Over 100% Upside Potential? Antimony Resources Positioned to Benefit from Rising Defense Demand

Over 100% Upside Potential

With a price target of CAD 3.00 (EUR 1.90), analysts at GBC Research attribute an upside potential of over 100% to Antimony Resources' stock. The share, which is also actively traded in Germany, is currently trading just above EUR 0.90. There are good reasons for this pronounced optimism.

Antimony has become a strategically highly relevant raw material in recent years. Both the US and the EU classify the semimetal as critical—not least because around 85% of global production comes from geopolitically sensitive regions. At the same time, antimony is virtually irreplaceable in key industries such as flame retardants, battery technology, and defense due to its properties. The combination of structural supply shortages and stable demand has caused prices to rise significantly and is increasingly bringing Western projects into focus.

Why is antimony a key component in modern defense technology? This is due in particular to the refinement of ammunition lead. Adding a single-digit percentage of antimony prevents projectiles from losing their shape under extreme ballistic conditions, which stabilizes accuracy and minimizes wear in the barrel. And the range of applications extends far beyond conventional ammunition. Due to its chemical properties, antimony is also found in high-tech components such as night vision devices, sensors, as well as in explosives and strategic weapon systems.

Up to 123,000 Tons of Antimony – Or More?

Antimony Resources could soon benefit greatly from this. According to GBC, its Bald Hill project in Canada has significant exploration potential. Initial drilling programs have already yielded promising grades of 3% to 4% antimony. High-grade sections with over 30% have even been reported. This brings the estimated reserves up to 123,000 tons of antimony. What is particularly interesting is that the deposit remains open in several directions. The resource could therefore become significantly larger. With ongoing drilling programs covering approximately 10,000 m, the company is working to present an initial NI 43-101-compliant resource estimate, a crucial milestone that typically leads to a significant revaluation. By March, the company had already surpassed the 5,000-meter drilling mark. Concrete figures from the drilling program could be available in just a few weeks.

Financially Sound and Experienced

Analysts also view the company as financially sound. In December 2025, the completion of a major financing round was announced, which provided the company with net proceeds of CAD 8.70 million. This provides Antimony Resources with sufficient funds to consistently advance the next exploration steps. Combined with an experienced management team and a clear focus on a strategic commodity, GBC believes this results in an attractive risk-reward profile.

Stock with Relative Strength

Antimony Resources' stock has shown relative strength in recent weeks. While global stock markets and commodities such as gold have declined noticeably, Antimony's stock is trading near its all-time high. The fact that even sharp pullbacks are consistently and quickly recovered is also a positive sign. The market appears to be looking optimistically toward the resource estimate.

Conclusion: An investment case with multiple components

The GBC experts summarize their investment case for Antimony Resources as having multiple components. It is based on the combination of a geopolitically highly relevant commodity and a promising project. Antimony is considered strategically critical in the US and the EU. Demand comes not only from the defense industry but from various sectors. At the same time, supply is heavily concentrated in China and Russia, making Western buyers almost entirely dependent on imports. This is precisely where the Bald Hill project comes in, scoring points with significant exploration potential of up to 123,000 tons of antimony, perhaps even more, in a mining-friendly region. Solid financing provides additional momentum. The ongoing drilling program is fully funded and is intended to lay the groundwork for an initial resource estimate. If the resource turns out even halfway as promising as the latest drilling results suggest, the stock's price rally is likely far from over.