Original-Research: Antimony Resources Corp. - from GBC AG
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 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: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ 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 +++++++++++++++ Completion: 18/08/2026 (08:41 am) First disclosure: 14/08/2026 (11:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2383186 14.08.2026 CET/CEST
