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Research Study (Initial Coverage) english - Antimony Resources Corp. - 30.03.2026

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.