Antimony Resources: Resource Estimate and Geopolitical Clock Converge at Bald Hill

Antimony Resources' maiden NI 43-101 resource estimate at Bald Hill is due by end of May, with a 19,000m drilling campaign underway and a November 2026 geopolitical deadline looming over global antimony supply.

A confluence of catalysts is putting Antimony Resources on the radar as May draws to a close. The company’s first NI 43-101-compliant resource estimate for the Bald Hill project is due within days, a 19,000-metre drilling campaign is already turning, and a geopolitical deadline in November 2026 hangs over the global antimony supply chain. The combination positions the weeks ahead as arguably the most consequential stretch in the junior explorer’s history.

SRK Report Set to Transform Bald Hill’s Narrative

SRK Consultants is finalising the maiden mineral resource estimate for Bald Hill, with the report slated for release by the end of May. The calculation draws on 25,000 metres of drilling in the Main Zone, including a 12,500-metre definition programme completed on 28 April that targeted the roughly 50-metre drill spacing required for a formal estimate.

A previous technical report outlined a conceptual exploration target of approximately 2.7 million tonnes at an antimony grade of 3 to 4 percent. That figure, however, was directional rather than declared. Once the SRK report lands, the conversation around Bald Hill shifts from potential to proof.

Drilling Expands Beyond the Main Zone

Antimony Resources isn’t waiting for the resource estimate to push exploration further. The second- and third-quarter programme includes 13,000 metres of extension drilling at the Main Zone and 6,000 metres of maiden drilling across three newly defined zones. Regional soil surveys covering the 37-square-kilometre project area are also underway.

Trenching and initial drilling at the Marcus, BH Central and BH South zones have already turned up additional stibnite mineralisation. Highlights include:

• Marcus West Zone: Stibnite outcrops up to 11 metres thick
• BH Central Zone: Trenching returned 2.8 percent antimony over 8.1 metres
• BH South Zone: Samples graded 9.04 percent antimony over 2.6 metres and 12.32 percent over 1.7 metres

Three kilometres south of Bald Hill, soil prospecting on the Second Run claim block identified three anomalous zones with antimony concentrations five to 40 times above natural background levels, based on more than 550 samples.

The Main Zone itself has been outlined over a strike length of more than 600 metres and to a depth of 350 metres, with average widths of 4 to 5 metres and grades of roughly 3 to 4 percent antimony.

Commercial Preparations Underway

Beyond the drill bit, management is laying the groundwork for future production. Antimony Resources plans to open discussions with metal trading houses regarding offtake agreements. A formal permit application is expected in late 2026 or early 2027.

The company is fully funded for the current programme. In December 2025 it raised roughly C$9.5 million, with more than C$7 million still in the bank.

Competitor Almonty Industries, by contrast, focuses on tungsten and reported quarterly revenue of C$25.4 million. Antimony Resources remains a pure-play antimony explorer, betting its entire story on Bald Hill.

Geopolitical Sword of Damocles

The macro backdrop reinforces the project’s strategic rationale. China suspended Article 2 of Notice No. 46 of 2024 from 9 November 2025 until 27 November 2026. That means Beijing has, for now, refrained from imposing export restrictions on dual-use goods including gallium, germanium, antimony and super-hard materials destined for the United States.

But the suspension did not overturn earlier decisions. The three metals remain on the export control list, and overseas sales still require a licence from Beijing.

November 2026 is the hinge. If the suspension expires, three scenarios emerge: an extension, replacement by a broader trade agreement, or a lapse that snaps tight controls back into place immediately.

Both the US and the European Union classify antimony as a critical mineral. Defence and electronics demand confront scarce global reserves and fragile supply chains.

Antimony Price Elevated but Off the Peak

As of 22 May 2026, antimony traded at US$51.80 per kilogram. That is 5.85 percent below the start of the year, 21.70 percent below early 2025, but a staggering 171.77 percent above the level at the beginning of 2024.

From the June 2025 peak – when the price hit 6.65 times the 2020 annual average – antimony has fallen 36 percent. Still, the market outlook for 2026 remains structurally tight. Chinese export restrictions, defence-driven demand and limited non-Chinese refining capacity point to prices well above the pre-crisis range of US$15,000 to US$18,000 per tonne. Some analysts have previously projected a rise to as high as US$30,000 per tonne, though current pricing has already surpassed that mark.

Stock Under Pressure Ahead of Catalyst

Antimony Resources shares last traded at €0.532 on Tradegate. On 19 May the stock slid 9.22 percent, followed by a further 0.75 percent decline by 22 May.

GBC AG initiated coverage in April with a “Buy” rating and a 12-month price target of C$3.00, citing New Brunswick’s mining-friendly regulatory environment.

The coming days will be decisive. The SRK report, due before the end of May, represents the single most important near-term catalyst for the stock – and likely the most significant data point in the company’s history.