UAMY

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 4:15 p.m. ET CEO & Chairman - Gary Evans Interim CFO - Shawn Winkler EVP, Chief Mining Officer & Director - Joe Bardswich Managing Director of Government Affairs - Damian Coleman Vice President, Antimony Division - Aaron Tenesch Vice President, Investor Relations & Global Sales Manager - Jonathan Miller Operator: Greetings, and welcome to the United States Antimony Corporation's Second Quarter and 6 Months Ended June 30, 26 Financial and Operating Results Conference Call. At this time, all participants are in a listen-only mode. And a question and answer session will follow the formal presentation. If you would like to ask a question, you may click on the ask question box on the left side of your screen. Type your questions and hit send. We do ask for each participant to place or please limit to 1 question while submitting. If anyone should require operator assistance during the webcast, And please note, this conference call and webcast is being recorded. I will now turn the call over to your host, Mr. Gary C. Evans, chairman and chief executive officer. Has been transcribed. 1 moment while I notify the caller. Gary C. Evans: Hello? Okay. Thank you, Ali, and welcome to everybody. And thank you very much for joining us today. First, I would like to start by introducing other members of our company's management team who will be joining me on this call today. We have 5 total speakers from management who will be talking about the respective divisions. They are as follows. Shawn Winkler, our interim chief financial officer Joe Bardswich, our director and executive vice president and chief mining engineer Damian Coleman, who is managing director of our government affairs in DC, who you have not spoken to before. Aaron Tinesh, Vice President of our Antimony division, and Jonathan Miller, who is vice president of our investor relations area. So I would like to start out by turning the call over to Shawn Winkler, our interim Chief Financial Officer, to go over financial results that we have just reported a few minutes ago, to the public. Shawn? Shawn Winkler: Thanks, Gary. It was my first full quarter with the company. I continue to be extremely impressed. With our senior management, our outstanding operating team, and working closely with our high quality advisers just continues to be an impressive team. Jumping on the numbers, second quarter 26 revenue was around 7.9 million. That is compared to $10.5 million in the second quarter of 25. that is a decline of approximately 25% year over year. That is driven almost entirely by lower realized antimony pricing. Sequentially, compared to Q1, however, revenue was up 17% from the $6.8 million we reported in the first quarter reflecting higher antimony volumes and continued strength in our zeolite segment. On a 6 month year to date basis, revenue was 14.7 million compared to 17.5 million for the first half of 25. A 16% decrease that, again, as the aforementioned year over year decline in realized antimony prices, partially offset by higher volumes. Jumping into our segment breakdown, antimony revenue was $5.9 million in the second quarter compared to 9.6 million in the prior year period. Dollar pounds sold increased approximately 26% year over year to £428 thousand. Average selling prices declined approximately 52% from $28.32 per pound to 13.70 per pound. Reflecting broader antimony market price conditions. Importantly, average cost per pound also declined approximately 33% to $13.34. Partially mitigating the impact of lower selling prices, but not fully offset. The zeolite segment continues its strong growth trajectory. Revenue increased 110% year over year to 1.9 million. From about close to 1 million. Driven by 114% increase in tons sold. Obviously, our execution, the broader broadened sales channels, especially in our cattle nutrition growth segment, has demonstrated success. Zeolite gross profit increased point 4 million to about 1.1 million benefiting from higher sales volume and lower average production cost per ton. Jumping to gross profit, and operating loss and noncash items. Gross profit for the quarter was $600 thousand or approximately 7% gross margin. That compares to $2.8 million and 27% margin in the prior year quarter. The margin compression is almost entirely attributable to antimony price decline as previously discussed. Operating expense was $7.6 million in the quarter compared to $2.8 million in the prior year period. The increase primarily reflects higher noncash share based compensation expense, increased salaries, and employee benefits associated with the company's expanded leadership team and operational infrastructure to match the growth projections we have, in the back half of the year and into 2027 and higher professional fees supporting several gross initiatives. Operating loss for the quarter was about $7 million. it is important to note that this operating loss includes about $3.4 million of net noncash items the aforementioned $2.9 million of SBC and about $500 thousand of D&A. Jumping to net income, Reported net income for the second quarter was about 100 thousand compared to net income of $200 thousand in the prior year quarter. The operating loss that I just mentioned was more than offset by 2 items. 6.8 million of unrealized gain from our investment in Larvotto Resources Limited, plus 400 thousand of interest and investment income. Importantly, since quarter end, the investment in Larvotto has continued to appreciate We detailed that it is about 2.7 million of additional increase since quarter end. Jumping to the balance sheet and our liquidity, we ended the quarter with a materially stronger position than 3 months ago. Cash and cash equivalents were 41.4 million as of June 30, 2026, compared to 3.2 million at March 31. And $30.5 million at December 1 December 31, 2025. We hold an additional 20.7 million in US treasuries held to maturity total liquidity, we have cash plus those treasuries of 62.2 million. Total assets grew $42.6 million during the first half of the year to 191 million Working capital doubled to $70 million from $35 million at the end of the first quarter. Total liabilities declined $3.4 million to 9.6 million Our debt remains de minimis, if you add the Larvotto strategic equity investment of 43.2 million total cash investments and marketable securities on the balance sheet as of June 30, stood at $105 million Digging into the balance sheet a little bit. Inventory at quarter-end was $21.6 million, up from 12.5 million at December 31, 2025. 6.4 million at June 30, 2025. This buildup is intentional and reflects our strategy of building feedstock in and ultimately our ability to provide finished goods to support our DLA contract and other expected antimony commercial demand. Our inventory position is subject to normal lower of cost or market analysis. Each quarter inventory is carried at the lower of cost or net below realizable value. Jumping to cash flow. For the 6 months ended June 30, the net cash used in was $20.7 million, primarily reflecting our working capital investment. That is the inventory buildup I just described. Net cash, used in investing activities was $11.1 million and net cash provided by financing activities was $43.4 million The financing inflow was primarily driven by net proceeds from equity issuance in April, which were detailed as a subsequent event in our Q1 financials. Average execution on those equities, those share of sales was 11.56 points. Per share. Capital expenditures for the 6 first 6 months totaled $22.8 million on a gross basis. Primarily to advance our Thompson Falls expansion complete and upgrade our Vadersburg flotation mill, including an addition adding a first in class laboratory and funding other strategic capital investments, including several new mining planes in Alaska and Montana. Against those investments, in April, we received 12.8 million of the milestone based funding under our DPA grant award from the Department of Defense. Bringing net capital deployed in the first half to approximately 10 million. dollars. I do want to highlight a subsequent event in our financials this quarter? In June, we did deliver our first 2 shipments of antimony ingots to the DLA totaling approximately 82 thousand pounds. That unfortunately, we did not receive final, approval acceptance from the DLA until July, so the audit sale will be reflected in our Q3 financials. With that, I will hand it back to Gary. Gary C. Evans: Thank you, Shawn. I would like to turn the call over now to Joe Bardswich to talk about our actual mining activities. Joe? Lloyd Joseph Bardswich: Thank you. So starting in the East with our tungsten deposit located near Espanola, Ontario. Metallurgical testing of our ore continues at Lakefield Research. While the site for an initial 20 thousand ton bulk sample is being prepared for drilling and blasting. Several local contractors have been asked to prepare quotations for the drilling, blasting, crushing, and screening of the bulk sample. It is planned that the sample will be trucked to an operating mill in the region for concentration by froth flotation for eventual sale to an ammonium paratungstate state. Plant located in Pennsylvania. The company acquired by claims taking this past year a large land package in the Dubreuilville area north of Lake Superior. north-northwest of Wawa, Ontario, after a review of Ontario government reports. The government conducted a helicopter borne lake sediment sampling program revealing very high grade select concentrations of silver in lake sediments. A soil sampling program has been initiated with the intent to trace that silver up ice in this glaciated terrain to the source. Moving west to Montana, in October and November of last year, completed an exploration program on our patented Eliza claim, which revealed an accessible vein of massive stibnite near our Thompson Fall. Smeltering facilities. Excavation of this vein resulted in approximately 800 tons of ore creating approximately 10% antimony being trucked to our newly acquired Raidersburg mill near Tofton, Montana. This operation was reviewed by the Montana DEQ over the past winter and permission for continued further work was delayed until additional operating safeguards could be implemented. Mining resumed in late July at the Montana Stibnite Hill mine after plans were approved by MSHA. We are utilizing the local contracts on a time and materials basis. To conduct this work under the supervision of an experienced geologist. As of today, an additional 25 truckloads of 16 tons each have been mined and shipped. Moving north to Alaska, starting with Ester Dome, work continues in this area near Fairbanks for previous work during the Fort Knox Gold Discovery Area era. By Placer Dome and Kinross revealed large antimonium soil anomalies. Successful discovery of stibnite in place in shallow trenches could lead to the establishment of operations similar to the Montana's Stibnite Hill mine. The company has purchased in the past year a staging area office site near Fox Alaska which serves both as a HQ and a logistics center. Trenching and drilling operations are continuing in the Ester Dome area in attempts to find near surface deposits of stibnite related to the low soil anomalies. Any material mined would be hauled to the Fox facility for sorting, packaging, and stockpiled prior to trucking to our Raidersburg facility in Montana. The M and K copper deposit, Alaska State geologist completed the reconnaissance level exploration program that included the M&K area. Very high copper values were reported from surface sampling. The company recently acquired this area through staking and has permitted a core drilling program that will be completed this summer. To determine whether the high copper values extend to depth. Bowland Creek. In late January of this year, at a trustee's public auction, the company purchased a group of mining claims previously owned and operated by a private company. This is in the Nolan Creek area near Wiseman Alaska, north of the Arctic Circle. Of prime interest to the company is the resource reported by Tom Munson, a qualified person and made available to the public. Munson reported quote, an inferred reserve of 42.4 thousand tons grading 28% antimony and 0.408 ounces of gold per ton. End quote. That yields a gross per ton value of $8.9 thousand at $4 thousand per ounce gold and $13 a pound at 20. Yielding a total gross value without deducting mining, processing or transportation costs of $377 million The ore zone is presently accessible after we built a 7-mile road into the property from Wiseman. it is accessible from an underground adit. And although additional development is required before an efficient mine operation is established. During the past 2 weeks, the company hosted prebid underground site inspection tours by 2 internationally recognized mining contractors in preparation for their submission of tenders in middle August for further underground development and mining of this high grade material. The raw ore would be trucked to our Raidersburg mill for gravity and flotation recovery. Of both the antimony and the gold. Mining operations are tentatively planned to begin late this year. Back to you, Gary. Gary C. Evans: Thank you, Joe. This is now, introduced Damian Coleman who is going to-- Damian has been with us for about 6 months now and is running our wash operations with respect to our government relations. And, Damian, why do not you give us a little overview of your activities? Damian Coleman: Thank you, Gary. As the company's director of government affairs, I am pleased to report that United States Antimony Corporation continues to execute successfully under its $245 million sole source antimony contract with the Defense Logistics Agency. Based on our current production and delivery schedule, we anticipate completing our first delivery order of 9.9 million nearly 1 year ahead of schedule During June, our firm delivered 2 trucks of military specification antimony ingots totaling more than 80 thousand pounds. Representing approximately 2.6 million revenue for the company. These deliveries