Antimony Resources’ Bald Hill Wins Ministerial Support, Yet Shares Extend Their Retreat

New Brunswick minister visits Bald Hill antimony project as stock drops 55% from high; market awaits resource estimate amid global supply race.

Politics and markets are pulling Antimony Resources in opposite directions. On Thursday, the Canadian explorer played host to John Herron, New Brunswick’s Minister of Natural Resources, at its Bald Hill antimony project. The visit was a clear signal of provincial backing for a deposit classified as a critical mineral under the region’s recently unveiled minerals strategy. Meanwhile, the company’s stock dropped 3.68% to EUR 0.47, extending a slide that has left it 55% below its 52-week high of EUR 1.05.

Herron toured the site alongside Deputy Minister Neil Jacobson and Chief Geologist Kay Thorne. CEO James Atkinson guided the delegation through the Marcus Zone, the Main Zone, and the core processing facility at Penobsquis. The minister emphasized the project’s potential to create jobs and spur economic development in a province that is actively working to secure domestic supply chains for strategic materials like antimony, used in specialty alloys, batteries, and defence applications.

At the heart of the story is the Main Zone, a mineralized structure that stretches 600 metres along strike and extends 350 metres down-dip, where it remains open. The zone averages 4 to 5 metres in thickness with antimony grades of 3% to 4%. A conceptual target outlined in a technical report points to roughly 2.7 million tonnes at similar grades, though the company has yet to release a formal resource estimate. Exploration potential also exists on the nearby Second Run claim, where soil sampling was conducted about three kilometres south of the Main Zone.

Infrastructure gives Bald Hill an edge. Existing road access speeds up material and personnel movement, and the proximity to the Penobsquis processing plant allows efficient handling of drill results from both the Marcus and Main zones. Environmental controls, including contouring and drainage systems to manage surface runoff, are already in place to prepare for the next permitting stage.

For all that, the market remains sceptical. The stock’s 14-day relative strength index of 39.5 is neutral but nudging toward oversold territory, while annualised monthly volatility stands at a punishing 136%. Despite the recent pullback, the shares have still gained 44% year to date and are up more than 565% over the past twelve months — a reminder of how far they rallied from lower levels earlier in 2025.

Competition is also intensifying. In Morocco, Xtract Resources recently secured a ten-year mining licence for its Amghas antimony project, underscoring the global scramble for new supply sources. Antimony Resources must now deliver hard technical proof — a resource estimate supported by deep drilling data from the Marcus and Main zones — to turn political goodwill into investor conviction.

The company’s focus in the coming months will be integrating the latest deep-drilling results into its geological models. The provincial government’s Comprehensive Minerals Strategy, released in January 2026 and already classifying antimony as critical, provides a stable policy backdrop. But as the week’s price action shows, political tailwinds can only carry a stock so far until the drill core speaks for itself.