Bald Hill’s Resource Estimate Marks Next Chapter for Antimony Resources Amid Tightening Supply

Antimony Resources has crossed a threshold on the path from explorer to developer. The company engaged SRK Consultants to produce a first NI 43-101 compliant resource estimate for its Bald Hill property in New Brunswick, converting years of exploration data into a formal mineral inventory. That report is expected early in 2027 and will be the basis for the next decision: whether to apply for a mining permit.

The move comes as global antimony markets undergo a structural shift. China, which accounts for roughly half of world antimony production, imposed an export ban on the metal to the United States at the end of 2024. The price has since surged to around $60,000 per tonne, more than quadruple the level seen in 2020. Governments are taking notice — Australia, for example, is building a A$1.2 billion strategic reserve for critical minerals that includes antimony alongside rare earths and gallium.

For Antimony Resources, the timing aligns with its own operational push. Bald Hill’s current exploration target sits at 2.71 million tonnes grading 3 to 4 percent antimony, which would imply between 81,000 and 108,000 tonnes of contained metal. That is not yet a resource, but the geological footprint is growing. Drilling has extended the mineralised zone over 600 metres in length, with multiple high-grade intercepts.

The most eye-catching result came from hole BH-25-08, which returned 14.91 percent antimony over 3.00 metres. A separate hole, BH-26-10, delivered a lower but broader intersection: 1.37 percent over 14.15 metres. Both signatures — narrow high-grade and wider lower-grade — are being incorporated into the geological model as the company expands a 19,000-metre drilling campaign.

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That program is fully funded. The company reported cash of C$8.24 million at the end of February, raised through a recent equity placement. Management says that sum covers the current drilling, the SRK resource estimate, and related overheads. It marks a sharp improvement from the previous year’s thinner balance sheet.

Even so, the stock has not been immune to profit-taking. Shares traded on European exchanges dropped roughly 10 percent on Tuesday, closing at €0.53, after a multi-week rally that had pushed the price higher. Market observers described the pullback as a normal consolidation. On the Canadian listing, the stock stood at C$0.87 on May 20.

Analysts at GBC AG remain bullish. They rate the shares a Buy with a price target of C$3.00, a figure they consider valid through the end of 2026. That target implies significant upside from current levels, though the firm acknowledges it hinges on Bald Hill advancing to the next stage.

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That next stage is beginning to take shape. Beyond the resource estimate, the company plans to use the drilling data to apply for a formal mining permit. The application is slated for late 2026 or early 2027. If granted, it would mark the transition from exploration to production — exactly the kind of supply source North American industries are scrambling to secure as antimony becomes a focal point in defence, battery technology, and flame retardants.

Infrastructure in the region adds to the project’s appeal. A deep-sea port is nearby, and road access is already in place. For now, however, the market is pricing not tonnes of metal but the probability that Bald Hill will become a meaningful producer before the antimony squeeze tightens further. The drilling rigs are turning, and the data sheets are piling up. A formal verdict from SRK will come early next year.

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