The US with "unlimited" ammunition? Hardly! Antimony Resources is the next critical-metals high-flyer!

The US with "unlimited" ammunition? Hardly!

The war in Iran is likely to fuel further demand for antimony and other critical raw materials – not only because of ammunition consumption, but also because of the entire technological spectrum of modern armed forces. Ignition and propulsion components, protection and communication systems, sensor technology, electronics, drones, and defense technology. In such conflicts, material consumption typically skyrockets, while procurement and production must simultaneously pay greater attention to "secure" supply chains. The problem: supply from Western sources was already tight because the West was only too happy to outsource dirty mining to China and Russia for too long. Now, alternative production and refining capacities can only be ramped up slowly. In this complex situation, geopolitical shocks act as a multiplier – increased demand is hitting a system that is already under strain.

Against this backdrop, yesterday's statements from Washington that it has "unlimited" ammunition should be read as rhetoric rather than a reliable inventory or production reality. We are quite accustomed to this from US President Donald Trump and his Secretary of Defense Pete Hegseth. In any case, modern ammunition and weapon systems depend on industrial supply chains, intermediate products, and skilled labor – and these cannot be scaled up at will. Especially not when critical raw materials are in short supply and come from geopolitically sensitive regions. In short, anyone who talks about unlimited availability is overlooking the physical reality of the industry. This is precisely why raw materials such as antimony are gaining additional momentum in an escalating conflict environment, and stocks such as Antimony Resources are booming.

CEO optimistic in analyst interview

Currently, one of the most exciting companies in the antimony sector is Antimony Resources. The Bald Hill project in Canada has one of the few potentially relevant Western levers on antimony. In a recent conversation with analysts from GBC Research, CEO Jim Atkinson made it clear that this is no longer just an idea, but a systematically growing project. The company has expanded its land package to the west, south, and east, securing strategic control over a larger area. Atkinson also emphasizes the relevance of security policy. Antimony is an underestimated but crucial "critical" metal - used in ammunition and special electronics such as night vision technology, as well as in flame-retardant applications.

Operationally, Atkinson points to the progress made in 2025. Over 5,000 m of drilling has expanded the deposit and significantly improved the data basis for a potential resource estimate. An NI 43-101 report estimates the project potential at around 2.7 million tons with 3% to 4% antimony content. This means that the deposit is likely to be worth billions. A 10,000-meter definition program is currently underway, of which approximately 4,000 m have already been drilled. The drilling is expected to be completed in April. An initial resource estimate could then be announced in early June.

In addition, Atkinson sees upside potential in newly identified zones. Further parallel mineralization areas have already been confirmed, which suggests that the system is significantly larger than previously assumed. Important for investors: The ongoing exploration program is fully financed. With over CAD 7 million in the coffers, the next steps, from resource estimation to permit application to technical gap analysis, are secured. Click here for the GBC interview.

Update on the 10,000-meter drilling program

On Tuesday, Antimony Resources published an update on the ongoing 10,000-meter drilling program. Due to its favorable location, work can be carried out on the property all year round. This is anything but common in Canada. As a result, 4,000 m of drilling have already been completed.

The company is becoming increasingly confident that the mineralization in the Bald Hill area is a large and extensive system. This is because massive antimony-bearing stibnite mineralization has now been identified in four separate areas. One of the three drill rigs on site will now explore areas outside the Main Zone where antimony-bearing stibnite has already been discovered.

Conclusion: New highs are really only a matter of time

With the continued positive news flow, new highs for Antimony Resources' share price are really only a matter of time. The stock is also actively traded on Tradegate in Germany, and its market capitalization is a manageable EUR 56 million. This does not seem too expensive in view of the operational development and the industry environment. After all, billions appear to be lying dormant in the ground.