Märkte & Kurse

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Original-Research: Antimony Resources Corp. - from GBC AG

08.07.2026 / 14:00 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 Comment
     Recommendation:              BUY
     Target price:                3.00 CAD (1.85 EUR)
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Cosmin Filker; Matthias Greiffenberger

Positive newsflow supports the possibility of a large antimony deposit

In January 2025, ATMY signed an option agreement to acquire 100% of the Bald
Hill project. This project is emerging as one of the most promising antimony
exploration projects in North America. It is located in the Canadian
province of New Brunswick, a mining-friendly jurisdiction with good
infrastructure and a stable regulatory framework. Since the conclusion of
the option agreement, an extensive exploration and drilling program has been
launched, which has significantly confirmed and expanded the historical
antimony mineralization.

The focus of current development is the published, NI 43-101-compliant
echnical report. While this does not yet represent a formal mineral
resource, it defines a so-called "exploration target." Based on a 3D block
model and the drilling results to date, a potential antimony deposit of
69,994 to 92,782 metric tons of antimony at a grade of 3.0% Sb or 93,325 to
123,711 metric tons at 4.0% Sb has been estimated.

Between April and July 2025, a total of 16 diamond drill holes were
completed, with a total length of approximately 3,160 meters. The results
are considered extremely positive, as high-grade antimony mineralization was
intersected in approximately 75% of all drill holes. Overall, the campaign
confirms a continuous, antimony-bearing zone with a strike length of about
700 meters and a depth of at least 400 meters. The structure remains open
both at depth and along strike, signaling significant additional exploration
potential.

Additional upside potential also arises from newly discovered target areas
outside the previous main zone. With "Bald Hill South" and the "Marcus
Zone," two further antimony-bearing stibnite zones have been identified that
have been scarcely explored to date. Initial surface work suggests that
these structures could significantly expand the project's overall potential.
Overall, Bald Hill is thus increasingly positioning itself as a
strategically significant antimony project in a market that has gained
significant importance due to geopolitical tensions and Chinese export
restrictions.

Newsflow on the Bald Hill Project
Since our last update on May 11, 2026, Antimony Resources Corp. has released
a series of additional assay results from the Bald Hill Antimony Project.
These results further underscore the project's geological potential. The
latest announcements once again focused on drill results from the Main Zone.
Here, Antimony Resources reported several high-grade stibnite intervals with
antimony grades of up to 36.0% Sb. These results are particularly
significant in light of the planned first NI 43-101-compliant resource
estimate, as they further confirm the continuity of high-grade
mineralization within the known Main Zone. In our view, the renewed
confirmation of significant antimony grades in various drill holes gradually
reduces the geological risk and improves the data basis for further modeling
of the deposit.

In addition to the Main Zone, the latest results from the extension and
satellite zones also provide important indications of a larger mineralized
system. In the South Zone, antimony grades of up to 44.2% Sb were identified
during prospecting and trenching work. Although these are near-surface
"trench samples" that cannot be directly equated with drill results, the
values underscore the zone's potential as an additional exploration focus.
In addition, the company reported test results from grab samples in the
Central Zone with antimony grades of up to 20.5% Sb. Together with the
previously identified Marcus Zone and the anomalous soil samples from the
Second Run Claim Block, the latest news flow suggests that the antimony
mineralization is not limited exclusively to the Main Zone.

Another aspect of the latest news concerns the published gold assay results.
Antimony Resources reported gold grades of up to 1.88 g/t Au over
approximately 4.9 meters. Strategically, however, Bald Hill remains an
antimony project, which is why the gold mineralization is not the primary
value driver at this time. The results can, however, be viewed as an
additional positive indicator of the project's geological complexity and
potential for by-product metals.

Overall, we view the recent news flow positively. The repeated high-grade
antimony intervals in the Main Zone strengthen the foundation for the
planned resource definition, while the results from the South Zone, Central
Zone, Marcus Zone, and Second Run expand the exploration potential beyond
the current core area. The key priorities now are further systematic
sampling of the new target zones, additional drilling to verify the
near-surface results, and the preparation of an initial resource estimate.
Against this backdrop, we see our previous assessment as confirmed. We are
maintaining our price target unchanged at CAD 3.00 per share and reaffirm
our "BUY" rating.



You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f5c86cb760a1c1c8c171e9a2ae6ea037

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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
+++++++++++++++
Completion: 08/07/2026 (10:50 am)
First disclosure: 08/07/2026 (2:00 pm)

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2362664 08.07.2026 CET/CEST

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