Antimony Resources Corp
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CSE: ATMY FSE: K8J0 OTCQB: ATMYF WKN: A414DM

Defence sovereignty and supply security. The metal inside Western ammunition, night-vision and missile guidance systems. Twenty-seven EU states. Zero domestic mines. The metal Beijing has already shown it will switch off.

Western-sourced antimony is no longer a niche commodity story. It is now a strategic priority for every NATO government, financed at a scale that didn’t exist two years ago. Germany’s own armaments and industrial supply chains carry the same exposure as the rest of the EU: zero domestic antimony production, total reliance on imports. Antimony Resources Corp. holds 100% of Bald Hill, one of the most actively drilled high-grade antimony discoveries in North America, led by a CEO who has already run a producing antimony mine. This is not exploration for its own sake but rather the next domestic source of a metal the entire Western alliance has unanimously declared it cannot do without.

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80–90%
China’s share of global antimony refining
0 of 27
EU member states with a producing antimony mine
437%
European antimony price surge, 2023–2025
$10 Bn
United States Project Vault’s Export-Import Bank financing commitment
/ 01 — The West Needs Antimony. Now.

Every NATO defence system depends on a metal only one country can supply at scale.

/ Card 01 01 / 03

China holds the switch on Western defence.

Antimony is a core input in ammunition, night-vision systems and missile guidance components across Western defense supply chains, and China controls 80–90% of global refining capacity. When Beijing introduced export controls in August 2024, Chinese antimony exports collapsed roughly 97%. A partial commercial suspension announced in late 2025 has been misread as a resolution: the clause banning exports to military end-users was never lifted.[1]

  • ~97% · Export collapse, Aug 2024
  • 80–90% · Chinese refining share
  • Nov 2026 · Suspension expiry
  • $245M · Pentagon stockpile contract, 2025
/ Card 02 02 / 03

Europe has zero mines and a 437% price shock.

There is currently no primary antimony extraction anywhere across the EU’s 27 member states, not in Germany, not in France, not in Poland. Chinese antimony shipments to the EU were halted in October 2024, and European antimony prices surged 437 percent between 2023 and 2025. The EU’s Critical Raw Materials Act (CRMA) sets ambitious 2030 targets for domestic extraction, but Europe’s own auditors have already warned the bloc is on track to miss them.[2]

  • 0 of 27 · Producing EU member states
  • 437% · Price surge, 2023–2025
  • 2030 · CRMA target at risk
/ Card 03 03 / 03

Every Western ally has named it critical. None has secured it.

Antimony sits on the national critical-minerals lists of the United States, the EU, the UK, Canada and Australia, and is inside the ammunition, night-vision systems and armoured vehicles of every NATO member’s military. What is still missing across nearly every one of those jurisdictions is production. Washington has moved furthest: in February 2026, the US administration launched Project Vault, a Critical Minerals Reserve, backed by a $10 billion Export-Import Bank loan, the largest financing commitment in the agency’s 92-year history, plus roughly $2 billion in private capital, with antimony explicitly named among the targeted minerals. Canada is close behind. In March 2026 it signed a Letter of Intent with the European Investment Bank to deepen cooperation on critical raw materials, and its Budget 2025 went further still, creating a C$2 billion Critical Minerals Sovereign Fund and adding antimony by name to the minerals eligible for its Clean Technology Manufacturing investment tax credit, a direct federal commitment, from Bald Hill’s own home government, to exactly the metal it is drilling for.[3]

  • Multiple national critical-minerals lists include antimony
  • C$2 Bn · Canada’s own Critical Minerals Sovereign Fund, Budget 2025
  • $10 Bn · Project Vault Ex-Im financing
/ 02 — The Company for This Moment

Antimony Resources’ Bald Hill: drilling the next Western source.

