Defense Munitions Surge Puts Critical Mineral Supply Chains on Notice

News Provided by Energy Metal News on behalf of Rua Gold Inc.

VANCOUVER, British Columbia, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Energy Metal News Commentary - Washington is committing tens of billions of dollars to multiyear missile production, and the contracts put a long-term demand signal under the supply chains beneath them. On July 29, 2026, the Department of War awarded Lockheed Martin $58.62 billion for multiyear PAC-3 MSE production, and on September 28, 2026, RTX's Raytheon was awarded up to $20.7 billion for AMRAAM under a five-year agreement. Antimony is a documented input to ammunition and ordnance. The U.S. Geological Survey lists antimonial lead and ammunition as 40% of leading U.S. uses of the metal, and net import reliance was 91% of apparent consumption in 2025. Companies mentioned in today's commentary include:

Rua Gold Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI)

RTX Corporation (NYSE: RTX)

Lockheed Martin Corporation (NYSE: LMT)

General Dynamics Corporation (NYSE: GD)

EnerSys (NYSE: ENS)

Key Takeaways

• Multiyear munitions contracts are raising the long-term demand signal for the materials that go into ordnance, a category that includes antimony.
• The USGS reports 91% net import reliance for antimony in 2025, and China's suspension of its ban on antimony exports to the United States runs only until November 27, 2026.
• Rua Gold's Auld Creek project returned 6.6 m at 24.9 g/t AuEq (10.5 g/t Au and 6.7% Sb) in ACDDH127 and 2.2 m at 34.6 g/t AuEq (10.3 g/t Au and 11.3% Sb) in ACDDH123A.
• The Company is targeting a Fast-Track Approvals application in October 2026, an updated Mineral Resource Estimate in Q4 2026 and a Pre-Feasibility Study in December 2026.

The USGS Mineral Commodity Summaries 2026 breaks U.S. antimony use into three buckets: metal products, including flame retardants, at 49%; antimonial lead and ammunition at 40%; and nonmetal products, including ceramics, glass and rubber, at 11%. The same report notes that the bulk of secondary antimony is recovered at secondary lead smelters as antimonial lead, most of which was generated by, and then consumed by, the lead-acid battery industry.

That concentration of use, combined with heavy import reliance, makes the supply side the pressure point. China announced on November 9, 2025 that it would suspend its prohibition on exports of gallium, germanium, antimony and superhard materials to the United States until November 27, 2026, according to Fastmarkets. The prohibition dates to December 2024. The suspension did not address the separate prohibition on dual-use items going to U.S. military users. With the deadline less than eight weeks from the date of this article, buyers of antimony are looking at a date certain.

The defense companies named below have not disclosed antimony purchases in the releases cited here, and they are not antimony buyers as far as this commentary is concerned. They are tagged as demand-side context: they show how fast munitions and defense energy-storage capacity is being scaled, which is the demand environment in which an antimony supply question sits.

The practical question for defense planners is where non-Chinese antimony will come from. One project advancing on a stated permitting clock is Rua Gold's Auld Creek gold-antimony project in New Zealand.

Where Could Non-Chinese Antimony Come From?

Rua Gold Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI) (WKN: A40QYC) reported on October 5, 2026 that four drill rigs are continuing resource drilling at Auld Creek in Reefton, New Zealand, with the system open along strike and at depth, and with visible gold still observed in core. The antimony grades in the release are the part that stands out. ACDDH123A returned 2.2 m at 34.6 g/t AuEq (10.3 g/t Au and 11.3% Sb) from 228 m. ACDDH127 returned 6.6 m at 24.9 g/t AuEq (10.5 g/t Au and 6.7% Sb) from 359 m, including 0.3 m at 43.6 g/t Au and 33.3% Sb. ACDDH123B returned 5 m at 7.4 g/t AuEq (4.8 g/t Au and 1.2% Sb) from 236 m. Read the full release at ruagold.com.

Gold remains the other half of the equation. ACDDH130 returned 6.3 m at 14.4 g/t AuEq (13.7 g/t Au and 0.3% Sb) from 208 m, including 0.3 m at 69.2 g/t Au, and ACDDH121 returned 11.7 m at 5.0 g/t AuEq (4.1 g/t Au and 0.4% Sb) from 365.5 m. The Company calculates gold equivalent as Au g/t plus 2.15 times Sb %, using US$3,000 per ounce of gold, US$25,000 per tonne of antimony and 85% recovery.

