Antimony Resources: Geopolitics Is Driving Antimony Prices

Chinese dominance and rising demand drive prices

Antimony is one of the strategically essential metals of modern industry, yet it remains largely outside the public spotlight. However, both the US and the European Union list this semi-metal among their critical raw materials. The main reason is the extreme concentration of global production.

According to the US Geological Survey, China controls more than 60 to 70% of global antimony production and also dominates large parts of the processing sector. Russia is also a major producer, though its exports are increasingly affected by Western sanctions. For North America and Europe, this means a massive dependence on just a few supplier countries.

The situation worsened further when China introduced export restrictions on antimony at the end of 2024. In an already tight market, this led to significant price spikes, at times reaching nearly USD 60,000 per metric ton. At the same time, demand is growing in numerous industries.

Industry and Defense Drive Antimony Demand

In the defense sector in particular, antimony is a key component of modern weapon systems. According to studies, military applications account for just under 20% of global demand - a share that is likely to grow further given rising defense spending. For Western industrialized nations, securing independent supply chains is therefore becoming a major strategic challenge.

Parallel to the geopolitical situation, economic demand is also growing. In addition to traditional industry, the main drivers are new applications in the energy, technology, and security markets. In data centers, antimony is needed for flame-retardant cable sheathing, while in the solar industry, sodium antimonate is used as a refining agent in glass production.

At the same time, supply remains limited, as hardly any new projects outside of China have gone into production. There is currently virtually no significant primary production in North America. It is precisely this structural gap that makes new projects in Canada or the US particularly interesting from a strategic perspective.

Bald Hill – Key Source for North America

Against this backdrop, Antimony Resources is increasingly coming into the spotlight of the commodities industry. The Canadian explorer is focusing on the Bald Hill project in the province of New Brunswick, which is emerging as one of the most promising antimony deposits in North America. The company holds an option to acquire a 100% interest in the project and has recently expanded the property through additional claims.

The goal is to establish a significant North American source of antimony. Exploration work to date has yielded remarkable results. A technical report in accordance with NI 43-101 currently estimates the exploration potential at approximately 2.7 million tonnes of mineralized rock with high-grade contents of about 3 to 4%. Drilling completed last year returned several strong intercepts, including 9.6 m at 2.38% antimony and 2.3 m at 6.79% antimony.

The main zone has already been traced over a strike length of approximately 700 m and to depths of at least 400 m. A 10,000-meter drilling program is currently underway, intended to lay the groundwork for an initial official resource estimate. Approximately 4,000 m have already been completed.

New Zone Discovered

New discoveries underscore the project's additional potential. While working on an access road, the exploration team discovered a previously unknown mineralization zone. The so-called Marcus Zone, west of the main area, hosts massive stibnite mineralization extending over at least 10 m.

In the southern area as well, a previously known structure has been significantly extended and now reaches a length of approximately 150 m. In the central zone, historical excavations are also yielding promising results. There, 2.9% antimony was identified over 8.18 m, including a high-grade 8.47% over 1.53 m.

According to CEO Atkinson, these results indicate a significantly larger mineralized system. According to the company, antimony-bearing stibnite bodies have now been identified in four different areas of the property, both as massive and brecciated structures. This suggests that the resource potential of the project could extend far beyond the main zone defined to date.

The antimony market is facing a structural realignment. Export restrictions from China, rising demand from defense, energy, and technology markets, as well as the political will of Western nations to establish their own supply chains, are increasingly bringing this raw material into focus. With the Bald Hill project, Antimony Resources has a deposit with high grades and growing exploration potential. Following a CAD 7 million capital raise, the company is fully funded for its current exploration program. If ongoing drilling confirms previous estimates, the company could play a strategic role in establishing an independent antimony supply in North America.