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A **Rio Tinto** for specialized industrial minerals like antimony and zeolite.

An **Albemarle** focused on antimony and zeolite-derived industrial inputs.

A **3M** of specialized industrial materials derived from antimony and zeolite.

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• Antimony Oxide: Primarily used as a flame retardant in various materials, as well as a color fastener, catalyst, phosphorescent agent, and opacifier.
• Antimony Metal: Used in applications such as bearings, storage batteries, and ordnance.
• Sodium Antimonite: An antimony compound produced by the company.
• Silver: A precious metal sold by the company.
• Gold: A precious metal sold by the company.
• Zeolite Products: Used in numerous applications including soil amendment, water filtration, environmental cleanup, odor control, animal nutrition, and as catalysts.

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Based on the company description, United States Antimony (UAMY) primarily sells its products to other companies (B2B) rather than directly to individual consumers. Its products are specialized industrial materials and minerals used as inputs in a wide array of manufacturing processes and services.

The provided company description does not list the specific names of UAMY's major customer companies. However, based on the diverse applications of its antimony, silver, gold, and zeolite products, its customers are companies operating within the following industrial sectors:

• Chemical Manufacturers and Formulators: Companies that produce or formulate flame retardant systems, color fasteners, catalysts, phosphorescent agents, and opacifiers for various industries.
• Manufacturers in Diverse Industrial Sectors: Including those producing plastics, rubber, fiberglass, textile goods, paints, coatings, paper, polyester resins, plastic bottles, bearings, storage batteries, and ordnance, all of whom utilize UAMY's antimony products.
• Agricultural, Environmental, and Water Treatment Companies: Businesses involved in soil amendment, fertilizer production, water filtration, sewage treatment, nuclear waste management, odor control, gas separation, and the production of carriers for insecticides, pesticides, and herbicides, which use UAMY's zeolite products.
• Animal Nutrition and Pet Care Product Manufacturers: Companies that create animal feed additives, horse litter, and kitty litter, benefiting from zeolite's properties.
• Specialty Industrial and Construction Materials Companies: Such as those in petroleum refining, concrete manufacturing, solar energy applications, and producers of desiccants or pellet binders, where zeolite finds various uses.

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Gary C. Evans is a serial entrepreneur who has taken three energy companies public on the NYSE. He was the founder and CEO of Magnum Hunter Resources Inc., which was sold to Cimarex Energy for approximately $2.2 billion in June 2005. He also founded and served as Chairman and CEO of Eureka Midstream Holdings LLC, and founded GreenHunter Resources, Inc. Mr. Evans served as a Director of Novavax Inc. for 24 years, also holding positions as Chairman, CEO, and Lead Director. He is currently Chairman, CEO, and largest shareholder of Evergreen Sustainable Enterprises, Inc. He was recognized by Ernst & Young as the Southwest Area 2004 Entrepreneur of the Year for the Energy Sector and has raised over $7 billion in capital on Wall Street throughout his career.

Richard R. Isaak was appointed as SVP and Chief Financial Officer in July 2023. He is a CPA trained at Ernst & Young, where he spent 12 years in public-company audits and IT audit. Following his time at Ernst & Young, Mr. Isaak held senior finance roles, including CFO, Chief Accounting Officer, Controller, Treasurer, and Head of Investor Relations, at four different companies over 20 years, such as Panera Bread Company, Heritage Home Group, Merric Millwork and Seating, and Catholic Charities.

Lloyd Joseph Bardswich began serving as EVP and Chief Mining Engineer in December 2024, after previously serving as Co-CEO. He joined the board of directors in February 2021. Mr. Bardswich holds a B.A.Sc. in Civil Engineering and an M.Eng. in Mining. He is a registered Professional Engineer in Arizona and Ontario and serves as a Qualified Person (QP) under SEC S-K 1300. He possesses over 50 years of extensive experience in various facets of mining, including mining engineering, management, drilling, metallurgy, and plant design, across underground, open pit, and alluvial operations in Canada, the U.S., Europe, and Africa.

John C. Gustavsen was appointed President of the Antimony Division in March 2024, having previously served as CEO of U.S. Antimony Corporation. He graduated from Rutgers University in 1970 with a BS in chemistry and began his career at Harshaw Chemical Company (later Amspec Chemical Corporation), a major producer of antimony trioxide. Mr. Gustavsen was promoted to CEO/President of Amspec Chemical Corporation in 1990. Among his technical contributions, he designed a new production furnace for antimony trioxide that eventually produced 20 million pounds per year. He is considered one of the nation's leading experts in antimony and has traveled extensively in support of international operations and supply chain development.

Rodney (Rod) Blakestad is an economic geologist with a B.Sc. in Geology and a Juris Doctor in environmental and natural resources law. He brings over 45 years of experience in the hard rock mining sector, including expertise in project funding, acquisitions, and the management of open-pit gold and copper mines. Mr. Blakestad participated in the discovery of several mineral deposits, most notably the Fort Knox four-million-ounce gold deposit near Fairbanks, Alaska. In the early 1980s, he established and managed Sedcore Exploration, Ltd., a placer gold drilling company that conducted contract placer gold evaluations throughout Alaska. He has also served on the management teams and Boards of Directors of several Canadian junior mining companies.

