Antimony Resources Faces a Credibility Test as High-Grade Drilling Clashes with a Tumbling Share Price

Strong drill intercepts at Bald Hill fail to lift Antimony Resources stock, which fell 21% in a week. All eyes on upcoming NI 43-101 resource estimate due by end of May.

Strong geology and weak market sentiment have parted ways at Antimony Resources. The junior explorer just delivered some of its best-ever drill intercepts at the Bald Hill antimony project in New Brunswick, yet the stock has shed roughly a fifth of its value in a single week. The disconnect puts additional weight on the upcoming independent resource estimate, due by the end of May, to bridge the gap between promise and proof.

The latest assay results, released on 13 May, included a 15-metre intersection grading as high as 26.9% antimony within stibnite-bearing core. Other intervals ran 6.9% antimony. What caught the attention of technical observers was the depth: the deepest hit came at 495 metres, and broad mineralised zones now sit below 350 metres, extending the Main Zone’s known footprint deeper than ever before.

“The Main Zone at Bald Hill now extends over a strike length of 600 metres and remains open in all directions,” the company noted in its release. One specific drill hole returned a 14-metre interval averaging 1.37% antimony, underscoring the system’s continuity.

Antimony Resources has now launched a 19,000-metre expansion drilling programme, deploying three rigs in parallel. The campaign targets not only the Main Zone but also three satellite zones identified near the main structure: Marcus, BH Central and BH South. The company ended February with roughly C$8.0 million in cash and describes the current programme as fully funded.

Despite the strong technical news, the stock has sold off hard. On the Canadian Securities Exchange, the last trade was at C$0.98, down about 21% in the past five days. The month-to-date decline stands at roughly 40%. That pullback comes after an extraordinary run; the shares hit a record high of C$1.65 in March and still show a year-to-date gain of about 880%.

Markets can be unforgiving after such a move. Good drill results alone no longer suffice; investors now want to know the size of the prize. That demand will be met, or disappointed, by the first NI 43-101 compliant resource estimate now being prepared by SRK Consultants of Toronto.

SRK’s report is expected in the course of May. A previous technical study had outlined a conceptual target of approximately 2.7 million tonnes grading between 3% and 4% antimony. That figure remains a target model, not a defined resource. The SRK estimate will either convert the concept into a certified resource or fall short, and either outcome will have a direct bearing on the stock.

Alongside the resource work, Antimony Resources has engaged GEMTEC Consulting Engineers and Scientists to draw up a regulatory roadmap for Bald Hill. Preliminary discussions with the provincial government of New Brunswick have already taken place. The company is aiming to file the permit application for the project around the end of 2026 or early 2027, a timeline that would also allow it to begin preliminary offtake conversations.

The broader antimony market adds another layer of urgency. China has suspended export restrictions on critical minerals to the United States until 27 November 2026. Should that deadline expire without an extension, the risk of supply-chain tightening will resurface. Antimony prices have remained elevated at roughly C$51.80 per kilogram, having climbed 171% since the start of 2024, though they have edged lower so far this year.

For Antimony Resources, the next few weeks will determine whether the market’s recent pessimism was a buying opportunity or a rational reassessment. All eyes are on SRK’s verdict. If the resource comes in close to the conceptual target, the Bald Hill story will gain real substance. If it comes in well below, the stock’s recent slide may have further to run.