United States Antimony UAMY

NYSE UAMY

$5.30 -0.14 (-2.57%)

As of: Sep 9, 2026 · 3:59 PM EDT

Key Stats

Market Cap776.29 Mn

P/E-162.29

P/S19.32

Div. Yield0.00

Total Debt (Qtr)334,775.00

Revenue Growth (1y) (Qtr)-24.70

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About

United States Antimony Corporation's principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho. The company also acquires mining claims in Alaska, Montana, and Canada for antimony, tungsten, cobalt and other critical minerals and has entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. United States Antimony Corporation processes antimony ore to remove impurities, refine particle size, and increase antimony content to make finished products such as antimony trisulfide, antimony oxide or trioxide, and antimony metal ingots. The company mines zeolite at its facility in Idaho for use in various filtration, cattle feed, and environmental applications.

United States Antimony Corporation generates revenue primarily through the sale of antimony products, zeolite products, and precious metals. The company sells antimony trioxide, antimony metal ingots, and antimony trisulfide derived from processing ore sourced from foreign suppliers and its own mining claims. Zeolite is sold in various sizes for applications including water filtration, sewage treatment, nuclear waste cleanup, odor control, gas separation, animal nutrition, soil amendment, and fertilizer. Precious metals, specifically gold and silver recovered during antimony ore processing, are sold back to ore suppliers, representing substantially all of the company's precious metals sales. Revenue is generated from customers primarily in the United States and Canada.

The company operates through the following segments: antimony and zeolite.

The antimony segment consists of the facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony trioxide, antimony metal ingots, antimony trisulfide, and precious metals, and the two facilities in the US Antimony de Mexico subsidiary located in Mexico that process ore primarily into antimony metal ingots and a lower grade of antimony trioxide.
The zeolite segment includes the vertically integrated Bear River Zeolite facility located in Preston, Idaho that mines, processes, and sells zeolite for use in water filtration, absorption of ammonia from underground mining ventilation air, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

United States Antimony Corporation believes it has a competitive advantage as the only U. S. based domestic processor of antimony products, with short processing times allowing domestic customers to obtain antimony finished products relatively quickly. The company has a long reputation for delivering quality products on a timely basis and operates the only operating, vertically integrated, and permitted antimony smelter located in the United States. Its smelter in Coahuila, Mexico is the largest operating smelter for the processing of antimony products in Mexico. The company estimates its share of the domestic market for antimony trioxide products is around 4% and less than 1% in the international market.

United States Antimony Corporation serves customers primarily in the United States and Canada. Specific customer names include the U. S. Defense Logistics Agency Strategic Materials, which manages the National Defense Stockpile, and an industrial customer with whom the company executed a five-year sales agreement for antimony trioxide in November 2025. The company also sells zeolite products to customers in the animal nutrition industry through a third-party relationship and to various industrial and governmental users for applications such as water filtration, sewage treatment, and environmental cleanup.