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United States Antimony (UAMY) faces several key business risks, primarily stemming from its nature as a producer of raw materials and its reliance on specific industrial applications:

1. Commodity Price Volatility: As a miner and seller of antimony, silver, and gold, United States Antimony's financial performance is highly susceptible to fluctuations in the global market prices of these commodities. Significant downward movements in these prices could adversely impact the company's revenue, profitability, and overall financial health.
2. Risk of Substitution and Technological Shifts in End-Use Markets: The demand for United States Antimony's products, particularly antimony oxide used as a flame retardant, catalyst, and opacifier, is closely tied to specific industrial applications. The emergence of alternative materials, new technologies, or changes in industry preferences (e.g., a shift away from halogenated flame retardants) could reduce the demand for antimony-based products. Similarly, the diverse applications of zeolite could be affected by advancements in competing materials.
3. Environmental and Regulatory Compliance Risks: United States Antimony's mining operations and processing of antimony and other materials are subject to stringent environmental laws and regulations. Changes in these regulations, the inability to obtain or maintain necessary permits, or potential liabilities arising from environmental remediation or non-compliance could lead to significant costs, operational restrictions, and reputational damage.

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Addressable Market Sizes for United States Antimony (UAMY) Main Products

United States Antimony (UAMY) operates in several key markets, including antimony, silver, gold, and zeolite. The addressable market sizes for these main products are as follows:

Antimony

• The global antimony market size was valued at approximately USD 1.15 billion in 2025 and is projected to grow to USD 2.01 billion by 2034.
• The U.S. antimony market is projected to reach an estimated value of USD 106.57 million by 2032. Another report indicates the U.S. antimony market generated USD 352.2 million in revenue in 2023 and is expected to reach USD 487.6 million by 2030.
• Specifically, the global Antimony III Oxide market size was valued at approximately USD 1.3 billion in 2023 and is projected to reach USD 2.1 billion by 2032. The global Antimony Oxide Flame Retardant market size was estimated to be worth USD 1.25 billion in 2024 and is anticipated to reach USD 2.45 billion by 2035.

Zeolite

• The global zeolite market size was estimated at USD 14.63 billion in 2024 and is projected to reach USD 32.47 billion by 2035.
• The U.S. zeolite market generated a revenue of USD 2,577.2 million in 2024 and is expected to reach USD 4,916.5 million by 2033. North America, as a whole, held the largest market share, around 35%, in 2023.

Silver

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
• North America is identified as the largest market for silver, accounting for approximately 40% of global demand.

Gold

• The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach a market size of USD 400 billion by the end of 2030.
• In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034.

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United States Antimony (UAMY) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

• Long-term Sales Agreements and Government Contracts: United States Antimony has secured significant contracts, including a $245 million deal with the Defense Logistics Agency (DLA) for metallic antimony and a separate approximately $107 million five-year commercial contract for antimony trioxide. These long-term agreements are anticipated to substantially boost the company's revenue, with initial orders from the DLA expected in the near term. The company's unique position as the sole domestic antimony processor is aligned with U.S. supply chain security policies, further supporting potential long-term, premium-priced government contracts.
• Increased Antimony Production Volume and Expanded Processing Capacity: The company is undertaking a significant expansion of its domestic processing capacity, including a projected sixfold increase at its Thompson Falls facility. New furnaces are slated to come online in January 2026, and mining operations have commenced at the Stibnite Hill site in Montana, which will supply the Thompson Falls smelter and reduce reliance on third-party ore. Additionally, plans include initiating mining in Alaska in the second quarter of 2026 and considering a substantial expansion of the Madero, Mexico smelter to accommodate increased international ore feed. These initiatives are aimed at dramatically increasing antimony production to 500-600 tons per month, thereby driving higher revenue volumes.
• Vertical Integration and Operational Efficiency Improvements: United States Antimony's acquisition of the Radersburg Flotation Mill in Montana is a strategic move towards achieving full U.S.-based vertical integration. This is expected to lead to a threefold improvement in antimony operational margins by reducing the need to purchase feedstock. The company's focus on enhancing production efficiency and lowering operational costs is projected to improve profit margins and bolster sales volumes, contributing to its goal of becoming the world's lowest-cost antimony producer.
• Strong Market Demand and Favorable Antimony Prices: The company has historically benefited from significant increases in antimony pricing, with the average sales price per pound experiencing substantial growth. Robust end-market demand for antimony, particularly in critical applications such as flame retardants, batteries, and infrastructure, is expected to continue. This sustained demand, driven by trends in electrification, grid modernization, and ongoing regulatory requirements, is anticipated to support both stable margins and continued revenue growth.

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Share Issuance

• United States Antimony Corporation raised approximately $66 million in equity capital during 2025.
• In October 2025, the company announced a $25 million registered direct offering of common stock, issuing 2,377,657 shares at $10.52 per share.
• In October 2025, UAMY also entered into a securities purchase agreement for aggregate proceeds of $26.25 million, selling 3,500,000 shares at $7.50 per share to an institutional investor.

Inbound Investments

• In March 2026, United States Antimony Corporation was awarded $27 million by the U.S. Department of War under Title III of the Defense Production Act to enhance domestic antimony production and processing capabilities, specifically for modernizing its Montana facility and supporting new excavation projects in Alaska.
• The company secured a sole-source contract with the U.S. Defense Logistics Agency (DLA) for up to $245 million, later increased to approximately $248 million, for supplying antimony metal ingots.
• UAMY received a total of $69.25 million in three separate tranches from two large institutions over 45 days in late 2025.

Outbound Investments

• United States Antimony maintains a $40 million investment in an Australian company as of November 2025.
• UAMY entered into a joint venture with Americas Gold and Silver to construct and operate a hydrometallurgical processing plant in Idaho's Silver Valley, with United States Antimony holding a 49% ownership stake.

Capital Expenditures

• Capital expenditures for United States Antimony were substantial in 2025, totaling more than $16 million year-to-date, primarily focused on expanding antimony processing capacity and purchasing mineral rights.
• As of June 30, 2025, capital expenditures amounted to -$7.7 million USD.
• Anticipated capital expenditures are directed towards acquiring additional antimony and critical mineral inventory, expanding mineral leaseholds in Alaska and Montana, and potentially increasing capacity at the Madero Smelter.