United States Antimony Corporation (UAMY) Company Overview

What does United States Antimony Corporation do?

United States Antimony Corporation, traded as UAMY on the New York Stock Exchange and NYSE Texas, processes critical minerals through assets in Montana, Idaho, and Mexico, with exploration interests in Alaska, Ontario, Montana, and Mexico. Antimony is the commercial core: UAMY mines or buys feedstock, upgrades and smelts it, then sells oxide, metal ingots, and trisulfide. Bear River Zeolite mines and processes zeolite in Idaho, while precious-metal recovery is included in the antimony segment.

Antimony is used in flame retardants, batteries, bearings, ammunition primers, and ordnance. The official operations overview shows a chain from mining through flotation, smelting, and finished products. That domestic footprint became strategically important after a sole-source U.S. government contract and major capacity investment.

Which assets define the operating footprint?

How does UAMY make money, and which products matter most?

UAMY earns revenue when antimony, zeolite, or recovered precious metals are delivered and accepted. Antimony profit depends on pounds sold, realized price, feedstock cost, recovery, energy, labor, and plant uptime. Zeolite profit depends on tons, pricing, quarry efficiency, maintenance, freight, and lease royalties.

How does the antimony value chain convert into revenue?

The 2025 Form 10-K illustrates the price leverage: pounds sold fell 3% to 1.41 million, but average price rose 230% to $25.12 per pound and antimony revenue increased 219% to $35.4 million. The same leverage can reverse when commodity prices weaken or costly feedstock remains in inventory.

What do FY2025 and the latest reported quarter show?

FY2025 delivered a sharp increase in scale, but Q1 2026 showed that revenue potential does not ensure stable margins. Full-year revenue rose 163% to $39.26 million and gross profit rose 185% to $9.87 million. Operating expenses reached $18.33 million, contributing to a $4.34 million net loss.

Why did Q1 2026 margins contract?

The Q1 2026 Form 10-Q and earnings release show antimony cost per pound rising 69% to $16.28. Higher-cost ore reached cost of sales before meaningful internal ore and government shipments. Operating expenses were $8.63 million, including $4.8 million of share-based compensation, and the $11.29 million net loss included a $4.1 million unrealized securities loss.

How is vertical integration changing UAMY’s economics?

UAMY is trying to reduce dependence on costly third-party feedstock and mills. It mined 840 tons at Stibnite Hill in 2025, acquired the Radersburg flotation mill for $4.75 million in January 2026, and invested about $2 million in upgrades and a laboratory. The July 2026 commissioning update targeted initial processing of roughly 800 tons and concentrate near 60% antimony.

Why are the new furnaces strategically important?

A nine-furnace Thompson Falls expansion entered commissioning in May 2026. The June smelter update said the first furnace had fired and nine were targeted. Management expects much higher capacity per furnace, but sustained throughput, recovery, quality, and cost data must validate that claim.

A July 1, 2026 shipment update reported about 82,000 pounds in two initial deliveries, roughly $2.6 million invoiced, and $57.3 million of DLA orders since inception. The 2025 10-K gives the IDIQ contract a $248 million ceiling through September 2030. That ceiling is not guaranteed revenue: each order must be produced, inspected, and accepted.

Which strategic turning points shaped UAMY today?

UAMY combines legacy processing infrastructure with a recent investment surge. Its strategic arc runs from domestic mining, through decades of imported-feed processing, and back toward vertical integration.

1. 1970
   Operations began in Montana around antimony mining and processing, establishing the technical base that still anchors the company.
2. 1980s
   Domestic antimony mining ceased as lower-cost imports increased; UAMY survived by processing foreign feedstock rather than abandoning downstream facilities.
3. 1998-2005
   Mexican subsidiaries and processing assets expanded the feed and production footprint, while also adding currency, concession, and political exposure.
4. 2000
   Bear River Zeolite was formed, creating a second reportable segment and a modest diversification source.
5. 2024-2025
   Management accumulated mining claims and interests across Alaska, Montana, and Ontario and rebuilt the company around critical-mineral optionality.
6. 2025
   Montana mining restarted, the company mined 840 tons, raised substantial equity capital, and secured the multi-year DLA antimony contract.
7. March 2026
   Shares moved from NYSE American to the NYSE while retaining NYSE Texas trading, broadening visibility and potential institutional access.
8. Mid-2026
   New Thompson Falls furnaces, Radersburg commissioning, and first DLA deliveries moved the story from capital formation toward execution.

