United States Antimony outlines $40M–$50M 2025 revenue target while expanding operations and engaging with DoD

Earnings Call Insights: United States Antimony Corporation (UAMY) Q2 2025

MANAGEMENT VIEW

* CEO Gary C. Evans highlighted that revenues for the first six months of 2025 were up 160% year-over-year, with gross profit up 183% and net income of $728,000, a 707% increase year-over-year. Evans stated the company "remains on track for our previous revenue guidance of $40 million to $50 million for fiscal 2025." He also noted that revenues for the first half of 2025 were almost $3 million greater than the total for 2024.
* CFO Richard R. Isaak reported, "Sales were $17.5 million for the first 6 months of this year, which is an increase of $10.8 million or 160% over last year." Isaak explained the Antimony business was up $10.4 million or 203% due to strong demand and higher average sales prices, rising from about $6 per pound to about $22 per pound. Zeolite business revenues increased by $400,000 or 24%. Isaak also noted, "We purchased $10 million of U.S. Treasury STRIPS during the second quarter of 2025, which obviously decreased our cash balance during the second quarter."
* Executive VP and Chief Mining Engineer Lloyd Joseph Bardswich described delays in Alaska due to permitting, stating, "We're very much behind schedule... We submitted permits in early May... and the department continues to assess and provide answers to the comments from the public." Bardswich detailed progress in geological mapping, sampling, and clean-up activities, as well as a new land acquisition to circumvent regulatory delays.
* Senior VP of Corporate Development & Governmental Relations Melissa M. Pagen said, "Discussions with the Department of Defense for opportunities of potential collaboration are ongoing... But I do want to emphasize that no award has yet been officially made to USAC."
* VP of Investor Relations Jonathan Miller reported, "Institutional ownership now represents an impressive 24% of our public float held by 121 distinct accounts." Miller also announced the dual listing on the NYSE Texas Stock Exchange on July 1, 2025.

OUTLOOK

* Management reiterated guidance for 2025, with Evans stating, "We continue to remain on track for our previous revenue guidance of $40 million to $50 million for fiscal 2025."
* Evans said, "I have no doubt that we will continue to improve our financials and operating results throughout the year, and we have all the ingredients in place to accomplish that goal."
* The company expects Alaska antimony supply to begin in September due to permitting delays, versus the previously anticipated August start.
* The expansion of the Thompson Falls facility is "on schedule for year-end completion" and is expected to provide a sixfold increase in throughput.

FINANCIAL RESULTS

* Isaak reported consolidated operating costs increased from $2.3 million to $4.8 million due to additional personnel and initiatives. Income from operations improved from a loss of $414,000 to income of $378,000. Non-cash expenses rose to $1.6 million.
* Inventory increased by $5.6 million, attributed to a significant rise in antimony inventory. Isaak said, "Our antimony ore supplier... delivered twice as much ore during the first half of this year compared to last year."
* Fixed assets increased by about $7 million, including a $5 million purchase of a tungsten property in Ontario, Canada. Warrant exercises and stock sales totaled about $7.3 million in the first half of the year.
* The company ended the period with long-term debt of $262,000.

Q&A

* Operator: "Do you anticipate any domestic ore supply deals in the near future?" Evans: "There is no antimony being mined in the United States... the only antimony that will be mined in the United States... is our mine in Montana... as well as Alaska, which we anticipate having material in September."
* Operator: "Has the leasehold acreage increased from the prior 23,800 acres?" Evans: "I think we're closer to 30,000 acres... we did make an acquisition... in the last 45 days."
* Operator: "Can you provide color on the $240 million Defense Logistics Agency contract?" Evans: "That is a $240 million contract to acquire antimony... we're the only source because there's no other smelter... hopefully, some of the things that we're anticipating will come to fruition in the next few weeks."
* Operator: "Is UAMY a potential recipient of government funding and/or offtake?" Evans: "I feel highly encouraged that we are forming a very good relationship with a number of different governmental officials... I feel confident that something positive will come out of all that."
* Operator: "How receptive is the current administration to expediting USAC's plans?" Evans: "Our new administration is very pro critical minerals and rare earths... our permits up in Alaska are state-funded... the hold up? It's the local citizens..."
* Operator: "Please comment on whether you have processed the antimony received via China from Mandalay..." Evans: "We have processed 2 55 ton loads of material from Australia from Mandalay. We have had some issues with that. The material was out of spec... with above contracted amounts of arsenic... we are not counting on future material for Mandalay."
* Operator: "Next steps in the development of tungsten bearing properties?" Evans: "There is existing refining capacity in the media area... there is no other active tungsten mines in the U.S. or Canada."

SENTIMENT ANALYSIS

* Analysts' tone in the Q&A was mostly inquisitive and focused on operational progress, government contracts, and supply chain developments, displaying a neutral to slightly positive sentiment.
* Management maintained a confident tone, particularly Evans, who repeatedly emphasized progress and forward momentum: "I have no doubt that we will continue to improve our financials and operating results throughout the year."
* Compared to the previous quarter, analysts' sentiment remained steady, while management's confidence was reinforced by tangible financial and operational achievements.

QUARTER-OVER-QUARTER COMPARISON

* Revenue and profit growth accelerated, with revenues for the first half of 2025 already surpassing the whole of 2024.
* Guidance remained unchanged at $40 million to $50 million, but the timeline for Alaska supply was pushed back by about a month due to permitting issues.
* Expansion plans for Thompson Falls were reiterated as on track, in line with prior quarter statements.
* Management confidence increased, with explicit references to year-over-year improvements and a more aggressive investor relations approach.
* Analysts continued to focus on supply chain, government contracts, and expansion, with similar themes from the previous quarter.

RISKS AND CONCERNS

* Delays in Alaska permitting due to regulatory and local citizen opposition.
* Risks related to feedstock quality, as evidenced by processing issues with Mandalay shipments containing arsenic.
* Ongoing dependence on international ore supplies, though diversification efforts are underway.
* Uncertainty regarding the timing and outcome of large government contracts, such as the $240 million Defense Logistics Agency bid.

FINAL TAKEAWAY

United States Antimony Corporation reported robust financial growth in the first half of 2025, reaffirmed its $40 million to $50 million revenue target, and continued executing its expansion and supply diversification strategies. The company highlighted progress in government engagement, increased institutional ownership, and ongoing facility upgrades, while acknowledging delays in Alaska and ongoing regulatory and supply risks. Management expressed strong confidence in continued financial and operational improvements for the remainder of the year.

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

MORE ON UNITED STATES ANTIMONY

* United States Antimony Corporation (UAMY) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4812864-united-states-antimony-corporation-uamy-q2-2025-earnings-call-transcript]
* United States Antimony: Bull Run May Continue If Mining Ability Proven By September [https://seekingalpha.com/article/4806382-united-states-antimony-bull-run-may-continue-if-mining-ability-proven-by-september]
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