Investment Thesis

▲ Bull case

The company is successfully expanding beyond its historic antimony focus into a portfolio of critical minerals that includes tungsten cobalt gold and zeolite. Management highlighted the Fostung tungsten resource in Canada with an inferred value of approximately $9.3 billion based on current tungsten prices indicating a substantial long term asset that remains largely unrecognized by the market. In addition the zeolite business is showing accelerating demand with March shipments up about sixty% year over year and April shipments roughly sixty six% above internal targets signaling that the cattle nutrition market is responding positively to increased sales efforts. The diversification reduces reliance on any single commodity and positions the firm to benefit from multiple secular tailwinds tied to defense clean energy and agricultural productivity.
Government support is providing a non dilutive funding catalyst that could accelerate growth far beyond what current cash flow suggests. The firm has already received $12.8 million of a $27 million Department of Defense grant and has outstanding applications for an additional $274 million across programs for hydromet processing tungsten exploration and critical mineral concentrators. These grants are earmarked for specific capital projects such as the Thompson Falls expansion and the planned Idaho hydromet facility which together aim to increase antimony processing capacity to roughly one thousand tons per month of high purity material. The availability of this funding reduces the need for equity dilution and allows the company to invest ahead of demand while maintaining a low debt balance of only $162,000.
Operational improvements at the Thompson Falls smelter are nearing completion and are set to materially increase throughput and cost efficiency. Jeff Fink indicated that nine new furnaces should be operating at near eighty% capacity by mid July with the older plant slated for shutdown after dust collector upgrades are completed. This phased ramp up will allow the firm to meet rising antimony ingot orders from the federal government which management expects to represent $75 million to $95 million of the $125 million annual revenue guidance. The expansion also creates flexibility to process lower grade antimony material that is currently unavailable to the existing gas fired furnaces opening additional supply channels.
The zeolite segment is building a scalable platform that could drive recurring high margin revenue as infrastructure catches up with demand. Melissa Pagen noted that record tonnage shipped in March and April reflects a clear trend of accelerating utilization and that the current phased upgrades are essential to keep up with volumes that are consistently increasing. By establishing a dedicated sales force and participating in industry conferences the firm is converting previously untapped cattle nutrition demand into contracted sales. The ability to leverage existing customer relationships for adjacent markets such as soil amendment and water filtration offers further upside without requiring proportionate increases in capital spend.
Institutional recognition and improved market access are enhancing the company’s valuation profile and providing liquidity that supports future growth initiatives. Jonathan Miller reported that ownership is approaching fifty% institutional with growth in natural resource infrastructure and global metals funds following a series of non deal roadshows investor conferences and a national television campaign. The uplist to the NYSE Classic Board and the launch of a new corporate website have increased visibility and facilitated trading with average daily volume in the twelve million share range. This broader investor base combined with a strong cash position of $60.2 million plus recent grant and equity proceeds gives the firm financial flexibility to pursue accretive opportunities without relying on costly debt.

The company is successfully expanding beyond its historic antimony focus into a portfolio of critical minerals that includes tungsten cobalt gold and zeolite. Management highlighted the Fostung tungsten resource in Canada with an inferred value of approximately $9.3 billion based on current tungsten prices indicating a substantial long term asset that remains largely unrecognized by the market. In addition the zeolite business is showing accelerating demand with March shipments up about sixty% year over year and April shipments roughly sixty six% above internal targets signaling that the cattle nutrition market is responding positively to increased sales efforts. The diversification reduces reliance on any single commodity and positions the firm to benefit from multiple secular tailwinds tied to defense clean energy and agricultural productivity.
Government support is providing a non dilutive funding catalyst that could accelerate growth far beyond what current cash flow suggests. The firm has already received $12.8 million of a $27 million Department of Defense grant and has outstanding applications for an additional $274 million across programs for hydromet processing tungsten exploration and critical mineral concentrators. These grants are earmarked for specific capital projects such as the Thompson Falls expansion and the planned Idaho hydromet facility which together aim to increase antimony processing capacity to roughly one thousand tons per month of high purity material. The availability of this funding reduces the need for equity dilution and allows the company to invest ahead of demand while maintaining a low debt balance of only $162,000.
Operational improvements at the Thompson Falls smelter are nearing completion and are set to materially increase throughput and cost efficiency. Jeff Fink indicated that nine new furnaces should be operating at near eighty% capacity by mid July with the older plant slated for shutdown after dust collector upgrades are completed. This phased ramp up will allow the firm to meet rising antimony ingot orders from the federal government which management expects to represent $75 million to $95 million of the $125 million annual revenue guidance. The expansion also creates flexibility to process lower grade antimony material that is currently unavailable to the existing gas fired furnaces opening additional supply channels.
The zeolite segment is building a scalable platform that could drive recurring high margin revenue as infrastructure catches up with demand. Melissa Pagen noted that record tonnage shipped in March and April reflects a clear trend of accelerating utilization and that the current phased upgrades are essential to keep up with volumes that are consistently increasing. By establishing a dedicated sales force and participating in industry conferences the firm is converting previously untapped cattle nutrition demand into contracted sales. The ability to leverage existing customer relationships for adjacent markets such as soil amendment and water filtration offers further upside without requiring proportionate increases in capital spend.
Institutional recognition and improved market access are enhancing the company’s valuation profile and providing liquidity that supports future growth initiatives. Jonathan Miller reported that ownership is approaching fifty% institutional with growth in natural resource infrastructure and global metals funds following a series of non deal roadshows investor conferences and a national television campaign. The uplist to the NYSE Classic Board and the launch of a new corporate website have increased visibility and facilitated trading with average daily volume in the twelve million share range. This broader investor base combined with a strong cash position of $60.2 million plus recent grant and equity proceeds gives the firm financial flexibility to pursue accretive opportunities without relying on costly debt.