highlight UAMY's unique capability to produce antimony metal exceeding 99.5% purity through our supply chain. We expect to deliver our third and fourth truckloads of antimony ingots next week which are anticipated to generate an additional $2.6 million in revenue for the third quarter. In addition, the company is currently testing truckloads 5, 6, and 7 of antimony ingots totaling more than 120 thousand pounds for anticipated shipment in the next few weeks. Subject to successful testing and acceptance by a third party lab, these shipments are expected to contribute approximately $4 million additional cash flow in the fourth quarter. To date, cumulative orders awarded under the DLA contract total approximately $57.3 million reflecting continued demand and strong execution against the strategically important program. Finally, United States Antimony Corporation is awaiting feedback on 4 separate grant applications submitted to the Department of Energy and Defense earlier this year. These 4 grant requests total $275 million and represent funding needs around antimony, tungsten, and our hydrometallurgical process. Back to you, Gary. Gary C. Evans: Thanks, Damian. Now I would like to turn the call over to Aaron Tinesh, who is Vice President of our Antimony Division. Aaron? Aaron Tinesh: Damian Coleman: Thank you, Gary. I will keep my comments focused on 4 areas. Antimony procurement from international sources, the Raidersburg Flotation Facility, Bolivia, and the Americas Gold and Silver joint venture. On procurement, we continue to bring in material that supports Thompson Falls and our downstream commitments. Approximately 300 tons of metallic feedstock have been recently received and are currently inbound for final processing to the DLA or for antimony trioxide production. Short and medium term procurement contracts have been developed. To sustain the expanded production of the Thompson Falls processing facility. While awaiting the construction of the hydrometallurgical processing plant, to be built in the joint venture with America's Gold and Silver. The first shipment from Bolivia is on the water. And the facility in Bolivia is expected to come fully online over the next several months. At a rate of approximately 150 tons per month. Regular shipments of ore to our Madero smelter in Mexico continue with stable supply lines. Long term contracts, and surge capacity ensuring maximum production. Moving on to Raidersburg, Montana, the site has moved into the operating phase to concentrate the approximately 1.1 thousand tons of high grade ore received from Stibnite Hill, Montana. Safety and initial process improvements have been installed. The lab installation is now complete. The MSHA ID is in active status. And operators are feeding ore into the system on a daily basis now. All lab systems have been installed. Including the factory installation of the new 3-kilowatt wavelength dispersive XRF system. A lab manager has been hired and has begun methods development to help support all of USAC's various mining ventures. Circling back to Bolivia, the key point is that the work there has become a real operation for us. Not just a concept. The first container of metallic antimony will deliver to the Thompson Falls facility within the next month. With the second load and shipping from Bolivia within that time frame. While the circuit in Bolivia was commissioned a few months ago, there were delays related to countrywide fuel supply issues due to the Iranian war and transport difficulties within the country. That have now been resolved. Some equipment retrofits and additions were required at the plant. But those changes have now all been completed. Bolivia gives us valuable process information for the hydrometallurgical pathway we intend to scale domestically, and not only our in our new JV, but elsewhere. These systems offer a more robust process that can accept varied inputs and better manage deleterious elements. In diverse feedstock compared to traditional systems like our gas fired furnaces. The joint venture with America's Gold and Silver in Idaho continues to advance. This JV gives us a domestic platform to process antimony bearing feed, including tetrahedrite and other complex materials. That provide greater diversity in metals that can be monetized such as silver. Technology development contracts have been executed. And scale work for the more complex feedstock is well underway. Engineering and procurement contractors have been identified. And expressions of interest have been requested. While there have been a combination of equipment contractor, and logistics delays regarding our development activities, for 2026. Everything continues to be making progress. And production of finished products will continue to ramp up. Thank you. And back to you, Gary. Gary C. Evans: Thank you, Aaron. Okay. Let me conclude with a number of comments I would like to make, and then we will go to our listeners for questions. Get asked all the time about our acquisition front and what is going on there, so I thought I would kind of give you a little background there. We continue to view acquisitions of both properties and companies. We have no problem finding willing sellers. The issue is we have very stringent guidelines and have yet to find anything that really piques our interest from a geological engineering, or financial perspective. We probably turned away at least 7 different deals just in this quarter alone. This does not mean there are not any great opportunities out there. We just are in such a fast track mode waiting 3 years for sales of minerals is not in our game plan. Typically, it has to be within a year to 1.5 years for us to have an interest. 3 perfect examples of properties that did fit with our time frame and that we did execute on are Stibnite Hill, Montana, We have started buying those properties last summer. And as Joe has indicated, not only did we mine last year, before winter, but we have been mining this year all summer. All that material is at Raidersburg waiting to be processed, and we will significantly augment our DLA deliveries. Nolan Creek, Alaska, we bought that in January of this year. As Joe mentioned, we have already built a road into the property We have got contractors, and we will be mining that property hopefully before the end of the year with third parties. Fostung Tungsten up in Ontario, Canada. that is our tungsten play. It was bought in May of last year. We are already gonna be bulk sampling this year We have got agreements to process that material and take it to a refinery in Pennsylvania, as Joe mentioned. Not many companies can say that within the past 12 months, they identified 3 specific high grade properties, did something about it and are mining. That is highly, highly unusual in this business, and I am very proud of that. And our team for being able to do it. So those are bragging rights that we have and we are very proud of. Let's talk about the presidential forum I attended on Friday. I was fortunate enough to be invited by the Trump administration to attend an event held in DC. It was primarily to award a $100 million in new grant money to schools and universities that have active mining programs. I actually met several students there. I gave business cards to that when they get out of school, we might talk to them. So what did I get out of this visit? More than anything else, tremendous new contacts that are already helping us. 2, I cannot identify yet, but 2 contacts I made there. I have had 2 conference calls with in the last 3 days. And so we these are very high influential people that are involved in the government. and want to assist. So what we have in this new administration is a can do, will do attitude. And you have got secretaries of various departments that are willing to jump head over heel to assist mining companies. that is something our industry has not seen or heard of in 20 to 30 years. And so with that, I give president Trump great kudos for helping support our business. Next item I would like to talk about is Larvotto Resources. As everyone knows, we own approximately 10% of this Australian listed company. The purpose of this $40 million plus or minus investment has been our attempt at a takeover. After 4 different rounds with the Entrenched management team there over the past 12 months, we are about to give up. If so, this will be a liquidity event for United States Antimony Corporation. Let me conclude by saying, as I stated last quarter, our quarterly financial and operating results will be bumpy. They are bumpy this quarter, We have pros and cons. The thing that I cannot control or any of the management team can control is world antimony prices, which is the primary reason for our reduced revenue guidance that we provided in this report for this year. As we report results though, from our recent deliveries of antimony ingots to the US government, our margin expansion will be realized. You can do some easy calculations based on some of the things we reported today to determine how wide those margins are. The key metric should be pounds of product. Delivered We delivered for antimony. Our deliveries were up 26%. From last year, and that is just with Thompson Falls starting up over the last 30, 45 days, the big expansion. For zeolite, up a 114% from last year. that is all due to new sales. And so this, again, is without any DLA shipments included. This is just pure historical industrial customers. So you should see market improvements in the third and the fourth quarter as we are now delivering, as we have indicated. The government takes longer than we anticipated. They have to inspect our product. They have to make sure the logistics are right. Have to go through another inspection once it is delivered, and then it takes time to be paid. As Shawn mentioned, we were anticipating having revenues in the second quarter from the DLA. We delivered and in June. You should have you would have thought we would have been able to report revenues, but that was not the case. So again, these quarterly financials will be bumpy. that is the nature of our business. Look at the year in total. That will tell you what we are doing. Again, antimony revenue is up. Zeolite revenue's up, All due to sales. When I say revenues, I meant sales up. We are moving more pounds of product and, again, we cannot control the price. We feel fortunate that we have built this inventory in anticipation of additional shipments to the DLA at very low prices. Aaron has done an admirable job of negotiating with these foreign entities until we get our own antimony production up and we have been able to make some great deals. You will see that margin expansion in the third and fourth quarter that we could not report in the second quarter, again, because of no DLA. Deliveries, that we could report. So with that operator, I would like to turn our call over to questions that we may have from our listening audience. Jonathan Miller: Gary, should I give my update? Gary C. Evans: Oh, I am sorry. Jonathan, I am completely missed you. And I am sorry for that. Please go. Jonathan Miller: No worries. Thank you, Gary, and good afternoon, everyone. Q2 was another quarter of continued execution for United States Antimony. We continued our marketing efforts which included broadening our institutional shareholder base, both domestically and internationally. Institutional ownership in U. S. Antimony now exceeds 57% compared with just over 42% at the end of Q1. That represents a significant change in the composition and depth of the ownership in our company. The Q2 13 F filings provide some particularly encouraging data points. State Street Investment Management increased its position by approximately 3.3 million shares, ending the quarter with approximately 11.3 million shares. BlackRock Fund Advisors added approximately 1.44 million shares bringing its position to approximately 9.96 million shares. BlackRock Investment Management United Kingdom added approximately 122 thousand shares, while DWS Investments UK added approximately 91 thousand shares. Importantly, the shareholder base increasingly includes large passive index managers alongside active growth, value, and institutional investment strategies, not hedge funds. That institutional growth has been supported by an aggressive outreach program. Gary, Shawn, and I participated in 6 institutional conferences in roadshows during Q2, including B. Riley, Litham Partners, William Blair's Growth Stock Conference, and Stonex's Natural Resource Summit. We also continue to receive positive sell side support Alliance Global Partners maintained its buy rating, while HC Wainwright maintained its buy rating and increased its price target to $11.75. So the Q2 message is straightforward. We shipped, we invoiced, We expanded capacity. We restarted domestic mining. And institutional ownership in our company continued to grow. We entered Q2 having spent much of the previous year building the platform and expanding awareness, we exited the quarter with tangible evidence that the platform is translating into execution. Looking ahead, our priorities remain equally clear scaled deliveries under the DLA contract, expand domestic production and processing capacity, advance Thompson Falls, Raidersburg, and our Idaho HydroMET initiatives, and continue expanding our institutional investor base. Our investor calendar remains active with upcoming participation planned at the Needham Virtual Conference next Monday, the Piper Sandler Growth Conference in September, the North American Critical Minerals Summit in October, the twentieth LD Micro Main Event in October, ClearStreet IO Disruptive Conference in November, Northern Miner Symposium at the end of November in resourcing tomorrow and December, both in London, the B. Riley Convergence Conference in December, and a ceremony next month in Dallas for our recognition by the Dallas Business Journal as 1 of the Texas fast 50 companies. We continue to execute against our company purpose, to become the premier supplier of certain critical minerals here in the United States of America. Thank you for your continued support and interest in US Antimony. Back to you, Gary. Gary C. Evans: Thank you, Jonathan, again. Apologies for overlooking you. I wanna highlight again something Jonathan said, though. Concerning our institutional ownership. When I came on board this company a little over 3 years ago, we had zero institutional ownership. Today, as Jonathan said, we are up to 57%, and that appears to grow almost every single quarter. We started marketing for the very first time in Europe. Jonathan and I were there, about 3 to 4 weeks ago, and we were introduced to a number of very quality institutions by Barclays Bank. And this is a bank that does not follow us at present. So that had to do with contacts we had in the bank that knew what our company was doing. We are going to broaden that, investor and institutional ownership even further. We have other plans of doing additional marketing in Europe this year, and we are just very excited about the reception we are receiving. The difference between our company and many others in this space is we are generating revenues. We are generating EBITDA. We are generating cash flow. We have got not only a sole source contract of 245 million. We received a grant, and we have 250 million of grants that we are requesting. So we think that we will have a very active second half of the year. We are very excited about the growth in our DLA shipments. And we think that this will have a material impact on our financials going forward. So with that being said, operator, let's now turn it over to our audience. Operator: Thank you. Apologies, ladies and gentlemen. 