Antimony Resources Holds Its Nerve While the Market Waits for a Number

The stock of Antimony Resources has lost more than 40% in a month, yet the drilling rigs at its Bald Hill project in New Brunswick are turning faster than ever. The disconnect is stark: high-grade intercepts of up to 26.9% antimony over 15 metres have been reported, but without a certified resource estimate the market is refusing to pay up.

SRK Consultants in Toronto is working on the first NI 43-101-compliant mineral resource estimate for the deposit. Originally slated for late April or early May, the report’s delivery date has slipped. Management now speaks only of the “current month” without a firm deadline. That ambiguity has weighed heavily on the stock, which tumbled 21% in the week to May 19 and another 9.2% in Frankfurt to €0.532 shortly afterward. In the US OTC market the shares last changed hands at $0.52, up 8.3% from the previous close, while on the TSX?V equivalent they traded at C$0.83 on May 22 before slipping to $0.511 on May 28.

The pending estimate is the single most important catalyst for a company that currently generates no revenue. In the half?year to February 2026, operating expenses came to C$10.19 million and the net loss was C$10.33 million. Cash on hand stood at C$8.24 million against total liabilities of C$0.917 million. Exploration spending during that period totalled C$2.64 million, of which C$1.59 million went directly into drilling. Management acknowledges that periodic capital raisings, typically through private placements, will be needed to sustain the programme.

That programme is now in its next phase. Optionsholder Globex Mining has approved a 19,000?metre campaign that will run until November 2026. Roughly 13,000 metres are earmarked for extensions of the Main Zone, while the remaining 6,000 metres will test three newly defined satellite targets: Marcus, BH Central and BH South. The previous definition phase, which ended on April 28, had already completed 25,000 metres across 77 holes and sent more than 1,500 core samples to laboratories.

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

The high?grade results from that phase have added heft to the project’s story. In stibnite?bearing core, assays returned 26.9% antimony and 6.9% antimony over drill?length intervals of up to 15 metres. The company estimates true widths at 65% to 70% of drilled lengths, depending on the angle of the hole, but that remains unconfirmed. The deeper intersections – the average drill?hole depth now exceeds 250 metres, with the deepest at 495 metres – hint at geological continuity, though a formal resource still needs to validate it.

On the regulatory front, Antimony Resources has taken concrete steps. On April 6 it hired GEMTEC Consulting Engineers and Scientists to develop a permitting roadmap for Bald Hill. Initial talks with the government of New Brunswick have already occurred, and environmental baseline studies are expected to begin this spring. A formal mine application is planned for the fourth quarter of 2026 or the first quarter of 2027. First discussions with potential offtake partners are also under way.

The geopolitical backdrop gives the project added urgency. China controls roughly 60% of global antimony supply and has suspended export bans on critical minerals to the US only until November 2026. Both the US and the European Union classify antimony as a critical mineral, and the price reflects the structural tightness. The spot price on May 22 stood at $51.80 per kilogram, down 5.85% year?to?date and 21.7% from the start of 2025, but still a staggering 171.77% higher than at the beginning of 2024.

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

Investors are therefore playing a waiting game on three fronts. The first is SRK’s resource estimate, which will give Bald Hill its first audited number. The second is confirmation of true widths from the latest high?grade intercepts. The third is the trajectory of Chinese export policy after November 2026. Until at least one of those unknowns resolves, the market is likely to remain unconvinced – no matter how much high?grade core the drills pull up.

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