An Invisible Raw Material at the Center of Global Power Struggles
Antimony is one of the most strategically important metals of our time, yet it rarely makes headlines. This semi-metal is used in ammunition, night-vision devices, infrared sensors, and modern military technology. Without antimony, many systems would simply not function. At the same time, it is essential for flame retardants in textiles, cables, and data centers, as well as for applications in solar and battery technologies.
The supply side is highly concentrated. Over 70% of global production comes from China, with significant amounts also coming from Russia and Tajikistan. North America currently has no significant primary production. By the time China imposed export restrictions at the end of 2024, it had become clear just how vulnerable Western industries are. The result: a tight market and prices at times reaching around USD 60,000 per ton. Securing domestic supply chains has thus become a strategic priority.
High-grade Discoveries with Exceptional Potential
Antimony Resources is developing the Bald Hill project in New Brunswick as a potential key source for North America. Since the full acquisition in early 2025, the project has been systematically expanded and intensively explored. Drilling programs totaling over 5,000 m indicate high-grade antimony mineralization in up to 80% of drill holes. Individual intervals of 9.6 m at 2.38% or 2.3 m at 6.79% underscore the quality of the deposit.
The potential modeled to date stands at approximately 2.7 million tons with grades between 3% and 4% antimony. The main zone already extends over approximately 700 m and is open both at depth and along strike.
Additional discoveries such as the Marcus (West) Zone indicate that the mineralized system could be significantly larger than initially assumed. The proximity of the new zones to the surface also enables cost-effective exploration work.
The Path to the First Resource: Crucial Phase Underway
The crucial next step is clearly defined: the first official resource estimate in accordance with NI 43-101. To this end, an extensive definition drilling program covering 10,000 m is currently underway using multiple drill rigs.
The goal of this phase is to achieve sufficient drilling density to precisely model the continuity, geometry, and grades of the deposit. Approximately 6,500 m have already been completed. In parallel, new zones are being further delineated through prospecting and targeted drilling.
The latest results provide additional momentum. In the Marcus Zone (West), massive stibnite mineralization was uncovered in bedrock, and the known structure was extended by approximately 80 m. The mineralization exhibits similar characteristics to the main zone, which could be a strong indication of a connected, large-volume system.
CEO Jim Atkinson emphasizes that ongoing work continues to increase the project’s overall potential. Despite challenging conditions, the team has made significant progress. The Marcus Zone is emerging as an important addition and opens up additional exploration targets, including the Central Zone.
The first resource estimate is expected once drilling is complete and all assay results are available. It will form the basis for economic evaluations, potential feasibility studies, and the entry of institutional investors.
Financing and Strategic Momentum
In parallel with operational development, the company is in a solid financial position. With approximately CAD 9.5 million from a financing round and more than CAD 7 million in cash, the current program is fully funded. These funds enable not only the resource estimate but also preparatory work for environmental assessments and permits.
In addition, the sector is receiving political tailwinds. The US is specifically promoting critical raw materials, while Canada and Europe are advancing their own supply chains. Projects like Bald Hill could play a key role in this, both economically and in terms of security policy.
Leverage in a Strategic Bottleneck Market
Antimony Resources faces a rare constellation: a critical raw material with growing demand, extreme supply dependence on a few countries, and increasing geopolitical tensions.
With high-grade discoveries, an expanding project area, a clearly defined resource estimate, and secured financing, the company brings together key success factors.
If the initial resource estimate succeeds as expected and the extent of the mineralization is confirmed, Bald Hill could become one of the most significant sources of antimony outside of China and Russia. In a structurally undersupplied market, this opens up significant upside potential.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
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