1 moment. I will go ahead and take it. Jonathan Miller: Gary, the first question. Are you able to provide any color on planned deliveries for the second half of 26? You feel the original guidance is still reachable? Gary C. Evans: No. We lowered our guidance in this financial statement, today. To 60 to $75 million and that really has all to do with pricing. Has nothing to do with delivery times. So price of the antimony has dropped significantly this year. And that is a that is the primary reason for the revenue drop. So we cannot it is difficult for us to tell you is it going to be low 12? Is it going to be low 20? Is it low 18? We do not know. it is a combination of us getting material in, process it, and getting approval from the government. But we are going to do everything we can to make that $57 million order that we received done in 2026. Next question. You recently discussed packaging 500 million plus strategic transactions with the federal government. How advanced are those discussions? And should shareholders expect equity warrants, price floors or additional offtake contracts to be part of the structure? Well, it is not $500 million it is $250 million still a big number. I do not think there is any doubt that this administration is leaning away from straight grants. Now there are certain divisions of the government that already have money allocated from congressional awards, earlier. But the new the new plan of attack is equity. In other words, we give you a certain amount of cash. We give you support, but we want an equity position in your company. I was at the forum in DC on Friday, that was very evident from president Trump talking about other companies that had he had taken an equity interest in being Intel, which obviously is not a critical mining company. He was had bragging rights about how much that stock had gone up. MP Materials, and some others. So, I think there is no doubt that they are leaning more that way, but I do think there is a possibility as a part of our company getting additional grants without equity. We are open minded. If we do an equity deal, it will have to be done in a manner that is accretive to our shareholders. We are not gonna do an equity deal to do an equity deal. So you can see from our historical raising of capital, we are very cognizant of where our share price is and where we when we do it. And so that will continue to be the case. Next question. What is the company's outlook for forward antimony price Do you expect prices to normalize closer to their year end 2025 level? Or continue forward closer to current levels? I wish I had a crystal ball and could answer that question. I believe that we are probably, for the remainder of 2026, in this $10 per pound range. Now that you gotta remember, that is double what this company historically had gotten, but it is obviously down from $30. A pound. So we know we can make really good money at $10 a pound because we are buying it at 4 to 5 to $6 a pound, and we are selling it at a premium of $10 a pound. So we know what we can do, and we are very careful on our procurements. I wish I could say that it is going to go back to 20, but I just do not know. It the price is undoubtedly manipulated by China. there is no question about that. We see it in the market. And so it really depends on what China wants to do. Next question. When will there be an update on the government grants? I wish I had an answer to that. That is totally dependent upon the government. Damien and I, he was with me Friday in Washington, and we saw the assistant secretary of energy cornered her. And she had a very nice smile on her face, and said it was nice to see us, but they are very closed mouth. They are not going to tell us anything until the fat lady has sung. So we are just gonna have to wait and see. We are using contacts we have to pressure certain members of the government, but it is really out of our control. Last question. Can you speak to the production rates we are currently achieving in Alaska and tons of ore and how that translates to finished pounds of shipments? What delivery volumes are embedded in your new guidance for the second half of 26? There is no production of antimony yet coming out of Alaska. We are highly confident that we will find antimony this summer. And we will be able to stack it there at Fox Property and hopefully move it To Raidersburg. But today, there is no antimony production. Only antimony production this company has today is coming out of Stibnite Hill. in Alaska. When Joe gets, Nolan, Creek up and running, then that may be a different story. But at this point, that does not that is not there is no antimony production currently out of Alaska. That concludes the questions. Okay. Operator, I think with that, we will close up, and we appreciate all of you listening in and look forward to giving you some updates in the near future. Thank you. Operator: Ladies and gentlemen, this concludes today's webcast, and you may disconnect your lines at this time. And we thank you for your participation. Before you buy stock in United States Antimony, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and United States Antimony wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $409,970!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,040!* That performance is why people listen. 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US Antimony (UAMY) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Revenue: $7.9 million in Q2 2026, down 25% year-over-year from $10.5 million, but up 17% sequentially from $6.8 million in Q1. Antimony Revenue: $5.9 million in Q2, down from $9.6 million in the prior year period. Antimony Pounds Sold: Increased approximately 26% year-over-year to 428,425 pounds. Average Selling Price (Antimony): Declined approximately 52% to $13.70 per pound from $28.32 per pound. Average Cost per Pound (Antimony): Declined approximately 33% to $13.34 per pound. Zeolite Revenue: Increased 110% year-over-year to $1.9 million, driven by a 114% increase in tons sold. Gross Profit: $0.6 million, or approximately 7% gross margin, compared to $2.8 million and 27% margin in the prior year quarter. Operating Expense: $7.6 million in Q2, up from $2.8 million in the prior year period, reflecting higher non-cash share-based compensation, salaries, and professional fees. Operating Loss: Approximately $7 million, including about $3.4 million of net non-cash items ($2.9 million SBC and $0.5 million D&A). Net Income: Approximately $0.1 million, compared to $0.2 million in the prior year quarter, offset by a $6.8 million unrealized gain from the Lovato Resources investment and $0.4 million of interest and investment income. Cash and Cash Equivalents: $41.4 million as of June 30, 2026, up from $3.2 million at March 31st and $30.5 million at December 31, 2025. Total Liquidity: $62.2 million including $20.7 million in US treasuries held to maturity. Working Capital: Doubled to $70 million from $35 million at the end of Q1. Total Liabilities: Declined $3.4 million to $9.6 million. Inventory: $21.6 million at quarter end, up from $12.5 million at December 31, 2025. Cash Flow (Six Months): Net cash used in operating activities was $20.7 million; net cash used in investing activities was $11.1 million; net cash provided by financing activities was $43.4 million. Capital Expenditures (Six Months): Totaled $22.8 million on a gross basis, primarily for the Thompson Falls expansion and Radersburg flotation mill. DLA Contract: Cumulative orders awarded total approximately $57.3 million; first delivery order of $9.9 million is expected to be completed nearly one year ahead of schedule. Warning! GuruFocus has detected 5 Warning Signs with UAMY. Is UAMY fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Antimony volumes increased 26% year-over-year, with 428,425 pounds sold in Q2 2026. Zeolite segment revenue surged 110% year-over-year, driven by a 114% increase in tons sold. Strong liquidity position with $62.2 million in cash and treasuries, and total assets grew to $190.6 million. Successful execution on the DLA contract, with first deliveries of antimony ingots and cumulative orders of $57.3 million. Institutional ownership increased to 57%, with notable additions from major investment firms like State Street and BlackRock. Revenue declined 25% year-over-year to $7.9 million, primarily due to a 52% drop in average antimony selling prices. Gross margin compressed to 7% from 27% in the prior year quarter, driven by lower antimony prices. Operating loss of $7 million in Q2, impacted by higher non-cash share-based compensation and increased operating expenses. Antimony prices remain volatile and are influenced by China, with expectations of staying around $10 per pound for the remainder of 2026. DLA deliveries were delayed, with revenue recognition pushed to Q3, and the company lowered its full-year revenue guidance to $60-$75 million. Q: Are you able to provide any color on planned deliveries for the second-half of 2026? Do you feel the original guidance is still reachable?A: Gary Evans (Chairman and CEO) confirmed the company lowered its revenue guidance to $60-$75 million for the year, attributing the change entirely to lower antimony pricing rather than delivery delays. He noted the difficulty in predicting exact pricing (e.g., $12, $20, or $18 per pound) but stated the company will do everything possible to complete the $57 million DLA order in 2026. Q: You recently discussed packaging $500 million plus strategic transactions with the federal government. How advanced are those discussions and should shareholders expect equity warrants, price floors, or additional offtake contracts to be part of the structure?A: Gary Evans (Chairman and CEO) corrected the figure to $250 million in grant requests. He observed that the current administration is leaning away from straight grants and toward equity positions, citing examples like Intel and MP Materials. He emphasized that any equity deal would need to be accretive to shareholders, and the company remains open-minded but cautious about structuring such agreements. Q: What is the company's outlook for forward antimony prices? Do you expect prices to normalize closer to their year-end 2025 level or continue forward closer to current levels?A: Gary Evans (Chairman and CEO) stated he expects prices to remain in the $10 per pound range for the remainder of 2026, which is double historical levels but down from $30 per pound. He noted the company can still make good money at $10 per pound given procurement costs of $4-$6 per pound, and acknowledged that prices are undoubtedly manipulated by China. Q: When will there be an update on the government grants?A: Gary Evans (Chairman and CEO) said the timeline is entirely dependent on the government. He described a recent meeting with the Assistant Secretary of Energy where officials remained tight-lipped, indicating the company will have to wait. He noted they are using contacts to pressure certain government members but ultimately the process is out of their control. Q: Can you speak to the production rates currently achieving in Alaska and tons of ore and how that translates to finished pounds of shipments? What delivery volumes are embedded in your new guidance for the second-half of 26?A: Gary Evans (Chairman and CEO) clarified that there is currently no antimony production coming out of Alaska. The only domestic antimony production is from Stibnite Hill in Montana. He expressed confidence that antimony will be found in Alaska this summer and stockpiled at the Fox facility, but noted that Nolan Creek production has not yet begun. Q: Can you provide more detail on the DLA contract execution and delivery schedule?A: Damian Coleman (Managing Director - Government Affairs) reported that the company delivered its first two shipments of antimony ingots totaling over 80,000 pounds, representing approximately $2.6 million in revenue. He noted expectations to deliver a third and fourth truckload next week for an additional $2.6 million in Q3, with truckloads five through seven totaling over 120,000 pounds anticipated for Q4, contributing approximately $4 million in cash flow. Cumulative orders awarded under the DLA contract now total approximately $57.3 million. Q: What is driving the significant inventory buildup on the balance sheet?A: Shawn Winkler (Interim CFO) explained that inventory increased to $21.6 million from $12.5 million at year-end 2025, reflecting a deliberate strategy to build feedstock and finished goods to support the DLA contract and other expected antimony commercial demand. He noted the inventory is subject to normal lower of cost or market analysis each quarter. Q: Can you provide an update on the mining operations and new property acquisitions?A: Lloyd Bardswich (Executive Vice President and Chief Mining Engineer) provided updates on multiple fronts: the tungsten deposit in Ontario is preparing for a 20,000-ton bulk sample; the Montana Stibnite Hill mine resumed operations in late July with 25 additional truckloads shipped; the Nolan Creek property in Alaska has an inferred reserve of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton, with mining tentatively planned to begin late this year; and exploration continues at Esther Dome and the MK copper deposit in Alaska. Q: What is the status of the Bolivia operations and the Americas Gold and Silver joint venture?A: Aaron Tenesch (Vice President - Antimony Division) reported that the first shipment from Bolivia is on the water, with the facility expected to come fully online over the next several months at approximately 150 tons per month. The joint venture in Idaho continues to advance with technology development contracts executed and engineering/procurement contractors identified. He noted delays related to equipment, contractors, and logistics but emphasized continued progress. Q: Can you elaborate on the company's acquisition strategy and recent property purchases?A: Gary Evans (Chairman and CEO) stated the company turned away at least seven potential deals in the quarter due to stringent guidelines requiring properties that can be developed within one to one-and-a-half years. He highlighted three successful acquisitions: Stibnite Hill in Montana, Nolan Creek in Alaska, and the Foster tungsten project in Ontario, all of which were identified and advanced within the past 12 months. