Antimony Resources Approaches Pivotal Moment with SRK Resource Estimate and Expanded Drilling Campaign

Bald Hill project nears first NI-43-101 resource estimate by May end; drilling expands beyond Main Zone with high-grade hits as China's antimony export controls sustain elevated prices.

Antimony Resources has entered what executives and shareholders alike will likely remember as the defining phase of the Bald Hill story. Two parallel workstreams are converging: SRK Consultants is putting the finishing touches on the project’s first NI-43-101-compliant mineral resource estimate, due by the end of May, while a 19,000-metre drilling campaign is already turning — pushing well beyond the boundaries of the original deposit.

The Toronto-based advisory firm’s report is the single most important near-term catalyst for the stock. If it lands before the end of May, it will be the most significant data point in the company’s history. The resource calculation draws on a total of 25,000 metres of drilling at the Bald Hill Main Zone, including 12,500 metres from a definition campaign completed on April 28 that was specifically designed to achieve the roughly 50-metre spacing required for a formal resource estimate.

China’s Grip on Antimony Tightens

The urgency behind Bald Hill is rooted in a global supply chain under severe strain. Beijing imposed export restrictions on antimony in two tranches — September and December 2024 — and while it has suspended the outright ban on exports to the US until November 27, 2026, the three metals remain on the dual-use control list. That means exporters still need licenses from Beijing, keeping the tap under tight control.

China dominates global antimony production, and the clampdown has sent prices soaring. On May 22, antimony traded at $51.80 per kilogram, down 5.85% since the start of the year but still up a staggering 171.77% from the beginning of 2024. The metal has pulled back 36% from its June 2025 peak, but analysts see structural support: Chinese export restrictions, defence-driven demand and limited non-Chinese refining capacity all point to prices staying well above pre-2024 levels.

Both the United States and the European Union classify antimony as a critical mineral. Its applications range from munitions and high-performance batteries to semiconductors and flame retardants. With global reserves tight and supply chains fragile, western alternatives remain structurally in demand.

High-Grade Hits and New Targets

While the market waits on SRK, the drills are already testing the upside. The mid-May launch of the Q2-Q3 programme includes 13,000 metres of expansion drilling at the Main Zone and 6,000 metres of first-pass drilling at three newly defined zones — Marcus, BH-Central and BH-South. Regional soil geochemistry is also underway across the 37-square-kilometre land package.

Early results are encouraging. Assays returned 26.9% and 6.9% antimony in stibnite-bearing core over true widths of up to 15 metres. The deepest intersection so far sits at 495 metres down-hole, underscoring the potential for a substantial, steeply plunging mineralised system. A conceptual technical report from 2025 had targeted roughly 2.7 million tonnes at grades between 3% and 4% antimony — though that estimate remains preliminary and subject to confirmation by the pending SRK work.

Fully Funded for the Next Stage

Antimony Resources secured approximately C$9.5 million in funding in December 2025, with over C$7 million still in the bank — enough to cover the current drilling campaign and related activities. The company also plans to initiate discussions with metal marketing firms regarding potential offtake agreements for future production. Formal permit applications for Bald Hill are targeted for late 2026 or early 2027.

GBC AG initiated coverage in April with a “Buy” rating and a 12-month price target of C$3.00, citing the mining-friendly regulatory environment in New Brunswick. The stock, meanwhile, has been volatile. It last changed hands at €0.532 on Tradegate, having fallen 9.22% on May 19 and slipped a further 0.75% by the close on May 22.

What’s Ahead

Three factors will dominate trading in the coming days: the SRK resource estimate, fresh drill results from the 19,000-metre campaign, and the dynamics of the antimony market itself. If the SRK number hits or exceeds the conceptual target, Bald Hill will instantly rank among the most advanced non-Chinese antimony projects globally. If not, the market will focus on the expansion drilling and the still-tight supply outlook.

Either way, Antimony Resources is no longer a story about potential. It is one about delivery.