The Delicate Question: Who Will Secure the Supply?
A look at production statistics is enough to give anyone cold feet. China controls around 70% of global antimony production, followed by Russia and Tajikistan. The US and Europe import nearly all of their needs, and this for a metal that is irreplaceable in defense technology. Pentagon planners know that strategic reserves would last only a few weeks. German stockpiles would last only a few days.
The response was not long in coming. The US allocated a USD 901 billion defense budget, including USD 12 billion for strategic raw material reserves. The EU classified antimony as critical. But mines aren’t built overnight. So who can deliver in the short term? This question is currently preoccupying buyers at defense contractors and electronics manufacturers.
A Canadian Hopeful Named Bald Hill
The answer to the puzzle lies in Queens County, New Brunswick. There, Antimony Resources operates the Bald Hill project, and this is no ordinary exploration site. The company has fully specialized in antimony, a strategic decision that could pay off. The deposit was acquired by Globex Mining through an option, but it was only through the drilling campaigns conducted last year that its full potential was revealed.
Following an initial phase of over 8,000 m in 2025, the decisive drilling program is now underway. A total of 10,000 m of definition drilling is planned to calculate an initial official resource in accordance with the NI 43-101 standard. Progress is remarkable. On March 3, 2026, the company reported that 4,000 m had already been completed and that massive stibnite mineralization was still being encountered. Jim Atkinson, CEO of Antimony Resources, commented: “We are becoming increasingly convinced that the mineralization in the Bald Hill area represents a large and extensive system.” Two weeks later, on March 17, 5,000 m had already been completed. Atkinson added: “We are very pleased to be able to engage SRK to develop a mineral resource. Their advice and expertise will be invaluable as we take this important step in developing the Bald Hill antimony deposit.” SRK Consultants of Toronto are recognized worldwide and bring experience from similar antimony deposits.
The drill results published to date look promising. In January 2026, the company reported grades such as 2.38% antimony over 9.6 m and 6.79% over 2.3 m. A total of 31 drill holes were completed in the first campaign, with 75–80% of the holes intersecting high-grade mineralization. The main zone now extends over 700 m in strike length and has been traced to a depth of at least 400 m, remaining open in all directions.
A Serendipitous Discovery with Significant Implications
But the real surprise came from a different direction. During construction work, the field teams stumbled upon a completely new zone, the Marcus (West) Zone. On March 26, 2026, the company announced that further trenching, approximately 30 m south of the original “Discovery Boulder”, had once again exposed massive stibnite in the overlying rock. Atkinson expressed his enthusiasm: “The work of our teams on site continues to impress and delight us. They have continued their exploration even during the winter months. Through trenching and sampling in the Marcus (West) Zone, they continue to unlock the potential of the Bald Hill Antimony Project.” The mineralization now extends over approximately 80 m. A third drill rig has already been deployed to the Marcus Zone to test at depths of 75–100 m.
Added to this is the so-called Central Zone. Historical data from 2010 show grades of 2.90% antimony over 8.18 m, including 5.79% over 1.75 m and 8.47% over 1.53 m. This zone is to be further investigated shortly through new trenching and drilling. Taken together, the four separate occurrences, the Main Zone, Marcus Zone, Central Zone, and South Zone, point to a mineralized system of significant size. The company has since expanded its property to over 2,000 ha to fully capture its potential.
Financing and Roadmap
Funding for the upcoming work is secured. A capital raise in December 2025 brought in approximately CAD 9.5 million, and the company’s coffers are well-stocked. Atkinson clarified in a GBC interview: “The planned exploration program is fully funded with over CAD 7 million in the bank.” Plans call for a small underground mine with a daily capacity of 500 tons at an investment cost of approximately CAD 200 million. This is manageable compared to megaprojects. An initial resource report is expected in late April or early May. As soon as the final assay results from the lab are available, SRK will begin modeling. The company is also already working on a 3D model of the deposit to optimize drilling follow-up.
What the Analysts Say
Analysts at GBC AG have subjected the company to a thorough review. In their analysis, the experts highlight the structural imbalance in the antimony market and conclude that Western industrialized nations are almost entirely dependent on imports. They view the Bald Hill project as a specialized explorer with a clear thematic focus. Their conclusion is unequivocal, with a price target of CAD 3.00. Given the current valuation level, accelerated exploration, and geopolitical urgency, this assessment appears entirely within the realm of possibility. Those who invest today are betting on a successful resource definition and on the market soon pricing in Bald Hill’s strategic importance appropriately.
The stock is currently trading at CAD 1.53.
The question “Who will supply the West?” finds a promising answer in Bald Hill. Antimony Resources sits on a high-grade deposit, is drilling with three rigs, and is constantly discovering new zones. The first resource estimate could give the stock price a significant boost. Those who believe in strategic commodities and are willing to take on exploration risks will find an exciting return profile here.
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