United States Antimony outlines $352M in sales contracts and projects 2026 production ramp-up as smelter expansion nears completion

Earnings Call Insights: United States Antimony Corporation (UAMY) Q3 2025

MANAGEMENT VIEW

*
CEO Gary Evans opened with a detailed overview of antimony's critical applications, emphasizing its essential role in military and industrial sectors, particularly for ammunition, batteries, and flame retardants. Evans stated, “Antimony is one of those raw materials that has historically been completely unknown to the public. But for the military and industrial sectors, this mineral is absolutely essential.”

*
CFO Richard Isaak reported, “Sales for the first nine months of this year were $26.2 million, up $16.9 million or 182% over the prior year.” He attributed growth to price increases and higher volumes in the zeolite business, noted October’s consolidated sales at $5.6 million, and highlighted gross margin improvement to 28% from 24% a year ago. Isaak also stated, “Our consolidated net loss was $4.1 million for the first nine months of this year. However, this loss included $5.2 million of noncash expenses.” The company ended the quarter with $38.5 million in cash and investments and long-term debt of $229,000.

*
Executive VP and Chief Mining Engineer Lloyd Bardswich provided updates on mining operations, highlighting progress at Stibnite Hill in Montana and the initiation of bulk sampling. Bardswich said, “We assembled a great team of geologists… to provide sufficient evidence that enabled the start of a bulk sampling and exploration program.”

*
CEO Evans emphasized two new sales contracts totaling $352 million, including a $245 million Defense Logistics Agency contract and a $107 million industrial contract. Evans stated, “These two most difficult parts of any successful business have now been accomplished. Source material… and sales contracts of significant proportions after we complete the processing that have terms as far out as five years for delivery.”

*
VP Aaron Tenesch described execution of over 15 supply contracts from 10 countries and highlighted supply ramp-up from Bolivia and Chad, with anticipated monthly deliveries of 150 tonnes from Bolivia starting Q1 2026.

*
VP Jonathan Miller highlighted a dramatic Q3 share price increase from $3.08 to $6.20 and current trading at $7.62, citing increased institutional ownership and broader market recognition following Russell 2000 inclusion and NYSE Texas Exchange listing.

OUTLOOK

*
Isaak projected pressure on gross margins in Q4 due to declining antimony prices, but stated, “We’re looking to offset as much of this decline as we can with lower costs and higher-margin long-term contracts.”

*
Evans forecasted that 2026 “will be a banner year for this company,” projecting a production ramp-up at Thompson Falls from 100 tonnes a month to 500-600 tonnes a month as expansion nears 65% completion and new supply streams come online.

*
The company updated 2026 revenue guidance to $125 million, with Evans clarifying this figure does not include the new trioxide contract.

FINANCIAL RESULTS

*
Isaak reported positive operating cash flow (excluding working capital changes) and improvement over last year. The company’s inventory value increased from $3 million at year-end to $9 million at Q3, backed by additional mining claims and fixed asset growth.

*
The company generated nearly $43 million from warrant exercises and stock sales. Capital expenditures for smelter expansion stand at approximately $23 million, with $10 million more expected in Q4.

*
October sales of $5.6 million approached the $8.7 million achieved in all of Q3, indicating a rapid sales ramp as new contracts and supply chains take effect.

Q&A

*
An analyst asked about differences between the DLA and fabric manufacturer contracts. Aaron Tenesch responded that the DLA contract is for metallic antimony ingots, while the commercial contract is for antimony trioxide powder.

*
On the possibility of a new smelter, Evans explained expansion in Montana is capped by land constraints, while further growth may occur at the Madero facility in Mexico, citing land and resource advantages.

*
When asked about expected production ramp, Evans stated, “I hope and pray that by the end of 2026, we’ll be at 500-plus tons a month.”

*
On expansion efficiencies, Tenesch noted improvements stem from larger equipment and automation, but also depend on feedstock quality.

*
Evans addressed internal vs. third-party ore, targeting an eventual 100% internal supply, but cited weather and logistical constraints as limiting factors in the near term.

*
On government support, Evans confirmed more support and potential contracts are in the pipeline.

SENTIMENT ANALYSIS

*
Analysts’ tone was positive and inquisitive, congratulating management and focusing on operational expansion, contract differentiation, and production ramp timelines.

*
Management maintained a confident and optimistic tone, citing “highly confident” outlooks, detailed operational progress, and an emphasis on growth and sustainability, especially regarding new contract wins and supply chain security.

*
Compared to the previous quarter, management’s tone became more assertive and forward-looking, shifting from operational updates to concrete contract execution and expansion plans. Analyst sentiment also shifted from cautious optimism to enthusiasm over tangible progress and guidance.

QUARTER-OVER-QUARTER COMPARISON

*
The company advanced from reporting net income in Q2 to a net loss in Q3, driven by higher noncash expenses, while maintaining positive cash flow from operations.

*
Significant new sales contracts ($352 million total) were finalized this quarter compared to anticipation of awards in Q2.

*
Revenue ramped sharply, with inventory and supply chain diversification increasing. Production expansion timelines for Thompson Falls and Madero became more specific, with targeted monthly output increases outlined for 2026.

*
Management’s guidance language evolved from broad strategic aims to concrete targets and deliverables, matched by more frequent references to institutional investor interest and market recognition.

RISKS AND CONCERNS

*
Isaak mentioned margin pressure in Q4 due to declining antimony prices, with mitigation strategies including cost controls and high-margin contracts.

*
Evans cited logistical challenges and delays in permitting, weather constraints in Alaska and Montana, and supply quality variability from international sources.

*
Analysts inquired about bottlenecks in smelting capacity, CapEx requirements, and reliability of internal ore supply, with management responding that ongoing investments and operational adjustments are addressing these risks.

FINAL TAKEAWAY

United States Antimony Corporation’s Q3 2025 call highlighted major contractual wins totaling $352 million, a steep sales acceleration, and a clear roadmap to significantly ramp production capacity in 2026 as facility expansions near completion. Management underscored strengthened balance sheet liquidity, successful supply chain diversification, and increasing institutional investor support, while remaining focused on cost control and vertical integration to mitigate margin risks amid volatile commodity pricing.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/uamy/earnings/transcripts]

MORE ON UNITED STATES ANTIMONY

* United States Antimony Corporation (UAMY) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4842764-united-states-antimony-corporation-uamy-q3-2025-earnings-call-transcript]
* United States Antimony: Antimony Prices Surge, But Stock Is Dangerously Overvalued [https://seekingalpha.com/article/4830294-united-states-antimony-antimony-prices-surge-but-stock-is-dangerously-overvalued]
* United States Antimony: Valuation Has Become Stretched After DoD Deal Rally (Rating Downgrade) [https://seekingalpha.com/article/4825964-united-states-antimony-valuation-stretched-after-dod-deal-rally-rating-downgrade]
* United States Antimony GAAP EPS of -$0.04 misses by $0.06, revenue of $8.7M misses by $4.26M [https://seekingalpha.com/news/4520844-united-states-antimony-gaap-eps-of-0_04-misses-by-0_06-revenue-of-8_7m-misses-by-4_26m]
* U.S. Antimony rises on new five-year supply deal with industrial customer [https://seekingalpha.com/news/4519939-u-s-antimony-rises-on-new-five-year-supply-deal-with-new-industrial-customer]