▼ Bear case

First quarter financial results show limited top line growth and margin pressure that raise questions about the near term execution of the growth narrative. Sales were $6.8 million essentially flat compared with $7.0 million in the prior year with antimony segment down two% and zeolite segment down seven%. Gross profit declined $1.3 million primarily due to higher labor factory import and freight costs which management acknowledged are needed to build inventory and talent for an expected ramp up later in the year. The net loss of $11.3 million was driven largely by non cash stock compensation of $4.8 million and an unrealized loss on the Larvotto investment of $4.1 million indicating that profitability remains elusive without significant scale improvements.
The company’s growth plan is heavily dependent on the timing and receipt of government grants which may be delayed or reduced creating liquidity risk. While $12.8 million of the $27 million DoD grant has been received the remaining $8 million earmarked for the Thompson Falls expansion is tied to specific milestones that may not be met until later in the year and the $7 million allocated for Alaska projects is not expected until 2027 due to environmental red tape and seasonal work windows. This staggered funding schedule could slow capital expenditures and extend the timeline for reaching the targeted $125 million revenue goal. Moreover the firm has disclosed additional grant applications totaling $274 million but has not provided any certainty of award amounts or timing leaving investors to assume potential funding that may not materialize.
Operational and permitting challenges for the tungsten cobalt and gold projects could delay or diminish the expected contribution from these high profile assets. Joe Bardswich noted that the Fostung tungsten deposit in Ontario faces regional flooding road closures and the need for bulk sample processing and permitting before any commercial production can be considered. The Alaska antimony gold project at Nolan Creek while described as high grade still requires underground access upgrades to meet MSHA regulations and a summer drilling program that is constrained by a short field season. These factors suggest that any near term revenue from tungsten or cobalt remains speculative and that the large resource valuations discussed by management may not translate into cash flow for several years.
The valuation upside attributed to the Fostung tungsten resource and other exploration assets is based on long term assumptions that may not be realized given execution risk commodity price volatility and capital intensity. Management’s $9.3 billion figure for the tungsten resource assumes full extraction and processing at today’s prices without accounting for mining costs processing expenses taxes or potential dilution from future financing. Similarly the hydromet joint venture with Americas Gold and Silver targeting one thousand tons per month of high purity antimony is slated for completion in 2028 implying a multi year development period with associated cost overruns and technical risks. Investors who price in these assets as near term catalysts may be overestimating the speed at which the company can monetize its critical mineral portfolio.
Liquidity considerations and potential dilution risks stemming from the Larvotti investment and stock based compensation could weigh on shareholder returns over the medium term. The Larvotti position marked to market at a loss of $4.1 million in the quarter remains illiquid with management expressing frustration over the lack of dialogue with the Australian partner and suggesting a possible sale in the open market at an uncertain price. The ongoing non cash stock compensation charge of $4.8 million per quarter reflects a significant dilutionary pressure that reduces earnings per share and may continue as the company issues equity to fund growth. If the firm cannot convert its expanding infrastructure into sustainable profitability these non cash items will continue to depress reported earnings and could lead to a reevaluation of the stock’s intrinsic value by investors.

