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• Albemarle for antimony.
• Freeport-McMoRan for antimony.

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• Antimony Metal: A metalloid used primarily in alloys to harden other metals, particularly lead, and in batteries, chemicals, and semiconductors.
• Antimony Trioxide: A flame retardant additive used in plastics, textiles, adhesives, and coatings.
• Antimony Sulfide: Used in friction materials, pigments, and as an ingredient in some specialized products.

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United States Antimony (UAMY) primarily sells its antimony products, which are raw materials and intermediate goods, to other industrial companies rather than directly to individuals. Due to the nature of their business and typical disclosures in public filings (such as their 10-K reports), UAMY generally states that no single customer accounts for 10% or more of its revenues. This means there are no individually named "major customers" that are legally required to be disclosed.

Instead, UAMY serves a diversified base of industrial customers who utilize antimony in various manufacturing processes. The major categories of companies that purchase antimony, and thus represent UAMY's customer base, include:

1. Chemical and Material Manufacturers for Flame Retardants: These companies incorporate antimony trioxide as a synergist in halogenated flame retardant systems used in plastics, textiles, rubber, and coatings to meet fire safety standards.
2. Lead-Acid Battery Manufacturers: Antimony is alloyed with lead to improve the mechanical strength, corrosion resistance, and cycling stability of lead-acid battery grids, which are widely used in automotive, industrial, and backup power applications.
3. Specialty Alloy and Metal Producers: Companies that produce alloys and specialized metals use antimony as a hardening agent for lead, tin, and other metals, enhancing properties for applications such as bearings, solders, and ammunition.

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Gary C. Evans, Chief Executive Officer & Chairman of the Board

Gary C. Evans assumed the role of Chief Executive Officer in December 2024, after serving as Co-CEO since March 2024, and joined the Board of Directors in November 2022. Mr. Evans is a serial entrepreneur who has successfully taken three separate energy companies public on the NYSE. He currently serves as Chairman of the Board, Chief Executive Officer, and is the largest shareholder of Evergreen Sustainable Enterprises, Inc., which he launched as an evolution from his hemp company, Generation Hemp, Inc., to develop diversified green energy plants using hemp biomass for biofuel to mine Bitcoin. Throughout his career, Mr. Evans has raised capital on Wall Street exceeding $8 Billion. He previously served for 24 years as a Director, Chairman, CEO, and Lead Director of Novavax Inc. (NASDAQ: NVAX), a clinical-stage vaccine biotechnology company, which achieved a market capitalization over $20 Billion during the pandemic. He also sold Magnum Hunter 1 in 2005 for $2.2 billion and has managed 8 public companies. Furthermore, he took 12 companies public out of China in the United States.

Richard R. Isaak, Senior Vice President & Chief Financial Officer

Richard R. Isaak was appointed Senior Vice President and Chief Financial Officer on July 31, 2023. He began his career at Ernst & Young as a CPA in the assurance and advisory business services area, where he worked for 12 years and gained extensive experience managing public company audits and SEC reporting for large, multinational companies. Following his time at Ernst & Young, Mr. Isaak held several senior leadership positions over 20 years, including CFO, Chief Accounting Officer, Controller, Treasurer, and Head of Investor Relations at four different companies, such as Panera Bread Company, Heritage Home Group, Merric Millwork and Seating, and Catholic Charities.

Joe Bardswich, Executive Vice President & Chief Mining Engineer, Director

Joe Bardswich began serving as Executive Vice President and Chief Mining Engineer in December 2024, having previously served as Co-CEO with Gary Evans since March 2024. He joined the Board of Directors of United States Antimony Corp. on February 9, 2021. Mr. Bardswich is a registered professional mining engineer with extensive experience in mining, mining engineering, management, drilling, metallurgy, and plant design. He is qualified to serve as a Qualified Person (QP) for reporting to NI43-101 standards and has held roles such as Shift Boss, Mine Safety Engineer, Mine Foreman, Mine Manager, and Mining Consultant. He also serves as President of all newly formed mining subsidiaries, including those in Alaska and Canada.

