Original-Research: Antimony Resources Corp. (von GBC AG): BUY
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Original-Research: Antimony Resources Corp. - from GBC AG
11.05.2026 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to Antimony Resources Corp.
Company Name: Antimony Resources Corp.
ISIN: CA0369271014
Reason for the research: Research Note
Recommendation: BUY
Target price: CAD 3.00
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Cosmin Filker; Matthias Greiffenberger
"Bald Hill Gains Momentum"; Funding Sufficient for Ongoing Drilling Program;
Further Progress Made on Main Project
Antimony Resources Corp. (ATMY) recently announced its operating metrics for
the first half of the 2025/2026 fiscal year (fiscal year-end: August 31,
2026). Since the company is currently still in the exploration phase of its
main project (Bald Hill project) and therefore not yet generating revenue,
the focus is on liquidity and the resulting capital run.
During the past reporting period, ATMY significantly improved its financial
position through a major capital increase that took place at the end of
November 2025. By issuing 21.02 million shares at a price of CAD 0.45 per
share, the company generated gross proceeds of CAD 9.46 million. Net
proceeds from the offering amount to CAD 8.70 million. Through the
additional issuance of shares to service warrants and options in the first
half of 2025/2026, the company generated further cash inflows, bringing the
financing cash flow for the first half of 2025/2026 to a total of CAD 11.93
million. As a result, as of February 28, 2026, ATMY has a significantly
expanded cash balance totaling CAD 8.24 million (August 31, 2025: CAD 1.75
million). According to the company, the current cash balance is sufficient
to finance the entire exploration program required for the Bald Hill
project. Sufficient funds are available to finance the additional resource
estimation programs, the application for a construction permit, and the
technical gap analysis.
On May 7, 2026, the company announced key details regarding the start of the
next exploration phase at the Bald Hill antimony project, scheduled for the
second week of May. The planned program includes both extension drilling in
the main zone and exploration drilling in the newly discovered areas outside
the main zone.
At the heart of the current program is extensive drilling totaling 19,000
meters, of which approximately 13,000 meters are dedicated to extension
drilling in the main zone. Additionally, a further 6,000 meters of
exploration drilling is planned in the newly identified target areas Marcus,
BH Central, and BH South. These zones are located in the immediate vicinity
of the existing deposit and have been identified as potentially mineralized
through recent prospecting and exploration work. In parallel, regional
exploration work is to take place on the concession area, which has since
been expanded to 37 km², particularly on the so-called Second-Run claims
south of the Main Zone, where soil samples have delineated several new
antimony anomalies.
In addition to drilling, the company also aims to further develop the
project technically and mitigate risks at an early stage. Extensive soil
sampling programs with more than 1,500 additional samples, geological
mapping, prospecting work, and additional trenching are planned to better
delineate new target areas. In addition, ATMY is already working on 3D
models of the deposit, metallurgical studies, and environmental and
permitting studies. Together with technical analyses by SRK, this work is
intended to lay the groundwork for future mine development. The company
plans to submit the permit application for Bald Hill by the end of 2026 or
early 2027. Overall, the new program marks the transition from a purely
exploratory phase to a systematic expansion and potential economic
development of the project.
To update our valuation, the basis of which has not changed from our initial
coverage study dated March 30, 2026, we are using a higher, updated share
count of 103.32 million (previously: 95.77 million). The dilutive effect of
the higher number of shares is offset by the exercise of options, for which
we have determined a total value of CAD 26.08 million (previously: CAD 50.10
million) using a Black-Scholes model. Overall, these two effects cancel each
other out, so we have determined an unchanged price target of CAD 3.00 (EUR
1.90 at CAD 1.00 = EUR 0.63, as of May 6, 2026, 7:49 a.m. UTC) per share. We
maintain our "BUY" rating.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=70fa3eec9dd94dd002a80aca8d723cba
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,5b,6a,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung.htm
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Fertigstellungsdatum: 08.05.2026 (8:52am)
Datum der ersten Weitergabe: 11.05.2026 (10:00 am)
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