Antimony Resources Steers Toward a Defining Moment at Bald Hill as High-Grade Hits Mount and the Stock Whipsaws

Despite record antimony grades of 26.9% at Bald Hill, stock lost 40% as market awaits certified resource estimate; new 19,000m drill program approved.

The disconnect between Antimony Resources’ drill results and its share price has rarely been wider. New assays from the Bald Hill project in New Brunswick returned antimony grades as high as 26.9% over 15 metres, among the best intercepts ever recorded on the property. Yet the stock has lost more than 40% over the past month, with a 21% weekly decline through May 19 and a further 9.2% drop on its last Frankfurt session to €0.532. The market is waiting for a single number that could reset the narrative: a certified NI 43-101 resource estimate.

Resource Report Becomes the Pivot Point

SRK Consultants from Toronto is preparing that maiden estimate, originally due in late April or early May. The company now expects it “during the current month,” and the delay has amplified the suspense. A conceptual target from an earlier technical study flagged around 2.7 million tonnes grading 3% to 4% antimony, but that figure is not a compliant mineral resource. Until SRK delivers a verified figure, the project lacks the financial anchor that investors demand.

The definition drilling campaign ended on April 28, wrapping up 25,000 metres along the Bald Hill Main Zone. That data package is now being turned into a 3D model, and field work has shifted to computer modelling.

High-Grade Hits at Depth and Along Strike

The results that have fed the model are compelling. A May 13 news release reported antimony grades of 26.9% and 6.9% from stibnite-rich core, with intercept widths up to 15 metres. The deepest intersection to date sits at 495 metres, confirming the Main Zone’s downward extension.

Just one day earlier, Antimony Resources had posted results of 8.1% and 13.9% antimony over sections of up to 6.2 metres, also targeting extensions of the same zone. Typical grades in the Main Zone range between 3% and 4% antimony across widths of four to five metres. The zone stretches more than 600 metres along strike and reaches about 400 metres vertically, with the 3D model showing open margins in all directions.

An Aggressive Campaign Beneath the Surface

Rather than wait for the resource report, management has already launched a new drill program. Globex Mining, the optionor, approved a 19,000-metre campaign running into November 2026. Some 13,000 metres are earmarked for Main Zone expansion, and the remaining 6,000 metres will test three newly defined satellite targets: Marcus, BH Central and BH South.

The push beyond the core deposit is partly driven by a promising soil anomaly discovered three kilometres south on a claim block acquired last year. Samples there returned antimony values above 450 ppm, with no significant accompanying gold or copper — a sign, the company says, of a pure antimony source. The project area has now grown to 37 square kilometres, and regional geochemical surveys are underway.

Geopolitical Clock Is Ticking

Behind the accelerated pace lies a clear strategic imperative. On November 27, 2026, the temporary suspension of Chinese export controls on strategic metals expires. Both the US and the EU already classify antimony as a critical mineral, and Antimony Resources is racing to position itself as a North American alternative should supplies tighten. The company has engaged GEMTEC Consulting Engineers and Scientists to develop a regulatory road map and expects to submit a formal mining permit application in the fourth quarter of 2026. Early discussions with potential offtake partners have also begun.

A Battered Stock That Still Shines Long Term

Despite the recent sell-off, the shares have delivered extraordinary long-term gains. Over the past year, they are up nearly 900%. The record high of C$1.65 came on March 17, and on Friday the stock jumped 20% to C$0.98 before giving back ground on the weekly close. The monthly loss of roughly 40% reflects the market’s impatience for the resource estimate rather than a loss of faith in the underlying geology.

GBC AG in April issued a buy rating with a C$3.00 price target, citing New Brunswick’s mining-friendly jurisdiction. The wide gap between that target and the current level underscores how much hinges on the SRK report.

Antimony Price: Still Elevated but Cooling

Commodity prices have added another layer of uncertainty. Spot antimony stood at $51.80 per kilogram on May 18, down 5.85% year to date and off 36% from its June 2025 peak. Since the start of 2024, however, prices remain 171.77% higher, driven by solar-panel demand, supply disruptions and Chinese export restrictions. The market is no longer red-hot but remains historically expensive.

The resource estimate is expected by the end of May. Once SRK delivers a certified tonnage and grade, Bald Hill will have its first hard number — and investors will finally know whether the current stock price is a discount or a warning. Until then, Antimony Resources sits between exceptional drill results and an unanswered valuation question.