Jim Atkinson calls antimony “the most important metal nobody knows about.” He’s spent 45 years in the business earning the right to say so — including a stint as head geologist at New Brunswick’s Lake George mine, which at the time was the only producing antimony mine in North America and supplied about 4% of world demand.
That mine is long closed. The United States hasn’t mined antimony since the early 1990s. And in September 2024, China — which controls over 70% of global supply — cut off exports to the US entirely. Concentrate went from roughly $8,000 a metric ton to a peak near $60,000 in mid-2025, and even after the pullback it trades at multiples of the old baseline. Every bullet, every artillery shell contains antimony — in the front to harden the lead, in the back as the igniter. Add flame retardants, lead-acid batteries, and — as Byron King reminded the room — rocket motors, nuclear reactors, and quantum dots. Washington has responded with hundreds of millions in defense-related investment in the metal.
That’s the backdrop against which Atkinson presented Antimony Resources Corp (CSE: ATMY, OTCQB: ATMYF, FSE: K8J0) to the Roundtable.
The project
Bald Hill sits in southern New Brunswick, in the triangle between Fredericton, Moncton, and Saint John — 75 kilometers from Saint John’s deep-sea port and about 80 kilometers from the US border. The drilling contractor is local, eight of the 24 people on site come from the nearby town of Sussex, and all-in drilling costs run about $200 a meter.
The deposit was discovered in 2005 when a government geologist mapping the area found boulders of stibnite — the mineral that hosts antimony. The New Brunswick government itself drilled about 5,000 meters between 2008 and 2014 and, helpfully, preserved all the core. Antimony Resources has since drilled over 30,000 meters and outlined a Main Zone 700 meters long, traced to 400 meters depth, averaging three to four meters wide.
The grades are the story. A March 2025 technical report estimated exploration potential of 2.7 million tonnes grading between 3% and 4% antimony, open in all directions. Within that, the company keeps hitting bonanza intervals: 14.91% Sb over 3 meters, 9.85% over 4.3 meters, individual massive-stibnite sections running 28%. For comparison, Perpetua’s Stibnite project in Idaho — a US$4 billion company — carries an antimony grade of 0.064%.
Atkinson’s line on grade doubles as his answer to the China risk: “If China suddenly floods the market, we will be the only mine standing because we’re so high grade.”
Beyond the Main Zone, three new zones — Marcus West, Central, and South — have been exposed by trenching, with grab samples from the South Zone averaging 19.5% antimony. Soil sampling has flagged two more anomalies three kilometers further south. And on July 3rd, days after our session, the company reported meaningful gold running alongside the antimony: an average of 1.14 g/t across more than 45 Main Zone holes (https://stockstoday.com/antimony-resources-a-geopolitical-bet-gets-a-geological-boost/).
The numbers
Share price (July 6, 2026) C$0.72 Common shares 107.4 million Fully diluted 157.9 million Market cap ~C$70 million Cash ~C$4 million Management & insiders ~40% Institutional anchors Dynamic Funds, Delbrook Capital (~8% each)
The company is funded for roughly six months at a burn rate of about $700,000 a month, most of it drilling. New York investment banks Dominari Securities and Revere Securities led a $10 million financing in December, and Atkinson was candid that another raise is likely before the maiden resource, expected late this year: “We’re always willing to take money.”
From here: 15,000–18,000 meters of drilling over the next four months, split evenly between infilling the Main Zone and testing the new discoveries; a maiden resource targeted for Q4; a permit application in late 2026 or early 2027 under New Brunswick’s new strategic-metals framework promising 60-day turnarounds. Under Doug’s questioning, Atkinson’s preliminary modeling — built on the Montana School of Mines model — sketched a small underground operation with capital costs of $200–300 million, payback under a year, and roughly $200 million in annual cash flow at current prices.
What the panel liked
EB Tucker zeroed in on timing and backing: “The critical metal movement is happening now. If you’re a critical metal company, this is the moment you’ve been waiting for.” He noted the Dominari connection — the investment bank with well-publicized Trump-family ties — cuts the right way here: “In this case, that’s a good thing.” His verdict on the setup: “Everything’s pretty lined up. This could work.”
Byron King, our resident stibnite enthusiast: “There are not a lot of antimony projects, period, and there are not a lot of good antimony projects, period.” On the perennial China-flooding fear: “They’re husbanding their own stuff because they need it.” His conclusion: “A good antimony project with grade is probably a good idea right about now.”
Lawrence Roulston offered the simplest framing: put ATMY next to Perpetua and Larvotto. “On a project basis they’re comparable enough... and both are much, much higher valuations. There’s a simple way to look at the near-term upside potential.”
Graham Summers was struck by something else — Atkinson’s repeated, unprompted confidence that now is the time to buy, paired with his acknowledgment that conversations with the US, Canadian, and New Brunswick governments are ongoing. “I can’t help wondering if he knows something he’s not allowed to let on.”
Atkinson himself, when John Hunt asked whether investors should buy now or wait for the resource, went as far as a CEO can: “I’m not allowed to advise people to buy, but I would say it’s a pretty good buy right now.”
What gave them pause
This is a Roundtable, not a cheering section, and the concerns were specific.
Mickey Fulp credited “a very strong geological discovery” but flagged that the mineralization is structurally controlled and the company hasn’t taken oriented core — drilling that records how the structures actually sit in the rock — a gap Atkinson acknowledged. He also pressed on metallurgy: the technical report shows 46% antimony recovery, and the stibnite is intimately mixed with arsenopyrite, meaning an arsenic problem in the tailings. “That’s probably solvable, but at a cost.” His verdict: cautious. (Worth noting: the 46% recovery still yields a 65% antimony concentrate — near-pure stibnite, the same quality Lake George once sold at a premium.)
Brent Cook wants to see the data before believing the story: the company’s website lacks proper cross-sections showing vein continuity. “It’s a story until I get to see what’s really happening.” Atkinson says a new site with the updated 3D models is being built now.
Dominic Frisby, who made and lost money on antimony a cycle ago, worries the trade may have already happened — the stock ran from pennies to $1.60 in March and has been in a downtrend since. “When they spike up and then they come back, the downtrends can just go on and on and on.” He’d also like to see it graduate from the CSE to the TSX Venture, a concern EB shared: the current listings make it harder, not easier, for American money to buy a defense-metals story.
Bottom line
A C$70 million company with the highest-grade antimony project in North America, in a top-tier jurisdiction, fully staffed and drilling, with institutional anchors, US investment-bank backing, government ministers visiting site, and a maiden resource months away — set against real questions about structural continuity, arsenic metallurgy, share structure, and a chart full of trapped buyers. The year-end resource estimate settles most of it. As Atkinson put it when told prospective concentrate buyers want to wait for that number: “Well, it’s a hell of a lot cheaper now.”
Company:
https://antimonyresources.ca
Comparables mentioned: Perpetua Resources https://perpetuaresources.com | US Antimony https://usantimony.com | NevGold https://nevgold.com | Larvotto Resources https://larvottoresources.com
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Disclaimer: The company has paid a fee for the opportunity to sit in the ‘hot seat’ and present their story to our panel of experts; however, the opinions, analysis, and verdicts expressed by the expert panel are entirely their own, independent, and unfiltered. This content is for informational purposes only and does not constitute investment advice. Investing in junior mining stocks is speculative and carries a high degree of risk. Please conduct your own due diligence and consult a qualified financial advisor before making any investment decisions.
