Bald Hill Drilling Delivers 19.5% Antimony, Yet Antimony Resources Shares Tumble on Market Glut

High-grade antimony (up to 44.2%) at Bald Hill, but stock at €0.42 – 60% below peak. Market weakness weighs; political support and permit progress build case.

It is a picture of contrasts at Antimony Resources Corp. While drill samples from its Bald Hill project in New Brunswick return antimony grades as high as 44.2% and an average of 19.5% across 38 rock chips, the stock trades at €0.42 — nearly 60% below its March peak of €1.05. The disconnect between exploration success and market sentiment has rarely been wider.

The latest assay results, released on June 8, came from the South Zone, a mineralised area roughly 900 metres south of Bald Hill’s main zone. Over a strike length exceeding 200 metres, the average antimony grade hit 19.5%, significantly expanding the known footprint of the deposit. Technical reports prepared under 43-101 guidelines estimate a resource ranging from about 70,000 to 93,000 tonnes at 3.0% antimony, or up to 124,000 tonnes at a 4.0% cutoff.

Those numbers would normally light a fire under a junior explorer’s stock. Not this time. The broader antimony market is in the doldrums. According to Shanghai Metals Market, prices kept sliding through the first half of June, with end-users holding back and suppliers offering steep discounts to clear inventory. For a development-stage company that needs a supportive pricing environment to justify its economics, that is a headwind no amount of high-grade rock can immediately dispel.

Political support for the project, however, continues to build. On June 4, New Brunswick’s Minister of Natural Resources, John Herron, toured the Bald Hill site with three senior officials, spending several hours inspecting the Marcus and Main drill zones and the core processing facility at Penobsquis. CEO Jim Atkinson, who previously served as chief geologist at the Lake George antimony mine — once North America’s only producing antimony operation — hosted the visit and later participated in an investor call on June 11 to outline recent developments.

The permit pathway is taking shape as well. Antimony Resources has retained GEMTEC Consulting Engineers and Scientists to map out a detailed regulatory roadmap covering all applicable laws, agencies and permitting requirements. The company plans to submit a formal permit application between the fourth quarter of 2026 and the first quarter of 2027. A provincial environmental assessment is expected; whether a federal review will also be required remains undecided.

On the geopolitical front, the strategic case for domestic antimony production remains strong. The United States classifies antimony as a critical mineral, using it in munitions, military hardware, night-vision equipment and long-duration energy storage. In May 2026, Perpetua Resources secured a roughly US$2.9 billion loan from the U.S. Export-Import Bank for its gold-antimony project in Idaho — a clear signal of Washington’s determination to secure non-Chinese supply chains. Atkinson was blunt in his investor remarks: China has halted antimony exports, effectively cutting off North America.

Despite that tailwind, Antimony Resources shares have fallen about 27% over the past 30 days and currently sit some 32% below their 50-day moving average of €0.62. On a 12-month basis the stock still shows a gain of roughly 490% from the June 2025 low of €0.06 — but the correction has been steep.

The next potential catalyst is the resource estimate from SRK, expected by the end of June. If the numbers confirm the high-grade continuity seen in recent drilling, the stock could find a floor. If they disappoint, the pressure will only intensify. For now, the market is watching antimony prices — and waiting.