What the drilling is trying to show. The Company reports that the Fraternal structure, a major synclinal sheared fold, is drill confirmed over more than 1,400 meters to the north and has been intercepted at over 500 meters depth. It describes repeating shoots at depth at approximately 40 meter intervals and an inferred-to-indicated conversion ratio above 70%. Geotechnical and metallurgical testing for the PFS is largely complete, the Company said, ahead of the Fast-Track application and the lodgment of the required NI 43-101 reports.

The permitting clock. Auld Creek was accepted as a listed project under New Zealand's Fast-Track Approvals regime on July 30, 2026, and the Company says it remains on track to submit its substantive application in October 2026 and to publish a PFS in December 2026. CEO Robert Eckford said in the release: “These latest results, together with continued observations of visible gold, reinforce the high-grade nature and growth potential of Auld Creek. The continuity of the high-grade shoots, together with repeating mineralization at depth, is increasing our confidence in the potential for further resource growth. With four rigs continuing to advance the resource, we are targeting an updated Mineral Resource Estimate in Q4 while remaining on track to submit our Fast-Track Approvals application in October.”

Land position. The Company says it is the dominant landholder in the Reefton Goldfield on New Zealand's South Island, with over 120,000 hectares of permits, in a district that it states historically produced over 2 Moz of gold grading from 9 to 50 g/t, citing its technical report effective February 27, 2026. It also holds the Glamorgan Project in the Hauraki District on the North Island. Those historical figures are regional context and are not resources or reserves of the Company. Samples were prepared at SGS Laboratories, Westport and assayed at ALS Brisbane, and the technical disclosure was reviewed and approved by Simon Henderson, CP, AusIMM, the Company's Chief Operating Officer and a director, who is not independent of the Company.

Risks to weigh. These are exploration results, and the Company has not defined a mineral reserve at Auld Creek. Intercepts are downhole core lengths that may not represent true widths, and the highlighted intercepts are selective. Gold equivalent grades rest on assumed prices and recoveries. Fast-Track acceptance is not a permit or consent, and the October application, Q4 resource update and December PFS are targets that may slip or change. Antimony and gold prices are volatile, and China's export policy can change before or after November 27. Read the full disclaimer below.

CONTINUED... Read this and more news for Rua Gold Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI) (WKN: A40QYC) at: https://www.energymetalnews.com

Other companies to keep an eye on:

RTX Corporation (NYSE: RTX) announced on September 28, 2026 that Raytheon had been awarded a multi-year contract valued at up to $20.7 billion for AMRAAM missiles, structured as a five-year contract with two option years and a minimum of 1,900 AMRAAM per year, according to its news release. RTX said it has “invested heavily in recent years to ramp production of AMRAAM and other critical munitions, nearly doubling production in 2025 compared to 2024.” Raytheon President Phil Jasper said: “AMRAAM remains the world's most trusted, combat-proven air dominance weapon.”

In its second quarter 2026 results, RTX reported sales of $24.7 billion, up 14% and 16% organically, adjusted EPS of $1.89 and free cash flow of $2.9 billion. Backlog stood at $289 billion, including $170 billion commercial and $119 billion defense, and the company raised its 2026 outlook to adjusted sales of $95.0 billion to $96.0 billion and adjusted EPS of $7.10 to $7.25. CEO Chris Calio said: “Demand remains robust, and our backlog is up 22 percent year over year.”

Lockheed Martin Corporation (NYSE: LMT) said on July 29, 2026 that the Department of War awarded it a seven-year undefinitized contract action modification valued at $53.86 billion for PAC-3 MSE interceptors, bringing the total multiyear contract value to $58.62 billion when combined with a $4.7 billion contract action from April, according to its news release. Lockheed said the funding enables it to “supercharge PAC-3 MSE production and triple capacity by the end of 2030,” and that the award supports an increase in jobs in Camden, Arkansas from 1,200 to approximately 1,850. An undefinitized action means final contract terms are still to be settled.

