Original-Research: Antimony Resources Corp. (von GBC AG): BUY
Veröffentlicht am: 14.08.2026 um 11:00 Uhr | dpa.de
Original-Research: Antimony Resources Corp. - from GBC AG
14.08.2026 / 11:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to Antimony Resources Corp.
Company Name: Antimony Resources Corp.
ISIN: CA0369271014
Reason for the research: Research Comment
Recommendation: BUY
Target price: 2.66 CAD
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Cosmin Filker; Matthias Greiffenberger
9-month figures in line with expectations; Bald Hill project progressing
according to plan; 'BUY' rating confirmed
Antimony Resources Corp. (ATMY) recently announced its operating figures for
the first nine months of the 2025/2026 financial year (ending 31 August
2026). As the company is currently still in the exploration phase of its
main project, the Bald Hill Project, and is therefore not yet generating any
revenue, the focus is on liquidity and the resulting capital reach.
The company's capital reach is linked in particular to the development of
the Bald Hill Project. A purchase option exists for the full acquisition of
the project, which is located in the Canadian province of New Brunswick.
This agreement, entered into in January 2025, provides for a cash purchase
price of CAD 2.0 million, the issue of 1.1 million shares, and exploration
expenditure of approximately CAD 5 million. These must be carried out within
a period of up to four years following the conclusion of the agreement. As
at the reporting date of 31 May 2026, a total of CAD 257,500 of the purchase
price had been paid and 500,000 shares had been issued. Exploration costs up
to the reporting date of the nine-month figures for the 2025/2026 financial
year totalled CAD 6.25 million. The majority of the exploration costs,
amounting to CAD 5.42 million, relate to the current 2025/2026 financial
year. In the third quarter alone, development of the main project was
significantly advanced through exploration work totalling CAD 2.78 million.
Looking at the first nine months of the 2025/2026 financial year, free cash
flow (the cash outflow for exploration is included in cash flow from
investing activities) was negative at CAD -9.53 million, as expected.
Operating expenses and exploration expenditure were financed by a series of
capital measures, which together generated a cash inflow of CAD 12.64
million. Of particular note is the capital increase carried out at the end
of November 2025, in which the issue of 21.02 million shares generated net
proceeds of CAD 8.7 million. In the third quarter of 2025/2026, a further
CAD 0.66 million was raised through shares issued upon the exercise of
options and warrants. As at 31 May 2026, ATMY held cash and cash equivalents
totalling CAD 4.86 million. The company continues to consider its liquidity
position sufficient to finance the additional resource estimation
programmes, the application for a construction permit and the technical gap
analysis.
In January 2025, ATMY signed an option agreement to acquire 100% of the Bald
Hill project. This project is emerging as one of the most promising antimony
exploration projects in North America. It is located in the Canadian
province of New Brunswick, a mining-friendly jurisdiction with good
infrastructure and a stable regulatory framework. Since the conclusion of
the option agreement, an extensive exploration and drilling program has been
launched, which has significantly confirmed and expanded the historical
antimony mineralization.
The focus of current development is the published, NI 43-101-compliant
technical report. While this does not yet represent a formal mineral
resource, it defines a so-called "exploration target." Based on a 3D block
model and the drilling results to date, a potential antimony deposit of
69,994 to 92,782 metric tons of antimony at a grade of 3.0% Sb or 93,325 to
123,711 metric tons at 4.0% Sb has been estimated.
Between April and July 2025, a total of 16 diamond drill holes were
completed, with a total length of approximately 3,160 meters. The results
are considered extremely positive, as high-grade antimony mineralization was
intersected in approximately 75% of all drill holes. Overall, the campaign
confirms a continuous, antimony-bearing zone with a strike length of about
700 meters and a depth of at least 400 meters. The structure remains open
both at depth and along strike, signaling significant additional exploration
potential.
Further upside potential also arises from newly discovered target areas
outside the existing main zone. With 'Bald Hill South', the 'Marcus Zone'
and the new 'Central Zone', further stibnite zones containing antimony have
been identified which have so far been scarcely explored. Surface work
suggests that these structures could significantly expand the project's
overall potential. Overall, Bald Hill is thus increasingly positioning
itself as a strategically important antimony project in a market that has
become significantly more important due to geopolitical tensions and Chinese
export restrictions.
Since our last Research Comment, Antimony Resources has continued the
positive news flow regarding the Bald Hill project with further high-grade
drilling results. Once again, the focus is on the results from the Main
Zone. These confirm the continuity of the known antimony mineralisation and
thus strengthen the data basis for the planned resource definition.
The project valuation derived from a peer-group comparison (see Initial
Coverage Study dated 30 March 2026) remains valid. However, compared with
our previous valuation, the value of the outstanding warrants and options,
calculated using the Black-Scholes model, has improved to CAD -12.00 million
(previously: CAD -26.08 million). This increases the total enterprise value
we have calculated to CAD 324.45 million (previously: CAD 310.37 million).
Due to the significant increase in the number of shares to 121.84 million
(previously: 103.32 million), the fair value per share has fallen to CAD
2.66 (EUR 1.65 at a rate of CAD 1.00 = EUR 0.62; as at 14 August 2026, 06:38
am UTC). We are maintaining our "BUY" rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=53b207d8733d4b8e6607fea126747d92
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,5b,6a,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung.htm
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Completion: 18/08/2026 (08:41 am)
First disclosure: 14/08/2026 (11:00 am)
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