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

Classification of GBC AG to Antimony Resources Corp.

Company Name:	Antimony Resources Corp.
ISIN:	CA0369271014
Reason for the research:	Research Comment
Recommendation:	BUY
Target price:	3.00 CAD (1.85 EUR)
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Cosmin Filker; Matthias Greiffenberger

Positive newsflow supports the possibility of a large antimony deposit

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 echnical 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.

Additional upside potential also arises from newly discovered target areas outside the previous main zone. With “Bald Hill South” and the “Marcus Zone,” two further antimony-bearing stibnite zones have been identified that have been scarcely explored to date. Initial 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 significant antimony project in a market that has gained significant importance due to geopolitical tensions and Chinese export restrictions.

Newsflow on the Bald Hill Project
Since our last update on May 11, 2026, Antimony Resources Corp. has released a series of additional assay results from the Bald Hill Antimony Project. These results further underscore the project’s geological potential. The latest announcements once again focused on drill results from the Main Zone. Here, Antimony Resources reported several high-grade stibnite intervals with antimony grades of up to 36.0% Sb. These results are particularly significant in light of the planned first NI 43-101-compliant resource estimate, as they further confirm the continuity of high-grade mineralization within the known Main Zone. In our view, the renewed confirmation of significant antimony grades in various drill holes gradually reduces the geological risk and improves the data basis for further modeling of the deposit.

In addition to the Main Zone, the latest results from the extension and satellite zones also provide important indications of a larger mineralized system. In the South Zone, antimony grades of up to 44.2% Sb were identified during prospecting and trenching work. Although these are near-surface “trench samples” that cannot be directly equated with drill results, the values underscore the zone’s potential as an additional exploration focus. In addition, the company reported test results from grab samples in the Central Zone with antimony grades of up to 20.5% Sb. Together with the previously identified Marcus Zone and the anomalous soil samples from the Second Run Claim Block, the latest news flow suggests that the antimony mineralization is not limited exclusively to the Main Zone.

Another aspect of the latest news concerns the published gold assay results. Antimony Resources reported gold grades of up to 1.88 g/t Au over approximately 4.9 meters. Strategically, however, Bald Hill remains an antimony project, which is why the gold mineralization is not the primary value driver at this time. The results can, however, be viewed as an additional positive indicator of the project’s geological complexity and potential for by-product metals.

Overall, we view the recent news flow positively. The repeated high-grade antimony intervals in the Main Zone strengthen the foundation for the planned resource definition, while the results from the South Zone, Central Zone, Marcus Zone, and Second Run expand the exploration potential beyond the current core area. The key priorities now are further systematic sampling of the new target zones, additional drilling to verify the near-surface results, and the preparation of an initial resource estimate. Against this backdrop, we see our previous assessment as confirmed. We are maintaining our price target unchanged at CAD 3.00 per share and reaffirm our “BUY” rating.

You can download the research here: 20260708_Antimony_Comment_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/de/Offenlegung.htm
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Completion: 08/07/2026 (10:50 am)
First disclosure: 08/07/2026 (2:00 pm)