Antimony Stock Market Heating Up: The 2026 Investment Opportunity

The critical minerals rally is far more than just lithium and copper plays. Antimony, a semi-metallic byproduct once overlooked by most investors, is quietly reshaping global supply chains and creating compelling opportunities for those positioned early in antimony stocks. With prices surging from around US$7,000 per metric ton in 2020 to a high of US$34,200/MT in late 2024, and with geopolitical tensions tightening global supply chains, antimony stock investors are waking up to a potential asymmetric bet.

Why Antimony Stocks Are Worth Your Attention

Five years ago, antimony wasn’t on most investors’ radar. Today, it sits on critical minerals lists maintained by Canada, the US, the EU, the UK, and Australia. This shift isn’t arbitrary—it reflects a fundamental realization that antimony matters for both swords and plowshares.

The traditional use case—fire retardants accounting for 60% of annual demand—remains steady. But emerging applications are accelerating. Antimony is increasingly critical to next-generation energy storage, particularly in liquid metal batteries (also called molten salt batteries), which operate at high temperatures and deliver superior energy density for grid-scale storage. In solar technology, antimony enhances light absorption and charge transport for better energy conversion, while simultaneously improving thermal stability to extend panel lifespan.

But here’s what’s capturing institutional attention: military applications. Antimony-based alloys strengthen munitions and enhance ammunition effectiveness. As geopolitical tensions rise and defense budgets expand globally, demand for antimony in the defense sector is accelerating. “The military uses of antimony are now the tail that wags the dog,” noted Christopher Ecclestone, mining strategist at Hallgarten & Company. “Everyone needs it for armaments, so it is better to hang onto it than sell it. This will put a real squeeze on Western militaries.”

For antimony stock investors, this multi-pronged demand picture—spanning renewable energy, electronics, semiconductors, and defense—creates a uniquely robust long-term thesis.

The Antimony Supply Squeeze Driving Stock Valuations

Here’s where the investment case gets interesting: global antimony production is concentrated and contracting.

China dominates. The country houses five of the world’s 10 largest active antimony mining operations and holds 640,000 metric tons of global reserves (32% of the world’s 2 million MT total). China’s flagship Xikuangshan mine in Hunan province ranks among the world’s largest antimony deposits.

But China’s production is falling. In 2020-2021, China produced 60,000 MT annually. By 2022-2023, output had dropped to 40,000 MT—a 33% decline. The US Geological Survey notes that while China remained the leading producer in 2023 with 48% of global output, the downward trajectory is clear.

Second-place Tajikistan produced 21,000 MT in 2023. Turkey, Burma, and Russia combined for another 14,900 MT. The math is stark: global antimony production capacity is under pressure while demand accelerates.

Enter geopolitics. In August 2024, China imposed a partial ban on antimony exports in retaliation for US restrictions on semiconductor technologies. By December 2024, China escalated to a complete export ban on antimony alongside gallium and germanium. With the Trump administration signaling further tariffs and trade restrictions, the supply-demand imbalance for antimony looks structural rather than cyclical.

For antimony stock investors, this supply squeeze translates directly to higher prices and improving unit economics for Western mining operators. “With reserves shrinking and export restrictions tightening, the West faces a supply chain crisis,” warned Katusa Research in early 2025, highlighting exactly why antimony stocks have become strategically important for portfolio diversification.

Understanding Antimony Stock Fundamentals

Antimony occurs in over 100 mineral forms, but stibnite—a gray sulfide mineral—is the primary ore source. The element’s symbol, Sb, derives from stibnite. When extracted from lower-grade ore through froth flotation and higher-grade material via smelting, antimony enters various end-market supply chains.

The semi-metal’s physical properties—strength, hardness, corrosion resistance when alloyed with other metals—make it invaluable for hardening lead-acid batteries, bearing materials, and soldering applications. The shift toward electric vehicles and renewable energy storage has expanded demand for lead-acid batteries in hybrid vehicles and grid backup systems, providing additional tailwinds for antimony stocks.

In emerging cleantech applications, antimony’s role is expanding rapidly. IoT devices, autonomous vehicles, and next-generation semiconductors all require high-performance, heat and corrosion-resistant materials. Antimony fills this niche. Similarly, its use in flame retardants for electronics, textiles, and automotive components remains robust as building codes tighten globally in response to climate concerns.

Geographic Risk and Antimony Stock Performance

For Western investors seeking antimony stock exposure, geographic diversification away from China is paramount. This reality has created a multi-year tailwind for non-Chinese antimony mining companies.

Australia-listed plays dominate the development-stage pipeline. Adriatic Metals (ASX: ADT) operates the only producing antimony-silver mine in Bosnia-Herzegovina, with its Rupice deposit holding 24,000 MT of antimony reserves plus 83 million ounces of silver. Mandalay Resources (TSX: MND) runs Australia’s only operational antimony producer at Costerfield in Victoria, guiding for 1,050-1,150 MT of antimony output in 2025.

Larvotto Resources (ASX: LRV) is advancing its Hillgrove project with a prefeasibility study projecting 41,100 ounces of gold and 5,100 MT of antimony annually, supported by AU$157 million in post-tax NPV at an 8% discount rate—a compelling risk-reward profile for antimony stocks at earlier development stages.

Trigg Minerals (ASX: TMG) released an updated resource estimate in December 2024 for its flagship Achilles antimony project: 1.52 million MT at 1.97% antimony, representing 29,900 MT of contained antimony—one of Australia’s highest-grade undeveloped antimony resources. Siren Gold (ASX: SNG) is exploring New Zealand’s Reefton Goldfield, where management believes the region holds up to 5% of global antimony reserves.

North American antimony stocks are attracting strategic attention. Perpetua Resources (TSX: PPTA) is advancing the Stibnite gold-antimony project in Central Idaho with substantial US government backing: a US$1.8 billion loan from the US Export-Import Bank plus US$59.4 million in Defense Production Act funding. A construction decision is expected in 2025, making this antimony stock a potential inflection point. Military Metals (CSE: MILI) acquired Nevada’s Last Chance antimony-gold property and plans field work in Q2 2025.

United States Antimony (NYSE: UAMY) operates the only significant antimony smelter in the United States, refining antimony ore to produce oxide, metal, and trisulfide products. The company recently signed a metallurgical testing agreement with Perpetua Resources, positioning it as a potential beneficiary of expanded North American production.

Building Your Antimony Stock Position

The absence of a physical metals market means antimony stock investors must work through mining companies and refiners. The growing gap between rising demand and constrained supply creates a multi-year thesis for development-stage operators and established producers alike.

Production-stage antimony stocks offer more stability: Mandalay Resources and United States Antimony provide current cash generation and dividend potential (if declared).

Advanced development antimony stocks like Perpetua Resources and Larvotto Resources combine growth optionality with government and corporate backing, offering asymmetric risk-reward profiles as projects move toward construction and production.

Exploration and advanced exploration antimony stocks—Trigg Minerals, Siren Gold, Military Metals—carry higher volatility but potentially greater upside if their flagship deposits advance to production.

The 2026 antimony stock market will likely be shaped by three factors: (1) whether additional US-China trade restrictions further constrain supply, (2) whether production from new Western sources can meet growing demand, and (3) whether military applications continue accelerating as a demand driver. For investors seeking exposure to a supply-critical material with multi-decade tailwinds, antimony stocks offer a potential portfolio complement to traditional battery metals.

The infrastructure transition, energy security priorities, and defense spending all suggest antimony stocks merit serious consideration in diversified critical minerals portfolios.