John C. Gustavsen, President of Antimony Division

John C. Gustavsen was appointed President of the Company's Antimony Division effective March 1, 2024, having previously served as CEO of U.S. Antimony Corporation until that date. He is recognized as one of the nation's leading experts in antimony. Mr. Gustavsen took engineering courses at Drexel University from 1976 to 1980 and became president and treasurer of a company in 1983, being promoted to CEO in 1990. He designed a new production furnace for antimony trioxide that eventually produced 20 million pounds annually. Fluent in Spanish and other languages, he traveled extensively as CEO/President of Amspec Chemical Corporation, and joined United States Antimony Corporation in October 2011.

Leo Jackson, Vice President of Mexico Antimony Operations

Leo Jackson is the Vice President of Mexico Antimony Operations, bringing extensive experience in mineral processing and operations management and a proven track record in optimizing production and supply chain logistics. He has been a contracted consultant to United States Antimony Corporation for over 15 years and is fluent in Spanish. Mr. Jackson's association with the company began approximately 25 years ago as a member of the Board of Directors. His leadership has been crucial in advancing the company's operational capabilities in Mexico, including overseeing permitting at the smelter in Madero, Coahuila, Mexico, and labor-related negotiations. He has also been involved in real estate purchases for the smelter and flotation facility in Guanajuato and consistently managed the logistics of importing antimony oxide and metal from Mexico to the United States, as well as supplies into Mexico. Mr. Jackson holds a business degree with a minor in Spanish from Sul Ross State University and has lived and worked in Mexico for over 40 years, initially in the production of industrial minerals.

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1. Ongoing Net Losses and Weak Profitability: United States Antimony has consistently reported net losses, including a recent quarterly net loss of $(4.78 million) and a cumulative nine-month loss of $(4.05 million). These losses are primarily driven by high operating expenses, particularly soaring salaries and benefits, indicating significant challenges in cost management and achieving sustainable profitability despite revenue growth. The company also faces weak cash flow, with a reported negative $627,695 from operating activities, pointing to liquidity issues that can hinder operational stability and long-term viability.
2. Market Volatility and Commodity Price Risk: As a company reliant on the mining and sale of antimony and zeolite, UAMY is highly susceptible to the significant price fluctuations and market volatility inherent in the commodity markets. While high antimony prices have recently boosted revenue, a decline in these prices due to dissolving trade tensions or other market factors could severely impact the company's financial performance, revenue, and overall balance sheet.
3. Regulatory Scrutiny and Environmental Risks: UAMY's operations are heavily regulated within the mining industry, and antimony itself is a toxic substance associated with significant health and environmental hazards. Changes in mining, environmental, or trade policies could materially affect its business. The company's admission of ineffective disclosure controls and procedures raises concerns about the reliability of its financial reporting and compliance, potentially leading to increased regulatory scrutiny, penalties, and a loss of investor trust.

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One clear emerging threat for United States Antimony (UAMY) is the accelerating global transition to electric vehicles (EVs). Antimony is a key alloying agent in lead-acid batteries, primarily used in internal combustion engine (ICE) vehicles for starting, lighting, and ignition (SLI) functions. As the automotive industry shifts rapidly towards EVs, which utilize lithium-ion batteries that do not contain antimony, the long-term demand for antimony in this significant end-use market faces substantial decline.

Another emerging threat is the increasing market and regulatory pressure to develop and adopt non-antimony flame retardant solutions. Growing environmental and health concerns associated with certain traditional flame retardant chemistries, some of which use antimony trioxide synergistically, are driving industries to reformulate products and seek alternative materials. This trend could erode demand for antimony in one of its primary applications, particularly in consumer goods and specific industrial sectors.

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Antimony Market

• Global Antimony Market: The global antimony market size was valued at approximately USD 2.5 billion in 2024 and is projected to reach USD 4.83 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 7.9% during the forecast period. Another estimate puts the global market at USD 2.3 billion in 2024, growing to USD 3.7 billion by 2033 with a CAGR of 5.53%.
• U.S. Antimony Market: The U.S. antimony market generated a revenue of USD 352.2 million in 2023 and is expected to reach USD 487.6 million by 2030, growing at a CAGR of 5.2% from 2024 to 2030. The U.S. market is also projected to reach USD 550 million by 2035, growing at a CAGR of approximately 6.68%.

