ANTIMvONYANTIMONY

20 000

18 000

16 000

14 000

12 000

10 000

8 000

6 000

4 000

2 000

02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

AN

TIM

ON

Y P

RIC

E U

SD /

MT

(99

.65%

SB

)

ANTIMONY HAS INCREASED IN PRICE OVER 500%IN THE LAST

11 YEARS

23 JULY 2001 - 23 AUGUST 2013ANTIMONY PRICES

ANTIMONY IS A METAL THAT OCCURS NATURALLY IN THE EARTH’S CRUST.

THE PRODUCT IS MOSTLY SOLD COMMERCIALLY AS METAL INGOTS OR AS ANTIMONY TRIOXIDE POWDER.

ANTIMONY USESANTIMONY HAS A NUMBER OF DIFFERENT USES, BUT IS PRIMARILY USED AS A FLAME RETARDANT.

250 000

200 000

150 000

100 000

50 000

2011

LEAD-ACID BATTERIES

FLAME RETARDANTS

LEAD ALLOYS

GLASS & CERAMICS

OTHER

Lead alloyed with antimony is stronger and harder - especially useful in the lead-acid batteries found in cars.

Antimony acts as a decolourizing agent when added to optical glass. �is is useful in cameras, binoculars, and iPad screens.

When mixed with antimony, plastics and electronics can be used in applications where they would otherwise MELT OR CATCH FIRE.

Furniture upholstery, insulation and decorative foams, and building materials

Optical cables, main adaptors, portable electronics

Plastic casings, resin circuit boards, switches and components

Clothing and hospital linen

Seats, cables, and plastic in motor vehicles

Forest fire flame retardants

Some of antimony’s current minor uses could be the major drivers behind an unprecedented jump in demand. �is includes its use in semiconductors and recordable media.

GLOBAL PRODUCTION OF ANTIMONY IS DOMINATED BY CHINA, AND RESERVES WILL BE EXHAUSTED BY 2019 AT CURRENT RATES.

MINE PRODUCTION

ANTIMONY SUPPLY

GLOBAL RESERVES: 1,831,000 TONNES

BY COUNTRY

17% of global antimony supply is currently sourced from many small, polluting, and illegal antimony mining operations in China.

Regulators are beginning to identify and close down these operations - if successful, global antimony supply could be significantly reduced.

WHILE CHINA ACCOUNTS FOR NEARLY HALF OF ALL

REMAINING ANTIMONY RESERVES, IT HAS NEARLY

EXHAUSTED IT’S SUPPLY OF HIGH GRADE ANTIMONY ORE.

17%

55%

7% 5%

3%

3%

1.5% 1%

5%

2.5%

ILLEGAL CHINESE PRODUCTION

LEGAL CHINESE PRODUCTION

203,500 TONNES[ [

THAT IS JUST

AT CURRENT PRODUCTION RATES

CHINA - LEGAL: 55%

CHINA - ILLEGAL: 17%

OTHER ASIA: 7%

RUSSIA: 5%

TAJIKISTAN: 5%

NORTH AMERICA: 3%

SOUTH AMERICA: 3%

MYANMAR : 2.5%

SOUTH AFRICA : 1.5%

AUSTRALIA : 1%

THE ONLY ANTIMONY MINE IN PRODUCTION IN NORTH AMERICA IS LOCATED IN CENTRAL NEWFOUNDLAND, CANADA.

(ROSKILL 2012)

(ROSKILL 2012)

2011 2012 2013 2014 2015 2016 2017 2018 2019

7 YEARS LEFT

STRONG DEMAND FOR ANTIMONY COMBINED

WITH DWINDLING AND PRECARIOUS SUPPLY WILL

ONLY EXACERBATE THE CURRENT SUPPLY DEFICIT.

AS THE WORLD SAW WITH GRAPHITE AND RARE EARTH ELEMENTS

SUPPLY DEFICITS CAN LEAD TO LARGE OPPORTUNITIES FOR INVESTMENT. THE PRICE OF ANTIMONY IS EXPECTED TO INCREASE IN RESPONSE TO THE SUPPLY GAP.

ROSKILL INFORMATION SERVICES LTD. - ANTIMONY : CHANGES IN THE PATTERN OF SUPPY AND DEMAND

WORLD: ANTIMONY DEMAND AND SUPPLY FORECAST2005-2016 (T SB)

250 000

200 000

150 000

2009 2010 2011 2012 2013 2014 2015 2016

EXPECTED DEMAND

POSSIBLE PRODUCTION RANGE. ACTUAL PRODUCTION DEPENDENT ON HOW MANY ILLEGAL MINES IN CHINA ARE SHUTDOWN.

HISTORICAL DEMAND

HISTORICAL PRODUCTION

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