Why the Antimony Bottleneck Threatens Hensoldt and BASF, and How Antimony Resources Benefits

Hensoldt: Endangered Sovereignty in High-End Sensor Technology

For Germany's leading defence electronics manufacturer Hensoldt, antimony is an indispensable raw material for its optronic and sensor-based product range. The company generates over 70% of its revenue in the highly profitable Sensors segment, which includes air-defence radars such as the TRML-4D and state-of-the-art infrared search systems. Antimony forms the technological basis for advanced semiconductor compounds such as indium antimonide, which is used as detector material in cooled infrared focal-plane arrays in the mid-infrared range. These detectors offer outstanding thermal sensitivity and a significant increase in range. Because advanced detectors are subject to strict defence export controls, a shortage of antimony leads directly to delays and threatens Europe's technological sovereignty.

BASF: Flame Retardancy Acutely at Risk

Outside the defence sector, German industry is also highly dependent on antimony imports. At BASF in Ludwigshafen, the raw-material bottleneck primarily affects the Performance Materials division and the group's strategic realignment in the field of electromobility. BASF uses antimony trioxide as a synergist for halogenated flame retardants to achieve the strict, legally mandated fire-protection certifications for engineering thermoplastics such as polyamides and polyester. While the industry is searching intensively for antimony-free alternatives based on tin, zinc, or phosphorus compounds, these require significantly higher dosages and reduce mechanical strength and flowability during processing. A complete substitution of antimony is therefore likely to remain economically and technically hardly feasible for BASF in the short to medium term.

Antimony Resources: Hope From Canada

The Canadian exploration company Antimony Resources is increasingly regarded as a strategic winner of the antimony emergency. The flagship Bald Hill project in the Canadian province of New Brunswick benefits from excellent infrastructure and mining-friendly legislation. Drilling has so far already delivered remarkable results. The core area shows average grades of between 3% and 4% antimony over a width of four to five metres, well above the economic mining grades of other projects. The 12,500 m definition drilling program was completed in April this year and was immediately followed by another 11,000 m drilling campaign. The objective is to further evaluate new target areas, including the Marcus Zone. The drilling results to date underscore why Antimony Resources is regarded as one of the sector's most promising exploration stories. Highlights include 4.38% antimony over 7.05 m, including a higher-grade interval of 9.76% antimony over 3.15 m—results widely considered highly encouraging.

Side Projects and Strategic Groundwork Pave the Way to Production

Meanwhile, Antimony Resources is advancing exploration on its surrounding properties. Additional soil sampling at the Second Run block, located 3 km south of the main zone, returned antimony concentrations exceeding background levels by as much as fortyfold, with peak values of 450 ppm. To accelerate the path toward production, the company has already commissioned local engineering firm GEMTEC to carry out the environmental and social impact assessments. Early engagement with the Mi'kmaq and Maliseet Indigenous communities is also intended to help secure formal permitting by late 2026 or during 2027. By then, the company could be in a position to move toward production.

Antimony Resources: Analysts See Potential

The analysts at GBC Research rate Antimony Resources in their current study as one of the most promising answers to the Western antimony deficit. The analyst rating is "Buy," with a price target of CAD 3.00. As key drivers, the experts cite the excellent geology, indirect support from German-Canadian raw-materials cooperation, and the two-price system, in which non-Chinese antimony has already reached a historic record high of around USD 60,000 per tonne. Risks lie primarily in delays to permitting procedures and possible price fluctuations should China loosen its export restrictions again. However, since the Bald Hill project is well positioned thanks to its advanced development and high local acceptance compared with European competitors such as Trojárová — which, surprisingly, had its license revoked in May 2026 — investors should definitely take a closer look at Antimony Resources.