Felix Gold (ASX: FXG) Selected for Up to US$18 Million in US Antimony Funding

Felix Gold has been selected to negotiate federal funding of up to US$18 million for its Treasure Creek Antimony Pilot Processing Facility.

The US Department of Energy chose the project through a US$162 million critical-minerals program. Felix was among nine projects selected nationally.

Importantly, the selection is not yet a binding funding commitment. An award depends on negotiations and execution of an agreement by a department grants officer.

Funding Structure

Felix’s wholly owned US subsidiary, Felix Gold Alaska Treasure Creek Inc, will negotiate the proposed award. The company expects that process could take up to 120 days.

The proposed company contribution is about US$4.8 million, representing a 26.8% cost share. Felix plans to provide that contribution in-kind through ore delivery.

Federal support would be structured as grant funding rather than equity. Therefore, the proposed award would not dilute Felix Gold shareholders.

The federal share has been reduced to US$18 million, a condition accepted by Felix. Other conditions include security-related mitigation measures and successful completion of negotiations.

From Prototype to Demonstration

The project was selected under a program covering previously developed pilot-scale facilities. Its purpose is to advance processes from prototype to pre-commercial demonstration.

Felix will now finalise the pilot program’s scope, budget and schedule with the department. The funded work will differ from the company’s January 2026 application.

Instead, the revised scope will focus on the program’s highest-value elements. Felix said its broader Treasure Creek work programs will continue as planned.

Executive Director Joe Webb said: “The U.S. Department of Energy has selected Felix Gold for up to US$18 million because of what we are building: U.S. ore to U.S. metal.”

Treasure Creek’s Development Path

Treasure Creek is located in Alaska’s Fairbanks Mining District. Felix said the project is permitted and currently extracting massive stibnite mineralisation.

The company reported that direct-shipped ore exceeds military-grade concentrate specifications. It is also pursuing a multi-year mining permit and targeting mining operations in June 2027.

Downstream testwork, pilot-plant engineering and site selection are underway. Felix is targeting a US smelter by the end of 2027.

That downstream work sits within Frontier Antimony Refinery, a Delaware company wholly owned by Felix. Frontier has secured the rights to Treasure Creek antimony.

These dates remain aspirational rather than production targets. Felix has not completed a feasibility study, pre-feasibility study or scoping study for the proposed developments.

What Happens Next

Award negotiations will determine the final scope, amount and conditions. The department can cancel negotiations or rescind the selection at any time.

Funding will only become binding after negotiations conclude and a grants officer executes the award agreement. Consequently, the announced US$18 million should be treated as potential funding rather than committed capital.