A product made of refractory material protected against oxidation by a coating formed at least on the surface of the material and comprising a refractory phase interpenetrated by a healing phase, characterized in that the refractory phase is formed mainly by the refractory silicide Ti.sub.(0.4-0.95) Mo.sub.(0.6-0.05) Si.sub.2, and the refractory phase has a branching microstructure forming an armature within which the healing phase is distributed, which healing phase is constituted by a eutectic formed mainly of unbound silicon, of the silicide Ti.sub.(0.4-0.95) Mo.sub.(0.6-0.05) Si.sub.2, and of at least the disilicide TiSi.sub.2.