The stock of Canadian explorer Antimony Resources has snapped a losing streak, climbing 21% over the past week to close Friday at €0.43. Yet that recovery still leaves the shares 59% below the March high of €1.05, and all eyes remain fixed on a document that will determine whether the rally has legs — the first certified resource estimate for the Bald Hill project in New Brunswick.
SRK Consultants is preparing a NI 43-101 compliant report on a conceptual target of 2.7 million tonnes grading 3% to 4% antimony. Until that estimate lands, the entire valuation rests on hope rather than fact. The company has been in late-stage exploration for years without a verified resource, and the market’s impatience is reflected in an annualised volatility above 100% — the stock swung 102% over the past 30 days alone.
A dual-metal twist adds pressure
While waiting on SRK, Antimony Resources has been drilling the Main Zone and stumbled on a surprise. A re-evaluation of roughly 190 drill intervals using AI-assisted data management uncovered a clear correlation between gold and antimony mineralisation. Results published July 3 showed average grades of 1.14 grams of gold per tonne over 2.56 metres in the Main Zone, with a standout intercept of 1.88 g/t over 4.95 metres. In the neighbouring Central Zone, hand samples returned more than 4 g/t gold, hinting at higher-grade pockets.
Gold has now been traced over 600 metres within the Main Zone, while the antimony footprint already stretches 1,000 metres at surface. The Central Zone, where the company has drilled over 2,000 metres, exhibits similar rock structures over widths of up to 37 metres, with antimony grades averaging 4.5% from surface samples.
For optimists, the gold by-product could transform the economic case for a future mine. A confirmed resource would allow the company to negotiate off-take agreements and advance toward permitting. But the data must first survive the scrutiny of SRK’s independent audit.
Should investors sell immediately? Or is it worth buying Antimony Resources?
Chart resistance and financing overhang
Technically, the stock faces a wall at the 200-day moving average of €0.46, roughly 7% above Friday’s close. The 50-day average sits at €0.49. The relative strength index at 50.1 points to neutral territory — no clear momentum in either direction.
A more immediate concern is the financing risk. Antimony Resources raised approximately C$9.5 million in an earlier funding round at C$0.45 per share. Friday’s €0.43 closing price — roughly C$0.64 at current exchange rates — actually sits well above that level, but a delayed resource estimate could force the company back to market. If new shares are issued near the current price, existing holders face material dilution.
The next catalysts
First up are the initial assay results from the Central Zone drilling, expected within three to four weeks. These will show whether the high-grade hand samples translate into systematic drill data. Longer term, management targets a formal mine permit application by late 2026 or early 2027.
If the SRK report validates the 2.7 million-tonne target, the stock could challenge the 100-day average around €0.60. A miss, however, risks a retest of recent lows. The Bald Hill project, held through an option agreement with Globex Mining Enterprises, also sits alongside the company’s Dobie Lake copper property in Ontario — but for now, all attention is trained on one document and a set of drill core samples that will either confirm the thesis or send it back to the drawing board.
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