Antimony Resources: Bald Hill’s Drilling Runs Deep, but a Share Overhang Keeps the Lid On

Antimony Resources stock drops 9% on lockup expiry, but Bald Hill drill campaign targets deeper veins and reveals gold grades up to 1.88 g/t, with results expected late July.

China’s chokehold on antimony exports has turned the critical mineral into a geopolitical prize, and Antimony Resources is positioning itself as a key Western alternative. The company’s Bald Hill project in New Brunswick is the centrepiece of that bet, with an 18,000-metre drill campaign now probing deeper into the Central Zone. Yet the stock’s trajectory tells a different story: at €0.40, it has shed more than 9% over the past four weeks and sits well below its 50-day moving average, a full 62% off the 52-week high of €1.05 set in the spring.

The disconnect is almost entirely mechanical. A private placement lockup expired at the end of June, unleashing 21 million freely tradable shares onto the market. That technical overhang has absorbed every attempt at a recovery, even as the underlying exploration news improves. With the float swollen, even strong drill results have failed to break the downward drift.

Drilling at Bald Hill has now pushed beyond 2,000 metres in the Central Zone, targeting the extension of known antimony veins beneath surface exposures. Rock samples from that deeper work are already in the lab, and management expects results within roughly two weeks — a timeline that points to late July as the next potential inflection point. The current programme is also testing the main zone’s lateral extent, with the goal of expanding the known mineralised footprint before the company delivers its first NI 43-101 resource estimate in the third quarter of 2026. Market chatter has pinned a preliminary update for 23 July, though that date remains unofficial.

Adding a fresh layer to the project’s economics, an artificial-intelligence analysis of 45 legacy drill holes in the main zone has flagged a meaningful gold presence. The data show an average grade of 1.14 grams per tonne, with peak values reaching 1.88 g/t. The gold often occurs adjacent to the antimony mineralisation, suggesting a complex but potentially lucrative dual-metal system that Antimony Resources plans to investigate further over the course of the year.

An independent third party has also lent weight to the project’s quality. Globex Mining, a partner on Bald Hill, issued a statement confirming the high antimony grades returned from the property, providing external validation of the company’s own exploration results. Meanwhile, the claim area has been expanded to more than 3,700 hectares, giving the project room to grow.

The macro backdrop could hardly be more supportive. China dominates global antimony supply, and Beijing has sharply restricted export licences for the metal — used in military hardware and solar panels — with curbs expected to remain in place at least until November 2026. That has helped prop the antimony price around $51.80 per kilogram, attracting speculative inflows into the sector. Yet Fastmarkets data already hint at a modest future supply surplus, a note of caution for the medium term.

For now, investors are left juggling two competing forces: a deep pipeline of fundamental catalysts — the upcoming lab assays, the gold discovery, the pending resource estimate — and the immediate overhang of new shares. The stock’s year-to-date gain still stands at a stunning 328%, and its 103% volatility is typical for a junior explorer in the middle of an active campaign. The next few weeks will show whether the drill core can overpower the placement hangover.