Antimony Resources: Drill Core and Trade Friction Align at Bald Hill

The industrial world’s scramble for antimony, a metal that has quadrupled in price over the past year, is colliding with a drill program in New Brunswick that keeps extending known mineralisation. For Antimony Resources, the combination of a 15.9-metre intercept in the Main Zone and a tightening Chinese stranglehold on exports is creating a rare moment of convergence between geology and geopolitics.

The strongest of the latest four assay results came from hole BH-26-27, which cut a continuous 15.9-metre zone of stibnite-rich mineralisation. Two neighbouring holes, BH-26-20 and BH-26-25, delivered intercepts averaging about 4.5 metres in thickness, all hosted within the West side of the Main Zone at Bald Hill. Most of the hits lie between 100 and 150 metres depth, though mineralisation has been traced down to 260 metres, underscoring the project’s vertical extent.

A separate AI-driven analysis of 190 drill-core sections from the same project has thrown gold into the picture. The review returned an average grade of 1.14 grams of gold per tonne over 2.56 metres, with a peak intercept of 1.88 g/t over 4.85 metres. Crucially, the gold occurs within the same host zones as the antimony, raising the possibility of combined extraction that could materially improve project economics.

That dual-metal potential caught the attention of GBC AG, which recently initiated coverage with a buy rating and a CAD 3.00 price target — several times the current euro-denominated share price of around €0.41. The stock has been a wild ride: over the past twelve months it has surged 335.76%, and since the start of the year it is up 28.68%. Yet the daily price action remains choppy — Tuesday saw a 2.69% gain to €0.42, while the most recent session delivered a slight 0.49% dip to €0.41. Over the past seven trading days the cumulative gain stands at 14.44%, and over the trailing week it has climbed 10.9%.

Volatility is baked into the story. The 30-day annualised figure exceeds 103%, a hallmark of early-stage explorers. The relative strength index sits near the neutral mark — around 46–48 — indicating neither overbought nor oversold conditions. Over the past 30 days the stock is actually down 4.33%, a reminder that even a hot commodity play can cool off in the short term.

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

The company, led by CEO James Atkinson, is pushing an 18,000-metre drilling campaign. In the Central Zone, more than 2,000 metres have already been completed, targeting mineralisation below surface trenches that have been mapped but not yet tested at depth. Assay results from that zone are expected in roughly two weeks, and management believes they could expand the known footprint of the deposit significantly. Activation Labs is handling sample analysis to ensure a reliable resource estimate down the line.

From the 52-week high of €1.05 printed in March, the stock currently trades 61.38% below that peak. Conversely, it sits 452.24% above its 52-week trough of €0.07. The discrepancy reflects both the exploratory uncertainty and the market’s gradual pricing of a metal that now costs more than $60,000 a tonne, up from roughly $15,000 not long ago.

Western industrial users are feeling the pinch. China dominates global antimony production and has tightened export licensing for military and solar applications, pressuring companies such as Hensoldt and BASF that rely on the metal for infrared sensors, radar systems and flame retardants. Projects like Bald Hill, which have delivered antimony grades as high as 33.4% in recent drilling, are increasingly drawing attention from an industry desperate for non-Chinese supply.

The incoming assay batch from the Central Zone will be the next catalyst. If it confirms continuity below the surface trenches, the case for a formal resource estimate — and the gap to GBC’s CAD 3.00 target — will narrow substantially. For now, the stock remains a high-beta bet on both the drill bit and the broader commodity squeeze.