Bald Hill’s story starts with a deposit that has already produced before. Fifteen kilometers away sits the historic Lake George mine, which operated from the 1860s through 1998 and once supplied as much as 4 percent of global antimony demand. Antimony Resources Corp.’s President and CEO, Jim Atkinson, was the geologist who ran that exact mine, North America’s last producing antimony operation, and is now applying the same operating playbook to a 100%-held, 3,700-plus-hectare property being drilled at a pace unusual for a junior of its size. For Western supply chains, Bald Hill isn’t a speculative first attempt, it’s a known antimony district, run by someone who has already brought one into production.[4]

/ Point 01

Highest grade in North America

Recent assays have confirmed grades up to 44.2 percent antimony from South Zone trenching and 26.9 percent antimony in Main Zone drill core, among the highest grades reported at any antimony project on the continent.

44.2% Sb · South Zone trenching, June 2026
/ Point 02

Open in every direction

Drilling has defined the Main Zone over 600-plus metres of strike to a depth of 495 metres, while the newly identified South Zone, Marcus Zone and BH Central Zone extend the system outward, with most of the 3,700-hectare property still unexplored.

600m+ strike · open in all directions
/ Point 03

Drilling at scale, right now

A total of 77 holes and more than 25,000 metres have been completed at Bald Hill since drilling began in April 2025, with three rigs currently running in parallel across the Main Zone expansion and the new satellite zones.

25,000m+ drilled · 3 rigs active
Supply map · One source. Then two.
Bald Hill → New Brunswick → the next North American antimony supply

New Brunswick is not unproven ground. It is one of the only places in North America with a documented history of producing antimony at scale, and Bald Hill sits directly inside that legacy district, a jurisdiction with the infrastructure, expertise and regulatory familiarity already in place for exactly this kind of project.

Step 01

A proven district

Bald Hill sits 15 kilometers from the historic Lake George antimony mine, established geology and established infrastructure, with no open question about whether antimony exists here at scale.

15km from a century-long producing mine
Step 02

A direct line to Western buyers

New Brunswick sits inside Canada’s stable, NATO-aligned jurisdiction, a short logistics distance from the same US defense and industrial buyers now backed by a $10 billion strategic reserve.

NATO-aligned jurisdiction · adjacent to US demand
/ 03 — Making the Case

Investment, De-Risked

The investment logic is structural. The West has almost no antimony supply outside an adversary it no longer trusts, and Bald Hill is one of the fastest-moving projects positioned to fill that gap. Three structural gaps are converging on one actively drilled asset.

/ Gap 01

The Supply Gap

Non-Chinese-aligned primary antimony supply in North America is close to zero, China’s export behavior has proven unreliable twice in two years, and antimony prices have risen from roughly $12,000 to nearly $60,000 per tonne as buyers scramble for alternatives.[5]

  • $12K → $60Kprice per tonne
  • 2xexport-control shocks since 2024
/ Gap 02

The Permitting Gap, Closed

While larger Western antimony projects face permitting processes that can run a decade or more, Bald Hill sits in a jurisdiction whose government has already shown up: New Brunswick’s Minister of Natural Resources toured the project in person in June 2026, citing the province’s new Comprehensive Minerals Strategy, a policy framework built explicitly to fast-track critical-mineral projects like this one. A formal permitting roadmap developed with GEMTEC Consulting is already targeting application between Q4 2026 and Q1 2027. That’s not a permitting advantage on paper; it’s a roadmap with a minister’s name and a date attached.

  • Q4 2026–Q1 2027permit application target
/ Gap 03

The Valuation Gap Across the Sector

The market has already reacted decisively on comparable antimony names. Perpetua Resources (Stibnite project, Idaho) posted strong gains after its US$2.9 billion Ex-Im Bank financing was approved — with a market capitalisation above C$4.5 billion at the time of the commitment. United States Antimony Corp (NYSE American: UAMY), one of the few active antimony producers in the United States, recorded a 162.8% revenue increase in 2025 and swung between US$2.80 and US$19.71 per share in the course of its US$245 million DLA supply contract.[3]

Both moves show how strongly the market responds to government-funded demand for non-Chinese antimony once it becomes visible. Whether, and to what extent, comparable catalysts play out for other companies in the sector is something investors must judge on the basis of their own analysis.

