Maxus Mining Skips the Playbook at Alturas West Antimony Project

Junior explorer Maxus Mining launches first drilling and early metallurgical tests at high-grade antimony project, aiming to fast-track North American supply chain.

A junior explorer is taking an unconventional shortcut in British Columbia. Maxus Mining has launched its first-ever drilling campaign at the historic Alps-Alturas antimony mine while simultaneously kicking off metallurgical testing — a step typically reserved for much later stages of project development.

The twin-track approach marks a deliberate shift from pure resource definition toward early-stage economic assessment. CEO Scott Walters is betting that accelerating the timeline will fast-track a domestic antimony supply chain for North America, a commodity that has gained strategic importance amid global supply chain vulnerabilities.

Historic Grades Set a High Bar

The drilling program targets the depth and lateral extent of known mineralization zones at Alturas West. Historical production data from the Alps-Alturas mine provides an ambitious benchmark: 95 tonnes of ore were once extracted with an average antimony grade of 57.2 percent. A recent surface sample returned an even more striking 69.98 percent Sb — exceptional for a junior exploration company.

Commercial antimony concentrates typically require far lower grades, which underscores the project's potential if the high-grade zones extend at depth.

Geophysical Targeting Sharpens the Drill Bit

To maximize the odds of success, Maxus has enlisted Geotech Ltd. to conduct an airborne electromagnetic VTEM survey. The geophysical data is being integrated with 3D structural models, historical datasets, and fresh surface sampling to pinpoint hidden conductive zones beneath the surface.

The company's broader land package in British Columbia spans roughly 15,100 hectares, with approximately 8,900 hectares allocated across three antimony projects.

Early Metallurgy: Sorting Before Milling

The metallurgical studies focus on ore sorting technology — a process that separates valuable rock from waste material before it reaches the mill. If successful, this approach could dramatically reduce operating costs in any future production scenario. For a company still in the drilling phase, pursuing such studies in parallel is unusual but reflects the management's urgency to de-risk the project economically.

First results from the sorting and metallurgical work are expected to provide the next concrete valuation benchmark. Meanwhile, consultations with local First Nations are underway to secure field operations for the remainder of the 2026 season.

Stock Under Pressure Despite Technical Signals

The market has yet to reward Maxus for its accelerated strategy. Shares closed at €0.57, having shed roughly half their value since the start of the year. The stock sits more than 58 percent below its 52-week high of €1.35 reached in January. With a relative strength index of 25, the shares are technically oversold — a level that sometimes precedes a reversal if positive catalysts emerge.

Whether the drilling program delivers that catalyst depends on assay results expected within the current field season window. For now, Maxus is betting that breaking the junior explorer mold will pay off where conventional timelines have not.