United States Antimony (NYSEAMERICAN:UAMY) executives used the company’s fiscal 2025 financial and operating results call to outline a year marked by sharply higher revenue, expanded liquidity, and a growing slate of critical-minerals projects spanning antimony, tungsten, and other metals. Management also detailed the ramp of mining activity in Montana and Alaska, progress on processing capacity expansions, and a pair of multi-year antimony sales agreements that it said underpin expectations for fiscal 2026.
Fiscal 2025 financial results and balance sheet
Chief Financial Officer Richard Isaak said fiscal 2025 sales rose to $39.3 million, up 163% from the prior year. Isaak attributed the increase to antimony pricing and to a combination of price and volume gains in the company’s zeolite business. Cost of sales increased 156%, which Isaak said was below the pace of revenue growth, citing favorable antimony ore purchases and lower maintenance and repair costs at the company’s zeolite facility in Idaho.
Despite the higher gross profit, Isaak reported that net loss widened to $4.3 million in 2025 from $1.7 million in 2024. He emphasized that 2025’s net loss included $6.7 million of non-cash expenses, compared with $1.9 million in 2024, driven predominantly by stock compensation to employees and the board.
Isaak said the company ended fiscal 2025 with $91.3 million in cash and investments, including U.S. Treasury securities and equity securities, compared with $18.2 million of cash at the end of 2024. Working capital increased to $44.6 million, up $27.9 million year over year, driven mainly by increases in cash, inventory, and Treasury securities. Antimony inventory rose from 78 tons at the end of 2024 to 465 tons at year-end 2025; Isaak said 17% of the 2025 inventory came from the company’s Thompson Falls, Montana mine. Debt remained low at $195,000.
Major contracts and antimony supply chain buildout
Chairman and CEO Gary C. Evans highlighted two multi-year antimony sales agreements announced during the year:
- A sole-source Defense Logistics Agency (DLA) contract initially announced at $245 million and later “upgraded” to $248 million to deliver antimony ingots over five years. Evans said the company anticipates delivering approximately $75 million of antimony ingots under this agreement in fiscal 2026 and is “very close” to making its first shipment.
- A five-year industrial antimony contract valued at $106.7 million with a customer that requested anonymity for competitive reasons. Evans said deliveries began around June or July of the prior year, and the material is used in industrial fabrics and associated flame-retardant applications.
On operations, Isaak said the antimony division became “fully vertically integrated” in 2025, with efforts focused on diversifying ore procurement sources, expanding processing capacity, and securing long-term sales contracts. He said the company is nearing completion on an expansion of the Thompson Falls antimony smelter that is expected to more than triple capacity. He also said the company is completing the engineering phase for a new hydrometallurgical facility in Idaho in partnership with Americas Gold and Silver Corporation, and noted a recently awarded $27 million U.S. Department of Defense award intended to help fund expansion efforts.
Mining and exploration: Montana, Alaska, and Canada
Executive Vice President and Chief Mining Engineer Joe Bardswich detailed mining work at Stibnite Hill in Montana, where he said the company shifted from historic underground methods (shut down in 1983) to a surface excavation approach enabled by improvements in excavation equipment. Bardswich said that during October and early November the company completed surface trenching exploration followed by mining, trucking 50 loads totaling just over 800 tons of material grading about 10% antimony to the company’s Radersburg, Montana flotation mill.
Bardswich said upgrades to the Radersburg mill are underway, and the company anticipates producing material meeting military specifications for ammunition primers once improvements are complete. He added the company paused activity due to winter and expects to restart when snow conditions allow, potentially as soon as 30 days from the call, with an anticipated 6-7 month permitted mining program in 2026.
In Alaska, Bardswich said permitting delays for state mining claims led the company to acquire private patented mining claims to begin work sooner. The company conducted trenching on the former Mohawk gold mine property, where antimony had been reported, but Bardswich said the stibnite occurrences found were not sufficient to be economic. He said the company plans to continue trenching in 2026 and add an air track drill program to better define excavation targets.
Bardswich also described infrastructure development near Fox, Alaska, including acquisition of a property near the main highway and Department of Transportation scales, with buildings for operations and a reinforced concrete slab to support sorting, packaging, and palletizing stibnite for standard highway transport to Montana.