Antimony Trioxide Market (a significant product for UAMY)

• Global Antimony Trioxide Market: The global antimony trioxide market, which accounts for a large share of antimony consumption, was valued at approximately USD 857.079 million in 2025 and is expected to reach USD 1.5 billion by 2035, with a CAGR of 4.9% between 2025 and 2035. Other projections estimate the market to reach USD 3 billion by 2030 (CAGR of 5%) or USD 2.8 billion by 2030 (CAGR of 4.9%).

Antimony Trisulfide Market

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Zeolite Market

• Global Zeolite Market: The global zeolite market size was valued at USD 5.76 billion in 2023 and is projected to reach USD 8.79 billion by 2032, with a CAGR of 4.8% during the forecast period (2024-2032).
• U.S. Zeolite Market: The U.S. zeolite market size was estimated at USD 1.2 billion in 2023 and is expected to reach USD 1.6 billion by 2028, with a CAGR of 6.02%.

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• Increased Antimony Demand and Favorable Pricing: The company is benefiting from strong demand for antimony, which is categorized as a critical mineral essential for various industries and the U.S. government. This robust demand has led to a significant increase in the average sales price of its antimony products, as evidenced by a rise from approximately $6 per pound in the first half of 2024 to about $22 per pound in the first half of 2025.
• Expansion of Proprietary Mining Operations: UAMY is actively restarting and expanding mining activities at the Stibnite Hill site in Montana, with initial material showing grades suitable for profitable mining. The company projects that margins from its own mined antimony material will be approximately three times higher than those from purchasing from third parties. Furthermore, plans are in place to commence mining in Alaska in the second quarter of 2026 to further secure raw material supply.
• Increased Smelting Capacity: United States Antimony is significantly expanding its smelting operations at its Thompson Falls facility in Montana. This expansion is projected to quadruple capacity to over 300 standard tons per month by the end of 2025, with new furnaces expected to be operational by January 2026. This increased processing capability will allow for higher production and sales volumes.
• Strategic Government Contracts and Domestic Supplier Status: The company is uniquely positioned as the sole North American antimony smelter operator and is approved to supply antimony trisulphide meeting U.S. Defense Logistics Agency specifications. UAMY is in advanced stages for a potential $245 million, five-year contract with the DLA and is pursuing nearly $30 million in government grants, aligning with the U.S. executive order mandating domestic sourcing of critical minerals by 2027.
• Growth in Zeolite Business: The company's zeolite segment continues to show growth due to increased demand and higher sales volumes. Operational improvements have been noted, with efficiency at the Bear River Zeolite facility reaching 98.4%, and applications expanding in areas such as water treatment and agriculture.

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Share Issuance

• United States Antimony completed three registered direct offerings totaling $69.25 million in gross proceeds with two large institutional investors within a 45-day period in late 2025.
• On October 10, 2025, the company announced a $25 million registered direct offering of 2,377,657 shares of common stock at $10.52 per share (gross proceeds), with net proceeds of approximately $24.43 million.
• On October 6, 2025, UAMY entered into a registered direct offering for $26.25 million (gross proceeds) by selling 3,500,000 shares at $7.50 per share to an institutional investor, yielding net proceeds of approximately $25.56 million.

Inbound Investments

• In late 2025, United States Antimony secured approximately $69.25 million through three separate direct offerings to fundamental global institutional investors, including a leading long-only mutual fund.

Outbound Investments

• United States Antimony intends to use proceeds from recent equity raises to pursue strategic acquisitions in the critical minerals sector.
• The company has made a bold purchase proposal to acquire Larvotto Resources Limited to expand its control over antimony resources outside of China.
• During 2024 and 2025, the company began acquiring mining claims and leases in Montana, Alaska, and Ontario, Canada, to expand its operations and product offerings.

Capital Expenditures

• As of November 10, 2025, capital expenditures showed a negative flow of $6.53 million, representing a significant outlay on investments to shore up operations.
• The company's last 12-month capital expenditure was approximately $7.67 million as of October 17, 2025.
• Planned capital expenditures include expanding mineral leasehold positions in Alaska and Montana and potentially increasing capacity at the Madero smelter in Mexico. The Madero smelter restarted operations in late April 2025.