  • $2.9 BnPerpetua Ex-Im financing
  • +162.8%UAMY revenue growth, 2025

As of 23 July 2026

And that capital keeps arriving in waves, not as a single event: add the Pentagon’s $245 million antimony stockpile contract and Canada’s own Sovereign Fund to the tally above, and the pattern is a government formalising the same conclusion every few months, not a one-off. Bald Hill’s high-grade results sit directly in the path of all of it.

/ 04 — The Position

The defence supply chain is exposed. The window to fix it is closing. The drills are already turning.

The window for securing non-Chinese antimony supply is narrowing quickly. Beijing’s partial export suspension expires in November 2026, and Western stockpiles remain thin against the scale of what NATO’s defence industrial base actually consumes.

When a roughly 97 percent collapse in Chinese antimony exports meets a $10 billion US strategic reserve and an EU bloc with zero domestic mines across 27 member states, antimony stops being a niche commodity story. It becomes a question of whether NATO armies, European industry and electrified economies can source a metal they cannot do without from anywhere other than the adversary that has already shown it will weaponise the supply.

Investors who understood early what the August 2024 export controls actually signalled — and what a 437 percent European price surge and a $2.9 billion US federal loan have since confirmed — were ahead of a market that is, in places, still pricing junior antimony explorers as if the old, China-dependent supply chain still holds.

  1. The supply side is structurally broken. The demand is non-negotiable.
  2. Antimony Resources is drilling the gap.
  3. This is the reality.

Bald Hill is the position.

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CSE: ATMY FSE: K8J0 OTCQB: ATMYF WKN: A414DM

Sources & References

  1. [1]

    § 01China export controls / Pentagon response ↩

    China export controls, Aug 2024, ~97% export collapse / price near-doubling — Chemistry World, “Military demand strains metal supply chains” (30 Jun 2025), chemistryworld.com

    Military end-user carve-out surviving the late-2025 partial suspension; suspension expiring Nov 2026 — Heritage Foundation, “A Critical Mineral in a Critical Moment: The Antimony Crisis”; europeancapitalinsights.substack.com, “Europe’s Antimony Dilemma” (20 Jan 2026)

    Cadenazzi quote and $245M DLA antimony stockpile contract — war.gov, “Securing Rare Earth Elements a National Security Imperative, Official Says”; Alliance for American Manufacturing, “The National Security Rationale for Rebuilding Resilient Critical Mineral Supply Chains” (3 Mar 2026)

  2. [2]

    § 01Europe / European Court of Auditors ↩

    ECA Special Report 04/2026 and Pentus-Rosimannus quote — eca.europa.eu/en/publications/SR-2026-04; Courthouse News, “Auditors: No easy path forward for Europe on critical minerals” (2 Feb 2026); eunews.it, “Critical raw materials: Court of Auditors brings EU back down to Earth” (3 Feb 2026)

    EU CRMA 2030 targets at risk — S&P Global, “EU faces uphill battle to meet critical raw materials targets” (4 Feb 2026); rawmaterials.net, “Court of Auditors Warns: EU Risks Missing Its Raw Materials Targets”

  3. [3]

    § 01Critical minerals lists / Project Vault / Perpetua / Canada ↩

    NATO’s actual list of 12 (confirms antimony is NOT on it) — nato.int/cps/en/natohq/news_231765.htm, “NATO releases list of 12 defence-critical raw materials” (11 Dec 2024)

    Antimony on US list — Federal Register, “Final 2025 List of Critical Minerals” (7 Nov 2025). On EU list — European Commission, “Study on the Critical Raw Materials for the EU 2023 – Final Report”. On UK list — IEA Policies, “Critical Minerals List” (UK, via British Geological Survey / BEIS). On Canada’s list — canada.ca, “Critical minerals: an opportunity for Canada”. On Australia’s list (and the 5-country roll-up) — europeancapitalinsights.substack.com, “Europe’s Antimony Dilemma” (20 Jan 2026), citing IISS

