Military Metals to Appeal Government Decision Regarding Trojarova License

On May 28, 2026, Military Metals Corp. disclosed that the Ministry of the Environment of the Slovak Republic had formally cancelled the exploration license for its 100%-owned Trojarova Antimony-Gold Project. The company views the decision as unjustified and intends to appeal to the Minister of the Environment within 15 days. The cancellation contradicts the project’s prior inclusion in Slovakia’s National Program for the Exploration of Critical Mineral Raw Materials (February 2025) under EU Regulation 2024/1252. No assurance is given that the appeal will succeed or the permit be restored.

• Nature of event: Regulatory setback – a direct and immediate threat to the company’s sole flagship asset.
• Unexpectedness: The move is described as “unexpected” and “lacking appropriate justification,” especially after the project’s recognition in national critical-mineral programs and the recently published maiden resource estimate (67 kt Sb & 222 koz Au).
• Prior context: The project had just achieved a major milestone with the maiden inferred resource (April 2026) and had been advancing a PEA. The license cancellation undermines the entire story. Without the permit, no further exploration, development, or potential economic value.
• Market response: The stock closed at $0.39 on May 28 (the day of the announcement). While the price had been declining from April highs (~$0.54), this news introduces a new, severe risk that was not previously priced in – a risk of total loss of the asset.
• Materiality classification: The event directly threatens the company’s primary value driver, making it a material negative development. It is not routine; it is a game-changing risk, but defined as “Material - Negative” here as it fits the negative material category, not a game changer per se (game changer is for positive). The news has potential for significant impact on the market cap and future viability.

Military Metals Corp. is a junior exploration company focused on antimony and gold assets in Europe and North America. Its cornerstone is the Trojarova Antimony-Gold Project in western Slovakia, 100% owned. The project holds a maiden inferred resource (2026) of 6.5 Mt @ 1.02% Sb and 1.06 g/t Au, containing 67 kt antimony and 222 koz gold. The deposit is open at depth and along strike, with historical production and modern drilling confirming high grades (e.g., 23.2 m of 2.22% Sb, 1.27 g/t Au). The company also owns West Gore (Nova Scotia), Last Chance (Nevada), and additional Slovakian properties (Tiennesgrund, Medvedi Potok).