Antimony Resources is entering a defining month that will test both the political momentum behind its Bald Hill project and the market’s appetite for waiting. Two major milestones are converging: the first NI 43-101 compliant resource estimate, due by the end of June, and a formal permitting roadmap that is taking shape under the guidance of consulting engineers GEMTEC. The stock, which has more than sextupled over the past year, is now giving back some of those gains as investors demand tangible proof that the high-grade antimony intercepts can translate into a bankable deposit.
The company’s recent push to engage with regulators gained a visible boost when New Brunswick’s Minister of Natural Resources, John Herron, visited the Bald Hill site along with senior provincial officials on June 4. The delegation toured drilling areas in the Marcus and Main zones, as well as the core processing facility at Penobsquis. While the visit generated no new drill results, it underscored a deliberate shift in focus from pure exploration to the regulatory and environmental groundwork needed to move the project forward.
That shift had already been set in motion on April 6, when Antimony Resources commissioned GEMTEC to establish a comprehensive permitting roadmap. The consultant is cataloguing applicable legislation, identifying the responsible authorities, and mapping out the permitting timeline — including whether an environmental assessment will be required at the provincial or federal level. Early discussions with New Brunswick’s local council and the Ministry of Indigenous Affairs are also underway. The aim is to submit a permit application in the fourth quarter of 2026 or the first quarter of 2027.
Meanwhile, the drill bit has not stopped. Antimony Resources completed 77 holes totalling more than 25,000 metres since the programme began in April 2025. The Main Zone now extends over 600 metres of strike length and reaches depths of 350 metres, with average true widths of four to five metres and grades typically between 3% and 4% antimony. The current field programme, which started in the second week of May, includes 13,000 metres of extension drilling in the Main Zone and 6,000 metres of first-pass exploration holes in the newly discovered Marcus, BH Central and BH South zones, along with more than 1,500 soil samples and metallurgical testing.
Highlights from recent core include stibnite-bearing intervals of up to 26.9% antimony and additional sections of 6.9% antimony over mineralised thicknesses of up to 15 metres. Yet these results remain preliminary; the company cautions that the working data does not yet constitute a defined mineral resource.
That gap is what the upcoming estimate from SRK Consulting is meant to close. For a junior explorer, an independent resource statement is the single most important validation of exploration success. SRK’s numbers will be scrutinised for tonnage, grade, and geometry. Adding to the project’s potential, metallurgical tests have shown that up to 92% of the antimony can be recovered directly from waste dumps, a feature that could improve the economics considerably if the resource estimate confirms sufficient volume and quality.
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A conceptual exploration target from a 2025 technical report outlined roughly 2.7 million tonnes at three to four percent antimony. That remains a target — not a resource — and the company has been careful to stress that more drilling is needed to convert it into a compliant estimate.
On the stock market, the waiting game has taken a toll. Shares closed at €0.43 after a 7.8% single-session loss, following a prior weekly close of €0.45 that was itself down 5.5%. Over the past 30 days, the stock has shed 21.2% in one measure and 19.4% in another, wiping out a chunk of the gains accumulated during the earlier rally. Year-to-date, the stock remains up between 33% and 36%, while the 12-month return still stands at a spectacular 561%. From the March high of €1.05, the share price has now retreated nearly 58%.
Technically, the stock is testing support. The closing price sits only 1.75% above the 200-day moving average of €0.44, while the gap to the 50-day moving average has widened to 32.9%. The relative strength index of 37.0 points to a bruised but not yet deeply oversold position. With an annualised 30-day volatility of 135%, the stock remains highly sensitive to news flow.
Geopolitical tailwinds continue to support the narrative. The United States, which has not produced antimony since 2001, relies on China for 63% of its imports. China accounts for 48% of global mined output and has maintained an export licensing system, though it temporarily suspended the ban on shipments to the US until November 27, 2026. Only 11 Chinese companies are currently authorised for exports. Perpetua Resources’ Stibnite Gold Project in Idaho is the only domestic mine that the US Department of Defense believes could supply enough antimony for defence needs by 2029, underscoring the strategic value of North American alternatives like Bald Hill.
The global antimony market is currently estimated at US$2.4–2.5 billion and is projected to grow to US$4.1–4.4 billion by 2034/35, driven by defence, electronics, and advanced technology. CEO Jim Atkinson has pointed out that there are no primary antimony producers in North America today, giving Bald Hill a clear strategic role — provided the resource estimate delivers credible tonnage and grade.
In the weeks ahead, the market will be watching two outputs simultaneously: assay results from the ongoing drilling programme and concrete progress on the permitting front. The resource estimate from SRK will be the first major test. If it confirms a robust deposit, the permitting narrative gains credibility. If the numbers disappoint, the recent share-price weakness could prove difficult to reverse. Either way, June is shaping up to be a month that defines the next leg of the Antimony Resources story.
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