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1. Company Snapshot

1.a. Company Description

United States Antimony Corporation produces and sells antimony, silver, gold, and zeolite products in the United States and Canada.The company's Antimony division offers antimony oxide that is primarily used in conjunction with a halogen to form a synergistic flame retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.Its antimony oxide is also used as a color fastener in paints; as a catalyst for the production of polyester resins for fibers and films; as a catalyst for the production of polyethelene pthalate in plastic bottles; as a phosphorescent agent in fluorescent light bulbs; and as an opacifier for porcelains.


In addition, this division offers sodium antimonite; and antimony metal for use in bearings, storage batteries, and ordnance; and precious metals.The company's Zeolite division provides zeolite deposits for soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, and animal nutrition applications.Its zeolite products also have applications in catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, and floor cleaners, as well as carriers for insecticides, pesticides, and herbicides.


United States Antimony Corporation was founded in 1968 and is based in Thompson Falls, Montana.

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1.b. Last Insights on UAMY

The recent 3-month performance of United States Antimony Corporation has been driven by several positive factors. The company's Q1 2025 earnings release showed a strong turnaround, with revenues increasing 128% year-over-year and gross profit rising 302%. This was largely due to surging antimony prices and increased sales, with management raising full-year revenue guidance. The company is also ramping up production at its recently restarted Mexican smelter and expanding its Montana facility, aiming for 500 ton/month total capacity by 2025. Additionally, the company has secured a $5 million line of credit with Truist Bank to support its ongoing operational and strategic initiatives. Furthermore, the company's Chairman and CEO, Gary C. Evans, is being featured live on Fox Business with Maria Bartiromo, highlighting the company's growth and potential. The company's participation in various investor conferences, including the Canaccord Genuity 4th Annual Global Metals & Mining Conference and the 25th Annual B. Riley Securities Investor Conference, demonstrates its commitment to transparency and investor engagement.

1.c. Company Highlights

2. U.S. Antimony's 2025 Surge: Revenue, Contracts, and Strategic Expansion

U.S. Antimony reported a 163% jump in revenue to $39.3 million, driven by antimony and zeolite sales, with gross profit soaring 185% to $6.4 million and a 25% margin. Net loss widened to $4.3 million, largely from $6.7 million in non‑cash expenses. The company’s market multiples reflect its growth trajectory, with a P/S of 38.6 and a P/B of 9.27, underscoring investor confidence in the expanded supply chain narrative.

Publication Date: Apr -19

📋 Highlights
  • Revenue Surge: FY2025 revenue jumped 163% to $39.3M, driven by antimony price hikes and zeolite volume/price growth
  • Cash Position: End-2025 cash reserves soared to $91.3M from $18.2M in 2024, despite $4.3M net loss due to $6.7M non-cash expenses
  • Major Contracts: Secured $248M DLA antimony contract and $106.7M private industrial antimony deal, ensuring 2026 sales stability
  • Vertical Integration: Completed full antimony division vertical integration and plans to triple Thompson Falls smelter capacity
  • High-Value Assets: Identified $4.6B Fostung tungsten deposit in Canada and $297M McDonald Creek antimony/gold property in Alaska

Revenue and Margin Growth

The revenue spike was largely propelled by higher antimony prices and increased volume, while zeolite sales benefited from both price hikes and volume expansion. Gross profit margins improved to 25% year‑over‑year, reflecting efficient cost management amid rising commodity prices.

Net Loss and Cash Position

Despite a net loss of $4.3 million, cash reserves grew to $91.3 million from $18.2 million, bolstered by U.S. treasury and equity securities. The non‑cash charge of $6.7 million explains the loss, yet the liquidity cushion positions the firm to pursue aggressive expansion.

Strategic Contracts and Government Support

Securing a $248 million sole‑source contract with the DLA and a $106.7 million industrial antimony deal has cemented U.S. Antimony’s role as a critical domestic supplier. The company’s alignment with national security priorities has attracted $90 million in institutional liquidity and a 182% share‑price rally.

Vertical Integration and Smelter Expansion

Full vertical integration of the antimony division in 2025 enabled a planned triple‑capacity upgrade at the Thompson Falls smelter. Though supplier delays push the expansion to May 2026, the company remains confident in meeting the $125 million revenue guidance.

Critical Minerals Pipeline

Three active projects—Montana, Alaska, and Ontario—drive the firm’s critical minerals strategy. The Fostung tungsten deposit’s inferred resource of 14.77 Mt could generate $4.6 billion in future gross value, positioning U.S. Antimony as a potential North American tungsten producer in a decade.

