mountains were among Europe's most important sources of gold, silver, and copper, underpinning the wealth and coinage of the Hungarian Kingdom. The mining academy established at Banská Štiavnica by Empress Maria Theresa in the 18th century was one of the first technical universities in the world, and the three major mining regions of Spiš, Gemer, and Banská Štiavnica continued to produce significant quantities of precious and base metals through to the modern era.
The Gemer Belt - in which three of the five VMS licences are situated - was historically Europe's single most important source of antimony, with high-grade production recorded from the 1930s through to mine closures in 1965. Historic head grades at the Poproc mine ranged from 10-15% Sb during active operations between 1939 and 1965, with total recorded production of 251,000 tonnes at 4.12% Sb yielding 10,300 tonnes of contained antimony and approximately 2,500 oz of gold.
Pro-Business Investment Environment
Slovakia offers a compelling jurisdictional framework for mining investment:
• EU member state with a stable legal and regulatory framework, eurozone membership, and full alignment with EU mining and environmental legislation
• An established and active mining culture, including the Sturec gold mine (2.4 Moz Au resource) currently in operation, demonstrating that permitting and social licence for mining are achievable in-country
• Competitive corporate tax rate of 21%, with additional incentives available for strategic investment in designated regions
• A well-developed mining code (the Mining Act of 1988, as amended) providing clear regulatory pathways from exploration through to exploitation
• Growing recognition as part of an emerging Central European defence-metals processing corridor alongside Estonia and France, as the EU seeks to restore domestic processing capabilities for strategic materials
• Alignment with the EU Critical Raw Materials Act, providing access to accelerated permitting, EU funding mechanisms, and potential Strategic Project designation
VMS is a Slovak-owned and operated company with an established in-country team, deep community integration in the regions where its projects are located, and an operational readiness that the Board considers representing a meaningful de-risking factor for the transaction. VMS will be working closely with the Company to manage the project going forward.
Competitive Positioning
The VMS portfolio occupies a differentiated position within the European antimony exploration landscape:
• Consolidated district-scale position in the Gemer Belt, historically Europe's largest antimony producing district, with existing underground infrastructure that materially reduces entry capital expenditure and de-risks early development
• Verified high-grade mineralisation: modern VMS sampling has confirmed grades of up to 55% Sb (pXRF) and 9.8 g/t Au (fire assay), with Strieborna returning 4.4% Cu and 455 g/t Ag from underground grab samples
• Peer validation: Military Metals Corp. (CSE: MILI), an active explorer in western Slovakia, acquired three Slovakian antimony-tin properties in October 2024 for C$5.6 million in shares, validating market interest in Slovakian antimony assets. VMS holds position in the eastern Gemer Belt with greater historic production credentials
• Polymetallic optionality: the Zlata Bana project provides exposure to gold, silver, zinc, and lead in addition to antimony, offering diversified commodity exposure within the portfolio
• Turnkey exploration programme: VMS has prepared and is ready to execute initial exploration programmes across the three granted licences, enabling rapid deployment of capital post-completion
Board Commentary
Rolf Gerritsen of Tomahawk Metals, commented:
"The Australian acquisition represents a decisive pivot into the minerals sector, while the antimony assets are of great interest at a time when Western governments and defence establishments are urgently seeking to diversify supply away from Chinese-controlled sources. Antimony is not a speculative thesis - it is a metal embedded in ammunition, flame retardants for military platforms, infrared sensors, and the energy storage systems that underpin both civilian and defence infrastructure.
The VMS portfolio offers exactly what the market is looking for: high-grade historic production credentials in a stable EU jurisdiction, brownfield assets with existing underground access, a local operational team ready to execute, and alignment with the EU's flagship Critical Raw Materials Act. We look forward to updating shareholders as we progress towards completion."
Total Voting Rights
Following Admission of the Shares, the total number of Ordinary Shares of £0.0001 in issue with full voting rights will be 74,096,009. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Company:
Rolf Gerritsen
+44 20383 87621
Clear Capital Markets Limited:
Broker
Bob Roberts
+44 (0) 20 3869 6080
AlbR Capital Limited:
Corporate Adviser:
+ 44 (0) 20 7469 0930
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