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in United States Antimony Co.? Here are five stocks we like better. Second-quarter revenue fell 25% year over year to $7.9 million as average antimony prices dropped 52% to $13.70 per pound, despite a 26% increase in pounds sold. Gross margin narrowed to 7% from 27%, while zeolite revenue more than doubled to $1.9 million. The company ended June with $62.2 million in cash and U.S. Treasuries and increased inventory to $21.6 million to support government deliveries. Its first two DLA shipments totaled about 82,000 pounds, with approximately $57.3 million in cumulative DLA orders and additional deliveries expected to contribute to third- and fourth-quarter revenue. Management lowered 2026 revenue guidance to $60 million-$75 million due to weaker antimony prices, which it expects to remain near $10 per pound. Mining and processing activity advanced at the Stibnite Hill and Radersburg facilities, while projects in Alaska, Bolivia and Idaho continued progressing. United States Antimony (NYSE:UAMY) reported lower second-quarter revenue as antimony selling prices declined sharply from a year earlier, while the company expanded volumes, built inventory for government deliveries and advanced mining and processing projects in North America. Revenue for the quarter ended June 30 was approximately $7.9 million, down 25% from $10.5 million a year earlier, Interim Chief Financial Officer Shawn Winkler said. Revenue increased 17% sequentially from $6.8 million in the first quarter. For the first six months of 2026, revenue was $14.7 million, compared with $17.5 million in the prior-year period. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat The year-over-year decline was driven primarily by lower realized antimony prices. Antimony revenue totaled $5.9 million, compared with $9.6 million in the second quarter of 2025, even as pounds sold increased 26% to 428,425 pounds. Average selling prices fell 52% to $13.70 per pound from $28.32 per pound, while average cost per pound declined 33% to $13.34, Winkler said. Gross profit was approximately $600,000, representing a 7% gross margin, down from $2.8 million and a 27% margin a year earlier. Winkler attributed the compression almost entirely to the decline in antimony pricing. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be The company recorded an operating loss of about $7 million, compared with operating expenses of $7.6 million. Expenses rose from $2.8 million a year earlier, reflecting higher share-based compensation, salaries and benefits associated with an expanded leadership team and operating infrastructure, as well as professional fees tied to growth initiatives. Winkler said the operating loss included about $3.4 million of net non-cash items, including $2.9 million in share-based compensation and roughly $500,000 in depreciation and amortization. Reported net income was approximately $100,000, compared with $200,000 a year earlier, aided by a $6.8 million unrealized gain on the company’s investment in Larvotto Resources Limited and $400,000 in interest and investment income. → First Solar’s Profit Engine Faces a New Policy Test in Washington Zeolite revenue increased 110% to $1.9 million as tons sold rose 114%. Winkler cited broadened sales channels, particularly in cattle nutrition, and lower average production costs per ton. Cash and cash equivalents totaled $41.4 million at June 30, up from $3.2 million at March 31. The company also held $20.7 million in U.S. Treasuries, bringing total cash and Treasury liquidity to $62.2 million. Total assets rose to $190.6 million, while total liabilities declined to $9.6 million, according to Winkler. Inventory reached $21.6 million at quarter-end, compared with $12.5 million at the end of 2025. Management said the increase was intentional, reflecting feedstock purchases and finished-goods inventory intended to support deliveries under its Defense Logistics Agency, or DLA, contract and other expected antimony demand. For the first six months, the company used $20.7 million in operating cash flow, primarily due to working-capital investments, and spent $11.1 million on investing activities. Gross capital expenditures totaled $22.8 million, including investments in the Thompson Falls expansion, upgrades to the Radersburg flotation mill, mining claims in Alaska and Montana, and other projects. The company received $12.8 million in April under a milestone-based Department of War grant award. Although the company shipped its first two DLA antimony-ingot deliveries in June, totaling approximately 82,000 pounds, final DLA acceptance occurred in July. Winkler said the related sale will be recorded in third-quarter results. Damian Coleman, managing director of government affairs, said those June deliveries represented approximately $2.6 million in revenue. He said the company expects to deliver third and fourth truckloads the following week, which are anticipated to generate another $2.6 million in third-quarter revenue. Truckloads five through seven, totaling more than 120,000 pounds, were being tested and could contribute approximately $4 million in fourth-quarter cash flow, subject to third-party testing and acceptance. Cumulative orders under the DLA contract totaled approximately $57.3 million, Coleman said. The company also is awaiting feedback on four grant applications submitted to the Departments of Energy and War totaling $275 million for antimony, tungsten and hydrometallurgical projects. Chief Mining Engineer Joe Bardswich said mining resumed in late July at the Stibnite Hill mine in Montana after plans were approved by the Mine Safety and Health Administration. An additional 25 truckloads of material, at 16 tons each, had been mined and shipped as of the call. The company previously excavated about 800 tons of ore grading approximately 10% antimony from the property for shipment to the Radersburg mill. At Radersburg, Vice President of Antimony Aaron Tenesch said the facility had entered its operating phase to process roughly 1,100 tons of high-grade ore received from Stibnite Hill. The laboratory installation has been completed, a lab manager has been hired, and operators are feeding ore into the system daily. In Alaska, the company is conducting trenching and drilling at Ester Dome near Fairbanks in an effort to locate near-surface stibnite associated with soil anomalies. Evans said no antimony production was yet coming from Alaska. The company also plans a summer core-drilling program at the MK copper property. At Nolan Creek near Wiseman, Alaska, Bardswich said the company had built a seven-mile road to claims acquired in January and hosted two mining contractors for underground site inspections. The company is seeking bids for additional underground development and mining, with operations tentatively planned to begin late in 2026. Bardswich cited a publicly available estimate from Tom Bundtzen of an inferred resource of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton. Tenesch said the first shipment of metallic antimony from Bolivia was on the water, with the facility expected to reach a rate of roughly 150 tons per month over the coming months. He also said the company’s hydrometallurgical joint venture with Americas Gold and Silver in Idaho continued to progress, though equipment, contractor and logistics delays had affected development activities during 2026. Chief Executive Officer Gary C. Evans said the company lowered its 2026 revenue guidance to $60 million to $75 million because of lower antimony prices, rather than delivery timing. He said the company would seek to complete the approximately $57 million in DLA orders during 2026. Evans said he expected antimony prices to remain around $10 per pound for the rest of 2026, while cautioning that the company cannot predict market pricing. He said management expects margins to expand in the third and fourth quarters as DLA shipments are recognized. “The key metric should be pounds of product delivered,” Evans said, pointing to higher antimony and zeolite volumes. He also said the company continues to evaluate acquisitions but has rejected multiple opportunities that did not meet its geological, engineering, financial or timing requirements. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "United States Antimony Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue decline of 25% year-over-year was driven almost entirely by a 52% drop in realized antimony prices, reflecting broader market conditions and suspected manipulation by China. The company is intentionally building inventory, which grew to $21.6 million, to support the sole-source Defense Logistics Agency (DLA) contract and ensure supply chain stability. Zeolite segment revenue increased 110% year-over-year, driven by successful expansion into cattle nutrition sales channels and lower average production costs. Management is transitioning from a procurement-heavy model to a domestic mining focus, with three high-grade properties (Stibnite Hill, Nolan Creek, and Fostung) moving from acquisition to mining within 12 months. Operating losses were impacted by $3.4 million in non-cash items, while infrastructure investments to support projected growth, such as the Thompson Falls expansion and Vadersburg flotation mill, totaled $22.8 million in gross capital expenditures. The company maintains a strong liquidity position with $62.2 million in cash and treasuries, plus a $43.2 million strategic equity investment in Larvotto Resources. Strategic positioning in Bolivia is providing critical process data for domestic hydrometallurgical scaling, despite regional fuel and transport delays. Full-year 2026 revenue guidance was lowered to $60-$75 million, a revision attributed solely to lower antimony pricing rather than delivery delays. Management anticipates completing the first $9.9 million DLA delivery order nearly one year ahead of schedule, with multiple truckloads currently in testing or transit. The company is awaiting feedback on four grant applications totaling $275 million from the DOE and DOD, noting a potential shift in government preference toward equity-based funding structures. Mining operations at Nolan Creek are tentatively planned to begin late this year, with raw ore slated for processing at the newly upgraded Raidersburg mill. Future margin expansion is expected in Q3 and Q4 as high-margin DLA deliveries are officially recognized in financial results following government inspection delays. The company is prepared to treat its 10% stake in Larvotto Resources as a liquidity event after four unsuccessful attempts at a takeover due to management entrenchment. Inventory is subject to quarterly lower-of-cost-or-market analysis, posing a risk if global antimony prices continue to fluctuate significantly. Regulatory delays at the Montana Stibnite Hill mine required additional operating safeguards before MSHA approved the resumption of mining in late July. The joint venture with America's Gold and Silver in Idaho is facing equipment contractor and logistics delays, though engineering and procurement phases are advancing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the reduction in guidance to $60-$75 million is entirely price-dependent, as they cannot control the global market price of antimony. The company remains committed to completing the $57.3 million in total awarded DLA orders as quickly as government inspection and logistics allow. Management noted the current administration is leaning away from straight grants toward equity positions, citing recent government interests in companies like Intel and MP Materials. USAC is open to equity deals only if they are accretive to shareholders and is leveraging high-level government contacts to advance these requests. Management expects prices to remain around $10 per pound for the remainder of 2026, which is still double historical levels despite the drop from recent $30 peaks. The company emphasized that they can maintain profitability at $10 per pound by procuring feedstock at $4 to $6 per pound. Management clarified that there is currently no antimony production coming out of Alaska; activities are presently focused on exploration and trenching. Production is expected to materialize once the Nolan Creek property is fully operational and material can be moved to the Raidersburg facility.

