Ori­gi­nal-Re­se­arch: An­tim­o­ny Re­sour­ces Corp. (by GBC AG): BUY

Clas­si­fi­ca­ti­on of GBC AG to An­tim­o­ny Re­sour­ces Corp.

An­tim­o­ny: se­cu­ri­ty-re­le­vant spe­cial raw ma­te­ri­al with po­li­ti­cal tail­wind; ATMY has a pro­mi­sing pro­ject

An­tim­o­ny is a stra­te­gi­cal­ly im­portant semi-me­tal that is pri­ma­ri­ly used as an al­loy­ing agent and ad­di­ti­ve. The ma­jo­ri­ty of glo­bal de­mand is for use in fla­me re­tar­dants, par­ti­cu­lar­ly in pla­s­tics, tex­ti­les, and elec­tro­nic com­pon­ents. An­tim­o­ny is also used in the bat­tery in­dus­try (in­clu­ding for har­dening lead al­loys), in spe­cial glass, in pho­to­vol­taics, and in va­rious mi­li­ta­ry and high-tech ap­pli­ca­ti­ons. Due to its phy­si­cal pro­per­ties, in par­ti­cu­lar its heat re­sis­tance and sta­bi­li­zing ef­fect, an­tim­o­ny is dif­fi­cult to sub­sti­tu­te in num­e­rous safe­ty-re­la­ted pro­ducts.

The mar­ket en­vi­ron­ment for an­tim­o­ny is struc­tu­ral­ly ten­se. Glo­bal pro­duc­tion is hea­vi­ly con­cen­tra­ted in a few count­ries, par­ti­cu­lar­ly Chi­na, Rus­sia, and Ta­ji­ki­stan. As a re­sult, pri­ce de­ve­lo­p­ments are stron­gly sup­p­ly-dri­ven. Con­se­quent­ly, the in­tro­duc­tion of ex­port con­trols by Chi­na, by far the most im­portant pro­du­cer, and the re­sul­ting sharp de­cli­ne in pro­duc­tion led to a sharp rise in pri­ces. At its peak, the pri­ce of an­tim­o­ny al­most sextu­pled com­pared to 2020, from around USD 10,000 per ton to USD 60,000 per ton. Due to the high stra­te­gic im­portance of this raw ma­te­ri­al, an­tim­o­ny has been clas­si­fied as a cri­ti­cal or stra­te­gic raw ma­te­ri­al in both the US and the EU, si­gni­fi­cant­ly in­cre­asing the geo­po­li­ti­cal and in­dus­tri­al po­li­cy re­le­van­ce of Wes­tern mi­ning pro­jects.

With the Bald Hill pro­ject ac­qui­red in 2025, An­tim­o­ny Re­sour­ces Corp. has an ex­ten­si­ve po­ten­ti­al an­tim­o­ny de­po­sit in the mi­ning-fri­end­ly re­gi­on of New Bruns­wick. The drill re­sults pu­blished as part of the 2024/2025 ex­plo­ra­ti­on pro­grams con­firm si­gni­fi­cant an­tim­o­ny mi­ne­ra­liza­ti­on with avera­ge gra­des in the ran­ge of 3% to 4% Sb and high-gra­de in­ter­vals of over 30% Sb in some ca­ses. Ac­cor­ding to the 43–101 Tech­ni­cal Re­port, the ex­plo­ra­ti­on po­ten­ti­al ran­ges from 69.99 kT to 92.78 kT (3.0% Sb) and from 93.33 kT to 123.71 kT (4.0% Sb). The main zone re­mains open both ho­ri­zon­tal­ly and ver­ti­cal­ly, pro­vi­ding ad­di­tio­nal ex­plo­ra­ti­on po­ten­ti­al. At the same time, ad­di­tio­nal tar­get are­as have been de­fi­ned with ‚Bald Hill South‘ and the ‚Mar­cus Zone,‘ which would si­gni­fi­cant­ly ex­pand the po­ten­ti­al de­po­sit.

The pro­ject is curr­ent­ly in the ex­plo­ra­ti­on stage. An NI 43–101-compliant mi­ne­ral re­sour­ce is not yet available; only an ex­plo­ra­ti­on tar­get has been de­fi­ned so far. The on­go­ing dril­ling pro­gram, which is ex­pec­ted to co­ver a to­tal of ap­pro­xi­m­ate­ly 10,000 me­ters, is in­ten­ded to con­firm geo­lo­gi­cal con­ti­nui­ty and, in the long term, lay the foun­da­ti­on for an in­iti­al re­sour­ce esti­ma­te. This re­pres­ents a key va­lue dri­ver for the com­pa­ny, as the tran­si­ti­on from an ex­plo­ra­ti­on tar­get to an in­fer­red re­sour­ce is ty­pi­cal­ly as­so­cia­ted with a si­gni­fi­cant re­duc­tion in geo­lo­gi­cal risk.

Fol­lo­wing the most re­cent ca­pi­tal me­a­su­res, An­tim­o­ny Re­sour­ces Corp. has suf­fi­ci­ent funds to car­ry out the cur­rent dril­ling pro­gram. In De­cem­ber 2025, the com­ple­ti­on of a ma­jor fi­nan­cing round was an­noun­ced, which pro­vi­ded the com­pa­ny with net pro­ceeds of CAD 8.70 mil­li­on.

Ba­sed on a peer group ana­ly­sis, we have de­ter­mi­ned a fair va­lue of CAD 3.00 (EUR 1.90 at 1.00 CAD = 0.63 EUR; 23.03.26; 8:37am UTC) per share. Gi­ven the up­si­de po­ten­ti­al this im­pli­es, we are in­itia­ting co­vera­ge of An­tim­o­ny Re­sour­ces Corp. with a BUY ra­ting.

You can down­load the re­se­arch here: 20260330_Antimony_IC_engl

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Of­fen­le­gung mög­li­cher In­ter­es­sens­kon­flik­te nach § 85 WpHG und Art. 20 MAR Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher In­ter­es­sen­kon­flikt ge­ge­ben: (5a,5b,6a,7,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter: https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​u​n​g​.​htm
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Fer­tig­stel­lungs­da­tum: 30.03.2026 (8:16 am)
Da­tum der ers­ten Wei­ter­ga­be: 30.03.2026 (10:00 am)