United States Antimony (NYSEAMERICAN:UAMY) outlined its strategy to scale domestic antimony production and processing while pursuing adjacent critical minerals initiatives during a fireside chat moderated by Robert Blum, managing partner at Lytham Partners. Jonathan Miller, the company’s head of investor relations, described a “re-emergence” under new leadership beginning around August 2023 and said the company is positioning itself as a key North American downstream processor amid tighter global supply dynamics.
Leadership transition and focus on critical minerals
Miller said the roughly 50-year-old company underwent a board and management overhaul after its founder’s death, bringing Gary C. Evans onto the board as CEO. Evans, Miller said, has led four prior public companies in oil and gas to “billion-dollar valuations.” Miller added that most of the current team is new, “with the exception of our antimony metallurgist,” whom he described as central to the company’s proprietary processing capabilities.
Defense contract, revenues, and capital position
Miller said the company secured a Defense Logistics Agency contract “end of last year” valued at $245 million, later amended in December to $248 million, to stockpile antimony for the U.S. government. He also said the company had already received “around $85 million in orders for 2026” under the DLA program, which he said would represent a large portion of forecast revenue.
He reported a sharp ramp in top-line results since the leadership change, citing $7 million in revenue in 2023, about $15 million in 2024, and $39 million in 2025, alongside guidance of $125 million for the current year. Miller also described the balance sheet as “very well capitalized,” citing close to $100 million in cash and marketable securities, a $400 million at-the-market facility that “hasn’t been touched,” and no debt.
Processing footprint and hydrometallurgy push
Miller said U.S. Antimony operates the “only two permitted antimony smelters in North America,” located in Thompson Falls, Montana, and in Mexico. He said the company produces five distinct antimony products serving industries ranging from batteries and solar panels to defense contractors, and described the firm’s process engineering as proprietary.
A major near-term focus discussed in the chat was hydrometallurgy. Miller said the company invested about $2.5 million with a group of Canadian engineers and chemists working in Bolivia to prove a hydromet process “specific for antimony” at commercial scale. He said U.S. Antimony is now receiving roughly 150 tons per month of high-purity antimony “flake,” which he described as about 90% pure and able to move through smelting much faster than typical feedstock.
Miller said Montana’s expanded facility is expected to have nameplate capacity of just over 300 tons per month, but that hydromet-derived material could increase effective throughput to “700 or 1,000 tons per month” because it processes at “almost four times the speed” of rock slurry from a flotation mill. He also said the company is pursuing additional hydromet capacity, including an application for a $45 million Department of Energy award for a smaller hydromet facility in Montana.
Supply chain constraints and demand drivers
On supply, Miller said the antimony market had been underinvested for decades and that mining outside China “really just sprung up over the last 18 months” as pricing improved. He said the company has agreements with suppliers in Chad, Bolivia, Australia, Mexico, and Peru, but emphasized the challenge of verifying origin and quality. Miller said the company must reject feedstock with more than 0.2% of certain deleterious elements or less than 10% stibnite grade, adding that hydromet would broaden what the company can process by safely removing impurities and upgrading lower-grade material to military specifications.
On demand, Miller said the antimony market is expected to grow about 6% year over year, with major demand sectors including flame retardants, semiconductors, and photovoltaic glass. He also pointed to data centers as a meaningful driver, stating antimony is “the number three most used metal or critical mineral” in data storage centers. As the company’s expansion increases volumes, Miller said he has begun soliciting sales and has identified roughly 40 companies with mandates to diversify into domestic sources, estimating about 15 million pounds of annual demand among those prospects.
Additional minerals and upcoming milestones
Miller said the company is also pursuing other critical minerals—specifically naming tungsten and cobalt—following discussions with the U.S. government about gaps in domestic production. He said the company recently received a $27 million government award tied to expanding throughput and reimbursing costs related to expansion and Alaska claims.
On tungsten, Miller said the company recently released a tungsten reserve/resource report for its Fostung Tungsten property in Canada, with filing expected with the SEC “either this week or next week.” He characterized the report as showing “future potential revenue of $4.6 billion” at the time of release, adding that higher tungsten prices could imply a higher figure. He also said the company is applying for $20 million to help stand up the tungsten operation and for a $75 million award through the “Department of War” tied to a joint-venture hydromet facility with Americas Gold and Silver at a permitted site in Galena, Idaho.
Looking ahead, Miller said he expects U.S. Antimony to open mining operations in Montana “hopefully in the next 30 days” and in Alaska “closer to 60 days,” citing extreme weather as a constraint. He said the company believes it could supply about 20% of its own feedstock by year-end and “hopefully closer to 50% by next year.” He also said the company is quietly leasing land for a separate claim in the southeastern U.S. involving two additional critical minerals and suggested an update could come near the end of the second quarter.
To close, Miller described the company’s long-term goal as building a “diversified defense critical mineral company,” citing a retired four-star general on the board and the addition of a government affairs professional with experience at Teledyne and Northrop Grumman and within government contracting. He said he anticipates “a really heavy news cycle this year and well into next year.”
About United States Antimony (NYSEAMERICAN:UAMY)
United States Antimony Corporation is a specialized mining and chemical company focused primarily on the production and processing of antimony and antimony-based compounds. The company operates its own extraction and milling facilities to recover antimony metal and antimony trioxide, which serve as critical raw materials in industries such as flame retardants for plastics and textiles, catalysts for chemical processes, and additives for glass and ceramics. In addition to antimony, United States Antimony maintains smaller-scale gold and silver operations in Mexico that provide supplementary revenue streams and diversification of its mineral portfolio.
Founded in the mid-20th century, United States Antimony has evolved from a single‐mine operator into a multinational enterprise with mining and processing sites in both the United States and Mexico.