What gives UAMY a competitive advantage, and where is it vulnerable?

What is the strongest resource-based advantage?

UAMY’s strongest resources are permitted North American processing assets, operating experience, an emerging mine-to-metal chain, and government access. New entrants may own deposits, but permitting concentration and smelting capacity, qualifying products, and earning customer trust require time and capital. UAMY also sells metal, oxide, and trisulfide across several end markets.

Who are the practical competitors?

UAMY competes with foreign miners, smelters, refiners, traders, and recyclers selling into North America, and with explorers pursuing mineral rights, engineers, equipment, and capital. Perpetua Resources’ Stibnite project is a prospective U.S. source, not a current smelting peer. Immediate competition centers on delivered price, specification, reliability, and feedstock access.

How financially strong is UAMY through the build-out?

Equity issuance funded rapid growth in assets, investments, and inventory. At March 31, 2026, UAMY held $3.22 million of cash, $20.54 million of Treasury securities, and $36.43 million of marketable equity securities, against only $0.16 million of installment debt. It also had an undrawn $19.0 million credit facility. After quarter-end, about 4.2 million shares raised $48.6 million gross.

What does liquidity look like after the Q1 cash draw?

Is free cash flow currently meaningful?

Free cash flow—operating cash flow minus capital expenditures—was deeply negative in FY2025 and Q1 2026. During a build-out, the key test is conversion: commissioned capacity, better gross margin, and cash generated per diluted share, not asset growth alone.

Who owns UAMY stock, and how is the company governed?

UAMY provides one vote per common share and one vote for each voting Series C preferred share on an as-converted basis. At April 15, 2026, 143.08 million common shares and 177,904 Series C shares could vote. The 2026 proxy statement lists two holders above 5% and directors and officers at 5.5% collectively.

What governance issues deserve attention?

The 2026 board slate had seven directors, including CEO Gary Evans. Compensation relies heavily on stock and options; Q1 2026 share-based compensation was $4.8 million. Governance analysis should track total shares, awards, authorization increases, related-party oversight, and whether incentives reward per-share cash generation rather than expansion alone.

Defense demand, feedstock quality, and execution define the outlook

Where could growth come from?

Near-term upside depends on fulfilling DLA orders as furnaces ramp and improving margins with internally mined and concentrated ore. A five-year industrial antimony-trioxide agreement adds commercial demand. Zeolite offers diversification, while Alaska, Ontario, tungsten, cobalt, and Los Juarez remain longer-dated optionality rather than base-case cash flow.

What risks could weaken the story?

Other risks include geological uncertainty, short northern field seasons, Mexican concession and currency exposure, supplier logistics, labor and equipment constraints, and limited patent protection. These determine whether funded assets can produce accepted material on schedule.

Which KPIs should students and investors monitor next?

UAMY should now be judged by operating results rather than contract headlines. The useful dashboard combines shipments, unit economics, working capital, and dilution.

Which KPI is the best single summary?

Antimony gross profit per pound is the best operating bridge because it captures price, feedstock, recovery, energy, labor, and mix. Pair it with pounds shipped and operating cash flow. Volume without unit margin can destroy value; margin without reliable throughput cannot cover the larger cost base.

Why does UAMY’s business model matter for valuation?

A DCF should not treat the maximum government-contract ceiling as revenue. Forecast funded orders, capacity, commissioning, utilization, price, feedstock cost, recovery, and operating expense. Keep exploration projects separate until resource, feasibility, permitting, financing, and production evidence improve.

Comparable multiples are difficult because UAMY combines processing, mining optionality, government contracts, and zeolite. Revenue multiples ignore margin instability, earnings multiples fail during losses, and asset values can overstate unpermitted projects. A scenario DCF for operating businesses plus probability-weighted mineral optionality is more defensible.

What is the key takeaway from UAMY analysis?

United States Antimony owns operating domestic processing infrastructure in a strategically important market. FY2025 showed the revenue benefit of higher prices; Q1 2026 showed how feedstock cost, timing, overhead, and non-cash charges can reverse profitability. DLA deliveries, Radersburg, and Thompson Falls create a path to greater scale, but execution remains unproven.