    Project Vault ($10Bn Ex-Im loan, Feb 2026 launch) — state.gov, “Opening Remarks of the Critical Minerals Ministerial” (4 Feb 2026); rawmaterials.net, “Project Vault: U.S. to Launch $12 Billion Critical Mineral Stockpile”. Canada’s C$2 billion Critical Minerals Sovereign Fund and the antimony-named Clean Technology Manufacturing tax credit expansion, both Budget 2025 — miningweekly.com, “Canada launches C$2bn Critical Minerals Sovereign Fund” (5 Nov 2025); mltaikins.com, “2025 Federal budget includes investment in infrastructure, mining and energy” (5 Nov 2025); canada.ca, “Canada’s Critical Minerals Strategy: Progress update”

    Perpetua’s $2.9Bn Ex-Im Bank loan approval and share-price jump — Perpetua Resources Corp., “Export Import Bank of the United States Approves $2.9 Billion Loan for Development of Perpetua Resources’ Stibnite Gold Project” (21 May 2026), perpetuaresources.com; CNBC, “Miner Perpetua Resources secures $2.9 billion U.S. loan for Idaho gold, antimony project” (21 May 2026). Perpetua market capitalisation after approval — Streetwise Reports, “America’s Only Defense Antimony Mine Moves Ahead After Court Ruling” (5 Jun 2026); stockanalysis.com/stocks/ppta. UAMY FY2025 revenue +162.8% — United States Antimony Corp., “United States Antimony Corporation Reports Fiscal Year 2025 Financial and Operating Results” (19 Mar 2026), usantimony.com. UAMY $2.80–$19.71 52-week range — marketwatch.com/investing/stock/uamy; finance.yahoo.com/quote/UAMY. $245M DLA stockpile contract — Reuters, “US Antimony Corp wins $245 million Pentagon contract to build defense stockpile” (23 Sep 2025), reuters.com

  4. [4]

    § 02The Asset — Atkinson, Lake George, Bald Hill operations ↩

    Atkinson ran Lake George, “North America’s last producing antimony mine” — ad-hoc-news.de, “Bald Hill Drilling Delivers 19.5% Antimony, Yet Antimony Resources Shares Tumble on Market Glut” (13 Jun 2026)

    “Our overall grade … probably the highest-grade antimony deposit in North America” quote — InvestorNews, “Jim Atkinson Says Bald Hill Could Be Among the Highest-Grade Antimony Deposits in North America” (10 Mar 2026), investornews.com/critical-minerals-rare-earths/jim-atkinson-says-bald-hill-could-be-among-the-highest-grade-antimony-deposits-in-north-america/

    44.2% Sb South Zone trenching, 38 samples — Junior Mining Network / Newsfile Corp release (8 Jun 2026). 26.9% Sb drill core, 495m depth — InvestorNews InvestorTalk alert (referencing 13 May 2026 release). 77 holes / 25,000m+ since April 2025, three rigs active — ad-hoc-news.de (13 Jun 2026). 2025 NI 43-101 conceptual target (~2.7Mt at 3–4% Sb) — stocktitan.net, “Antimony Resources sets 2026 Bald Hill drill plan” (14 Jan 2026)

    New Brunswick Minister John Herron site visit, June 2026, and his quote on the Comprehensive Minerals Strategy — Newsfile Corp / investornews.com, “New Brunswick Minister of Natural Resources Visits Bald Hill Antimony Project” (4 Jun 2026). GEMTEC permitting roadmap, Q4 2026–Q1 2027 application target — ad-hoc-news.de, “Bald Hill Permitting Takes Centre Stage” (6 Jun 2026)

    WKN A414DM / ISIN CA0369271014 / FSE K8J0 — onvista.de, live.deutsche-boerse.com

  5. [5]

    § 03The Supply Gap — price escalation ↩

    $12,000 → ~$60,000/tonne — InvestorNews, “Antimony Price Spike Puts Critical Mineral in Spotlight” (18 Feb 2026), quoting Atkinson directly (an approximate range given by the CEO in an interview, not an exchange-quoted benchmark). Chemistry World independently cites ~$15,000 → $60,000+/tonne for European antimony.