United States Antimony Corp

Latest Report Overview

United States Antimony Corporation (UAMY) reported For the fiscal year ended December 31, 2025 (Issuer fiscal FY2025) revenue of $39.26 million (+163% YoY) with a net loss of $4.34 million and diluted EPS of -$0.04. A standout performance metric for the period was the 230% increase in average antimony sales price per pound, which significantly drove gross profit expansion despite a 3% decline in sales volume. The company is aggressively pursuing a vertical integration strategy, supported by capital raised in 2025 through common stock offerings ($110 million total). Management has prioritized expanding its domestic antimony supply chain, highlighted by the acquisition of mining claims in Alaska, Montana, and Ontario, and the purchase of an operational flotation facility in Radersburg, Montana, early in 2026. These investments are intended to secure feedstock and decrease dependence on foreign ore, positioning UAMY to fulfill new long-term supply contracts with the U.S. Defense Logistics Agency (DLA) and an industrial partner, which together support a multi-year revenue visibility path. Operationally, the company faces significant execution and integration hurdles. The ongoing expansion of its Thompson Falls smelting facility is a central capital priority, expected to triple capacity upon completion in 2026. While the company has fortified its balance sheet with significant cash ($30.5 million), it remains susceptible to commodity price volatility and the complex task of integrating disparate mining and processing assets across international jurisdictions.

Key Takeaways for United States Antimony Corp

• Secured a five-year, sole-source $248 million IDIQ contract with the U.S. Defense Logistics Agency (DLA) in September 2025 for antimony metal ingots, providing significant long-term revenue visibility.
• Reported substantial revenue growth of 163% YoY in 2025, driven by a 230% increase in average antimony sales price per pound, despite a 3% decline in sales volume.
• Successfully raised $110 million in gross proceeds through equity offerings and warrant exercises in 2025, significantly strengthening the balance sheet to fund expansion and acquisition activities.
• Operational expansion is accelerating: acquired mining claims in Alaska, Montana, and Ontario throughout 2025 and 2026; recently purchased a flotation facility in Radersburg, MT, and formed a joint venture with Americas Gold and Silver in February 2026.
• Customer concentration remains a material risk, with the top three customers accounting for 80% of consolidated revenues in 2025, up from 43% in 2024.
• Awarded $27.0 million by the U.S. Department of War in March 2026 under the Defense Production Act to modernize and expand domestic antimony production capabilities.
• Company reincorporated to Texas in August 2025 and moved its primary common stock listing to the NYSE in March 2026.

What Does United States Antimony Corp Do?

United States Antimony Corporation (USAC) is a mining and processing company specializing in antimony and zeolite. The company operates a vertically integrated antimony business in Montana and Mexico, where it processes antimony ore into finished products including antimony oxide, antimony metal ingots, and antimony trisulfide, which are primarily used as flame retardants, in battery technology, and in defense applications. The company also recovers gold and silver as byproducts of its antimony processing at its Montana facility. In addition to antimony, the company operates a zeolite production business in Idaho (Bear River Zeolite), which mines and processes zeolite for diverse industrial and environmental uses, including water filtration, soil amendment, animal nutrition, and nuclear waste cleanup. In recent years, the company has shifted its strategy from importing antimony ore to aggressive internal resource acquisition, securing mining claims in Alaska, Montana, and Ontario to establish a secure, domestic supply of antimony and critical minerals. The company's business model relies on its proprietary processing facilities and its status as a critical domestic provider, supported by long-term government and industrial contracts.

Growth Drivers for United States Antimony Corp

• Expansion of domestic antimony smelting capacity at Thompson Falls, Montana, expected to triple production output by April 2026.
• Realization of revenue from the five-year IDIQ contract with the U.S. Defense Logistics Agency (DLA) secured in September 2025.
• Acquisition of the operational flotation and concentration facility in Radersburg, Montana (January 2026), enhancing ore processing capabilities.
• Strategic expansion into the animal nutrition industry via a third-party partnership for zeolite products.
• Active development and exploration of mining claims in Alaska and Ontario to establish long-term, low-cost domestic feedstock.
• Securing government funding, such as the $27.0 million DPA Title III award, to modernize and expand domestic production infrastructure.