The antimony market has been anything but ordinary since Beijing imposed export restrictions on the critical mineral, sending prices hurtling toward $60,000 per tonne and exposing a glaring Western supply gap. But while the geopolitical narrative has dominated headlines, a small Canadian explorer is quietly adding a second string to its bow. Antimony Resources has released assay results from its Bald Hill project in New Brunswick that reveal meaningful gold grades alongside the antimony mineralisation — a development that could reshape the investment case.
Gold Discovery Adds a Dual-Metal Dimension
On 3 July 2026, the company reported results from more than 45 drill holes in the Bald Hill Main Zone, with an average grade of 1.14 grams of gold per tonne over 2.56 metres. One intercept stood out: 1.88 grams per tonne over 4.95 metres. A machine-learning analysis of roughly 190 drill intervals confirmed a clear correlation between gold and antimony. In the adjacent Central Zone, surface grab samples returned gold values north of 4 grams per tonne, hinting at the potential for higher-grade zones. Antimony mineralisation already extends over 1,000 metres at surface; gold has now been traced across 600 metres within the main zone.
The company is earning its interest in Bald Hill through an option agreement with Globex Mining Enterprises. A drill programme is ongoing, targeting extensions to the northwest and southeast of the main zone. More than 2,000 metres have already been drilled in the Central Zone, with initial assay results expected within three to four weeks. Beyond Bald Hill, the portfolio also includes the Dobie Lake copper property in Ontario. Regional exploration — airborne geophysics, soil sampling and trenching — is planned to map the full extent of the mineralising system.
Stock Market Rollercoaster Reflects the Story
Shares closed Friday at €0.43, up 4.88% on the day and 21.47% for the week. Yet over the past 30 days, the stock has lost 8.90%, highlighting the violent swings that have become the norm. The 52-week range tells a dramatic tale: a low of €0.07 last July and a high of €1.05 in March, leaving a 416.83% gain on a twelve-month view. From that March peak, the stock is down 59.20%.
Should investors sell immediately? Or is it worth buying Antimony Resources?
Technical indicators paint a picture of tension. The 200-day moving average sits at €0.46, about 7% above the current price, while the 50-day average of €0.49 is nearly 12% higher. The relative strength index stands at a neutral 50.1. None of this comes as a surprise given the annualised volatility of 102.04% over the past month — a figure that underscores the extreme risk embedded in this name.
The Geopolitical Engine Still Drives the Story
The underlying catalyst remains intact. The United States has not mined antimony domestically since the early 1990s, yet the metal is essential for modern military ammunition. China, which dominates global supply, first imposed licensing requirements and then a full export ban to the U.S. That triggered an explosive price surge to nearly $60,000 per tonne. Washington has responded with nearly $400 million in defence-related investment in the metal — an unprecedented sum for a single critical mineral.
Western refining capacity is slowly expanding, but without new mines, those plants will sit idle. Antimony Resources is trying to fill that gap through its exploration in New Brunswick, though the company has no operating revenue and recently had to address regulatory queries about past disclosure in British Columbia. Trust, as the company acknowledged, is the currency of the explorer.
What Comes Next
For now, the stock remains a high-volatility wager on a structural trend that is real but painfully slow-moving. The next few weeks will bring Central Zone drill results that could either validate or undermine the gold thesis. Meanwhile, Beijing’s next export decision will probably influence the share price more than any geological update. If the €0.40 support level holds, a technical stabilisation may be achievable. Investors, however, would be wise to size positions for the 100%-plus volatility that comes with this territory. The intersection of geopolitics and geology rarely produces a smooth ride.
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