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

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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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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

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