A deadline with consequences
On November 9, 2025, China’s Ministry of Commerce announced that it would suspend the ban on exports of gallium, germanium, antimony and superhard materials to the US. The original ban had been in force since December 2024. This suspension applies until November 27, 2026. According to the latest available information from October 27, no extension has been agreed. Whether Beijing will extend it remains open.
Regardless, the licensing system remains in place. Since September 15, 2024, exports of antimony from China to anywhere in the world have required a licence. The ban on deliveries of dual-use goods to military users in the US also remains in force. The suspension therefore eases only some of the restrictions. Anyone wanting antimony has to knock on Beijing’s door. The market was never open.
USGS figures show how dependent the West is. In 2025, the US covered 91% of its antimony consumption through imports. Metal products, including flame retardants, accounted for 49%, and antimonial lead and ammunition for 40%. Anyone able to supply this metal from North America in this situation could find it plays to their advantage. But who will supply it when the deadline expires?
The deposit gaining momentum
Antimony Resources is advancing the Bald Hill project in southern New Brunswick. According to the company, the Main Zone is over 600 m long and at least 350 m deep. The zone remains open in all directions. The thickness averages 4 to 5 m, with grades of 3 to 4% antimony (Sb).
A technical report under the Canadian NI 43-101 standard puts the exploration target, meaning the range of possible potential, at around 2.7 million tonnes grading 3 to 4% antimony (Sb). The ongoing drilling is intended to pave the way for an initial resource. According to CEO Jim Atkinson, the company has engaged consultancy firm SRK Consultants for the maiden mineral resource estimate (MRE). The framework for this is in place.
Another advantage of the project is its location. According to CEO Jim Atkinson, Bald Hill is approximately 75 km from a deep-water port, with roads and power available. Atkinson previously worked at the Lake George Antimony Mine in New Brunswick, which he says was then the only producing antimony operation in North America. In addition to the Main Zone, the company names three further zones: Central, South and West.
Hits at the Main Zone
On September 11, the company reported new drill results. One zone returned 2.28% antimony over 9.12 m, including a narrow band of 27.3% over 0.3 m. In addition, 0.93 g/t gold was found over the same thickness, with a peak value of 3.66 g/t. It is primarily the broad intervals that matter for the deposit. The next announcement delivered more on precisely that front.
The next series followed on October 14. One drill hole intersected 4.36% antimony over 13.0 m, including 21.45% over 1.10 m. Two drill holes also extend the high grades towards the Central Zone, which lies less than 100 m away. CEO Jim Atkinson highlighted three mineralised zones in one of the drill holes. The exploration hits keep coming and show how exciting the Bald Hill project is.
On the same day, the company announced that, following the financing, it would resume drilling in around two weeks with two rigs. An expansion is possible. Part of the core is going for metallurgical testing. The new data feeds into a model that guides drilling and prepares an initial resource estimate.
Fresh capital for the next phase
On October 5, the company completed a CAD 5.0 million financing offering tax benefits to investors. On October 16, the company reported that a strategic mining investor had subscribed for the entire next placement of up to CAD 3.0 million. Two rounds in such a short time play into the project’s hands.
On October 23, the company completed the placement of 10,000,000 units, each consisting of one share and half a warrant. Each full warrant entitles the holder to purchase one additional share at CAD 0.50 through October 23, 2028. If all 5,000,000 warrants were exercised, the company would receive a further CAD 2.5 million. Within three weeks, the company secured CAD 8 million in total. The funds will go towards the exploration and development of Bald Hill and working capital. This provides the project a tailwind.
What the analysts say
In their research report dated October 16, GBC’s analysts confirmed their Buy rating and gave a price target of CAD 2.52. The target date is December 31, 2027. Cosmin Filker and Matthias Greiffenberger view the financing positively. GBC points to drill intervals of 2.28% antimony and 0.93 g/t gold over 9.12 m, as well as 4.36% antimony over 13.0 m. They see geological delineation for an initial resource estimate as the next milestone.
In parallel, the company is evaluating an airborne survey covering 594 line kilometres, which is intended to generate new targets. According to CEO Jim Atkinson, the application for a mining permit is to be submitted in late 2026 or early 2027. Ahead of this, the team met with the technical review committee that reviews such applications to understand its main concerns. This lays the groundwork.
There are also future dates that investors should keep an eye on. China’s suspension ends on November 27. Following the start of drilling, further results from the Main Zone and towards the Central Zone are expected, along with the metallurgical tests. If progress towards the maiden resource estimate succeeds, Bald Hill could feature more prominently on the radar of buyers and financiers. The roadmap is in place. The share currently trades at approximately CAD 0.265.
Conclusion
The stage is set for Antimony Resources. The Main Zone has returned intercepts grading up to 27.3% antimony, a strategic mining investor has subscribed, and fresh capital totalling CAD 8 million has been raised. GBC has set a price target of CAD 2.52. Drilling is set to continue with two rigs. If the company succeeds in progressing towards a maiden mineral resource estimate and subsequently secures a mining permit, Bald Hill could become a supplier to Western markets. Investors looking to gain exposure to North American antimony will find an interesting story here. The direction is right.
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