Felix Gold shares closed yesterday trading for 37 cents. In early morning trade on Friday, shares are swapping hands for 36 cents apiece, down 2.7%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.5% at this same time.

Even with today's intraday loss factored in, the Felix Gold share price is up a whopping 166.6% since this time last year, smashing the 3.6% 12-month gains delivered by the All Ords.

Here's what the miner just reported.

ASX gold stock slips despite promising drill results

The Felix Gold share price is slipping after the miner announced the final gold and antimony assay results from its 2025 exploratory drilling campaign at its NW Array prospect.

The prospect is located within the ASX gold stock's Treasure Creek Project, located in the US state of Alaska.

The latest results from the diamond and reverse circulation (RC) drilling confirmed multiple zones of near-surface gold mineralisation. According to the release, that includes higher-grade gold mineralisation within zones of several orientations, as well as broad, lower-grade mineralisation.

The drilling also intercepted new antimony veining zones.

While I'll assume you're familiar with gold, that may not be the case for antimony. The silvery metalloid is often used in batteries and to strengthen other metals, including lead. And, crucially for miners like Felix Gold, the United States currently has no secure domestic antimony supply.

Among the top gold results from one drill hole, the ASX gold stock reported 9.1 metres at 1.92 grams of gold per ton from 3.38 metres and 29.26 metres at 2.16 g/t Au from 13.41 metres.

Top antimony results included 2.53 metres at 4.34% antimony, including 0.50 metres at 20.85% Sb.

What did Felix Gold management say?

Commenting on the assay results that have yet to lift the ASX gold stock today, Felix Gold executive director Joseph Webb said, "These final 2025 gold assays close out a drilling year that has delivered consistently on both sides of the NW Array story."

As for the critical antimony element, he noted:

Felix Gold is building America's 'Antimony Solution', and the gold sitting alongside that antimony in the same structures and drill holes is a meaningful component of the asset's strategic value.

Webb added:

The 2025 program has now defined gold mineralisation across the central and southern parts of the prospect, and these results add a substantial near-surface intersection in 25TCDC064 – 29.26 metres at 2.16 g/t gold from 13.4 metres, with a 21-metre central zone grading 2.83 g/t.

By any district benchmark that is a meaningful width and grade combination, and it sits inside a system where antimony mineralisation has already delivered some of the highest grades reported globally.

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The fast-rising miner in question is Felix Gold Ltd (ASX: FXG).

Felix Gold shares closed on Friday trading for 23 cents. In earlier trade on Monday, shares leapt to 28 cents each, up 21.7%. After some likely profit-taking, shares are changing hands for 26 cents apiece at the time of writing, up 13% in Monday's sinking market.

The ASX gold stock is not outperforming because of any positive reversal in the downward-trending gold price. The yellow metal is currently fetching US$4,416 per ounce. That sees the gold price down 1.7% overnight and down 17% so far in March.

Indeed, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down a sharp 6.9% today.

Here's why Felix Gold shares are heading the other way.

ASX gold stock leaps on US permit approval

The Felix Gold share price is surging today after the company announced a key regulatory approval.

The ASX gold stock said it has received approval from the Alaska Department of Natural Resources (DNR) for a bulk sampling trench and related handling of approximately 1,450 tonnes of antimony ore at its Treasure Creek Antimony Project.

Antimony, if you're not familiar, is often used in batteries and to strengthen other metals, including lead. The United States currently has no secure domestic antimony supply.

The miner said the DNR permit supports plans for near-term production (subject to further technical, regulatory, and commercial evaluation) by providing meaningful feedstock for advancing toll treatment options and defining US smelter development solutions.

The permit is valid through to the end of calendar year 2029.

Felix Gold said it has commenced mobilising equipment and crew. It expects operations to start in the coming weeks.

What did management say?

Commenting on the Alaskan permit approval sending the ASX gold stock surging today, Felix Gold executive director Joseph Webb said, "This is not a typical development story. We have one of the highest-grade antimony systems publicly reported in the Western world."

He noted that the antimony system is at surface, clean, and now permitted for extraction.

Webb added:

That combination is extremely rare – and it fundamentally changes the timeline. Most projects spend years studying production scenarios. With this bulk sample permit, we are now in a position to commence extracting meaningful quantities of ore and demonstrate a pathway to production…

In approving our bulk sample permit, the Alaska Department of Natural Resources acknowledged the strategic importance of domestic antimony supply, noting the absence of a primary US antimony mine since 2001, the country's reliance on imports – predominantly from China – and renewed federal efforts to secure non-Chinese sources for the US defence industrial base.

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Shares in this ASX mining stock have rocketed by more than 300% since early January, reaching $0.365 apiece at the time of writing.

