Ballard Power Stock Surges – What Is Happening at Standard Lithium and Antimony Resources?

Ballard Power: Price Surge Far from Reality

When it comes to Ballard Power, one can only shake one's head in amazement. While the stock has roughly tripled since March, one searches in vain for operational reasons. It seems as though even struggling fuel cell and hydrogen companies are being swept up in the AI hype. At Ballard Power, a short squeeze also appears to be in play. There is no other way to explain why the company is valued at CAD 2.6 billion.

In the first quarter, Ballard increased revenue by 26% to USD 19.4 million. The company celebrated achieving a positive gross margin. However, adjusted EBITDA remained deep in the red at a loss of USD 11.4 million.

News reports largely focus on fuel cell commercial vehicles. In Cottbus, the first vehicles of a 46-bus hydrogen fleet from British manufacturer Wrightbus have entered regular service. The buses are equipped with Ballard's FCmove-HD fuel cells. Initially, four vehicles will be tested in daily service, with another seven to follow soon. The transit authorities aim to evaluate, in particular, range, refuelling processes, and integration into ongoing operations under real-world conditions. The full fleet is to be rolled out gradually by the end of 2027. The public transport operator SWK Mobil in Krefeld has ordered 19 additional hydrogen buses from the Polish manufacturer Solaris, which are scheduled for delivery in 2027. Last year, Solaris had already delivered ten hydrogen buses equipped with Ballard technology to the operator. Germany is thus increasingly becoming the most important European market for fuel cell buses.

However, this hardly justifies a valuation in the billions. The major Chinese shareholder, Weichai Power, appears to share this view. In May, it sold 8.15 million Ballard shares. Additionally, the previous anchor investor has completely withdrawn from the supervisory board. This had only a brief impact on the stock.

Antimony Resources: When Will the Price Surge?

Commodity stocks are currently overshadowed by the AI hype. But this will change again, and exciting buying opportunities are currently emerging for contrarian investors. For instance, Antimony Resources' stock has fallen from its high a few months ago of around EUR 1 to EUR 0.50. Analysts at GBC Research recommend the stock with a price target of EUR 1.90. At the same time, the company regularly reports progress on its antimony project in Canada. For those unfamiliar with antimony: the raw material is considered a critical metal and is used in batteries, semiconductors, defence applications, and as a flame retardant, among other things.

In an interview with "thedeepdive.ca", CEO Jim Atkinson expressed great confidence in the development of Antimony Resources. In his view, the project has already evolved from a discovery into a genuine antimony deposit.
For 2026, the focus is on a significant expansion of the drilling program. Including historical drilling, a total of approximately 35,000 m of data are expected to be available. Two drill rigs are working on defining the resource in the main area of the deposit, while a third rig is exploring additional target areas. Particular interest is focused on the newly discovered Marcus Zone and two other areas with visible antimony mineralization. Atkinson emphasizes that antimony projects can often be evaluated more quickly and potentially developed toward production faster compared to gold or copper deposits.

The CEO cites the release of an initial resource estimate by the end of the summer and the subsequent economic evaluation of the project as key milestones. He also points to the strong demand for this critical raw material and the support of the Province of New Brunswick, which aims to expedite permitting processes. Investors can expect a steady flow of news in the coming months regarding ongoing drilling, new discoveries, and additional exploration programs on the expanded land package.

The latest drill results confirm the extension of the Bald Hill Main Zone to greater depths and provide further evidence of the antimony deposit's potential. In the three newly evaluated drill holes, high-grade stibnite mineralization was intersected, with peak grades of up to 26.7% and 6.4% antimony, as well as thick mineralized intervals of up to nearly 15 m. In particular, drill holes BH-26-08 and BH-26-10 revealed broad mineralized zones at depths exceeding 350 m. With an average drill depth of over 250 m and the deepest mineralized intercept occurring at 495 m, the results demonstrate that the deposit remains open at depth and continues to show further growth potential.

Standard Lithium: Smackover Project

At Standard Lithium, shareholders are concerned about the lack of financing for the Smackover project. This is because it determines whether the joint venture between Standard Lithium and Equinor in the US state of Arkansas will actually be built. It was recently reported that an EPCC (Engineering, Procurement, Construction, and Commissioning) contract has been signed with S&B Engineers and Constructors for the project's central processing plant. The plant is designed to process brine from the production wells, extract lithium via direct lithium extraction (DLE), and further process it into battery-grade lithium carbonate.

The processing plant is designed for an annual production of 22,500 tons of lithium carbonate and accounts for approximately two-thirds of the project's total capital costs. Initially, a limited release was granted for further engineering, permitting, and procurement work to reduce risks and optimize the construction schedule. Full construction approval is expected to follow the final investment decision, which is anticipated in 2026. With the signing of this contract and a previously awarded agreement for the drilling field, all key construction partners are now on board. The final prerequisites for the investment decision are the conclusion of long-term off-take agreements for the lithium and the securing of project financing.

Standard Lithium's stock has lost 13% of its value this year. And this despite it gaining more than 7% over the past five trading days.

At Ballard Power, AI hype and a short squeeze are masking the grim reality. After all, there is really no other way to explain the stock's explosive rise. While the operational performance is solid, it justifies neither a tripling of the share price nor a valuation in the billions. A price collapse could occur at any time. A price jump would be entirely justified for Antimony Resources. The news flow is positive, and there is still a long way to go to reach the price target set by GBC analysts. With Standard Lithium, investors continue to wait for announcements on project financing and the investment decision. One thing is certain: all three stocks remain exciting.