Clas­si­fi­ca­ti­on of GBC AG to An­tim­o­ny Re­sour­ces Corp.

“Bald Hill Gains Mo­men­tum”; Fun­ding Suf­fi­ci­ent for On­go­ing Dril­ling Pro­gram; Fur­ther Pro­gress Made on Main Pro­ject

An­tim­o­ny Re­sour­ces Corp. (ATMY) re­cent­ly an­noun­ced its ope­ra­ting me­trics for the first half of the 2025/2026 fis­cal year (fis­cal year-end: Au­gust 31, 2026). Sin­ce the com­pa­ny is curr­ent­ly still in the ex­plo­ra­ti­on pha­se of its main pro­ject (Bald Hill pro­ject) and the­r­e­fo­re not yet ge­ne­ra­ting re­ve­nue, the fo­cus is on li­qui­di­ty and the re­sul­ting ca­pi­tal run.

Du­ring the past re­port­ing pe­ri­od, ATMY si­gni­fi­cant­ly im­pro­ved its fi­nan­cial po­si­ti­on th­rough a ma­jor ca­pi­tal in­crease that took place at the end of No­vem­ber 2025. By is­suing 21.02 mil­li­on shares at a pri­ce of CAD 0.45 per share, the com­pa­ny ge­ne­ra­ted gross pro­ceeds of CAD 9.46 mil­li­on. Net pro­ceeds from the of­fe­ring amount to CAD 8.70 mil­li­on. Th­rough the ad­di­tio­nal is­su­an­ce of shares to ser­vice war­rants and op­ti­ons in the first half of 2025/2026, the com­pa­ny ge­ne­ra­ted fur­ther cash in­flows, brin­ging the fi­nan­cing cash flow for the first half of 2025/2026 to a to­tal of CAD 11.93 mil­li­on. As a re­sult, as of Fe­bru­ary 28, 2026, ATMY has a si­gni­fi­cant­ly ex­pan­ded cash ba­lan­ce to­ta­ling CAD 8.24 mil­li­on (Au­gust 31, 2025: CAD 1.75 mil­li­on). Ac­cor­ding to the com­pa­ny, the cur­rent cash ba­lan­ce is suf­fi­ci­ent to fi­nan­ce the en­ti­re ex­plo­ra­ti­on pro­gram re­qui­red for the Bald Hill pro­ject. Suf­fi­ci­ent funds are available to fi­nan­ce the ad­di­tio­nal re­sour­ce esti­ma­ti­on pro­grams, the ap­pli­ca­ti­on for a con­s­truc­tion per­mit, and the tech­ni­cal gap ana­ly­sis.

On May 7, 2026, the com­pa­ny an­noun­ced key de­tails re­gar­ding the start of the next ex­plo­ra­ti­on pha­se at the Bald Hill an­tim­o­ny pro­ject, sche­du­led for the se­cond week of May. The plan­ned pro­gram in­cludes both ex­ten­si­on dril­ling in the main zone and ex­plo­ra­ti­on dril­ling in the new­ly dis­co­ver­ed are­as out­side the main zone.

At the he­art of the cur­rent pro­gram is ex­ten­si­ve dril­ling to­ta­ling 19,000 me­ters, of which ap­pro­xi­m­ate­ly 13,000 me­ters are de­di­ca­ted to ex­ten­si­on dril­ling in the main zone. Ad­di­tio­nal­ly, a fur­ther 6,000 me­ters of ex­plo­ra­ti­on dril­ling is plan­ned in the new­ly iden­ti­fied tar­get are­as Mar­cus, BH Cen­tral, and BH South. The­se zo­nes are lo­ca­ted in the im­me­dia­te vici­ni­ty of the exis­ting de­po­sit and have been iden­ti­fied as po­ten­ti­al­ly mi­ne­ra­li­zed th­rough re­cent pro­s­pec­ting and ex­plo­ra­ti­on work. In par­al­lel, re­gio­nal ex­plo­ra­ti­on work is to take place on the con­ces­si­on area, which has sin­ce been ex­pan­ded to 37 km², par­ti­cu­lar­ly on the so-cal­led Se­cond-Run claims south of the Main Zone, whe­re soil samples have de­linea­ted se­ve­ral new an­tim­o­ny an­oma­lies.

In ad­di­ti­on to dril­ling, the com­pa­ny also aims to fur­ther de­ve­lop the pro­ject tech­ni­cal­ly and mi­ti­ga­te risks at an ear­ly stage. Ex­ten­si­ve soil sam­pling pro­grams with more than 1,500 ad­di­tio­nal samples, geo­lo­gi­cal map­ping, pro­s­pec­ting work, and ad­di­tio­nal tren­ching are plan­ned to bet­ter de­linea­te new tar­get are­as. In ad­di­ti­on, ATMY is al­re­a­dy working on 3D mo­dels of the de­po­sit, me­tall­ur­gi­cal stu­dies, and en­vi­ron­men­tal and per­mit­ting stu­dies. Tog­e­ther with tech­ni­cal ana­ly­ses by SRK, this work is in­ten­ded to lay the ground­work for fu­ture mine de­ve­lo­p­ment. The com­pa­ny plans to sub­mit the per­mit ap­pli­ca­ti­on for Bald Hill by the end of 2026 or ear­ly 2027. Over­all, the new pro­gram marks the tran­si­ti­on from a pu­rely ex­plo­ra­to­ry pha­se to a sys­te­ma­tic ex­pan­si­on and po­ten­ti­al eco­no­mic de­ve­lo­p­ment of the pro­ject.

To up­date our va­lua­ti­on, the ba­sis of which has not ch­an­ged from our in­iti­al co­vera­ge stu­dy da­ted March 30, 2026, we are using a hig­her, up­dated share count of 103.32 mil­li­on (pre­vious­ly: 95.77 mil­li­on). The di­lu­ti­ve ef­fect of the hig­her num­ber of shares is off­set by the exer­cise of op­ti­ons, for which we have de­ter­mi­ned a to­tal va­lue of CAD 26.08 mil­li­on (pre­vious­ly: CAD 50.10 mil­li­on) using a Black-Scho­les mo­del. Over­all, the­se two ef­fects can­cel each other out, so we have de­ter­mi­ned an un­ch­an­ged pri­ce tar­get of CAD 3.00 (EUR 1.90 at CAD 1.00 = EUR 0.63, as of May 6, 2026, 7:49 a.m. UTC) per share. We main­tain our “BUY” ra­ting.

You can down­load the re­se­arch here: 20260511_Antimony_Note_engl

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Fer­tig­stel­lungs­da­tum: 08.05.2026 (8:52am)
Da­tum der ers­ten Wei­ter­ga­be: 11.05.2026 (10:00 am)