High-Grade Antimony and Pentagon Contacts Can’t Halt Antimony Resources’ Slide

Antimony Resources finds itself straddling two starkly different narratives. On one side lies the Bald Hill project in New Brunswick, where trenching has returned antimony grades as high as 44.2 percent — figures that would make any explorer envious. On the other sits a stock that has shed nearly 30 percent in a month, trading at €0.32 and sitting 70 percent below its 52-week high of €1.05 reached on March 17, 2026.

The company’s latest move to close that gap leans on military connections rather than geological data. John M. Melkon, a former U.S. Special Forces officer and assistant professor at West Point since 2012, joined Antimony Resources’ advisory board on July 14, 2026. He also leads a Critical Minerals Consortium. CEO Jim Atkinson made clear what the firm expects: direct access to Pentagon procurement channels and a pathway to government loans or grants, particularly from the U.S. Department of Defense and the Export-Import Bank of the United States.

Melkon’s appointment fits a broader scramble for domestic antimony supply. China halted antimony exports in December 2024, sending prices higher and exposing western dependence on the metal — essential for flame retardants, fighter jets, batteries, and night-vision equipment. US Antimony operates the country’s only meaningful antimony smelter, emphasizing that processing capacity matters as much as resource ownership. Perpetua Resources is advancing the Stibnite project in Idaho, Larvotto Resources is reviving Australia’s Hillgrove mine, and Nova Minerals has secured $43.4 million under the Defense Production Act Title III program for a pilot antimony plant in Alaska. Within that competitive landscape, connections in Washington have become a currency of their own.

Should investors sell immediately? Or is it worth buying Antimony Resources?

Bald Hill provides the geological foundation for that push. The project’s trenching results — with antimony grades up to 44.2 percent — have drawn attention in the debate over North American antimony supply. Melkon’s role is to translate those rock samples into political capital and, eventually, offtake agreements.

The stock market, however, has not followed the script. The shares have fallen 16.23 percent over the past week and 29.82 percent over the past month. Year-to-date, Antimony Resources is down 1.96 percent, though the 12-month return still stands at 194.93 percent — a reminder of the volatility that has defined the name. The 50-day moving average sits at €0.44, 27.44 percent above the current price; the 200-day average at €0.47, 32.15 percent higher. The 100-day moving average is €0.59. The relative strength index of 37.1 is approaching oversold territory, while annualized 30-day volatility of 108.79 percent keeps the risk profile elevated.

For now, the market’s skepticism is at odds with the strategic narrative. A single supply contract with the U.S. military could transform Antimony Resources’ valuation, but turning Bald Hill’s high-grade rock into a binding Pentagon deal requires more than geology — it requires the very channels Melkon was hired to open. Whether that opening comes before the technical picture deteriorates further is the question that hangs over the stock.