Peace dividend: How Antimony Resources, the RENK Group, and Lockheed Martin are reaping the rewards of military buildup

Antimony Resources – A strategic metal gains momentum

While attention is often focused on lithium or cobalt, another metal is coming into focus: antimony. The exploration company Antimony Resources is working to develop a new source for this critical raw material with its flagship Bald Hill project in New Brunswick, Canada. The project is based on an already known, high-grade deposit. Another 6,000 m drill program is currently underway, which is intended not only to fill existing data gaps but also to extend the mineralized system to the north and south. Initial results are promising and indicate a potentially larger deposit.

The strategic importance of antimony is often underestimated. It is indispensable for flame retardants in electronics and construction, increases the service life of lead-acid batteries, and is a key component in military applications. The market is currently dominated by China, which poses a risk given geopolitical tensions and efforts to establish more independent supply chains for Western nations. Projects such as Bald Hill, therefore, not only target a market opportunity but also address a specific supply problem. The exceptionally high metal grades on site, with individual drill sections containing up to 14.91% antimony, could also favor long-term economic viability.

At the end of December, the Company announced the successful completion of the first tranche of a financing round. Shares worth approximately CAD 9.5 million were placed at CAD 0.45 per share. According to CEO Jim Atkinson, the funds are primarily intended for the continued exploration and development of Bald Hill and for operational business activities - the participation of US placement agents Dominari Securities LLC and Revere Securities LLC underscores the growing interest of international investors in the project. This financial leeway will enable the team to rapidly advance the ongoing program and lay the groundwork for an initial official resource estimate. The stock is currently trading at CAD 0.50, which is above the private placement price and can be seen as a positive sign.

RENK Group - December orders underpin growth

The last weeks of 2025 brought further tangible evidence of the Company's continued success. In mid-December, RENK secured a follow-up order worth EUR 45 million for specific gearbox types that will be installed in key platforms of the German Armed Forces, such as the Puma infantry fighting vehicle. This order is directly linked to the ongoing capacity expansion of the armed forces and shows that RENK, as a leading technology supplier, is continuously benefiting from these programs.

Also in December, subsidiary RENK Test Systems (RTS) announced a significant contract award from the Netherlands. The Dutch Ministry of Defense is ordering a complete range of state-of-the-art test benches for the maintenance of its vehicle fleet. This deal underscores two things: first, the growing strategic importance of aftermarket services, and second, the Group's ability to offer complete system solutions beyond pure components, expanding the addressable market volume.

Taken together, these December announcements illustrate the versatility of the business model. RENK not only generates revenue from the original equipment of new vehicles, but also taps into the entire life cycle business with test systems and maintenance solutions. These recurring service streams offer valuable planning security.
The orders consolidate the Company's position as a systemically important partner for European armed forces at a time when they are substantially expanding their capabilities. The share is currently trading around EUR 59.72.

Lockheed Martin – Solid, but on standby

For investors, Lockheed Martin has always been an anchor in uncertain times. The business model is robust, and the order book is full. However, the defense giant currently finds itself in a kind of endurance race against itself. An inflated valuation is compounded by operational quirks, most notably the ongoing problems with the flagship F-35 program. A recent Pentagon review revealed sobering operational readiness rates. Although billions of dollars in government contracts continue to flow in, political controversies and lengthy approval processes, such as for deliveries to Taiwan, are delaying implementation. The current phase requires patience above all else.

Financially, the Company's performance is mixed. Revenue is growing, but earnings per share forecasts are significantly clouded. The balance sheet reflects the capital-intensive nature of the industry. High debt limits financial flexibility for major acquisitions. Although Lockheed continues to generate reliably strong cash flows, even here the trend has recently been downward. This becomes a problem when the focus is on dividend increases and share buybacks at the same time. It is precisely this strategy that could come under pressure from new regulatory initiatives in Washington.

The Company's competitive position is being challenged. In the space business, SpaceX is aggressively pushing into the market, while Lockheed's own rocket joint venture, ULA, is struggling with delays and a change in leadership. Other companies are currently being valued much more dynamically by the markets. On the positive side, however, are strategic partnerships, for example, in India and Hungary, which are strengthening the Company's international presence. For investors, Lockheed remains a quality company in a difficult transition phase. However, new funds should be held back until the operational and political clouds clear. The share price is currently trading around USD 511.47.

The so-called peace dividend of rearmament is creating winners along the entire value chain. Antimony Resources is benefiting directly from the strategic shortage and price rally of the metal antimony through its promising exploration project. As a system-critical supplier, the RENK Group is reaping concrete returns from European armament programs with follow-up orders and lifecycle services. Despite operational quirks and political delays, Lockheed Martin remains the long-term anchor, benefiting from structurally high global demand. The "security" business model is paying off – for raw material suppliers, component manufacturers, and system integrators alike.