Antimony Resources: Analyst Sees Nearly 5x Upside as Canada Pushes for Domestic Antimony Supply

A fresh analyst call from GBC AG has thrown a spotlight on Antimony Resources, with the house setting a price target of C$3.00 — equivalent to roughly €1.85 — against a current share price hovering around €0.37. That implies a potential gain of nearly 400%, driven by the company’s Bald Hill project in New Brunswick. The “Buy” rating, authored by Cosmin Filker and Matthias Greiffenberger, rests on the project’s updated exploration target: between 69,994 and 92,782 tonnes of antimony at a grade of 3.0%, and as much as 123,711 tonnes at 4.0% antimony.

The endorsement arrives as Canadian authorities ramp up efforts to secure non-Chinese sources of critical minerals. Ottawa recently pledged up to C$400 million to Teck Resources’ Trail facility to double its antimony and germanium output, while New Brunswick has signed an exploration deal with Avenir Minerals at the historic Lake George mine. Both moves underscore the strategic value of junior explorers like Antimony Resources, which holds a 18,000-metre drilling campaign underway at Bald Hill. The company aims to deliver a maiden NI 43-101 resource estimate by the third quarter of 2026.

Recent drill results from the summer campaign have added weight to the bullish thesis. In the South Zone, assays returned up to 44.2% antimony, while the Main Zone yielded highs of 36.0% and the Central Zone up to 20.5% antimony. The Main Zone also produced a 33.4% antimony intercept in July. Additionally, geologists encountered gold mineralisation, with the best assay measuring 1.88 grams per tonne over 4.9 metres. The company said 75% of the 16 diamond drill holes — totalling 3,160 metres — intersected high-grade mineralisation, an unusually high strike rate for an early-stage exploration project.

Despite the strong technical narrative, the share price has been under pressure. Antimony Resources trades roughly 15% below both its 50-day and 200-day moving averages, and sits about 65% off its 52-week high of €1.05 touched on 17 March 2026. Over the past seven days the stock shed 9.5%, and the 30-day performance shows a 3.9% decline. The 14-day relative strength index stands at 40.9, indicating selling pressure without reaching oversold territory. A 30-day annualised volatility reading of 102.8% underscores the speculative nature of the exploration sector.

Chartists are also eyeing a potential overhang from a former private placement. Roughly 21 million shares from that placement recently became freely tradeable, a block that historically can weigh on the share price. The company’s 52-week low of €0.07 provides a sobering reminder of the downside in a volatile junior. Yet on a 12-month view the stock has still climbed 336.5% from that trough, a gain that reflects the market’s long-running bet on Bald Hill’s antimony potential.

The upcoming resource estimate will be the decisive catalyst. Preliminary models size the deposit at between 92,000 and 123,000 tonnes of antimony. If the official NI 43-101 report lands at the upper end of that range, a sustainable reversal of the recent weakness looks probable. Gaps in mineralisation or disappointing average grades, however, could expose the current bounce as a bear-market rally. For now, the drill rigs keep turning, and each high-grade intercept buys the company another day of speculator attention.