Business Overview: United States Antimony Corporation (NYSE: UAMY)

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Executive Summary

United States Antimony Corporation (USAC) is the only vertically integrated, permitted antimony producer based in the United States, mining, smelting, and processing antimony and precious metals through operations in Montana and Mexico, alongside a separate zeolite mining business in Idaho. Originally incorporated in Montana, the company reincorporated in Texas in 2025 and is now headquartered in Dallas.

The company matters now for reasons largely outside its own control: antimony is a critical mineral used in flame retardants, lead-acid batteries, and munitions, and China — which controls the large majority of global antimony supply — has restricted exports, causing the Rotterdam benchmark antimony price to more than double (from roughly $10.44/lb in 2024 to $23.88/lb in 2025). As the only domestic antimony smelter of scale, USAC went from a marginal, loss-making micro-cap to a company with a 10-figure market capitalization and direct U.S. government defense funding in a very short window, culminating in a move from the NYSE American up to the NYSE in March 2026.

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1. Core Business Model & How They Work

[ Mine/Source Antimony Ore ] ➡️ [ Smelt & Refine (Montana / Coahuila, Mexico) ] ➡️ [ Sell Antimony Trioxide, Metal, Trisulfide ] ➡️ [ Byproduct Gold/Silver Sales ]

Key Operational Drivers

1. Vertical integration: USAC is the only U.S.-based company that both extracts and smelts antimony domestically, and also operates the largest operating antimony smelter in Mexico (Coahuila, via subsidiary USAMSA).
2. Government contracts as a growth lever: a sole-source, five-year Defense Logistics Agency (DLA) contract worth up to $248 million, plus a $27.0 million Defense Production Act award, directly fund capacity expansion.
3. Price-taker on a volatile commodity: antimony is priced off the Rotterdam benchmark; USAC does not set prices but benefits enormously from the current supply squeeze (average realized price rose from $7.61/lb in 2024 to $25.12/lb in 2025).
4. Diversification bets: a 10% stake in Larvotto Resources (an Australian antimony explorer) and a 49% joint venture with Americas Gold and Silver extend USAC's reach into additional ore supply and byproduct precious metals.
5. Zeolite side business: Bear River Zeolite in Idaho is a smaller, unrelated industrial-minerals operation that diversifies revenue away from antimony alone.

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2. Business Segments

                    ┌───────────────────────────────┐
                    │  United States Antimony Corp.   │
                    └───────────────┬─────────────────┘
                                     │
                ┌────────────────────┼─────────────────────┐
                ▼                    ▼                     ▼
        ┌───────────────┐   ┌───────────────┐   ┌───────────────────────┐
        │   Antimony     │   │    Zeolite     │   │       All Other        │
        │ (dominant %    │   │ (Bear River,   │   │ (AK/MT/ON/SE U.S.      │
        │  of revenue)   │   │   Idaho)       │   │  exploration; no       │
        │ Montana + Mexico│  │                │   │  active revenue yet)   │
        └───────────────┘   └───────────────┘   └───────────────────────┘

Antimony Segment (overwhelming majority of revenue)

Mining, smelting, and sale of antimony trioxide, antimony metal ingots, and antimony trisulfide, plus byproduct gold and silver, from Montana facilities and two Mexico facilities (via USAMSA).

Zeolite Segment

A separate, smaller industrial-minerals operation in Preston, Idaho, mining and selling natural zeolite, largely uncorrelated with the antimony price cycle.

All Other / Exploration

Early-stage exploration properties in Alaska, Montana, Ontario, and the southeastern U.S., none of which currently produce revenue.

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3. Product Portfolio

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4. Competitive Landscape

• Domestic antimony processing: USAC describes itself as the only operating, vertically integrated, permitted antimony smelter in the United States — in practice meaning it has no direct domestic processing competitor, only foreign producers (overwhelmingly Chinese) and a handful of junior miners/explorers it competes with for financing, properties, and labor.
• Global antimony supply: China dominates global mine and refined antimony output; USAC's estimated share is roughly 4% of the domestic antimony trioxide market and under 1% of the international market, so despite being the only sizable U.S. producer, it remains small on a global scale.
• Junior miners / explorers (e.g., Larvotto Resources in Australia, in which USAC holds a stake) compete for new antimony deposits as Western governments look to de-risk supply away from China.

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5. Strategic Strengths & Risks

Strengths (Moat Sources)

• Unique domestic position: being the only permitted, vertically integrated U.S. antimony smelter is a genuine structural moat created by permitting and regulatory barriers to entry, not by cost or technology leadership.
• Government backing: the $248 million DLA sole-source contract and $27.0 million DPA award effectively subsidize USAC's expansion and signal it is viewed as a strategic national-security asset.
• Deep (if concentrated) customer relationships: three customers made up 80% of 2025 revenue (up from 43% in 2024) — a double-edged sign of both deep strategic entrenchment and dependency.

Risks

• Commodity price dependency: USAC's revenue surge is overwhelmingly a function of the antimony price spike (more than tripling year over year), not of volume growth (pounds sold actually fell slightly in 2025); an easing of China's export restrictions could sharply compress both price and USAC's earnings.
• Customer concentration: 80% of 2025 revenue from three customers creates acute single-customer dependency.
• History of losses: the company has a multi-year history of operating losses, and while no explicit going-concern doubt appears in its most recent 10-K, the filing acknowledges "we have experienced losses in recent years" and flags potential future capital needs.
• Execution risk on rapid expansion: scaling smelting capacity, integrating the Larvotto stake and Americas Gold and Silver joint venture, and managing a much larger market capitalization (~$1.4 billion) all represent operational complexity new to the company.

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6. Financial Overview

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7. Summary Conclusion

United States Antimony's investment case is almost a pure-play bet on Western governments' urgency to secure antimony supply outside of China: the company's structural moat — being the only permitted, vertically integrated U.S. smelter — is real but was, until very recently, nearly worthless commercially because antimony prices were too low to matter. The current price spike and direct defense-department funding have transformed USAC's financial profile almost overnight, but the biggest forward risk is the mirror image of that tailwind: if China eases export restrictions or global supply normalizes, antimony prices — and USAC's revenue, which is overwhelmingly price-driven rather than volume-driven — could fall just as quickly as they rose.