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Original-Research: Antimony Resources Corp. - from GBC AG
16.10.2026 / 09:00 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: CAD 2.52
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Cosmin Filker; Matthias Greiffenberger
Capital increase of CAD 5.0 million successfully placed; funding for
exploration activities significantly expanded
Antimony Resources Corp. announced on 5 October 2026 the successful
completion of a capital raising with gross proceeds of CAD 5.00 million. As
part of this financing, a total of 10.64 million new shares were issued at
an issue price of CAD 0.47 per share. The capital raising took the form of a
so-called flow-through financing, whereby certain tax deductions for
qualifying exploration expenditure are passed on to investors. Owing to
these tax benefits, such shares can often be placed at a premium to the
market price. In the case of Antimony Resources, the issue price was
approximately 14.6% above the closing price of CAD 0.41 on the day the
financing was announced (29 September 2026).
Taking into account the brokerage commission of CAD 0.25 million, the net
proceeds before further costs amount to approximately CAD 4.75 million. In
addition, 521,277 broker warrants with an exercise price of CAD 0.75 and a
term of twelve months were issued. The funds raised are to be used primarily
to finance further exploration work on the Bald Hill project. In our view,
the successful completion of this capital raising exercise is to be regarded
positively, as it secures the financing for the next stages of exploration.
At the same time, due to the specific tax structure of the financing, the
company was able to achieve an issue price higher than the share price at
the time, thereby limiting dilution.
In addition to securing successful financing, Antimony Resources has
reported further progress in the exploration of the Bald Hill project in the
Canadian province of New Brunswick. The focus is on ongoing drilling in the
Main Zone, as well as initial laboratory results from the drilling campaign
in the Central Zone, which remains largely unexplored.
High-grade antimony mineralisation has once again been identified in the
Main Zone. Of particular note is drill hole BH-26-21, which returned an
average antimony grade of 2.28% and a gold grade of 0.93 g/t over a length
of 9.12 metres. Within this interval, the antimony grade even reached 27.3%
over a length of 0.30 metres. Another borehole (BH-26-19) returned an
average of 1.90% antimony over a length of 5.20 metres. The latest drilling
results, published on 14 October 2026, also confirm the high-grade
mineralisation. For instance, drill hole BHW-26-19 returned an average of
4.36% antimony over 13.0 metres, including high-grade intervals of 21.45%
antimony over 1.10 metres and 15.0% antimony over 0.80 metres. In another
interval of the same drill hole, an antimony grade of 5.35% was also
determined. It is particularly encouraging that these results originate from
the southern part of the Main Zone and extend the high-grade mineralisation
towards the Central Zone. The results will be incorporated into an updated
geological model, which will serve as the basis for further drilling
planning and the preparation of an initial mineral resource estimate.
Initial laboratory results are also available from the Central Zone,
situated south of the Main Zone. Drill hole BHC-26-01 returned an average
antimony grade of 2.63% over a distance of 2.20 metres, including a
high-grade interval of 10.3% antimony over a distance of 0.40 metres. This
marks the first time that the mineralisation previously identified through
surface work has been confirmed by deep drilling. In addition, the company
reported a gold discovery in borehole BHC-26-13 at a depth of 165.85 metres.
A preliminary analysis using a portable X-ray fluorescence (XRF) analyser
yielded a local gold grade of 285 g/t. However, as this does not constitute
a representative laboratory result for a complete drill interval, the
economic significance of this discovery remains to be determined. In
principle, however, additional gold mineralisation could enhance the
project's economic potential.
Furthermore, a high-resolution aeromagnetic and electromagnetic survey of
the project area, which now covers more than 3,700 hectares, has been
completed. The aim of the survey, covering a total of 594 line-kilometres,
is to identify geological structures that could indicate further antimony
mineralisation. The results are currently being geophysically analysed and
are expected to help identify additional exploration targets.
Overall, we view the latest developments positively. Whilst the drilling
results further corroborate the high-grade antimony mineralisation in the
Main Zone, the investigations in the Central Zone provide initial
indications of additional mineralisation potential outside the main deposit,
which has been the focus of attention to date. The successfully completed
financing also creates a stronger foundation for the continuation of
exploration activities. The next key milestone remains the further
geological delineation of the mineralisation as a prerequisite for the
preparation of an initial robust mineral resource estimate.
The project valuation derived from a peer-group comparison (see initial
coverage study dated 30 March 2026) remains valid. Compared with our
previous valuation, we have, on the one hand, added the net cash inflow of
CAD 4.75 million. However, this is offset by an increase in the number of
shares by 10.64 million to 132.93 million shares. At the same time, we have
incorporated the warrants issued as part of the capital increase into our
Black-Scholes model. Owing to the lower share price, the discount resulting
from the outstanding warrants and options has fallen to CAD -6.18 million
(previously: CAD -12.00 million). As the dilutive effect of the capital
increase outweighs other factors, we have calculated a slightly lower fair
value per share of CAD 2.52 (EUR 1.60 at a rate of CAD 1.00 = EUR 0.63, as
at 15 October 2026, 08:50 am UTC). We are maintaining our BUY rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=970fb606f75e0efead7295d96d978407
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Disclosure of potential conflicts of interest pursuant to Section 85 of the
German Securities Trading Act (WpHG) and Article 20 of the Market Abuse
Regulation (MAR) The following potential conflict of interest exists in
relation to the company analysed above: (5a,11); A list of potential
conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung
Note on issuer-sponsored research: This research report is issuer-sponsored
research and has been prepared in accordance with the EU Code of Conduct for
issuer-sponsored research.
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Completion: 15/10/2026 (04:06 pm)
First disclosure: 16/10/2026 (09:00 am)
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2416784 16.10.2026 CET/CEST
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