CleanTech Vanadium Mining secures rights to acquire El Triunfo gold-antimony project in Bolivia from Silver Elephant

CleanTech Vanadium Mining Corp. (TSXV: CTVM) has completed a transaction to acquire the option rights to purchase the El Triunfo Gold and Antimony Project in Bolivia from Silver Elephant Mining Corp. (TSX: ELEF). The deal, closed on 6 August 2025, gives the Canadian critical minerals developer the opportunity to fully acquire the 256-hectare property located in the La Paz department, around 75 kilometres east of Bolivia’s administrative capital.

The project’s commodity profile includes gold and antimony, a strategically important metalloid used in flame retardants, semiconductors, battery alloys, and other industrial applications. By securing this option, CleanTech Vanadium Mining expands its portfolio beyond vanadium and fluorspar into a potential critical minerals supply source at a time of heightened geopolitical concerns over resource availability.

What are the full financial terms and structural details of CleanTech Vanadium Mining’s option rights acquisition?

The transaction was executed under an option assignment agreement dated 8 April 2025, in which Silver Elephant transferred to CleanTech Vanadium Mining its contractual right to acquire 100 percent of Mururata S.R.L.—the Bolivian company holding the mining rights to the El Triunfo project.

In consideration, CleanTech paid Silver Elephant CAD 155,000 in cash. This represents a relatively modest outlay given the potential upside if exploration results prove favourable. The deal structure reflects the early-stage nature of the property and the companies’ existing ownership relationship.

Silver Elephant had originally secured its own option to acquire Mururata S.R.L. on 10 July 2020. With the assignment completed, CleanTech now steps into those rights, enabling it to exercise the option and acquire the underlying project if it chooses to advance to that stage.

The two companies disclosed that the deal constitutes a related-party transaction under Canadian securities regulations, as Oracle Commodity Holding Corp.—which holds 42,799,502 CleanTech common shares—is controlled by Silver Elephant. Based on CleanTech’s market capitalisation of approximately CAD 6.45 million as of 5 August 2025, the transaction value is well below the 25 percent threshold that would require a formal valuation and minority shareholder approval. This exemption streamlines closing while remaining compliant with applicable rules.

How does the El Triunfo project fit into CleanTech Vanadium Mining’s broader critical minerals portfolio strategy?

CleanTech Vanadium Mining’s existing asset base includes a 100 percent interest in the Gibellini Vanadium Mine Project in Nevada, USA—a development-stage property positioned to supply vanadium for steel strengthening and emerging energy storage markets. The company also holds an option on the Campbell Crotser Fluorspar Project in Kentucky, which targets a mineral used in aluminium production, refrigerants, and fluoropolymer manufacturing.

Adding the El Triunfo project brings a new geographic dimension and commodity exposure to the portfolio. While gold is a globally traded precious metal with an established investment market, antimony’s strategic importance lies in its industrial and defence applications. Antimony supply is heavily concentrated in China, which accounts for the majority of global mine production. This concentration has prompted governments and manufacturers to seek diversified sources to reduce supply risk.

CleanTech’s Chief Executive Officer Masateru Igata stated that the company plans to evaluate the property’s mineral potential through geological assessments and, if warranted, an exploration drilling program. The focus will be on determining whether the project can host commercially viable gold and antimony resources that justify further investment.

What strategic benefits does Silver Elephant Mining retain despite divesting the option rights?

For Silver Elephant, the assignment allows management to concentrate resources on its core silver exploration and development portfolio while still maintaining an indirect economic interest in El Triunfo. This is achieved through its control of Oracle Commodity Holding, the largest shareholder in CleanTech Vanadium Mining.

Executive Chairman John Lee explained that the move aligns with Silver Elephant’s focus strategy, enabling the company to prioritise projects where it has an operational advantage while still benefiting from any potential upside if CleanTech advances El Triunfo successfully. This arrangement reduces Silver Elephant’s near-term capital commitments while preserving exposure to a potential future revenue stream.

Why is antimony considered a critical mineral and how does El Triunfo’s geology address supply chain concerns?

Antimony’s classification as a critical mineral in several jurisdictions, including the United States and the European Union, reflects its importance in flame retardants, lead-acid batteries, semiconductors, and emerging battery chemistries. Global supply is dominated by China, with limited large-scale production elsewhere.

Projects like El Triunfo offer potential diversification for industrial users seeking to reduce dependency on Chinese exports. If CleanTech’s exploration work confirms the presence of high-grade antimony alongside gold, the property could evolve into a strategic supply source for Latin American, North American, and Asian markets.

However, the property remains early-stage, with historical data insufficient for mineral resource classification under NI 43-101 standards. Any commercialisation would require substantial investment in exploration, resource definition, permitting, and infrastructure development.

What challenges could CleanTech face in advancing the El Triunfo project in Bolivia?

Bolivia presents both opportunity and risk for foreign mining investors. The country has a long mining history and is rich in mineral resources, yet projects can face regulatory complexity, community engagement requirements, and infrastructure constraints.

For El Triunfo, logistical factors such as access roads, power availability, and proximity to processing facilities will influence project economics. Commodity price volatility—particularly in the gold and antimony markets—will also play a role in determining whether the project advances beyond exploration.

Analysts monitoring the sector suggest that the CAD 155,000 acquisition price reflects a balance between early-stage risk and optionality value. CleanTech’s ability to progress the project will depend on securing exploration permits, generating compelling drill results, and potentially attracting strategic partners or offtake agreements if the project advances toward development.

How does this acquisition reflect broader trends among junior miners in the critical minerals sector?

Junior miners are increasingly targeting early-stage acquisitions of critical mineral assets as part of a “portfolio option” strategy. By securing rights to projects at modest upfront costs, companies position themselves to benefit from favourable exploration outcomes without committing significant capital at the outset.

For CleanTech Vanadium Mining, adding El Triunfo to its portfolio mirrors moves by other junior resource companies seeking diversification across multiple critical minerals. The trend is reinforced by investor interest in metals that support the global energy transition, including battery materials and specialty alloys.

If antimony prices strengthen due to geopolitical tensions or supply disruptions, projects like El Triunfo could see accelerated development timelines. Conversely, prolonged weakness in gold or antimony markets could delay or stall advancement, underscoring the importance of disciplined capital allocation.

What could the next 12–24 months hold for CleanTech Vanadium Mining’s Bolivian initiative?

Over the next one to two years, CleanTech’s stated focus will be on geological evaluation of the El Triunfo property. Initial steps may include geological mapping, sampling, and potentially a maiden drilling program to test mineralised zones.

Given the early-stage status, institutional investors are likely to view the project as an option on future commodity demand rather than an immediate cash-flow opportunity. Progress on CleanTech’s other assets—particularly the Gibellini Vanadium Project—may influence the pace at which the company advances El Triunfo.

Should exploration results confirm significant mineralisation, CleanTech could face decisions about funding development, potentially via joint ventures or equity financing. In parallel, Silver Elephant stands to benefit indirectly from any value creation, aligning both companies’ interests in successful project advancement.