Antimony Resources Shares Slide as Bald Hill's Political Progress Fails to Offset Waiting Game

Antimony Resources shares drop 4% to €0.45, erasing over half value since March. Market awaits maiden NI 43-101 resource estimate due by end of June at Bald Hill.

Antimony Resources shares slipped more than 4% on Friday to €0.45, extending a slide that has erased over half the stock's value since March. The junior miner's March high of €1.05 now looks distant, with the market growing impatient for the one milestone that could reframe the story: a maiden NI 43-101 resource estimate at its Bald Hill antimony project in New Brunswick, Canada.

CEO Jim Atkinson has set a clear deadline. The first formal estimate, prepared by SRK Consultants of Toronto, is due before the end of June. Until then, the stock trades on promise rather than proof.

Ministerial Visit Highlights Permitting Pathway

On 4 June, a delegation from New Brunswick's provincial ministry toured the Bald Hill site, visiting the Marcus and Main drilling zones and the core processing facility in Penobsquis. The company demonstrated access roads and erosion-control measures – ditches and terrain profiling designed to protect local waterways. No new assay results were announced, but the event underscored that regulatory engagement is moving forward.

That engagement matters because New Brunswick published its comprehensive mineral strategy on 2 March, with Minister John Herron explicitly linking antimony to economic development, job creation and investment incentives. Canada lists antimony on its critical minerals roster, a designation that helps explain why government officials are taking a hands-on interest.

The company has already hired GEMTEC Consulting Engineers and Scientists to produce a formal permitting roadmap. Initial discussions are underway with provincial authorities, the municipal council and the Department of Indigenous Affairs. A formal permit application is expected in late 2026 or early 2027, though it remains unclear whether a federal environmental assessment will be required. In parallel, Antimony Resources has begun preliminary offtake talks with metal traders, recognising that securing buyers ahead of production can be a critical advantage for a strategic mineral.

Drilling Data Builds the Foundation

The definition drilling programme that underpins the resource estimate was completed on 28 April, totalling 25,000 metres across 77 holes since April 2025. The main zone alone accounts for 13,000 metres in 43 holes. Samples are being processed at Activation Laboratories in Ontario, with results expected three to four weeks after the programme's end.

In a news release on 13 May, the company reported stibnite core intervals containing up to 26.9% antimony, with additional intervals grading 6.9% within mineralised widths of up to 15 metres. The conceptual exploration target stands at roughly 2.7 million tonnes at grades of 3% to 4% antimony, with average thicknesses of 4 to 5 metres. Mineralisation extends over 700 metres of strike and 350 metres depth. The company has stressed, however, that the work completed so far is insufficient to define a formal mineral resource – the upcoming estimate from SRK will be the first to meet that standard.

While the market waits, drilling continues. In mid-May, Antimony Resources launched a fully funded 11,000-metre programme targeting satellite zones. Priority areas include the Marcus West zone, where stibnite outcrops reach 11 metres in thickness, the BH Central zone (2.8% antimony over 8.1 metres) and the BH South zone (9.04% over 2.6 metres and 12.32% over 1.7 metres). Soil sampling on the Second Run claim block, about three kilometres south of Bald Hill, has identified three anomalies with antimony concentrations five to forty times background levels.

Geopolitical Tailwind for Antimony

The broader antimony market is providing a supportive backdrop. Perpetua Resources is advancing the Stibnite Gold project in Idaho, which the US Department of Defense has identified as the only domestic mine capable of supplying sufficient antimony for defence needs by 2029. A federal court dismissed a preliminary injunction sought by project opponents in late May, clearing the way for construction to continue.

China, which produces 48% of global antimony and supplies 63% of US imports, has suspended its export ban on antimony to the United States until November 2026 but continues to require export licences. Only 11 companies are currently authorised to ship the metal abroad. The US has not produced antimony since 2001.

The antimony reference price now stands at $51.80 per kilogram, a gain of roughly 172% since the start of 2024. The global antimony market, currently estimated at $2.4 billion to $2.5 billion, is forecast to grow to $4.1 billion to $4.4 billion by 2034 or 2035.

Market Waits for the Numbers

The stock has gained 583% over the past twelve months, but the pullback from March's peak reflects the market's desire for substance over speculation. Until SRK Consultants delivers the resource estimate, the company's valuation is built on potential rather than measurable reserves. With the end-of-June deadline approaching, Antimony Resources is approaching a make-or-break moment that could either validate the rally or deepen the correction.