Antimony Resources Bolsters Bald Hill Push with Hefty Cash Position and Analyst Endorsement

Antimony Resources begins 19,000m drilling at Bald Hill, backed by C$8.24M cash. Analyst initiates Buy with C$3.00 target. Permitting expected late 2026.

Antimony Resources has embarked on its most ambitious drilling campaign yet at the Bald Hill project in New Brunswick, backed by a freshly strengthened balance sheet that gives the explorer room to run. The company kicked off a 19,000-metre programme in early May, split between expanding known mineralisation and probing new satellite targets, as antimony prices remain well above historical averages and geopolitical tailwinds keep the metal in the spotlight.

The drilling plan is two-pronged. A total of 13,000 metres will be directed at the Main Zone, where step-out holes aim to extend the deposit along strike – currently defined over more than 600 metres – and to depths of up to 350 metres. The zone averages four to five metres in width with antimony grades of roughly three to four percent. The remaining 6,000 metres will test three newly identified satellite zones named Marcus, BH Central and BH South. Since drilling began in April 2025, the company has completed 77 holes totalling over 25,000 metres, and more than 1,500 core samples have been sent to the lab, with initial assay results expected from May onwards.

Adding intrigue to the exploration story, a recent soil sampling programme on the newly acquired Second Run claims, located about three kilometres south of Bald Hill, has flagged three areas of anomalous antimony values. One anomaly remains open, and follow-up sampling is planned. The total land package now covers 37 square kilometres.

The financial firepower behind this push comes from a capital raise completed in November 2025, which brought in gross proceeds of 9.46 million CAD. As of 28 February 2026, the company held 8.24 million CAD in cash – a sharp improvement from the 1.75 million CAD recorded at the end of August last year. The financing involved the issuance of 21.02 million shares at 0.45 CAD each, lifting the total outstanding shares to 103.32 million. While the dilution is evident, it has secured the runway for the current drilling phase and the next development steps.

That improved position has not gone unnoticed by the analyst community. On 11 May, GBC AG initiated coverage with a Buy rating and a price target of 3.00 CAD per share, set for 31 December 2026. Analysts Cosmin Filker and Matthias Greiffenberger pointed to the company's strengthened liquidity and the scaling up of its exploration programme as key drivers of their assessment. For a pre-revenue explorer, the ability to fund drilling through to permitting is often the difference between a promising project and a stalled one.

Permitting itself is already on the horizon. The company expects to file a formal application for mine and infrastructure approval towards the end of 2026 or early 2027. In parallel, management plans to open discussions with metal marketing firms about potential offtake agreements for future production, laying the groundwork for a commercial pathway.

The macro environment is lending additional weight to the Bald Hill thesis. Antimony hit an all-time high of 59,750 US dollars per tonne on 4 July 2025 and currently trades around 51,800 dollars – still more than 170 percent above levels seen at the start of 2024. The metal is indispensable for ammunition, batteries, semiconductors and flame retardants, and both the US and the EU have designated it a critical mineral. China’s temporary suspension of export restrictions on critical minerals runs until 27 November 2026, after which renewed supply constraints could tighten the market further. That timeline gives the company an additional incentive to advance Bald Hill efficiently.

The next batch of drill results, due in the coming weeks, will show whether the additional capital and extended drilling programme can convert geological potential into a definable resource – and whether the GBC target represents a realistic horizon or just an optimistic scenario. For now, Antimony Resources has the cash, the catalyst and the calendar pressure all lined up.