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

Original-Research: Antimony Resources Corp. - from GBC AG



30.03.2026 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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invitation to conclude certain stock exchange transactions.



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Classification of GBC AG to Antimony Resources Corp.



     Company Name:                Antimony Resources Corp.
     ISIN:                        CA0369271014



     Reason for the research:     Research Study (Initial Coverage)
     Recommendation:              BUY
     Target price:                3.00 CAD
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Cosmin Filker; Matthias Greiffenberger



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:
https://eqs-cockpit.com/c/fncls.ssp?u=185dab33f0f8394b14d5121e30748e99



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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Fertigstellungsdatum: 30.03.2026 (8:16 am)
Datum der ersten Weitergabe: 30.03.2026 (10:00 am)



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2299848 30.03.2026 CET/CEST