Antimony Resources: Record Sample Grades and a Permitting Roadmap Can’t Halt the Selloff – Now All Eyes on June’s Resource Estimate

Junior miner Antimony Resources sees shares tumble 60% from highs as market awaits first NI 43-101 resource estimate by end of June, despite high-grade antimony discoveries and permitting progress.

The disconnect between operational momentum and market sentiment at Antimony Resources has rarely been starker. While the junior miner’s Bald Hill project in New Brunswick continues to deliver headline-grabbing drill results and steady permitting progress, its stock has shed nearly 60% since hitting a 52-week high of €1.05 in March. Shares closed the week at €0.42, leaving early investors who bought a year ago still sitting on a roughly 500% gain, but the recent slide – more than 23% in the past 30 days – underscores a market waiting for a deliverable that goes beyond exploration spectacle.

That deliverable is expected before the end of June. Antimony Resources plans to publish its first formal mineral resource estimate under NI 43-101 standards. Technical reports have pointed to a resource of between 70,000 and 93,000 tonnes grading 3.0% antimony, or as much as 124,000 tonnes at a higher cut-off grade of 4.0%. The official numbers will either confirm or revise those projections, making the release a binary event for the stock. Metallurgical test work has added an extra layer of promise: up to 92% of antimony can be recovered directly from existing waste dumps, a factor that could materially improve the project’s economic profile.

The exploration data underpinning the estimate are themselves striking. A trenching program in the South Zone returned 38 samples averaging 19.5% antimony, with peak grades reaching 44.2%, over a strike length exceeding 200 metres. Drilling has been running at pace since April 2025, with 77 holes totalling more than 25,000 metres completed. The current phase targets expansion of the Main Zone and testing of three newly discovered mineralised zones across the project area, which now spans 37 square kilometres.

Parallel to the drilling campaign, Antimony Resources is laying the groundwork for eventual mine development. The company has engaged GEMTEC Consulting Engineers and Scientists, a Fredericton-based firm specialising in environmental and permitting work, to produce a full regulatory roadmap with a timeline and agency pathway. A preliminary environmental assessment is underway, and GEMTEC has already held discussions with provincial and federal officials, the Technical Review Committee, and the Department of Indigenous Affairs. The firm’s remit is to identify regulatory hurdles early and shorten the overall permitting window. Antimony Resources targets submission of a formal permit application in Q4 2026 or Q1 2027. Offtake agreements with metal marketing firms are also being explored.

The permitting push received a boost earlier this month when New Brunswick’s natural resources minister, John Herron, visited Bald Hill along with three senior officials. They spent several hours inspecting the Marcus and Main drill zones and the core processing facility at Penobsquis. Ministerial site visits of this kind are uncommon and signal that the provincial government is taking the project seriously – particularly important as Western governments actively seek domestic sources of critical minerals.

Antimony’s strategic relevance has been underscored by China’s export restrictions, which prompted the United States to classify the metal as critical. Beijing suspended its antimony export curbs toward the US until November 2026, a move that has pulled global prices back from their peaks and narrowed the gap between Chinese and international markets as Southeast Asian supply grows. Still, structural supply deficits persist. Global antimony refining capacity outside China is limited, and rising defence budgets are boosting demand. CEO Jim Atkinson has flagged the opportunity for Canada to play a larger role in North American antimony supply, positioning Bald Hill among the more advanced critical-mineral projects in eastern Canada.

From a technical standpoint, the stock appears oversold. The relative strength index sits at 38.2, well into oversold territory, and the share price is trading well below its 50-day moving average of €0.62. The 30-day decline stands at approximately 27%. Yet with a resource estimate imminent and a permitting timeline now taking shape, the coming weeks will test whether the market is ready to re-rate the stock based on the physical progress being made on the ground.