Antimony Resources Faces a Test of Conviction as Drilling Hits High Grades and Market Pressures Build

Despite drilling 44.2% antimony at Bald Hill, stock slides 60% as antimony prices drop. Upcoming NI 43-101 resource estimate may be catalyst.

Exploration companies are used to seeing their share prices move in tandem with drill results, but Antimony Resources Corp. is currently experiencing a disconnect. The Bald Hill antimony project in New Brunswick has delivered assays as high as 44.2% antimony from a newly identified zone, yet the stock has slipped nearly 60% from its March high, closing Friday at €0.42. The culprit? A weakening antimony market that has buyers standing on the sidelines and suppliers slashing prices to move inventory.

The company released the latest assay data on June 8 from a winter trenching program in the so-called South Zone. A total of 38 rock samples taken over a strike length exceeding 200 metres returned an average grade of 19.5% antimony. The South Zone lies about 900 metres south of the main Bald Hill mineralised body and runs parallel to it, opening up a completely new exploration target. Drilling has since been mobilised to test the full extent of this mineralisation.

Behind the headlines, the primary focus remains the maiden resource estimate due at the end of this month. Since April 2023, Antimony Resources has drilled more than 25,000 metres, with the latest programme alone comprising 43 holes. SRK Consultants is currently compiling and modelling the data. A prior technical report outlining the project’s potential indicated a resource range of roughly 70,000 to 93,000 tonnes at a grade of 3.0% antimony, or up to 124,000 tonnes at 4.0% — numbers that would place Bald Hill among the larger undeveloped antimony deposits outside China.

Permitting is also advancing. The environmental consultants GEMTEC are developing a detailed roadmap, and management expects to submit a formal construction application by late 2026 or early 2027. The political tailwind is considerable: China has blocked key antimony exports since late 2024, and Western governments are scrambling for non-Chinese sources of the strategic metal, which is used in flame retardants, battery alloys and military applications. That support was underscored on June 4 when New Brunswick’s minister of natural resources, John Herron, visited the project site. CEO Jim Atkinson used the occasion to present the ongoing exploration and outline the next phase.

Yet the macro picture has turned less favourable. According to Shanghai Metals Market, antimony prices continued to slide through the first half of June as end-users held back and sellers offered deep discounts to clear stock. That trend has weighed on Antimony Resources’ stock, which lost roughly 27% over the past 30 days. At €0.42, the shares are now trading well below the 50-day moving average of €0.62 and hovering near the 200-day line.

The longer-term perspective remains striking. Measured from last summer’s low of €0.06, the stock has still gained about 490% over the past year. The question now is whether the upcoming resource estimate — the first official, NI 43-101-compliant number for Bald Hill — can provide the catalyst to reverse the recent slide. With antimony market fundamentals soft in the near term, the next few weeks will test how much faith investors have in the project’s long-term value proposition.