Zeolite Business Momentum

Bear River’s 400‑year reserve life and high‑quality zeolite have attracted Fortune 100 customers, boosting sales and margins. Melissa Pagen’s focus on water treatment and agriculture is expected to generate bulk business at lower costs, further improving profitability.

Future Outlook and Investor Profile

With minimal debt, a robust cash buffer, and a pipeline of high‑yielding contracts, U.S. Antimony projects a “bumpy” yet upward‑trending 2026. Government funding is anticipated to rise, and the company’s unique U.S. government relationship secures demand amid trade tensions. Institutional participation has surged to 222 holders, reflecting a growing investor appetite for critical‑minerals exposure.

3. NewsRoom

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United States Antimony: Policy-Driven Demand Creates A Rare Mining Opportunity

Apr -16

Source: seekingalpha.com

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United States Antimony Announces Restart of Mining Operations on Stibnite Hill, Montana

Apr -02

Source: accessnewswire.com

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United States Antimoney Stock Rises After Trump's Iran Strike Suspension

Mar -23

Source: benzinga.com

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United States Antimony: National Security Tailwinds Power The Bull Case

Mar -22

Source: seekingalpha.com

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United States Antimony Stock Gains On Massive Revenue Beat

Mar -20

Source: benzinga.com

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United States Antimony Corporation (UAMY) Q4 2025 Earnings Call Transcript

Mar -19

Source: seekingalpha.com

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US Antimony Stock Climbs After Q4 Revenue Smashes Estimates

Mar -19

Source: benzinga.com

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United States Antimony Corporation Reports Fiscal Year 2025 Financial and Operating Results

Mar -19

Source: accessnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.71%)

6. Segments

Antimony - United States

Expected Growth: 8%

Strong demand from flame retardant and lead-acid battery manufacturers, coupled with increasing adoption in emerging technologies like solar panels and fuel cells, drives growth for Antimony in the United States. Additionally, supply chain disruptions and trade tensions support domestic production, further boosting demand for US-based producers like United States Antimony Corporation.

Zeolite

Expected Growth: 7%

United States Antimony Corporation's Zeolite segment growth is driven by increasing demand for natural zeolites in water filtration, wastewater treatment, and oil refining. Rising environmental concerns and government regulations also boost demand. Additionally, the company's expansion into new markets, such as agriculture and construction, contributes to the 7% growth rate.

Antimony - Mexico

Expected Growth: 9%

Mexico's antimony production growth is driven by increasing demand from the US, China, and Europe for flame retardants, lead-acid batteries, and ceramics. United States Antimony Corporation's strategic partnerships, efficient mining operations, and expanding production capacity also contribute to the 9% growth rate.

Precious Metals

Expected Growth: 6%

United States Antimony Corporation's 6% growth in Precious Metals is driven by increasing demand for gold and silver in jewelry and coins, rising industrial applications in electronics and solar panels, and growing investment in exchange-traded funds (ETFs) and central banks' reserves, amidst geopolitical tensions and currency fluctuations.

7. Detailed Products

Antimony Trioxide

A flame retardant used in plastics, rubbers, and textiles to prevent fires and reduce smoke emissions.

Antimony Trisulfide

A catalyst used in the production of polyethylene terephthalate (PET) for water bottles and polyester fibers.

Antimony Oxide

A pigment used in ceramics, glass, and paint to provide opacity and color.

Antimony Metal

A metal alloy used in lead-acid batteries, ammunition, and other specialized applications.

Gold and Silver Concentrates

Precious metal concentrates used in jewelry, coins, and other decorative items.

8. United States Antimony Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for United States Antimony Corporation is medium due to the availability of alternative materials and technologies that can replace antimony in various applications.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of antimony products and the lack of alternative suppliers, giving United States Antimony Corporation a degree of pricing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the concentration of antimony mining and refining activities in a few countries, which can lead to supply chain disruptions and price volatility.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the antimony mining and refining industry, including significant capital requirements and environmental regulations.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the antimony market, with several established players competing for market share and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.11%
Debt Cost 3.95%
Equity Weight 99.89%
Equity Cost 6.73%
WACC 6.72%
Leverage 0.11%

11. Quality Control: United States Antimony Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 4.8

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Momentum: 8.0

Volatility: 1.0

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A-Score: 3.8/10

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Quality: 3.3

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Volatility: 0.3

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Quality: 2.8

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US Antimony

A-Score: 3.4/10

Value: 4.0

Growth: 5.7

Quality: 5.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.06$

Current Price

10.06$

Potential

-0.00%

Expected Cash-Flows