For context, the All Ordinaries Index (ASX: XAO) is up by 5.25% across the same period.

However, today has seen a setback with Felix shares sliding by 12% in Monday's trading.

In essence, the drop follows news of an $18 million capital raise.

The strongly supported placement to institutional investors was executed at $0.36 per share, marking a 12.1% discount to the five-day VWAP price in the lead-up to last Wednesday.

And today's sinking share price appears to be adjusting to that discount.

That said, the cash injection could be a blessing for the ASX mining stock as it looks to move its Treasure Creek antimony and gold project in Alaska closer to mining.

Let's find out why.

Strategic project

Antimony is classified as a critical mineral in the US.

Amongst others, the metalloid has military applications, including its use in night vision goggles, explosive formulations, flares, and infrared sensors.

In addition, the global supply of antimony is highly concentrated, with about 95% coming from China, Russia, and Tajikistan. And China recently imposed a ban on exports to the US.

This geopolitical setting could present a strategic opening for Felix as it looks to become the first antimony producer in the US in more than three decades.

Throughout the year, the ASX mining stock has been reporting rich antimony intercepts from exploration drilling at Treasure Creek, along with shallow and high-grade gold hits.

And proceeds from the placement will now fund further exploration, economic evaluations, and broader operational activities designed to move Treasure Creek closer to mining.

Management viewpoint

Management appears confident in Treasure Creek's ability to help fill the US antimony supply gap.

In particular, it pointed to the project's strong potential for delivering military-grade stibnite – a mineral form of antimony.

Felix Gold Executive Director, Joseph Webb, commented:

Recent technical work has confirmed exceptionally high-purity, near-surface stibnite capable of meeting military-grade concentrate specifications – a capability not achieved outside China in decades – at a time when China's export restrictions have further elevated the need for a US-aligned supply source.

Webb added that Felix is now fully funded to complete updated resource and economic studies, and to advance key engineering and permitting activities throughout 2026.

The ASX 200 mining stock is also preparing a bulk sampling program that could facilitate near-term production and early cash flow, whilst generating data to support longer-term development plans.

Separately, results from more than 100 recent drill holes at Treasure Creek are expected in the coming weeks.

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Shares in this mineral explorer have ballooned by nearly 500% in just one year, climbing to $0.41 per share at the time of writing.

Not surprisingly, this surge has outperformed the broader market handsomely, with the All Ordinaries Index (ASX: XAO) rising by 1.64% during the same period.

This rally has been fuelled by progress at the group's Treasure Creek antimony and gold project in Alaska.

In essence, this ASX mining stock has been reporting a swathe of rich antimony intercepts from exploration drilling.

These outcomes could pave the way for Felix to become the first antimony producer in the US in more than three decades.

Strategic mineral

Antimony is traditionally used in flame-retardant materials and several other products, like lead storage batteries, munitions, and ceramics.

However, it is also utilised in various modern-day technologies such as solar panels.

Supply of antimony is heavily concentrated, with about 95% of global output coming from China, Russia, and Tajikistan.

And late last year, China implemented a total ban on antimony exports to the US.

This geopolitical setting could create a strategic opportunity for Felix.

More specifically, the antimony from Treasure Creek could potentially become a supply source for the US market.

However, the project also holds a sizeable 831,000-ounce gold resource.

And an extensive drilling campaign just delivered further significant gold hits.

What happened?

Felix recently completed more than 120 drill holes at Treasure Creek, with results from 10 holes announced this morning revealing shallow and high-grade gold intercepts.

One hole returned a 13.75 metre interval grading 7.69 grams per tonne gold, including a richer 4.89m zone grading 20.42 g/t gold.

Another hole served up a broad 47.25m intercept at 1.08 g/t gold.

Management noted that the gold mineralisation is strongly linked to structures that also host high-grade antimony, with the gold shaping a broader halo around the antimony.

Felix Gold Executive Director, Joe Webb, commented:

The geology is particularly encouraging. We're seeing high-grade gold within the same structures that host our antimony mineralisation, with gold forming broader halos around these zones. The 13.75m @ 7.69 g/t intersection in hole 001, including 4.89m @ 20.42 g/t, demonstrates the grade potential within these weathered breccia structures.

What next for this ASX mining stock?

Treasure Creek sits within the Fairbanks mining district of Alaska.

This prolific geological region is renowned for producing over 16 million ounces of gold historically.

And Felix is the largest landholder in this infrastructure-rich district.

The ASX mining stock now plans to incorporate the gold and antimony results from 2025 into an expanded resource database.

Samples from the recently concluded drilling program have been submitted to the lab for multi-element analysis, including antimony.

Gold results from 113 drill holes also remain pending.

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