Shares of Antimony Resources Corp. jumped 23.3% to $0.74 after the company reported gold grades up to 1.88 g/t over 4.85 meters from drill core at its Bald Hill project in New Brunswick, adding a gold story to what was already a high-grade antimony play. The question now: does gold change the economics enough to justify the speculation?
Gold Adds a Second Revenue Stream — on Paper The latest press release is significant because it reframes Bald Hill as a potential dual-commodity deposit. Earlier Central Zone trenching returned averages of 4.5% antimony with gold values up to 4.72 g/t. For a tiny explorer, layering gold credits on top of antimony could meaningfully improve the hypothetical economics of any future mine — but that math is years away from being tested.
Antimony Grades Keep Getting Bigger The gold news is the latest in a drumbeat of escalating results. Trenching at the South Zone averaged 19.5% antimony, peaking at 44.2%.
Main Zone drill holes hit as high as 36.0% antimony, with stibnite-bearing core running through multiple zones.
The Main Zone has been outlined over 600+ meters of strike to 350 meters depth at grades averaging 3–4% antimony. These are exceptional numbers — if the deposit proves continuous.
The Resource Is Still Conceptual, Not Confirmed A 2025 technical report estimated a conceptual target of 2.7 million tonnes at 3–4% antimony — roughly 80,000 to 106,000 tonnes of contained metal — but the company itself has not confirmed this estimate.
The report explicitly warns the quantity and grade are "conceptual in nature" and it remains "uncertain if further exploration will result in the target being delineated as a mineral resource." Investors are pricing in potential, not proven tonnage.
Geopolitics Provide a Powerful Backstop — For Now The average antimony price in 2025 was $25 per pound — more than double 2024 — after China banned exports to the U.S.
Forecasters see a structurally tight market through 2026, with Chinese export restrictions, defense spending, and limited non-Chinese refining keeping prices well above historical norms. That backdrop explains why a sub-dollar exploration stock commands attention, but Western mining projects remain at early development stages and are "unlikely to materially alter global supply balances in 2026."
At $0.74, ATMY reflects a market betting that Bald Hill will eventually matter. The company's goal is a permit application by late 2026 or early 2027 — a timeline that leaves many dilution events and technical milestones between today's drill results and any future cash flow.