September 30th, 2025 | 07:40 CEST
Antimony Resources, Rheinmetall, Novo Nordisk – Something is in the air!
Sufficient access to raw materials is crucial for any economy. The EU has compiled a list of 34 critical raw materials. How critical a raw material is classified depends on two parameters: "economic importance" and "supply risk." This list also includes a little-known but very important metalloid – antimony. The price of antimony skyrocketed at the end of 2024 in the wake of China's export ban. There are still exciting investment opportunities in this area.
time to read: 2 minutes
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Author:
Carsten Mainitz
ISIN:
ANTIMONY RESOURCES CORP | CA0369271014 , RHEINMETALL AG | DE0007030009 , NOVO NORDISK A/S | DK0062498333
Table of contents:

"[...] As a company dedicated to developing treatments for rare heart diseases, we see this as an opportune moment to contribute to the fight against heart disease and make meaningful strides in improving heart health worldwide. [...]" David Elsley, CEO, Cardiol Therapeutics Inc.
Author
Carsten Mainitz
The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.
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Antimony Resources – Still flying under the radar of investors
Antimony is versatile and in high demand: its applications as a flame retardant, in photovoltaics, defense, semiconductors, and energy storage highlight its importance. As with many other critical metals and rare earths, China dominates global supply. At the end of last year, the country imposed a global export ban. This shines a spotlight on future producers, such as Antimony Resources.
The Canadians have the option to acquire the Bald Hill property in southern New Brunswick, Canada. Previous drilling has identified antimony over a length of more than 700 m and a depth of 400 m with an average thickness of over 3 m and a grade of 3% to 4% antimony (Sb). This distinguishes Bald Hill as a first-class, high-grade antimony deposit.
The current drilling program, which could give the stock a significant boost, is divided into several phases. A total of at least 6,000 meters of drilling is to be completed. Phase 1 at Bald Hill has already delivered good results. Significant high-grade antimony deposits were intersected in over 75% of the drill holes. The previously defined main mineralization zone was also significantly expanded.
The Company has now announced the start of the second phase of its drilling program, with two main priorities. The first is to extend the known antimony-bearing mineralization to the north and south and to expand the mineralization at depth. This trend has already been successfully demonstrated in Phase 1.
The second priority is to drill at locations that demonstrate a connection between widely separated mineralization zones. The aim is to determine whether the mineralization is sufficiently continuous and whether sufficient data is available.
Rheinmetall – Above the EUR 2000 mark for the first time
As mentioned above, antimony plays an important role in the defense industry. This semi-metal increases the hardness and stability of lead and is therefore essential in the manufacture of ammunition and armor. Antimony is also used in high-tech weapons, night vision devices, and infrared sensors.
German defense stocks continued their rally at the beginning of the week, reaching new all-time highs. Rheinmetall shares climbed slightly above the EUR 2,000 mark for the first time. Although the shares have already increased twentyfold since the start of the war in Ukraine, analysts at UBS and mwb research still see room for growth up to EUR 2,500.
The enormous demand for weapon systems and ammunition continues to swell order books. The DAX-listed company recently announced that it would be supplying ammunition to Eastern Europe as a subcontractor to a company commissioned by the US government. The total value of the order is in the mid three-digit million range.
Novo Nordisk – Negative analyst opinion weighs on the stock in the short term
A significant downgrade by Morgan Stanley to "Underweight", coupled with a price target capped at EUR 40, weighed on the stock in the short term. Analysts expect minimal growth in revenue and profits next year and point to the Danish company's challenging competitive position.
The shares are currently trading at around EUR 47 and have already priced in many negative factors. At first glance, the stock appears undervalued historically, but growth remains subdued. Investors are not missing out on anything yet and can monitor developments from the sidelines.
If Antimony Resources' current drilling program proves successful, as initial data suggests, this could give the share price a significant boost. The market capitalization is just CAD 11 million. Rheinmetall is benefiting from sustained high demand and still has room for growth despite reaching an all-time high. A lot of negative factors are already priced into Novo Nordisk's share price.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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