CEO Jim Taiclet said of the award: “Today's announcement turns concept into reality, providing industry with the long-term demand signals it needs to build a resilient supply chain, scale production, and deliver critical capabilities to our Warfighters at the speed of relevance.” In its second quarter 2026 results, Lockheed reported sales of $20.1 billion, up 11%, net earnings of $1.8 billion, or $7.94 per share, free cash flow of $2.9 billion, new orders of $65 billion and a record backlog of $230 billion.

General Dynamics Corporation (NYSE: GD) announced on August 31, 2026 that General Dynamics Ordnance and Tactical Systems signed a framework agreement to expand production capacity for components of the PAC-3 MSE and THAAD missile programs, according to the company announcement. GDOTS operates over 25 locations across the United States and Canada. GDOTS President Josh Thompson said: “This framework agreement reinforces GDOTS' role as a trusted manufacturing partner delivering the critical components that enable our nation's most advanced missile defense systems.”

In its second quarter 2026 results, General Dynamics reported revenue of $14.1 billion, operating earnings of $1.5 billion, diluted EPS of $4.24 and a backlog of $136.5 billion, with Combat Systems revenue of $2.290 billion. Chairman and CEO Phebe Novakovic said: “We are well positioned to support our customers' needs and are continuing to make significant investments to increase output to meet strong and growing demand.”

EnerSys (NYSE: ENS) said on July 23, 2026 that it is refining plans for a defense-focused lithium cell manufacturing facility, with an anticipated Department of Energy grant of approximately $150 million, approximately $500 million of net investment, approximately $200 million of South Carolina and Greenville County incentives and initial capacity of approximately 1 GWh, according to its news release. Construction is anticipated to begin in the first half of fiscal 2028, with full production about three years after construction begins. CEO Shawn O'Connell said the facility “will further strengthen a secure, resilient, domestically sourced supply chain aligned with evolving U.S. national security requirements.”

On August 12, 2026, EnerSys reported first quarter fiscal 2027 results, with net sales of $935.6 million, up 4.8%, GAAP diluted EPS of $3.09 and adjusted diluted EPS of $3.66, according to its results release filed with the SEC. The company guided to second quarter net sales of $955 million to $995 million. O'Connell said: “Momentum across data centers, communications, and aerospace & defense is generating strong sales growth and margin expansion.”

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Cautionary Note on Exploration Results. Rua Gold Inc. has not defined any mineral reserve at the Auld Creek Project. Drill intercepts are reported as downhole core lengths and may not represent true widths. The highlighted intercepts are selective and are not representative of the grade or continuity of the mineralization as a whole. Gold equivalent (AuEq) values are calculated by the company as Au g/t plus 2.15 times Sb %, using assumed prices of US$3,000 per ounce of gold and US$25,000 per tonne of antimony and 85% recovery; these are assumptions and not guarantees of realized prices or recoveries. Visible gold observed in core is not an indicator of grade. Acceptance of a project as a listed project under New Zealand's Fast-Track Approvals regime is not a permit or consent, and the timing of the substantive application, the updated Mineral Resource Estimate and the Pre-Feasibility Study are company targets that may change. There is no assurance that any application will be submitted or approved, or that any study will be completed or will be positive. Historical production figures for the Reefton and Hauraki districts are regional context only and are not resources or reserves of the company. The technical disclosure in the company's release was reviewed and approved by Simon Henderson, CP, AusIMM, a qualified person under National Instrument 43-101 and the company's Chief Operating Officer and a director, who is not independent of the company. Readers should refer to the company's disclosure record on SEDAR+ at www.sedarplus.ca and to the company's news release for full details.

References to RTX Corporation, Lockheed Martin Corporation, General Dynamics Corporation and EnerSys are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Rua Gold Inc., none of them is involved in the preparation of this article, none has disclosed antimony purchases from or any relationship with Rua Gold Inc., and their results are not indicative of Rua Gold Inc.'s prospects. No partnership, affiliation, customer relationship, or endorsement is implied.

Third-party market-size figures and forecasts cited in this article are projections by the named research firms and government agencies, are not guarantees, and do not represent revenue addressable by Rua Gold Inc. or any company named herein. Gold and antimony prices are volatile and may change materially.

Forward-Looking Statements. This article contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding drilling results, resource estimates, studies, permitting timelines, metal prices, supply and demand, and government policy. Such statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. We undertake no obligation to update any forward-looking statement except as required by law.

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