All eyes are on Antimony Resources as the junior explorer races to deliver its first formal resource estimate for the Bald Hill project by the end of June. The stock has been on a wild ride — surging more than 580% from its 52-week low of €0.06 to hit €1.05 in March, before tumbling 61% back to €0.41. That volatility reflects a market that is no longer content with Antimon-hype; it wants hard proof of a viable mine.
The company’s timing could hardly be more charged. Antimony prices have climbed roughly 172% since early 2024 to $51.80 per kilogram, propelled by Chinese export controls on ores, metals and compounds. Canada has designated antimony a critical mineral, tying it to defence, batteries and clean-tech supply chains — a fact that lent political weight to a recent visit to Bald Hill by New Brunswick’s Natural Resources Minister and senior provincial officials. For a small Canadian explorer, such government attention is rare and significant, even if it does not directly equate to a permit or a financing.
The project itself is gaining definition. New drilling returns from the South Zone, roughly one kilometre south of the main deposit, returned average grades of 19.5% antimony over a 200-metre strike, with peak values of 44.2%. A follow-up drilling campaign is already underway to test the mineralised extent. Yet these numbers, while eye-catching, remain exploration-stage assays — not a resource.
Should investors sell immediately? Or is it worth buying Antimony Resources?
That gap will be filled by the independent report from SRK Consulting, based on a 25,000-metre drilling programme completed by the end of April. Until now, the company has only published a conceptual target of roughly 2.7 million tonnes grading 3–4% antimony, which it stresses is not a formal resource. The SRK estimate will be the first authoritative benchmark, and its outcome will likely set the tone for the next phase of development. Alongside this, management is targeting a full mine-operating permit application by early 2027 and has begun preliminary offtake discussions.
The stock’s recent retreat — a 29% drop over the past 30 days — has stripped away speculative froth without destroying the underlying thesis. The 50-day moving average sits at €0.63, 34% above the current price, while the 200-day average of €0.44 is only 7% away. The relative strength index at 36.9 indicates a market that is cautious but not panicked, and annualised 30-day volatility of 136% reminds investors this is a high-beta junior mining name, not a steady utility.
What matters now is execution. Political support and record commodity prices have given Antimony Resources a powerful tailwind, but they do not replace a resource statement. The SRK report will either confirm that the Bald Hill deposit is a serious asset or reveal the distance still to travel. Either way, the market has moved past the stage of asking whether antimony is strategic. It is now asking whether this company can become strategic — and the answer will come before summer.
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