US Government’s $2.9 Billion Antimony Pledge Sets the Stage for Bald Hill’s Resource Countdown

Antimony Resources awaits a critical NI 43-01 resource estimate for its Bald Hill project in New Brunswick as US moves to reduce reliance on Chinese antimony, with drilling and permitting advancing.

Washington’s decision to hand $2.9 billion in credit to Perpetua Resources for its Stibnite project has sent a clear signal: the United States is no longer willing to rely on Chinese antimony for its defence and tech supply chains. The ripple effect is already washing over smaller developers, and Antimony Resources, with its Bald Hill project in New Brunswick, suddenly finds itself in a much brighter spotlight.

The company is waiting on what could be its most important catalyst this year — a maiden NI 43-101 resource estimate from SRK Consultants for Bald Hill. Originally due at the end of May, the report has yet to land, leaving the stock in a state of suspended animation. But the stakes are high: the estimate will either confirm or refute a conceptual target of roughly 2.7 million tonnes grading between 3% and 4% antimony, spread across 700 metres of strike and 350 metres of depth.

SRK is drawing on data from more than 13,800 metres of cumulative drilling, including 25,000 metres from the latest definition programme that wrapped up on April 28. Final assay results from that campaign were expected three to four weeks later, meaning they could emerge any day. The delay from the original April/May target has stoked some anxiety, but the company isn’t sitting still.

Drilling has already resumed on a more ambitious scale. Since mid-May, Antimony Resources has been running a programme that includes 13,000 metres of extension drilling on the main zone and a further 6,000 metres on three newly discovered mineralised zones. Regional soil sampling covers the expanded 37?square?kilometre land package. The shift in emphasis is clear: from definition to expansion, and from proving what is already known to testing new ground.

On the regulatory front, the company hired GEMTEC Consulting Engineers and Scientists on April 6 to map out a permitting pathway. CEO Jim Atkinson has begun early engagement with provincial authorities, local governments and First Nations groups to smooth the process. A formal permit application is pencilled in for late 2026 or early 2027, though it remains unclear whether a federal environmental assessment will be required. Discussions on that point are ongoing.

Equally important are the early-stage talks with metal traders about potential offtake agreements. For a project built around a critical mineral, securing buyers before production even begins can be a significant advantage. The company is also working with SRK on a technical gap analysis that will identify the main economic drivers for the project.

The macro backdrop could hardly be more supportive. China has suspended its antimony export ban to the United States until November 27, 2026, but still requires export licences, and has authorised only 11 companies to ship the metal abroad for the current 2026/27 period. China accounts for 48% of global mine production and 63% of US imports, and the US has not produced any domestic antimony since 2001. That reliance has become a strategic vulnerability.

The reference price for antimony now sits at $51.80 per kilogram, a gain of roughly 172% since the start of 2024. The global antimony market, currently valued at between $2.4 billion and $2.5 billion, is forecast to grow to $4.1–$4.4 billion by 2034/35, driven by demand from defence, electronics and high-tech sectors. Even if Perpetua’s Stibnite project eventually comes online, industry observers note that multiple new sources will be needed to close the structural gap.

At the close of trading on May 28, 2026, Antimony Resources carried a market capitalisation of C$75.4 million, with C$8.24 million in cash. The next revaluation of the stock hinges squarely on the SRK resource report. If the numbers match or beat the conceptual target, Bald Hill will leap into the front rank of non-Chinese antimony projects. If they fall short, the ongoing extension drilling will become the focus of attention.

Either way, the company has the runway — both financial and operational — to play out the next chapter. With Washington’s $2.9 billion bet laying down a marker, the market is watching closely for the number that will decide Bald Hill’s real worth.