Operations and financial review (continued) Antimony is a critical metal of which China and Russia combined produce approximately 82% of the world’s antimony rawmaterial supply. Antimony features highly on the critical minerals lists of many countries, including Australia, the USA, Canada, Japan and the European Union. Antimony alloys with lead and tin, which results in improved properties for solders, munitions, bearings and batteries. Antimony is also a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world’s energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors. For example, antimony is a critical element in the manufacture of lithium-ion batteries and to the next generation of liquid metal batteries that lead to scalable energy storage for wind and solar power. The price of antimony has increased significantly since 2016 and has reached US$14,000/tonne in 2022 (Figure 5). Figure 5. Quarterly antimony price between 2016 and 2022 in US$/tonne. (Source: Stockhead.com.au/resources/antimony-one-of-the-most-important-critical -minerals-youve-never-heard-of/) Directors’ Report for the year ended 31 December 2022 Annual Report 2022 9
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