U.S. Antimony Corp. Reports FY2025 Results: Explosive Growth, Major U.S. Government Contracts, and Strategic Expansion

Key Highlights and Investor Takeaways

• 163% Revenue Growth: FY2025 sales surged to \$39.3 million, up 163% year-over-year, with gross profit up 185% and gross margin expanding from 23% to 25%.
• Major U.S. Government Contract: Awarded a sole-source \$248 million, 5-year contract with the Defense Logistics Agency (DLA) to supply antimony ingots. First deliveries are imminent, with \$75 million expected in 2026 alone.
• Significant Industrial Contract: Signed a \$106.7 million, 5-year industrial antimony supply contract for flame retardants and industrial fabrics.
• Tungsten Acquisition in Canada: Acquired the Fostung tungsten property in Ontario, Canada, now with an inferred resource value exceeding \$4.6 billion, positioning UAMY as a leading North American tungsten player.
• Strategic Alaska Expansion: Aggressively expanding mining claims in Alaska, highlighted by the acquisition of the high-grade Nolan Creek property with a reserve report showing 42,400 tons at 28% antimony and 0.408 oz/ton gold (in situ value of ~\$297 million).
• Vertically Integrated Operations: Now sourcing ore both internally and externally, reducing reliance on foreign suppliers and securing supply chain resilience.
• Balance Sheet Strength: Cash, U.S. Treasury, and equity securities totaled \$91.3 million at year-end, with working capital up to \$44.6 million and minimal debt (\$195,000).
• Major Expansion Projects: Thompson Falls (Montana) smelter expansion is near completion (delayed to May 2026), expected to triple processing capacity. New hydromet facility in Idaho is in engineering stage, backed by a \$27 million DOE award.
• Bear River Zeolite (BRZ) Division Transformation: New management, reserve life of 400 years, targeting dramatic sales increases in 2026, with focus on water treatment and agriculture sectors.
• Market Re-rating: Institutional ownership jumped from 48 to 222 funds, including BlackRock, Vanguard, and Goldman Sachs. Share price rose 182% (from \$1.78 to \$5.02), market cap up 250% to \$703 million.
• Dual Listing: UAMY is now listed on both NYSE Texas and the NYSE American main board, boosting visibility and liquidity.

Detailed Overview and Potential Share Price Catalysts

1. Explosive Financial and Operational Growth

U.S. Antimony Corp. reported a breakthrough year, with revenues more than doubling and gross profitability surging. Despite a net loss of \$4.3 million, management clarified that \$6.7 million of that was non-cash (stock compensation), and the company’s cash position soared to \$91.3 million, providing ample flexibility for future growth. Inventory levels of antimony exploded from 78 to 465 tons, positioning the company to meet new government and industrial contracts.

2. Landmark U.S. Government and Industrial Offtake Contracts

The company secured a sole-source, five-year, \$248 million contract with the DLA for antimony ingots—making UAMY the only U.S. supplier for this critical defense material. In parallel, it signed a \$106.7 million contract with a major industrial customer for antimony used in flame retardants and technical fabrics. These contracts underpin a projected \$125 million in revenues for 2026 and establish UAMY as a strategic supplier in the critical minerals supply chain.

3. Expansion and Fast-Track Development of Strategic Mineral Assets

• Fostung Tungsten Property (Canada): Acquired in June 2025, the property holds an inferred resource of 14.77 million metric tons grading 0.17% WO₃, or 54.17 million pounds of tungsten—valued at \$4.6 billion. An SEC-compliant technical report is set for filing, and the company aims to fast-track development for North America’s first tungsten mine in over a decade.
• Nolan Creek (Alaska): Newly acquired from a trustee sale, with a 43-101 technical report confirming high-grade reserves and gold byproduct. Bulk sampling, cleanup, and permitting are underway, with plans to mine within 2–3 months—a pace virtually unheard of in the industry.
• Montana (Stibnite Hill): Mining resumed with 800 tons of 10% antimony ore already moved. Upgrades to the Radersburg mill underway to produce military spec material. Permitting in place for an extended 2026 mining program.
• Bear River Zeolite (Idaho): New leadership, reserve life of 400 years, and focus on water treatment (75% of sales) and cattle nutrition markets. Multiple new customers added in 2025/26, many from Fortune 100 companies, and plans to spin off BRZ if growth targets are met.

4. Strategic Partnerships and M&A Activity

• Americas Gold & Silver JV: A new joint venture to build North America’s largest hydromet facility for antimony processing in Idaho, fully permitted and funded with a \$27 million DOE award. This facility will process low-grade antimony ore, with Phase 1 construction imminent.
• Larvotto Resources (Australia): UAMY now owns 10% of Larvotto (Hillgrove mine—gold/antimony). The company is evaluating strategic options, including possible additional investment, partnership, or divestment.

5. Supply Chain Resilience and Geopolitical Risk Management

UAMY has rapidly diversified its supply chain. With China ceasing all antimony and tungsten exports in late 2024, UAMY’s move to secure domestic and Canadian supply is a clear strategic advantage, protecting future revenues and margins from geopolitical shocks.

6. Capital Markets Transformation and Liquidity

UAMY transitioned from a microcap, retail-held company to an institutionally sponsored critical minerals player. Market cap now stands at \$703 million, with 40% of shares held by institutions, vastly improving liquidity, trading depth, and price discovery. Uplisting to NYSE American further broadens the shareholder base and meets mandates for larger funds.

7. 2026 Outlook and Guidance

• Revenue Guidance: Management reiterated a firm \$125 million revenue target for 2026, with much of the growth driven by government and industrial contracts and the ramp-up of new mining and processing operations.
• Project Timelines: Thompson Falls smelter expansion now expected to complete in May 2026 due to third-party delays but remains a clear capacity catalyst. Hydromet facility construction to begin soon. Bulk sampling and mining at new Alaska sites to commence in the next quarter.
• Operational Risks: Management warned of “bumpy” quarterly results due to inventory build, project ramp-ups, and price volatility but expects full-year results to meet guidance.

8. Additional Price-Sensitive Items for Shareholders

• First DLA Shipments: First pallet of antimony ingots for the DLA is imminent, potentially triggering milestone payments and revenue recognition.
• BRZ Division Potential Spin-Off: If growth continues, management may spin off the BRZ division to shareholders, unlocking further value.
• Further Acquisitions: UAMY is actively reviewing additional critical minerals projects but will only acquire assets with 1–2 year development timelines, emphasizing rapid execution over speculative, long-dated projects.
• Additional U.S. Government Funding: The company is aggressively pursuing more federal grants and awards for new projects.

Conclusion

U.S. Antimony Corp. is executing a rapid transformation from a niche miner to a vertically integrated, strategically essential supplier of antimony, tungsten, and other critical minerals for the U.S. and allied governments. Its unique government contracts, aggressive asset expansion, and balance sheet strength position it as one of the most dynamic and potentially high-growth critical minerals companies in North America.

The company’s focus on speed, rapid execution, and value creation—along with deepening government and institutional relationships—make this a stock to watch in 2026 and beyond. Investors should monitor the timeline of project completions, first DLA shipments, further M&A, and any developments regarding a possible BRZ spin-off.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are inherently subject to risks and uncertainties, including market volatility, operational risks, regulatory changes, and geopolitical factors. Investors should conduct their own due diligence and review all relevant filings with the U.S. Securities and Exchange Commission before making investment decisions.

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