Second Quarter 2026 Revenues of $7.9 Million; Net Income of $0.1 Million Antimony pounds sold up 26% in the quarter (exclusive of DLA) Zeolite revenues grew 110% year-over-year Antimony Inventory up 178% from year-end Working Capital Doubled to $70.0 Million from $35.0 Million at March 31, 2026 Positioned for a Stronger Second Half as DLA Shipments Continue to Increase "The Critical Minerals and ZEO Company" ~ Antimony, Gold, Tungsten, and Zeolite ~ DALLAS, TX / ACCESS Newswire / August 11, 2026 / United States Antimony Corporation ("USAC," "US Antimony Corporation," or the "Company") (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor of antimony, zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, today reported its financial and operating results for the second quarter and six months ended June 30, 2026. Second Quarter 2026 Highlights Revenue of $7.9 million, compared to revenue of $10.5 million in the 2025 quarter. Gross profit of $0.6 million (7% gross margin), compared to $2.8 million (27% gross margin) in the 2025 quarter. Operating loss of $7.0 million, including $3.4 million of net non-cash expense items compared to break-even operating results in the 2025 quarter. Net income of $0.1 million, compared to net income of $0.2 million in the 2025 quarter. Operating loss in second quarter of 2026 was more than offset by $6.8 million of unrealized gain from investment in equity securities plus $0.4 million of interest income. Delivered the first two shipments of approximately 82,000 pounds of antimony metal ingots under the Company's contract with the DLA in June 2026. Because these shipments were formally accepted by the DLA in July 2026, approximately $2.6 million is expected to be recognized as third-quarter 2026 revenue. Zeolite segment revenue grew 110% year-over-year to $1.9 million, with tons sold up 114% year-over-year to 6,609 tons, driven by continued penetration into the cattle market and expanded distribution across the Company's traditional industrial markets. Invested $22.8 million gross in capital expenditures during the first six months of 2026, primarily to substantially complete the Thompson Falls expansion, acquire the flotation facility (midstream) located in Radersburg, Montana, and fund investments including additional critical mineral rights acquisitions. The Thompson Falls expansion was partially funded by a $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act Title III grant award from the U.S. Department of War (the "DoW") which reduced the Company's net cash outlay for these capital expenditures. Commissioned the flotation facility (midstream) located in Radersburg, Montana and substantially completed the Thompson Falls, Montana expansion, further strengthening the Company's vertically integrated domestic antimony production platform. Generated $49.1 million of net proceeds from equity issuances during the first six months of 2026, strengthening the Company's balance sheet and ending June 30, 2026, with $62.2 million of (cash plus U.S. Treasury securities held to maturity, plus a $43.2 million strategic equity investment in Larvotto Resources Limited. Working capital doubled to $70.0 million on June 30, 2026 from $35.0 million at March 31, 2026, primarily driven by the equity issuances, providing meaningful operating and capital runway to support the Company's growth investments. Continued expansion of the Company's domestic critical minerals platform through strategic mining claim acquisitions located in Alaska (Nolan Creek and Fairbanks District) and Montana, and advanced the Company's Tungsten evaluation through the filing in April 2026 of a Technical Report Summary on the Fostung tungsten project in Ontario, Canada. Mark-to-market value of the Company's strategic investment in Larvotto Resources Limited increased to USD $43.2 million at June 30, 2026 (USD $46.7 million based on the closing market price on August 10, 2026), reflecting continued appreciation of the Company's critical minerals investment portfolio. Strategic Overview During the second quarter of 2026, the Company continued to advance its strategic focus of building a fully integrated critical minerals operation supporting U.S. national security and supply chain resiliency. Key accomplishments during the quarter included delivering the first two shipments under the Company's contract with the DLA, receiving $12.8 million of funding under the Department of War Title III grant program, advancing the Thompson Falls expansion toward full operational status, adding a key processing capability through the acquisition and upgrading of the Radersburg processing facility including the addition of a lab, strengthening the Company's balance sheet through approximately $49.1 million of net equity proceeds during the first six months of 2026, and continuing to expand the Company's domestic mining and processing platform across Montana, Alaska, and Canada. (April 2026 filing of a Technical Report Summary on the Company's Fostung tungsten project in Ontario.) In addition, the Company's Zeolite segment continued its strong growth trajectory during the quarter, with revenue up 110% year-over-year, while the Company's strategic investment in Larvotto Resources Limited appreciated in value. Additionally, USAC announced its new joint venture with Americas Gold and Silver to build a state-of-the-art hydromet processing facility in Idaho. Collectively, these accomplishments have further established the operational foundation for the Company's next phase of growth by enabling increased production, expanding sales to both the U.S. government and commercial customers, greater utilization of its integrated processing platform, and improved financial performance during the second half of 2026. Second Quarter 2026 Financial Results Second quarter 2026 revenues were $7.9 million, compared to $10.5 million in the second quarter of 2025. Antimony segment revenues were $5.9 million, compared to $9.6 million in the prior-year period. While antimony pounds sold increased approximately 26% to 428,425 pounds from 340,305 pounds, average selling prices declined approximately 52% to $13.70 per pound from $28.32 per pound. The price decline reflects the impact of lower market prices for antimony compared to the stronger pricing environment experienced in the second quarter of 2025. Average cost per pound also declined approximately 33% to $13.34 from $19.85, partially mitigating the impact of lower selling prices. Cost of revenues decreased to $7.3 million from $7.7 million in the prior-year period; however, gross profit declined to $0.6 million from $2.8 million due to the significant decline in antimony selling prices. Gross margin was approximately 7%, compared to 27% in the second quarter of 2025. During June 2026, the Company completed its first two shipments totaling approximately 82,000 pounds of antimony metal ingots under its contract with the DLA. Because these shipments were not formally accepted by the DLA until July 2026, no second quarter 2026 revenue was recognized; approximately $2.6 million is expected to be recognized as revenue in the third quarter of 2026. Zeolite revenue increased to $1.9 million from $0.9 million in the prior-year period, driven primarily by a 114% increase in tons sold to 6,609 tons from 3,084 tons. The increase reflects the Company's expanded sales efforts, including continued penetration into the cattle market and growth in its traditional industrial markets. Zeolite gross profit increased to $0.4 million from $0.1 million, benefiting from higher sales volumes and lower average production costs. The Company's inventory has grown to $21.6 million as of June 30, 2026, compared to $12.5 million as of December 31, 2025 and $6.8 million as of June 30, 2025. The inventory consists of both material sourced from third-party suppliers and ore mined from the Company's Stibnite Hill mining claims. The inventory buildup reflects the Company's strategic investment in antimony feedstock that will support the anticipated production growth for both our commercial and DLA customer delivery time tables. Operating expenses were $7.6 million in the second quarter of 2026, compared to $2.8 million in the prior-year period. The increase primarily reflects higher non-cash share-based compensation, increased salaries and employee benefits associated with the Company's expanded leadership team and operational infrastructure, and higher professional fees supporting the Company's strategic growth initiatives. The Company reported an operating loss of $7.0 million, compared to essentially break-even operating results in the prior year period. Net income was $0.1 million, compared to $0.2 million in the second quarter of 2025. Second quarter 2026 results included an unrealized gain of approximately $6.8 million on the Company's investment in Larvotto Resources Limited, which substantially offset the operating loss for the quarter. The operating loss includes approximately $3.4 million of net non-cash items, comprised principally of $2.9 million of share-based compensation expense and $0.5 million of depreciation and amortization. Liquidity and Capital Resources As of June 30, 2026, the Company had cash and cash equivalents of $41.4 million and investments in U.S. Treasury securities held to maturity of $20.7 million, compared to $30.5 million and $20.4 million, respectively, at December 31, 2025. The $11.6 million increase in cash, cash equivalents and restricted cash during the first six months of 2026 reflected net cash provided by financing activities of $43.4 million, which was primarily driven by $49.1 million of net proceeds received from the sale of common stock and $2.0 million of proceeds received from the exercise of pre-existing common stock warrants, partially offset by $7.8 million of treasury share repurchases related to the net settlement of employee equity awards. The Company used operating cash of $20.7 million during the six-month period to support operations and working capital, the majority of which consisted of strategic investments in antimony feedstock inventory. The Company also invested $22.8 million in capital expenditures during the first six months of 2026, primarily to advance the Thompson Falls expansion, acquire the milling facility located in Radersburg, Montana, and fund other strategic capital investments including additional critical mineral rights acquisitions. The Thompson Falls expansion was partially funded by the $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act grant award from the DoW. The Company also holds an investment in Larvotto Resources Limited with a fair value of USD $43.2 million as of June 30, 2026.The Company recorded an unrealized gain of USD $6.8 million on the investment during the second quarter. Since quarter-end, the investment has continued to appreciate and had a market value of approximately USD $46.7 million based on the closing market price on August 10, 2026, an increase of approximately USD $3.5 million since June 30, 2026. 2026 Outlook Updates Fiscal Year 2026 Revenue Guidance to a Range of $60 Million to $75 Million The Company is updating its full-year 2026 gross revenue guidance to a range of $60 million to $75 million, revised from prior guidance of $125 million. The revised range reflects three principal factors: (1) a material decline in market prices for antimony since guidance was originally established in late 2025, when spot market pricing exceeded $28 per pound, versus spot market pricing (not the Company's realized pricing) of approximately $10.50 per pound during the second quarter; (2) a shift to the future in the timing of certain DLA antimony metal ingot deliveries related to the pace of the Thompson Falls capacity expansion and the customary timing of government contract coordination; and (3) the Company's updated view of second half production and shipment cadence. Importantly, underlying government and industry demand for domestically sourced antimony remains robust, and the Company continues to expect the current DLA IDIQ contract to be a meaningful long-term revenue contributor. As Thompson Falls capacity utilization increases, in combination with our additional new processing capacity in our Radersburg facility, the Company expects to expand the volume of antimony products it can supply to both government and commercial customers, further supporting revenue growth and product diversification into the back half of 2026 and into 2027. Management Commentary Commenting on the second quarter and six months ended June 30, 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony Corporation, stated: "While our overall operations are continuing to improve markedly each month, those successes are only slowly trickling into our financial performance. While we made our first deliveries to the government during the second quarter, none of that achievement was reflected during this financial reporting period. We currently anticipate the third