| Original-Research: Antimony Resources Corp. – from GBC AG
14.08.2026 / 11:00 CET/CEST Classification of GBC AG to Antimony Resources Corp.
9‑month figures in line with expectations; Bald Hill project progressing according to plan; ‘BUY’ rating confirmed Antimony Resources Corp. (ATMY) recently announced its operating figures for the first nine months of the 2025/2026 financial year (ending 31 August 2026). As the company is currently still in the exploration phase of its main project, the Bald Hill Project, and is therefore not yet generating any revenue, the focus is on liquidity and the resulting capital reach. The company’s capital reach is linked in particular to the development of the Bald Hill Project. A purchase option exists for the full acquisition of the project, which is located in the Canadian province of New Brunswick. This agreement, entered into in January 2025, provides for a cash purchase price of CAD 2.0 million, the issue of 1.1 million shares, and exploration expenditure of approximately CAD 5 million. These must be carried out within a period of up to four years following the conclusion of the agreement. As at the reporting date of 31 May 2026, a total of CAD 257,500 of the purchase price had been paid and 500,000 shares had been issued. Exploration costs up to the reporting date of the nine-month figures for the 2025/2026 financial year totalled CAD 6.25 million. The majority of the exploration costs, amounting to CAD 5.42 million, relate to the current 2025/2026 financial year. In the third quarter alone, development of the main project was significantly advanced through exploration work totalling CAD 2.78 million. Looking at the first nine months of the 2025/2026 financial year, free cash flow (the cash outflow for exploration is included in cash flow from investing activities) was negative at CAD ‑9.53 million, as expected. Operating expenses and exploration expenditure were financed by a series of capital measures, which together generated a cash inflow of CAD 12.64 million. Of particular note is the capital increase carried out at the end of November 2025, in which the issue of 21.02 million shares generated net proceeds of CAD 8.7 million. In the third quarter of 2025/2026, a further CAD 0.66 million was raised through shares issued upon the exercise of options and warrants. As at 31 May 2026, ATMY held cash and cash equivalents totalling CAD 4.86 million. The company continues to consider its liquidity position sufficient to finance the additional resource estimation programmes, the application for a construction permit and the technical gap analysis. In January 2025, ATMY signed an option agreement to acquire 100% of the Bald Hill project. This project is emerging as one of the most promising antimony exploration projects in North America. It is located in the Canadian province of New Brunswick, a mining-friendly jurisdiction with good infrastructure and a stable regulatory framework. Since the conclusion of the option agreement, an extensive exploration and drilling program has been launched, which has significantly confirmed and expanded the historical antimony mineralization. The focus of current development is the published, NI 43–101-compliant technical report. While this does not yet represent a formal mineral resource, it defines a so-called “exploration target.” Based on a 3D block model and the drilling results to date, a potential antimony deposit of 69,994 to 92,782 metric tons of antimony at a grade of 3.0% Sb or 93,325 to 123,711 metric tons at 4.0% Sb has been estimated. Between April and July 2025, a total of 16 diamond drill holes were completed, with a total length of approximately 3,160 meters. The results are considered extremely positive, as high-grade antimony mineralization was intersected in approximately 75% of all drill holes. Overall, the campaign confirms a continuous, antimony-bearing zone with a strike length of about 700 meters and a depth of at least 400 meters. The structure remains open both at depth and along strike, signaling significant additional exploration potential. Further upside potential also arises from newly discovered target areas outside the existing main zone. With ‘Bald Hill South’, the ‘Marcus Zone’ and the new ‘Central Zone’, further stibnite zones containing antimony have been identified which have so far been scarcely explored. Surface work suggests that these structures could significantly expand the project’s overall potential. Overall, Bald Hill is thus increasingly positioning itself as a strategically important antimony project in a market that has become significantly more important due to geopolitical tensions and Chinese export restrictions. Since our last Research Comment, Antimony Resources has continued the positive news flow regarding the Bald Hill project with further high-grade drilling results. Once again, the focus is on the results from the Main Zone. These confirm the continuity of the known antimony mineralisation and thus strengthen the data basis for the planned resource definition. The project valuation derived from a peer-group comparison (see Initial Coverage Study dated 30 March 2026) remains valid. However, compared with our previous valuation, the value of the outstanding warrants and options, calculated using the Black–Scholes model, has improved to CAD ‑12.00 million (previously: CAD ‑26.08 million). This increases the total enterprise value we have calculated to CAD 324.45 million (previously: CAD 310.37 million). Due to the significant increase in the number of shares to 121.84 million (previously: 103.32 million), the fair value per share has fallen to CAD 2.66 (EUR 1.65 at a rate of CAD 1.00 = EUR 0.62; as at 14 August 2026, 06:38 am UTC). We are maintaining our “BUY” rating. You can download the research here: 20260814_Antimony_Comment_engl Contact for questions: |
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Original-Research: Antimony Resources Corp. (by GBC AG): BUY
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