United States Antimony Corporation

What they do

USAC processes antimony ore into antimony trisulfide (about 71.4% antimony), antimony trioxide (about 83%) and antimony metal ingots (about 99.65%) at facilities in Montana and Mexico, and also recovers gold and silver at its Montana facility. It mines and sells zeolite from Preston, Idaho, through its BRZ business. In 2025 it mined 840 tons of antimony ore in Montana and acquired claims in Alaska, Montana and Canada prospective for antimony, tungsten, cobalt and other critical minerals.

Revenue drivers

• Antimony products — Antimony trioxide, metal ingots and trisulfide sold to industrial and government customers; Q2 2026 antimony revenue was $5.9 million on 428,425 pounds sold, down from $9.6 million a year earlier on lower realized prices.
• Zeolite (BRZ) — Mined and processed zeolite from Preston, Idaho, leased through December 31, 2034; Q2 2026 revenue rose 110% year-over-year to $1.9 million on a 114% increase in tons sold.
• Precious metals — Gold and silver recovered from purchased ore at the Montana facility, generally sold back to the ore supplier and representing substantially all of the Company's precious metals activity.
• Government and industrial contracts — Two five-year sales contracts secured in 2025 — a sole-source DLA contract for antimony metal ingots and an industrial contract for antimony trioxide — are intended to be served by expanded Montana capacity and new international ore supply.

Recent performance

Q2 2026 revenue was about $7.9 million versus $10.5 million in Q2 2025, a 25% decline driven almost entirely by lower realized antimony prices, though up 17% sequentially from $6.8 million in Q1 2026. First-half 2026 revenue was $14.7 million versus $17.5 million a year earlier, a 16% decrease. Antimony pounds sold rose about 26% year-over-year to 428,425 pounds, but average selling price fell about 52% to $13.70 per pound while average cost per pound fell about 33% to $13.34. Gross profit was $0.6 million (about 7% margin) versus $2.8 million (27%) a year earlier, and operating expense rose to $7.6 million from $2.8 million, mainly on non-cash share-based compensation and added leadership and infrastructure.

Strategy

Management is expanding the Montana antimony processing facility, which it says is nearing construction completion and is expected to more than triple current capacity. It intends to feed that capacity with both newly mined domestic ore and antimony ore procured from new international suppliers. The Company acquired antimony, tungsten and cobalt prospective claims in Alaska, Montana and Canada beginning in late 2024 and entered an agreement to acquire exploration rights in the southeastern United States. It also completed a Texas reincorporation on August 28, 2025, and its common stock began trading on the NYSE on March 11, 2026.

Risks

• Single-supplier ore dependence — The Company says it has historically received most of its antimony ore from one supplier in Canada, and a supply decrease or cost increase could materially hurt results.
• Customer concentration — In 2025 the three largest customers accounted for 80% of consolidated revenues, and the DLA antimony metal ingot contract is described as sole-source.
• Persistent losses and cash burn — Net income was negative in 2023, 2024 and 2025, and 2025 operating cash flow was negative $9.7 million against a $4.3 million net loss.
• Commodity price and reserve uncertainty — Realized antimony prices fell about 52% year-over-year in Q2 2026, and the Company has not completed a technical report summary or established proven or probable reserves for its mining properties other than the Preston, Idaho zeolite deposit.

Outlook

Management points to the Montana processing expansion, new international ore supply and the two five-year contracts as the basis for higher volumes, and reported Q2 2026 revenue up 17% sequentially. It attributes the year-over-year revenue decline to antimony market pricing rather than volumes, with pounds sold up about 26%. The Company states it has not established proven or probable reserves on its properties and notes continued operational losses as a risk factor.