Churchill Resources Inc.
Strategic Shift: Advancing Black Raven Amid Growing Antimony Demand
Published: Sep 29, 2025
Author: FRC Analysts
*Churchill Resources Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Sector: Basic Materials | Industry: Other Industrial Metals & Mining
Ticker Symbols: CRI.V – NEO CRICF – NASDAQ
Report Highlights
*QP: Dr. Derek H.C. Wilton, P.Geo., FGC, Independent Consultant to CRI
- CRI is advancing exploration at its recently optioned Black Raven antimony-gold project in Newfoundland and Labrador.
- Antimony is gaining significant attention from junior resource companies and capital markets due to its essential role in energy storage, clean energy technologies, batteries, semiconductors, military radar systems, and high-strength alloys.
o China and Russia have historically controlled over 75% of global primary antimony production. China has imposed restrictions on exports at a time when its own production is declining. Sanctions against Russia have further tightened availability.
o Despite its designation as a critical mineral by both the U.S. and Canada, North America is 100% import-reliant for antimony.
o These supply constraints have driven prices higher (+33% YTD), and accelerated efforts to develop secure North American antimony projects to meet growing demand.
- We view CRI’s decision to advance the Black Raven project as an excellent move by CRI, as it provides commodity diversification, particularly given that CRI’s flagship/legacy projects (Florence Lake and Taylor Brook) are prospective for nickel deposits. Nickel prices have been on a downward trend primarily due to oversupply.
- Black Raven will be the company’s near-term focus, while only limited capital will be directed toward the Taylor Brook and Florence Lake nickel projects until market conditions improve.
- Black Raven is an early-stage project with two historic small-scale mines, and multiple gold-antimony-silver-copper-zinc-lead showings. Sampling has returned high grades of up to 35.1% antimony, 35.50 g/t gold, and 1,118 g/t silver. CRI is planning a detailed exploration program, beginning with drilling. While it is too early to comment on the project’s ultimate potential, we believe the preliminary exploration results are highly encouraging, and warrant comprehensive, property-wide exploration. The upcoming drill program should provide valuable insights into the project’s prospectivity.
- Drilling will be funded by a fully committed $3M equity financing, which the company plans to close shortly. We will follow results closely, and update our outlook accordingly.
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