quarter should see a minimum of $9.0-$10.0 million of additional sales, all to the US Government. With a total of $57.3 Million in antimony ingot orders from the DLA on our books today, we are working tirelessly to fulfill these purchases orders by year-end. Worldwide antimony prices declined during the first six months of 2026 which has obviously affected our revenue projections. However, we took advantage of that opportunity by significantly increasing our existing inventory (up 178% from year-end) while our new smelter was being commissioned. Management's current outlook reflects expectations for the balance of 2026 regarding increased shipments to both the DLA and our existing industrial customers, the Thompson Falls expansion becoming fully operational on all furnaces during the third quarter of 2026, continued ramp-up of in-house antimony ore processing in both Montana and Mexico, and sustained demand for critical minerals and our zeolite products." Conference Call Details US Antimony management will host a conference call on Tuesday, August 11, 2026 at 4:15 p.m. Eastern time to discuss its second quarter 2026 financial and operating results, followed by a question-and-answer period. Date: Tuesday, August 11, 2026Time: 4:15 p.m. Eastern timeToll-free dial-in: 888-506-0062International dial-in: 973-528-0011Participant access code: 308365Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/54382 A replay of the conference call and the transcript will be available in the Investors section of the Company's website at https://www.usantimony.com/investors. About United States Antimony Corporation United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third-party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. From 2024 through 2026, the Company has acquired mining claims, real properties (patented claims), and leases located in Alaska, Montana, and Ontario, Canada - including the Radersburg flotation mill acquired in the first quarter of 2026 - to reduce the cost of third-party antimony ore purchases and to expand its product offerings. Learn more about United States Antimony Corporation at www.usantimony.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's full-year 2026 revenue guidance, the expected commissioning of the Thompson Falls smelter expansion, the expected timing, volume and contribution of shipments under the DLA contract, the expected impact of in-house ore processing on margins, the recognition and continuation of funding under the DoW grant program, the value of and expected returns on the Company's investment in Larvotto Resources Limited, the expected contribution of the Company's mining claims and of the Fostung tungsten project, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; the Company's dependence on the DLA contract and the U.S. government's ability to modify, delay, reduce, or terminate orders, including for convenience, under that indefinite-delivery, indefinite-quantity contract, which does not guarantee any minimum purchase volume; the risk that the assumptions underlying the Company's full-year 2026 revenue guidance prove incorrect; the Company's ability to complete the Thompson Falls expansion and other capital projects on the anticipated timeline and budget and to achieve expected production rates; the availability, quality, and cost of third-party antimony feedstock, including deliveries from the Company's partner in Bolivia; volatility in the market value of, and currency exposure relating to, the Company's investment in Larvotto Resources Limited; dilution and other effects of the Company's equity issuances; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Contacts   UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) SOURCE: United States Antimony Corp. View the original press release on ACCESS Newswire

United States Antimony Corporation (UAMY) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.01, delivering a surprise of +50%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. United States Antimony, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $7.93 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 47.51%. This compares to year-ago revenues of $10.52 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. United States Antimony shares have added about 32.9% since the beginning of the year versus the S&P 500's gain of 13.3%. While United States Antimony has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for United States Antimony was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.01 on $35.15 million in revenues for the coming quarter and breakeven on $113.13 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Basic Materials sector, Sigma Lithium Corporation (SGML), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 14. This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Sigma Lithium Corporation's revenues are expected to be $54 million, up 219.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United States Antimony Corporation (UAMY) : Free Stock Analysis Report Sigma Lithium Corporation (SGML) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. United States Antimony (UAMY) is drawing attention ahead of its scheduled release of second quarter 2026 financial and operating results on August 11, followed by a management conference call and webcast. See our latest analysis for United States Antimony. The recent 10.31% 1 day share price return and 35.11% 7 day share price return suggest momentum has picked up again for United States Antimony, even though the 90 day share price return is down 35.74%. The very large 3 year total shareholder return highlights how volatile the ride has been over longer periods. If you are looking at United States Antimony ahead of earnings, it can also be useful to see what else is moving in critical minerals and related materials, starting with 28 best rare earth metal stocks After such a sharp short term rebound in United States Antimony, while the 90 day return is still down, the real question now is whether the current valuation still offers enough upside to compensate for the risks. United States Antimony's most followed valuation narrative pegs fair value at $13.06, compared with the recent close at $6.85. That gap sits behind much of the current interest in the stock as earnings approach. Read the complete narrative. Want to see what justifies nearly doubling the current share price in this narrative? The core assumptions combine rapid revenue expansion, a sharp margin shift into profitability, and a premium future earnings multiple usually reserved for much larger companies. Result: Fair Value of $13.06 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, United States Antimony still faces key risks, including permitting setbacks at Alaska and Ontario projects, as well as supply chain issues that could disrupt ore quality and production plans. Find out about the key risks to this United States Antimony narrative. While the leading narrative points to United States Antimony being 48% undervalued against a $13.06 fair value, the current P/S ratio of 25.9x tells a tougher story. That is far above the US Metals and Mining industry at 2.9x, the peer average at 8.2x, and the fair ratio of 5x. For investors, that gap means paying a high price today for forecasts that still need to be proven over time. How comfortable are you with that trade off? See what the numbers say about this price — find out in our valuation breakdown. Opinion is clearly divided on United States Antimony right now, so take a moment to review the key data for yourself and decide how you feel about the balance of risk and reward. To help with that, make sure you check the 2 key rewards and 3 important warning signs If United States Antimony has caught your attention, do not stop there. Use the Simply Wall Street Screener to compare different angles and broaden your watchlist. Target potential higher upside by scanning screener containing 19 high quality undiscovered gems that the market may not be paying attention to yet. Strengthen your portfolio foundations with the solid balance sheet and fundamentals stocks screener (49 results) and focus on companies with more robust financial footing. Limit downside risk by reviewing the 78 resilient stocks with low risk scores that score well on stability and resilience. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include UAMY. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

"The Critical Minerals and ZEO Company" ~ Antimony, Gold, Tungsten, and Zeolite ~ DALLAS, TX / ACCESS Newswire / August 6, 2026 / United States Antimony Corporation ("USAC," "US Antimony," or the "Company"), (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor of antimony, zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, will release its financial and operating results for the second quarter ended June 30, 2026, after the U.S. markets close on Tuesday, August 11, 2026. Certain members of US Antimony's senior management team will host the conference call and webcast on Tuesday, August 11, 2026 at 4:15 PM ET. Immediately prior to the conference call and webcast, US Antimony will issue a press release regarding the financial and operating results for this period. Conference Call Details About USAC: United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. Beginning in 2024 and continuing in 2025, the Company acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana, and Ontario, Canada in an effort to reduce the cost of third-party antimony ore purchases and to expand its product offerings. Learn more about United States Antimony Corporation at www.usantimony.com. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's future operations, production levels, financial performance, business strategy, market conditions, demand for antimony, zeolite, other critical minerals, and precious metals, expected costs, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. SOURCE: United States Antimony Corp. View the original press release on ACCESS Newswire

This article first appeared on GuruFocus. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. United States Antimony Corp (NYSE:UAMY) has diversified its mineral portfolio to include antimony, cobalt, gold, tungsten, and zeolite, indicating significant progress in mineral developments. The company received a $27 million grant from the U.S. Government, highlighting the strategic importance of its initiatives. UAMY's cash position is strong, with $60.2 million at the end of Q1 2026, supplemented by additional cash from a government expansion grant and stock sales. The company has increased its zeolite sales significantly, with March and April breaking all-time records for total tons shipped. UAMY has made substantial progress in expanding its Thompson Falls facility, which is expected to increase production capacity significantly by mid-July 2026. The company reported a net loss of $11.3 million for Q1 2026, primarily due to non-cash stock compensation expenses and an unrealized loss on investments. Sales for the first quarter of 2026 were slightly down compared to the previous year, with antimony segment sales down 2% and zeolite segment sales down 7%. Higher labor, factory, and import and freight costs have negatively impacted gross profit. There are delays in critical equipment delivery for the Thompson Falls expansion, which may affect the timeline for reaching full production capacity. Environmental and regulatory challenges, such as the Montana DEQ's request for leach tests, could potentially delay mining operations. Warning! GuruFocus has detected 4 Warning Signs with UAMY. Is UAMY fairly valued? Test your thesis with our free DCF calculator. Q: What is the current status of United States Antimony Corp's investment in Lobarto Resources in Australia? A: Gary C. Evans, Chairman and CEO, explained that the company had a non-cash mark-to-market loss of $4.1 million related to the value of Lobarto's stock at the end of the quarter. However, based on the latest closing price, there would be a $10.1 million increase, indicating a $14 million swing. Despite efforts, there has been no credible dialogue with Lobarto's management, and UAMY is considering selling its ownership position. Q: Are there any other potential agreements similar to the one with America's Gold and Silver in the pipeline? A: Gary C. Evans mentioned that many upstream miners do not wish to be refiners, similar to the oil and gas industry. UAMY, being a refiner, is open to partnerships and has received interest from other companies after announcing the America's Gold and Silver opportunity. The company is focused on expanding its HydroMet processing capabilities to handle various critical minerals. Q: Does the company expect to mine or sell any tungsten in 2026? A: Joe Bargewith, Director and Executive Vice President, stated that while full production is unlikely, the company aims to produce a bulk sample of 20,000 to 50,000 tons for processing. Full production would require additional permitting. Q: How is UAMY positioning itself to reduce reliance on Chinese supply lines? A: Gary C. Evans highlighted that UAMY's government contracts and grants, along with its expansion efforts, position the company as a key player in reducing reliance on Chinese supply lines. The company's involvement in tungsten and cobalt was at the government's request, and it is actively working to meet federal demands. Q: What is the timeline for the deployment of the $27 million in DOD grants? A: Gary C. Evans explained that $12 million of the $27 million has been received, with the remaining $8 million for Thompson Falls expected this year as milestones are met. The $7 million for Alaska is anticipated in 2027 due to environmental requirements and the limited working period in Alaska. