Bald Hill Drilling Serves Up High-Grade Antimony, but the Market Has Other Ideas

The picture at Antimony Resources could hardly be more split. While its Bald Hill project in Canada continues to deliver some of the highest antimony grades seen this year, the company’s stock has shed nearly half its value since March, caught between a rally that ran too hard and a market now demanding proof of commercial value rather than just promise.

The most recent drilling results, released in mid-May, checked all the technical boxes. Borehole BH-26-10 returned 14.15 metres grading 1.37% antimony, including a 0.45-metre interval that assayed a spectacular 26.7%. Additional holes confirmed mineralization over several metres and extended the Main Zone to more than 350 metres depth. Earlier in the month, winter drilling had already turned up grades as high as 13.9% antimony over 0.25 metres.

Those numbers sit inside a much larger campaign. Antimony Resources has planned or completed 19,000 metres of core drilling at Bald Hill, with 13,000 metres earmarked for the Main Zone and another 6,000 metres for first-pass testing of the newly identified Marcus, Central and South zones — targets generated from soil sampling and prospecting. The entire land package now covers 37 square kilometres.

Yet the share price tells a different story. On May 28, the stock closed in Canada at C$0.76, still up 8.57% on the day, but that single session did little to mask a deeper retreat. The weekly loss stood at roughly 21%, and the monthly decline at about 40%. The record high of C$1.65, set on March 17, now feels distant — the shares have nearly halved since then as profit-taking and re-evaluation took hold.

Should investors sell immediately? Or is it worth buying Antimony Resources?

The divergence between exchanges adds to the uncertainty. On the US OTC market, the last recorded price was US$0.52, about 8.3% above its prior close, with volume exceeding 30,000 shares. The trading range there of US$0.50 to US$0.55 underscores how easily limited demand can move a thinly traded junior explorer.

Antimony Resources remains firmly in the pre-revenue stage, and the numbers in its half-year report to February 2026 reflect that reality. The company reported no revenue, operating expenses of C$10.19 million and a net loss of C$10.33 million. Cash stood at C$8.24 million at period-end, with total liabilities just under C$917,000. Exploration spending absorbed C$2.64 million, of which C$1.59 million went directly to drilling, with the rest covering mainly geological consulting at Bald Hill.

That cash position is enough to fund the 2026 exploration program, including the push toward an initial NI-43-101 compliant resource estimate slated for this year. The company has flagged that future capital needs for a project of this scale are typically met through private placements — a standard pattern for juniors, but one that the market is currently watching closely for signs of dilution.

All of this plays out against a geopolitical backdrop that swings back and forth. Antimony is classified as a critical raw material by both the United States and the European Union. Global prices have at times touched US$60,000 per tonne, and supply is heavily concentrated in a handful of countries, creating structural bottlenecks. Western projects like Bald Hill are seen as essential for diversifying supply chains. But in a near-term twist, China suspended its export bans on critical minerals to the US until the end of November 2026, temporarily taking some pressure off the supply narrative.

On the analyst side, coverage remains thin. GBC AG initiated coverage in early April with a Buy rating and a price target of C$3.00 — a level that implies significant upside from current levels, assuming the market re-engages with the story. No other published targets are known.

Antimony Resources at a turning point? This analysis reveals what investors need to know now.

Technically, the stock is bruised but not broken. It still trades more than 20% above its 200-day moving average. Weekly volatility, while down to 19% from 28% a year ago, remains higher than 75% of Canadian equities. The market capitalisation sits at roughly C$75.42 million, and momentum indicators are approaching oversold territory.

The next real test, then, is not market sentiment but Bald Hill itself. New drill assays, a more robust three-dimensional model, metallurgical studies, and eventually a resource number will determine whether the recent sell-off is a hard but healthy correction or the beginning of a longer de-rating of the early-stage premium. Until those results land, the gap between high-grade news and a halved share price is likely to stay wide.

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Antimony Resources Stock: New Analysis - 30 May

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