First quarter financial results show limited top line growth and margin pressure that raise questions about the near term execution of the growth narrative. Sales were $6.8 million essentially flat compared with $7.0 million in the prior year with antimony segment down two% and zeolite segment down seven%. Gross profit declined $1.3 million primarily due to higher labor factory import and freight costs which management acknowledged are needed to build inventory and talent for an expected ramp up later in the year. The net loss of $11.3 million was driven largely by non cash stock compensation of $4.8 million and an unrealized loss on the Larvotto investment of $4.1 million indicating that profitability remains elusive without significant scale improvements.
The company’s growth plan is heavily dependent on the timing and receipt of government grants which may be delayed or reduced creating liquidity risk. While $12.8 million of the $27 million DoD grant has been received the remaining $8 million earmarked for the Thompson Falls expansion is tied to specific milestones that may not be met until later in the year and the $7 million allocated for Alaska projects is not expected until 2027 due to environmental red tape and seasonal work windows. This staggered funding schedule could slow capital expenditures and extend the timeline for reaching the targeted $125 million revenue goal. Moreover the firm has disclosed additional grant applications totaling $274 million but has not provided any certainty of award amounts or timing leaving investors to assume potential funding that may not materialize.
Operational and permitting challenges for the tungsten cobalt and gold projects could delay or diminish the expected contribution from these high profile assets. Joe Bardswich noted that the Fostung tungsten deposit in Ontario faces regional flooding road closures and the need for bulk sample processing and permitting before any commercial production can be considered. The Alaska antimony gold project at Nolan Creek while described as high grade still requires underground access upgrades to meet MSHA regulations and a summer drilling program that is constrained by a short field season. These factors suggest that any near term revenue from tungsten or cobalt remains speculative and that the large resource valuations discussed by management may not translate into cash flow for several years.
The valuation upside attributed to the Fostung tungsten resource and other exploration assets is based on long term assumptions that may not be realized given execution risk commodity price volatility and capital intensity. Management’s $9.3 billion figure for the tungsten resource assumes full extraction and processing at today’s prices without accounting for mining costs processing expenses taxes or potential dilution from future financing. Similarly the hydromet joint venture with Americas Gold and Silver targeting one thousand tons per month of high purity antimony is slated for completion in 2028 implying a multi year development period with associated cost overruns and technical risks. Investors who price in these assets as near term catalysts may be overestimating the speed at which the company can monetize its critical mineral portfolio.
Liquidity considerations and potential dilution risks stemming from the Larvotti investment and stock based compensation could weigh on shareholder returns over the medium term. The Larvotti position marked to market at a loss of $4.1 million in the quarter remains illiquid with management expressing frustration over the lack of dialogue with the Australian partner and suggesting a possible sale in the open market at an uncertain price. The ongoing non cash stock compensation charge of $4.8 million per quarter reflects a significant dilutionary pressure that reduces earnings per share and may continue as the company issues equity to fund growth. If the firm cannot convert its expanding infrastructure into sustainable profitability these non cash items will continue to depress reported earnings and could lead to a reevaluation of the stock’s intrinsic value by investors.

Product and Service Breakdown of Revenue (2025)

Peer group

Peer Comparison

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6	ERO	Ero Copper Corp.	primary	3.97 Bn	12.75	3.80	0.55 Bn
7	ALM	Almonty Industries Inc.	primary	3.80 Bn	-67.65	61.20	0.60 Bn
8	NEXA	Nexa Resources S.A.	primary	1.89 Bn	4.53	0.54	0.13 Bn

United States Antimony UAMY

About

Investment Thesis

Segments Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer Comparison

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