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

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

11.05.2026 / 10:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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result of this research does not constitute investment advice or an

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 Note

Recommendation: BUY

Target price: CAD 3.00

Target price on sight of: 31.12.2026

Last rating change:

Analyst: Cosmin Filker; Matthias Greiffenberger

"Bald Hill Gains Momentum"; Funding Sufficient for Ongoing Drilling Program;

Further Progress Made on Main Project

Antimony Resources Corp. (ATMY) recently announced its operating metrics for

the first half of the 2025/2026 fiscal year (fiscal year-end: August 31,

2026). Since the company is currently still in the exploration phase of its

main project (Bald Hill project) and therefore not yet generating revenue,

the focus is on liquidity and the resulting capital run.

During the past reporting period, ATMY significantly improved its financial

position through a major capital increase that took place at the end of

November 2025. By issuing 21.02 million shares at a price of CAD 0.45 per

share, the company generated gross proceeds of CAD 9.46 million. Net

proceeds from the offering amount to CAD 8.70 million. Through the

additional issuance of shares to service warrants and options in the first

half of 2025/2026, the company generated further cash inflows, bringing the

financing cash flow for the first half of 2025/2026 to a total of CAD 11.93

million. As a result, as of February 28, 2026, ATMY has a significantly

expanded cash balance totaling CAD 8.24 million (August 31, 2025: CAD 1.75

million). According to the company, the current cash balance is sufficient

to finance the entire exploration program required for the Bald Hill

project. Sufficient funds are available to finance the additional resource

estimation programs, the application for a construction permit, and the

technical gap analysis.

On May 7, 2026, the company announced key details regarding the start of the

next exploration phase at the Bald Hill antimony project, scheduled for the

second week of May. The planned program includes both extension drilling in

the main zone and exploration drilling in the newly discovered areas outside

the main zone.

At the heart of the current program is extensive drilling totaling 19,000

meters, of which approximately 13,000 meters are dedicated to extension

drilling in the main zone. Additionally, a further 6,000 meters of

exploration drilling is planned in the newly identified target areas Marcus,

BH Central, and BH South. These zones are located in the immediate vicinity

of the existing deposit and have been identified as potentially mineralized

through recent prospecting and exploration work. In parallel, regional

exploration work is to take place on the concession area, which has since

been expanded to 37 km², particularly on the so-called Second-Run claims

south of the Main Zone, where soil samples have delineated several new

antimony anomalies.

In addition to drilling, the company also aims to further develop the

project technically and mitigate risks at an early stage. Extensive soil

sampling programs with more than 1,500 additional samples, geological

mapping, prospecting work, and additional trenching are planned to better

delineate new target areas. In addition, ATMY is already working on 3D

models of the deposit, metallurgical studies, and environmental and

permitting studies. Together with technical analyses by SRK, this work is

intended to lay the groundwork for future mine development. The company

plans to submit the permit application for Bald Hill by the end of 2026 or

early 2027. Overall, the new program marks the transition from a purely

exploratory phase to a systematic expansion and potential economic

development of the project.

To update our valuation, the basis of which has not changed from our initial

coverage study dated March 30, 2026, we are using a higher, updated share

count of 103.32 million (previously: 95.77 million). The dilutive effect of

the higher number of shares is offset by the exercise of options, for which

we have determined a total value of CAD 26.08 million (previously: CAD 50.10

million) using a Black-Scholes model. Overall, these two effects cancel each

other out, so we have determined an unchanged price target of CAD 3.00 (EUR

1.90 at CAD 1.00 = EUR 0.63, as of May 6, 2026, 7:49 a.m. UTC) per share. We

maintain our "BUY" rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=70fa3eec9dd94dd002a80aca8d723cba

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: 08.05.2026 (8:52am)

Datum der ersten Weitergabe: 11.05.2026 (10:00 am)

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2324710 11.05.2026 CET/CEST

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