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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. US Antimony Corporation's Earnings Report: A Strong Revenue Growth

US Antimony Corporation reported a significant revenue growth of 182% to $26.2 million for the first nine months of 2025, driven by price increases and volume growth in its zeolite business. The gross margin also improved to 28% from 24% last year. However, the company reported a consolidated net loss of $4.1 million, which included $5.2 million of non-cash expenses. The actual EPS came out at '-0.04' relative to estimates at '0.02'. Operating activities generated positive cash flow, excluding working capital changes.

Publication Date: Dec -02

📋 Highlights
  • Revenue Surge:: First nine months sales reached $26.2M, an 182% increase YoY, driven by higher prices and volume in zeolite business.
  • Cash Position:: Ended Q3 with $38.5M in cash and short-term investments, alongside $229K in long-term debt, reflecting strong liquidity.
  • Major Contracts:: Secured $352M in contracts, including a $245M DLA military deal for metallic antimony and a $106M fabric manufacturer agreement.
  • Production Expansion:: Thompson Falls expansion at 65% completion, set for Jan 2026, with 2026 capacity goals of 500 tons/month and $125M revenue.
  • Strategic Vertical Integration:: Achieved full vertical integration, aiming for 60%+ gross margins using in-house material, and no U.S./Canada competitors in antimony production.

Operational Highlights

The company strengthened its ore supply with a three-year agreement with a new supplier and expanded its capabilities to become a fully vertically integrated business. It also secured a five-year sole-source sales contract with the DLA and another five-year contract with a commercial customer. The company's production capacity is set to increase dramatically in 2026, with the Thompson Falls expansion 65% complete and on target for completion in January.

Contract Wins and Supply Agreements

The company has secured two significant sales contracts totaling $352 million. A supply agreement in Bolivia will result in the delivery of approximately 150 tons per month of antimony metal starting in 2026. USAC has also engaged a consultant with dual citizenship in Chad and the US to provide a regional foothold for outreach and intelligence gathering on Chad's evolving mining sector. As Gary C. Evans highlighted, "the company's inventory is necessary to meet contractual commitments with long-term customers."

Valuation Metrics

The company's market cap has expanded almost fourfold, rising from around $200 million to over $1 billion. The current valuation metrics show a P/S Ratio of 23.76, indicating a premium valuation. The EV/EBITDA ratio stands at 6963.73, which is extremely high, suggesting that the company's valuation is largely dependent on its future growth prospects. Analysts estimate next year's revenue growth at 202.3%, which may justify the current valuation to some extent.

Future Outlook

The company expects production to ramp up in 2026, with a goal of reaching 500 tons per month. The expanded processing facility and new furnaces in Montana are expected to bring efficiencies, including increased automation and better equipment. US Antimony Corporation aims to be the lowest-cost producer of antimony in the world and is exploring government support and additional potential contracts to achieve this goal.

3. NewsRoom

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UAMY vs. TMC: A Faceoff Between Two Emerging Critical Minerals Strategies

Nov -27

Source: zacks.com

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United States Antimony Announces the Appointment of a New Independent Board Member Jon R. Marinelli

Nov -25

Source: accessnewswire.com

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Can UAMY's Domestic Antimony Mining Shift Gross Margins Above 60%?

Nov -24

Source: zacks.com

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United States Antimony Corporation Provides New Update Concerning Significant Montana Antimony Mining Activities

Nov -24

Source: accessnewswire.com

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Will UAMY's $352M Contract Lead to a New Critical Mineral Powerhouse?

Nov -18

Source: zacks.com

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UAMY Stock Jumps 68.4% in 3 Months: Should You Hold or Fold Now?

Nov -14

Source:

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Is UAMY Becoming America's Most Strategic Mineral Supplier?

Nov -13

Source:

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Antimony Stocks and the Global Battle for Critical Minerals

Nov -13

Source: newsfilecorp.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

Stock-Card
US Antimony

A-Score: 4.3/10

Value: 4.0

Growth: 5.7

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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Glatfelter

A-Score: 3.8/10

Value: 7.1

Growth: 4.8

Quality: 2.5

Yield: 1.0

Momentum: 4.0

Volatility: 3.7

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Gevo

A-Score: 3.8/10

Value: 7.6

Growth: 4.8

Quality: 4.7

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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LSB Industries

A-Score: 3.8/10

Value: 8.1

Growth: 2.8

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 3.7

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Rayonier Advanced Materials

A-Score: 3.1/10

Value: 6.6

Growth: 3.8

Quality: 0.9

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

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Trinseo

A-Score: 2.8/10

Value: 8.5

Growth: 0.8

Quality: 1.1

Yield: 5.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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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

6.36$

Current Price

6.36$

Potential

-0.00%

Expected Cash-Flows