Antimony Resources Drills Past Halfway Mark as Market Awaits First Resource Count

Antimony Resources stock surges as antimony prices hit $60K/tonne. Company nears first resource estimate at Bald Hill, with Western supply gap and US-EU critical minerals deal boosting strategic demand.

The price of antimony has surged from roughly $13,400 to nearly $60,000 per tonne in just a few years — a near quadrupling that reflects deep structural supply constraints rather than fleeting market noise. For Antimony Resources, which saw its stock hit an all-time high of C$1.65 before settling back to around C$1.20, the rally has turned a once-obscure metal into a hot commodity among investors hunting for Western supply sources.

The company has now drilled 6,500 metres of a planned 10,000-metre program at its Bald Hill project in New Brunswick, with the remaining holes expected to wrap up by Tuesday. That milestone will clear the way for the most consequential event in the company's history: its first official resource estimate.

SRK Consulting in Toronto is already crunching the data from more than 13,800 metres of drilling. The latest assay results have been strong — one deep hole returned 4.38% antimony over roughly seven metres. Management expects to release the final report by late April or early May. An internal draft targets a resource volume of around 2.7 million tonnes of ore, and any official figure above that threshold could provide significant momentum for the project.

The current drilling campaign builds on extensive work from 2025, when more than 25,000 metres confirmed high-grade mineralization across a strike length of 600 to 700 metres and depths reaching 400 metres. Highlights from that earlier program include 2.8% antimony over 8.1 metres in the Central Zone and 9.04% antimony over 2.6 metres in the South Zone. The newly identified Marcus (West) Zone has stibnite exposed over a 100-metre length.

Strategic Metal, Strategic Backdrop

Antimony's price trajectory — now around $52 per kilogram — is no accident. The metal is critical for ammunition and military technologies, and the United States consumes roughly 45,000 tonnes annually while producing none domestically. China supplies 85% of US imports, creating a vulnerability that geopolitical tensions have thrown into sharp relief.

China recently suspended its export ban to the US, but that exemption runs only through November. After that, the North American market faces a renewed structural supply deficit. Western mining projects remain mostly in early development stages, leaving a gap that Antimony Resources hopes to fill.

The strategic narrative gained further weight on April 26, when the EU and the US signed an agreement to secure critical mineral supply chains for defense and energy technologies. The pact explicitly targets reducing reliance on concentrated sources — a development that strengthens the case for Western antimony projects.

Permitting and Funding in Place

While the market waits for the resource estimate, Antimony Resources is pushing forward on the regulatory front. In early April, the company hired consulting firm GEMTEC to conduct an environmental assessment, with initial field studies beginning this spring.

The explorer's financial position is secure. A financing round late last year raised C$8.7 million, fully funding all 2026 plans. Management says there is no near-term dilution risk from capital raises.

Analyst Confidence Despite Pullback

The stock has cooled from its March record, closing Friday at C$1.25 — roughly 40 cents below the all-time high. But analysts remain bullish. GBC AG recently initiated coverage with a buy rating and a price target of C$3.00, implying more than 100% upside from current levels.

Once drilling finishes on Tuesday, final lab results will take another three to four weeks. If the resource estimate in May confirms the internal target or exceeds it, the project will have concrete numbers to support a re-rating. Whether the spring 2026 high proves to be a temporary peak or the start of a new valuation base depends on what those numbers show.