Saab, Antimony Resources, Rheinmetall: Billion-Dollar Defence Orders and Gold Discoveries Drive Share Price Potential

Saab: Market position expanded

Swedish defence group Saab is currently posting a strong order intake and is further expanding its position in the European defence market. Two recent major orders show the company's growing importance in the sector.

According to a recent agreement with the Swedish procurement agency FMV, Saab will significantly strengthen the Ukrainian air force. The contract provides for the production and delivery of 16 fighter aircraft of the state-of-the-art Gripen E type. The order volume amounts to around SEK 24.6 billion, equivalent to about EUR 2.2 billion. In addition to the jets themselves, the package also includes the provision of spare parts and the necessary additional equipment.

Delivery of the aircraft to the Swedish authorities is planned for the period between 2029 and 2030. The Gripen E model stands out in particular for its flexibility. The aircraft require no conventional runways and can also take off from improvised strips or roads. In addition, the system architecture enables uncomplicated software updates, which secures the jets' long-term operational capability.

Beyond that, Saab secured an important order in the naval sector. The company was awarded the contract to build three A26-class (Blekinge-class) submarines for the Polish Navy. This contract, which has a volume of about SEK 47 billion, includes not only the vessels but also a comprehensive equipment and training program.

The handover of the third and final submarine is scheduled for 2038. To maintain Polish naval capabilities until then, a separate agreement was reached. Poland will thus use the Swedish submarine HMS Södermanland as an interim solution until the new A26-class units are operational.

Antimony Resources: Gold find could trigger a re-rating

Antimony Resources has given its Bald Hill project a new dimension. While the deposit was previously regarded mainly as a promising antimony project, recent drill-core analyses now also indicate significant gold mineralization. The evaluation of around 190 intersections from more than 45 drill holes yielded an average of 1.14 g/t gold over 2.56 m, with peak values reaching 1.88 g/t over 4.85 m. Particularly notable is that the gold mineralization occurs both with the high-grade antimony zones and in adjacent areas. Should this pattern be confirmed by further drilling, Bald Hill could in future be valued not only as a strategic antimony project but also as a gold deposit, which would likely trigger a re-rating.

The discovery was made possible by an AI-supported analysis of the extensive drill database. According to management's assessment, the gold evidence considerably expands the deposit's economic potential without changing the focus on antimony. Still in 2026, further regional exploration programs are to follow on the more than 3,700-hectare project.

Antimony Resources' business model is based on developing strategic antimony deposits in Canada. Antimony is classed by the US Geological Survey and the International Energy Agency as a critical raw material for defence, semiconductors, energy storage and modern high technologies. At the same time, China controls the majority of global supply and has tightened its export restrictions. Accordingly, the antimony price has more than doubled in a few years, from around USD 15,000 to over USD 60,000 per tonne. With Bald Hill, the company is developing a potentially significant Western source of supply and has recently demonstrated antimony grades of up to 36.0% in drilling and 44.2% in surface samples.

Analysts, too, see considerable potential. Research house GBC AG reaffirms its "Buy" recommendation and sees the fair value of the share at CAD 3.00. Should the gold grades be further confirmed alongside the high-grade antimony finds, the re-rating potential is likely to increase further.

Rheinmetall: Expansion continues

The defence and technology group Rheinmetall booked further international orders in the second quarter of 2026. The company was thus able to secure a significant initial order for its gun-based Skynex short-range air defence system from an international customer. In total, four complete systems worth several hundred million euros were ordered. The project is being implemented by the subsidiary Rheinmetall Italia and has a total duration of 39 months. Delivery of the first system battery is to take place in 21 months, followed by the remaining units at half-year intervals. In addition to the actual defence technology, the agreement includes utility vehicles, ammunition and training and logistics services to ensure operational readiness.

In parallel, the DAX group is advancing its strategic expansion in the field of unmanned land systems. Effective 1 July 2026, the acquisition of a majority stake of 51% in the Croatian robotics specialist DOK-ING was completed. The new subsidiary will operate under the name Rheinmetall Unmanned Vehicles d.o.o. and is to serve as a center for autonomous heavy military vehicles. The technological basis will be the modular hybrid platform Komodo developed there, which can handle a payload of more than 8.5 tonnes. Various function modules are planned, including systems for mine clearance as well as armed support units intended to accompany main battle tanks and infantry fighting vehicles.

On the stock market, the group's shares were recently under considerable pressure. After the ministerial cancellation of the F126 frigate program, the stock lost significant value and fell to a low of around EUR 902.50. Against this backdrop, CEO Armin Papperger sent a signal to investors. Through an insider purchase, the CEO acquired shares worth more than EUR 3 million. This is regarded as a vote of confidence in the company's future development. Despite the current downward trend in the chart, analyst firms are maintaining their "Buy" recommendations but have adjusted their price targets downward.

Rising defence spending and the race to secure strategic raw materials are creating long-term growth opportunities. Saab is strengthening its market position through a steady stream of multi-billion-dollar contracts, while Rheinmetall continues to accelerate its expansion with new orders and strategic acquisitions. Meanwhile, Antimony Resources has the potential to emerge as a strategically important supplier of critical minerals, supported by high-grade antimony discoveries and the additional upside offered by its gold potential. These are three companies that could benefit from one of the most powerful long-term structural trends shaping global markets.