The most notable Alaska update was the acquisition of the Nolan Creek property, about 265 miles north of Fairbanks, purchased at a trustee sale for $1.3 million. Bardswich said an independent NI 43-101 technical report commissioned by the previous owner stated a reserve of 42,400 tons grading 28% antimony and 0.408 ounces of gold per ton, and he said the company confirmed with the report’s author that the material remains on site. Using “today’s metal prices,” he estimated in-situ metal value at roughly $7,000 per ton, or approximately $297 million. He said a notice-level permit application has been filed with the Bureau of Land Management for cleanup, exploration, road construction, and excavation of a 1,000-ton bulk sample, and that the company is working on a plan of operations that would include underground mining.
In Canada, Bardswich updated shareholders on the company’s Ontario projects. At the Fostung tungsten deposit, he said the company collected a bulk sample for metallurgical testing and engaged SRK Consulting to prepare an SEC Regulation S-K 1300 technical report. Bardswich said SRK calculated an inferred mineral resource of 14.77 million metric tons grading 0.17% WO3, containing 54.17 million pounds of tungsten, with a “future gross value” of $4.6 billion based on recent tungsten pricing. He said the final technical report would be filed with the SEC the following week and that SRK recommended additional drilling to test for mineralization extensions.
At the Iron Mask cobalt-nickel project, Bardswich said winter work identified that a high-grade zone appears cut off by a younger diabase dike, and future efforts will attempt to locate continuation of mineralization on the other side of the dike.
Zeolite strategy: water treatment and agriculture focus
Melissa Pagen, president and COO of Bear River Zeolite, said her priorities since stepping into the role in January have been to bring market focus, strengthen operational capabilities, and increase visibility in target markets. She said Bear River is prioritizing water treatment and agriculture, describing water treatment as about 75% of revenue.
Pagen said the company is working to reach more of its filtration media market through conferences, networking, and social media marketing initiatives. She also said she is exploring long-term supply contracts with drinking water treatment customers, noting the business has not historically used supply contracts. Pagen said the company is in discussions with the University of North Carolina regarding work in capturing long-chain and short-chain PFAS using Bear River zeolite, and she also cited potential in modified zeolite applications and “nuclear remediation readiness.”
On agriculture, Pagen said Bear River recently became the supplier to what she described as a significant cattle nutrition business, prompting a shift toward bulk logistics and delivered pricing supported by bulk trucks and silos. She said the company is implementing infrastructure upgrades while carefully balancing capital investment with demand development. She also said the plant has room to scale through shift adjustments and potentially automation, and that the company is evaluating use of a regional transloading yard to improve delivery times and geographic reach.
Capital markets updates and fiscal 2026 outlook
Vice President of Investor Relations Jonathan Miller said the company “transformed” its capital markets profile in 2025, citing a share price increase from $1.78 to $5.02, a gain of 182%, and market capitalization growth from $201 million to $703 million, up 250%. Miller also said institutional ownership expanded substantially, citing 222 institutional holders based on recent 13F filings, up from 48 in Q4 2024, and said institutional ownership has grown to approximately 40%. Miller added that the company is “consistently trading around 15 million shares per day.”
Evans told investors that fiscal 2026 results could be “bumpy” quarter to quarter due to volatility in the business and timing effects, but he reiterated management’s guidance of $125 million. He also said the Thompson Falls smelter expansion, which began in May of the prior year and had been expected to complete in December or January, is now expected to be finished in May due to supplier and contractor delays, including building work and late delivery of heat exchangers.
During Q&A, Evans also said the company remains interested in speeding up its transition toward more company-controlled feedstock, citing the reliability challenges of importing material and the cost advantage of company-mined antimony. He said the company is buying antimony from six countries and pointed to elevated inventory as support for meeting DLA obligations.
On the company’s Larvotto Resources investment, Evans said U.S. Antimony purchased 10% of the Australian company for $37.2 million in cash and currently views it as an investment while evaluating options with advisers; he said if the parties cannot reach agreement, the company could sell its position.
About United States Antimony (NYSEAMERICAN:UAMY)
United States Antimony Corporation is a specialized mining and chemical company focused primarily on the production and processing of antimony and antimony-based compounds. The company operates its own extraction and milling facilities to recover antimony metal and antimony trioxide, which serve as critical raw materials in industries such as flame retardants for plastics and textiles, catalysts for chemical processes, and additives for glass and ceramics. In addition to antimony, United States Antimony maintains smaller-scale gold and silver operations in Mexico that provide supplementary revenue streams and diversification of its mineral portfolio.
Founded in the mid-20th century, United States Antimony has evolved from a single‐mine operator into a multinational enterprise with mining and processing sites in both the United States and Mexico.
