Bald Hill’s High-Grade Antimony Hits Come With a Price Tag as Antimony Resources Pushes Toward Permitting

Antimony Resources is racing against both the drill rod and the calendar. The junior explorer aims to submit a formal permit application for its Bald Hill project in New Brunswick between the fourth quarter of 2026 and the first quarter of 2027 — a deadline that requires steady drilling results, a clean environmental pathway, and a cash position that can sustain the pace.

That target has taken on added significance in light of Washington’s decision to pump $2.9 billion into domestic antimony supply via a loan to Perpetua Resources. The move underscores a structural gap in Western antimony production that smaller developers like Antimony Resources hope to exploit. China controls 48% of global output and accounts for 63% of U.S. imports, yet Beijing has licensed only 11 companies for antimony exports in 2026/27 — a choke point that has sent strategic buyers scouring for alternatives.

High-grade hits widen the target

The Bald Hill deposit stretches 700 metres along strike and 350 metres down dip, with average mineralisation widths of three to four metres grading three to four percent antimony. A preliminary estimate pegs the potential at roughly 2.7 million tonnes, though it remains a conceptual number rather than a confirmed resource.

Recent drilling has pushed the Main Zone deeper. Hole BH-26-10 intersected two broad mineralised intervals measuring 13.85 metres and 14.15 metres, with high-grade sections returning 26.7% and 6.4% antimony respectively. Other holes hit grades of 26.9% and 6.9% antimony in stibnite-bearing core, with reported widths up to 15 metres. The company cautions that these are down-hole lengths, not true widths, which it estimates at 65% to 70% of the reported numbers. The deepest intercept so far sits at 495 metres, and the average drill depth for the relevant holes exceeded 250 metres.

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Since April 2025 Antimony Resources has completed 77 holes totalling more than 25,000 metres. The next phase, scheduled to begin in the second week of May, calls for 13,000 metres of extension drilling on the Main Zone and 6,000 metres of first-pass drilling on three newly defined zones. Regional soil surveys are also underway across the expanded 37-square-kilometre land package, with three anomalous antimony areas identified on the Second-Run claims roughly three kilometres south of Bald Hill. One anomaly remains incompletely delineated.

Cash burns as exploration accelerates

Exploration at this tempo comes at a cost. For the six months ended February 2026, Antimony Resources reported no revenue, operating expenses of C$10.19 million and a net loss of C$10.33 million. Bald Hill alone absorbed C$2.64 million, of which C$1.59 million went directly into drilling, with the remainder covering geological consulting and project work.

The company ended the period with C$8.24 million in cash against total liabilities of just under C$917,000, bolstered by a financing completed late last year. By the end of May 2026, that cash figure stood at C$8.24 million (the same) against a market capitalisation of roughly C$75.4 million. The burn rate raises the obvious question of how far the kitty will stretch if drilling and permitting work continue at the current intensity.

Regulatory groundwork and offtake talks

On the permitting front, Antimony Resources has hired GEMTEC Consulting to build a regulatory roadmap for Bald Hill. The work includes technical and environmental studies and preparation for a preliminary environmental impact assessment. The project will likely require registration and review at the provincial level in New Brunswick, and a full federal assessment is also possible. Discussions with the relevant authorities are ongoing.

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At the same time, the company is pursuing early-stage metal marketing and potential offtake agreements. An SRK technical gap analysis is underway to identify the key economic drivers for the project.

The global antimony market is currently valued at $2.4 billion to $2.5 billion and is forecast to grow to between $4.1 billion and $4.4 billion by 2034/35, fuelled by defence and high-tech demand. Even if Perpetua’s Stibnite project eventually reaches production, the U.S. will need additional domestic sources to close the supply gap. Antimony Resources is betting that Bald Hill’s high-grade intercepts and a disciplined permitting timeline will put it in the right place at the right moment — provided the cash lasts long enough to get there.

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