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in United States Antimony Co.? Here are five stocks we like better. United States Antimony posted a wider first-quarter loss of $11.3 million on nearly flat sales of $6.8 million, as higher labor, factory and freight costs weighed on margins ahead of an expected production ramp-up. The company’s cash position remains strong, with $60.2 million in cash, Treasury and equity securities at quarter-end, plus a $12.8 million government grant and $48.6 million in new stock-sale proceeds received after the quarter. Management is expanding beyond antimony into critical minerals and zeolite, with the Thompson Falls antimony plant nearing staged startup, zeolite shipments hitting record levels, and Evans reaffirming $125 million in 2026 revenue guidance. United States Antimony (NYSE:UAMY) reported nearly flat first-quarter sales but a wider loss as management said the company is absorbing higher costs tied to an expected production ramp-up and a broader push into critical minerals beyond antimony. Senior Vice President and Chief Financial Officer Rick Isaak said first-quarter 2026 sales were $6.8 million, compared with $7 million in the prior-year quarter. Antimony segment sales declined 2%, while zeolite segment sales fell 7%. → Micron Investors Face a High-Stakes Moment After the Latest Rally Gross profit decreased by $1.3 million from the year-earlier period, which Isaak attributed mainly to higher labor, factory and import freight costs. He said those expenses were needed to secure talent, factory capacity and inventory ahead of expected higher production later in the year, adding that the company expects costs to improve with economies of scale as sales rise. The company posted a net loss of $11.3 million for the quarter. Isaak said the loss was primarily driven by $4.8 million of non-cash stock compensation expense, a $4.1 million unrealized loss on the company’s investment in Larvotto equity securities and the higher cost of goods sold. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Isaak said the company ended the first quarter with $60.2 million in cash, U.S. Treasury securities and equity securities. After quarter-end, the company received $12.8 million from a U.S. government expansion grant and $48.6 million of gross proceeds from a stock sale. Inventory increased to $22 million at the end of the quarter from $12.5 million at the end of 2025, reflecting the company’s preparation for higher production. Debt remained low at $162,000 at quarter-end. → How Berkshire’s New York Times Bet Looks Today Chairman and CEO Gary Evans said the company has raised $48.6 million of new equity at an average price of $11.57 per share. He also said United States Antimony has submitted federal grant applications totaling $274 million across hydrometallurgy, tungsten and critical minerals projects. Management said the company is continuing to build antimony supply infrastructure in both the United States and abroad. Isaak said plans are in place to mine antimony in the U.S. in 2026, with expectations higher than in 2025 for both Montana and Alaska. He also said contracts have been signed for monthly deliveries of antimony to the company’s smelters in Montana and Mexico. Jeff Fink, vice president of the antimony division, said the Thompson Falls expansion is nearing operation and will come online in stages. He said all heat exchanger bodies are on site and in place, though some parts are still needed. Commissioning began in early May, and the company expects OEM parts to begin arriving in late May, allowing one to two additional furnaces to run each week. Fink said the company expects all nine furnaces to be running near mid-July. The new plant has a capacity of about 230 tons per month with all nine furnaces operating, although he said he does not expect full nameplate capacity immediately and hopes to be near 80% by the end of July. The older plant, with about 75 tons per month of capacity, is expected to be shut down later for dust collector and electrical upgrades. Aaron Tenesch, vice president of the antimony division, said the Madero smelter in Mexico is receiving an average of 225 tons of high-quality feedstock per month under supply contracts that are expected to support consistent long-term production. He said specialized methods developed at Madero have enabled production of clean antimony ingots meeting preferred customer specifications. Tenesch also said initial shipments have begun from a Bolivian operating partner producing metallic antimony flake, and that a planned hydrometallurgical system with Americas Gold and Silver is expected to produce metallic antimony flake for final conversion at Thompson Falls. Chief Mining Engineer Joe Bardswich provided updates on multiple mining projects. At Stibnite Hill in Montana, he said the company is awaiting permission to proceed with mining plans after submitting a proposal to address potential antimony leaching concerns raised by the Montana Department of Environmental Quality. He said 800 tons of stibnite grading 10% antimony were hauled to the Radersburg mill over four weeks in late 2025. At the Fostung tungsten project in Ontario, Canada, Bardswich said flooding delayed work, but roads have reopened and crews have resumed collecting bulk samples for metallurgical testing. He said the company is discussing processing a 20,000- to 50,000-ton bulk sample with regional flotation mills. A technical report filed with the SEC calculated an inferred resource of 14.62 million metric tons grading 0.17% tungsten trioxide, containing 53.595 million pounds of tungsten trioxide. Evans said the company has made formal applications for federal grant funding related to the tungsten project. Bardswich said full tungsten production in 2026 is unlikely, but a bulk sample could be processed under the current permitting stage. In Alaska, Bardswich said work is expected to resume at Ester Dome, where the company will investigate antimony soil anomalies through trenching and percussion drilling. He also said the company plans a late-summer drill program at the Maclaren River K-M copper prospect and intends to conduct an extensive exploration program at the Nolan Creek antimony-gold deposit acquired earlier this year. Melissa Pagen, president and chief operating officer of the Bear River Zeolite division, said the company’s cattle nutrition business launched in February and required front-loaded costs for logistics, inventory and staffing. She said freight has become a more significant cost factor because the company is offering delivered pricing for the first time to compete in cattle nutrition. Pagen said zeolite shipments in March exceeded the company’s monthly target by about 42%, while April shipments were roughly 66% above target. She said both months set all-time records for total tons shipped and that demand is now outpacing existing infrastructure. Evans said the company is focused on expanding zeolite sales in cattle nutrition while also considering other markets. During the question-and-answer session, Pagen said Bear River Zeolite is pursuing soil amendment and filtration opportunities through existing customer relationships and distribution channels, while keeping its main focus on cattle nutrition. Evans reaffirmed confidence in the company’s $125 million revenue guidance for 2026. He said he expects $75 million to $95 million of that total to come from federal government shipments of antimony ingots by year-end. Evans said the company has received $12 million in sales orders under its Defense Logistics Agency contract for antimony ingots and has notified the federal government of its first two initial orders. He said demand is not the issue, but the company must increase processing and delivery capacity to meet the pace requested by the government. “This is no longer just an antimony company,” Evans said, pointing to the company’s work in antimony, cobalt, gold, tungsten and zeolite. He said management remains focused on becoming a key critical minerals supplier to the U.S. government. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "United States Antimony Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Received $12.8 Million in Department of War ("DoW") Grant Milestones for Thompson Falls Expansion First Two Delivery Notices under the $245 MM Defense Logistics Agency ("DLA") Contract Completed Q1 2026 Revenues of $6.8 Million; Net Loss of $11.3 Million, or $(0.08) per Diluted Share Post-Quarter Equity Issuances Generated $48.6 Million in Gross Proceeds Reiterates Full-Year 2026 Gross Revenue Guidance of $125 Million "The Critical Minerals and ZEO Company"~ Antimony, Cobalt, Gold, Tungsten, and Zeolite ~ DALLAS, TX / ACCESS Newswire / May 14, 2026 / United States Antimony Corporation ("USAC," "US Antimony Corporation," or the "Company") (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor of antimony, zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, today reported its financial and operating results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights Revenues of $6.8 million, compared to $7.0 million in Q1 2025 Gross profit of $1.1 million (16% gross margin), compared to $2.4 million (34% gross margin) in Q1 2025 Operating loss of $7.5 million, compared to operating income of $0.4 million in Q1 2025 Net loss of $11.3 million, including $9.3 million of net non-cash items, compared to net income of $0.6 million in Q1 2025 Achieved $12.8 million (out of $27 Million) in Department of War ("DoW") grant milestones at the Thompson Falls expansion project, recognized as a grant receivable with a corresponding reduction to construction in progress (PP&E) Acquired the Radersburg flotation mill in Montana for $4.8 million, further advancing the Company's vertical integration strategy Cash and cash equivalents, including held-to-maturity U.S. Treasury securities of $23.7 million at quarter-end; Subsequent to quarter-end, the Company raised approximately $48.6 million of gross proceeds through the issuance of approximately 4.2 million shares of common stock at an average price of $11.57 per share. Total liquidity, pro forma for the post March 31, 2026 stock issuances is $108.7 million, including cash, U.S. Treasury securities and our Larvotto Resources Limited (ASX: LRV) marketable securities discussed subsequently in this release. Reiterating full-year 2026 gross revenue guidance of $125 million Strategic Overview During the first quarter of 2026, the Company continued to advance its strategy to build a fully integrated critical minerals platform supporting U.S. national security and supply chain resiliency. Key accomplishments during the quarter included the achievement of milestones under the Company's DoW grant program, the acquisition of the Radersburg flotation mill, first delivery notice to the DLA under the $245 Million Contract, the formation of a new hydrometallurgical joint venture with Americas Gold and Silver, and continued progress on the Thompson Falls smelter expansion, which is nearing completion and is expected to come online over the next few weeks. The company also provided a Technical Report Summary of its Fostung Tungsten project in April 2026 reflecting future potential revenues of $4.6 Billion over the life of the property, based on the assumptions detailed in the report. First Quarter 2026 Financial Results Revenues for the first quarter of 2026 were $6.8 million, compared to $7.0 million in the first quarter of 2025. Antimony segment revenues were $5.6 million, compared to $5.9 million in the prior year period, with antimony pounds sold decreasing approximately 23% to 278,797 pounds from 362,647 pounds. The volume decline reflects timing of customer orders and shipments primarily, none of which were to the government. Average sales price per pound of antimony rose approximately 22% to $19.92 from $16.34. Cost of revenues increased to $5.67 million from $4.63 million, and gross profit decreased to $1.11 million from $2.37 million in Q1 2025. Gross margin of approximately 16% (down from 34% in the prior year period) primarily reflects higher antimony cost per pound sold, which rose approximately 69% to $16.28 from $9.66 as higher-cost ore moved through cost of sales. Q1 2026 gross margin did not benefit from any of the processing of the Company's in-house antimony mined in Montana or from any antimony deliveries under the Company's contract with the DLA. Both of these events are expected to begin contributing during the remaining quarters of 2026 as both Montana-based mining is processed and the Thompson Falls expansion comes online. Zeolite revenue was $1.0 million in Q1 2026 compared to $1.1 million in Q1 2025, driven by a 3% decrease in sales volume (tons sold of 3,681 versus 3,802) and 4% decrease in average sales price per ton. These sales have dramatically improved over the last sixty (60) days due to obtaining new customer relationships with the Company's expanded sales efforts. The Company's current antimony inventory is a combination sourced from international third-party suppliers as well as mined from the Company's owned Stibnite Hill, Montana mining claims. The value of our antimony inventory is approximately $21.7 million on March 31, 2026 compared to $12.0 million as of December 31, 2025 and $3.6 million as of March 31, 2025, a 80.8% increase and 502.8% increase, respectively. Operating expenses were $8.6 million in the first quarter of 2026, compared to $2.0 million in the prior year period. The increase of $6.6 million reflects increased expense associated with the build-out of the Company's leadership team, which continues, and operational infrastructure necessary to execute the Company's vertical integration strategy. Operating expenses included approximately $4.8 million of non-cash share-based compensation expense (compared to $0.25 million in Q1 2025), reflecting expanded equity grants tied to leadership hiring and share price appreciation experienced during the period. The Company recorded an operating loss of $7.5 million in the first quarter of 2026, compared to operating income of $0.4 million in the prior year period. Net loss attributable to the Company was $11.3 million, or ($0.08) per diluted share, compared to net income of $0.6 million, or nil per diluted share, in the prior year period. The Q1 2026 net loss includes approximately $9.3 million of net non-cash items, comprised principally of $4.8 million of share-based compensation expense, $4.1 million of unrealized loss on the Company's investment in marketable equity securities (Larvotto Resources Limited), and $0.4 million of depreciation and amortization. Liquidity, Capital Resources, and Subsequent Events At March 31, 2026, the Company had cash and cash equivalents and investments in held-to-maturity U.S. Treasury securities totaling liquid resources of $23.7 million. This compares to $30.5 million of cash and cash equivalents and $20.4 million of held-to-maturity Treasury securities at December 31, 2025. The decrease in cash during the quarter reflects $12.1 million used in operating activities (primarily working-capital investment made in antimony feedstock inventory), $12.6 million used in investing activities (discussed subsequently), and $2.6 million used in financing activities (principally treasury share repurchases related to employee equity award settlements). The Company also retains a $19.0 million margin credit facility with a bank, which was undrawn at March 31, 2026. Subsequent to March 31, 2026 and through the date of this release, the Company sold approximately 4.2 million shares of common stock at an average price of approximately $11.57 per share, generating gross proceeds of approximately $48.6 million. These proceeds substantially offset the cash used during the first quarter to fund inventory build, the Radersburg mill acquisition, and the portion of the Thompson Falls construction in progress not yet reimbursed from the DoW. In addition, the Company holds an investment in publicly traded equity securities (Larvotto Resources Limited ( with a quarter-end fair value of USD $36.4 million, and a current market value as of close on May 13, 2026 of USD $46.6 million, an increase of USD $10.1 million since March 31, 2026. Capital Expenditures and Department of Defense Grant Capital expenditures during the first quarter of 2026 totaled $12.6 million, including $4.8 million for the acquisition of the Radersburg flotation mill in Montana, approximately $4.6 million for the construction-in-progress expansion of the Thompson Falls antimony smelter, and approximately $3.2 million primarily for new mineral rights acquisitions of other critical minerals. During the first quarter, the Company achieved milestones under its Defense Production Act grant award from the DoW, resulting in formal approval by the Defense Industrial Base Consortium for the completion of three project milestones representing $12.8 million of obligated funding. In accordance with the Company's early adoption of ASU 2025-10, Government Grants (Topic 832), effective January 1, 2026, the Company recognized the $12.8 million as a government grant receivable on the balance sheet, with a corresponding reduction to the carrying amount of construction in progress associated with the Thompson Falls expansion. According to accounting standards, the grant funding does not flow through revenue or net income; rather, it reduces the cost basis of the related long-lived assets, lowering future depreciation expense. The total DoW grant award is $27.0 million, of which $16.2 million has been obligated to date; the remaining award amount of $10.8 million is subject to future authorization. Operating and Strategic Updates During and subsequent to the first quarter, the Company made progress across its critical minerals platform: Thompson Falls Expansion: The Company's smelter expansion at Thompson Falls, Montana is nearing completion and is expected to come online over the next few weeks, significantly increasing domestic antimony processing capacity, not only for the Company, but for the country. Radersburg Flotation Mill: The Company acquired the Radersburg flotation and concentration facility in Montana for $4.8 million, supporting vertical integration of the Company's antimony processing operations. A new critical minerals testing laboratory has recently been installed. Now that this asset is 100% owned, no prior lease payments incurred for a similar facility will be incurred. Hydrometallurgical Joint Venture: The Company entered into a joint venture agreement with Americas Gold and Silver Corporation ("Americas") as announced on February 10, 2026 (see press release of same date) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member. Under the terms of the agreement, Americas will contribute the project site and existing infrastructure, along with feedstock, while the Company will contribute its proprietary North America hydrometallurgical processing technology and technical expertise. Capital contributions for the facility's construction are expected to be funded pro-rata based on ownership interests, unless otherwise agreed. Primary site-level environmental and operating permits have been obtained, while certain construction permits are pending. An application for funding the cost of construction of the project has been made to the DoW. DLA Contract: The Company has received approximately $12 million in sales orders under its existing contract with the U.S. DLA. No revenue under this contract was recognized during Q1 2026. Additionally, the first and second delivery notices of finished product (antimony ingots) have been given to the DoW. On April 10, 2026 (see announcement of same date), the Company provided an operational update on its 100% owned Fostung Project, an intermediate-stage tungsten exploration asset located in Sudbury District, Ontario by making available its Technical Report Summary ("TRS") on the property, which disclosed Inferred Mineral Resources of approximately 14.7 million tons at 0.17% WO₃, containing approximately 54 million pounds of tungsten trioxide and future resource revenue potential of up to $4.6 Billion over the life of the property based on the assumptions in the TRS. 2026 Outlook The Company is reiterating its full-year 2026 gross revenue guidance of approximately $125 million. Achievement of this guidance is dependent on, among other factors, the timing of antimony shipments under the DoW contract, the timely commissioning of the Thompson Falls expansion during the second quarter, ramp-up of in-house antimony ore processing in both Mexico and Montana, and continued strength in critical minerals demand. The majority of full-year 2026 revenue is expected to be weighted towards the second half of the year. There can be no assurance that these factors will develop as currently anticipated; see the "Forward-Looking Statements" section below. Management Commentary Commenting on the first quarter 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony Corporation, stated: "When you are building a vertical business at the speed we are achieving at USAC, things rarely move in a straight line. There will be bumps in the road. Our first quarter results reflect a deliberate investment phase for our future. I told the ‘street' during our year-end conference call that our total operating results were likely to be ‘bumpy' this year. The increase in operating expense, the inventory build, and the capital expenditures we made in the quarter are the necessary foundation for the production scale-up we expect during the balance of 2026. While these investments drove a near-term loss, primarily all non-cash related, we believe we are much better positioned for the Company to deliver materially stronger financial performance in future reporting periods as our Montana-based mining, processing, and expanded smelting capabilities come online and integrate with our own material over the course of the year." Mr. Evans continued: "We are particularly pleased with the progress under our DoW grant program, the addition of the Radersburg flotation mill, and the formation of our hydrometallurgical joint venture, each of which advances the vertical integration of our critical minerals platform. While government grant requests are never guaranteed, we believe our three official filings made since the first of this year, which total $274 million, are ‘on point' and meet the standards established by these various governmental agencies in their desire to expedite ‘home grown' critical mineral development, both in the field as well as our proprietary downstream refining processes. The positive feedback we have received to date gives us encouragement of our continued success in this endeavor. Combined with our existing DLA contract, where we have noticed the government for two deliveries, our existing pipeline of additional governmental grant requests, and the post-quarter strengthening of our balance sheet, we are well-positioned to continue executing our 2026 business plan. The additional equity capital we have raised since the end of March is to guarantee we are in a position of strength to achieve these lofty goals and objectives." Conference Call Details US Antimony management will host a conference call on Thursday, May 14, 2026 at 4:15 p.m. Eastern time to discuss its first quarter 2026 financial and operating results, followed by a question-and-answer period. Date: Thursday, May 14, 2026Time: 4:15 p.m. Eastern timeToll-free dial-in: 888-506-0062International dial-in: 973-528-0011Participant access code: 130357Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/53986 A replay of the conference call and the transcript will be available in the Investors section of the Company's website at https://www.usantimony.com/investors. About United States Antimony Corporation United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third-party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. From 2024 through 2026, the Company has acquired mining claims, real properties (patented claims), and leases located in Alaska, Montana, and Ontario, Canada - including the Radersburg flotation mill acquired in the first quarter of 2026 - to reduce the cost of third-party antimony ore purchases and to expand its product offerings. Learn more about United States Antimony Corporation at www.usantimony.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's full-year 2026 revenue guidance, the expected commissioning of the Thompson Falls smelter expansion, the expected development and contribution of the Fostung Tungsten project, the expected timing and contribution of shipments under the DLA contract, the expected impact of in-house ore processing on margins, the recognition and continuation of funding under the DoW grant program, the expected use of post-quarter equity issuance proceeds, the application of new accounting pronouncements (including ASU 2025-10), and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Contacts UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) SOURCE: United States Antimony Corp. 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