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Antimony’s demand, though, has leapt in the past four years, not only because of its invaluable addition to the relentless progress of renewable energy technology, but also because of its important use as a fire retardant and in the defence sector as a hardening alloy.

At a basic level, antimony is most commonly found in association with gold, but also occurs alongside some silver-lead-zinc deposits as a sulphide called stibnite. However, it is rarely found in its own pure state.

Perhaps not surprisingly given its status as the second biggest producer of gold in the world, Australia is also the biggest exporter of antimony, pumping out 21.7 per cent of global exports in 2022. But the nation still only produced 4000 tonnes and the lofty status is because most of the other global producers don’t export and instead are holding tightly onto their own stocks.

Enter Australia and in particular, the nation’s gold producers. With a looming shortage of antimony and prices reaching US$25,000 (AU$37,600) a tonne, the ASX announcement board has lit up in the past couple of weeks with gold companies all dusting off the antimony file in the back room and revisiting assays.

And some are getting close to producing. Below are a few of the listed companies, which recently unveiled antimony interests.

At the top of the list must be Larvotto Resources. Just nine months ago, the company bought the Hillgrove gold and antimony project from administrators for $8 million, inclusive of a $5 million environmental bond.

Even more pleasingly, the project came with plant and equipment with $150 million replacement value.

Since then and surely proving up the Hillgrove purchase as one of the best deals of the year, Larvotto concluded from its recent prefeasibility study (PFS) that the Hillgrove project, with a modest $73 million in capital expenditure, will be capable of producing 41,000 ounces of gold and 5400 tonnes of antimony per annum during a seven-year mine life. It will spit out an estimated EBITDA of $93 million annually at current prices and pay back the project back within two years.

Unsurprisingly, the company’s share price has risen 235 per cent since mid-last month to 40c a share.