United States Antimony (UAMY)
Market Price (5/1/2026): $12.12 | Market Cap: $1.7 BilSector: Materials | Industry: Diversified Metals & Mining
United States Antimony (UAMY)
Market Price (5/1/2026): $12.12Market Cap: $1.7 BilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 163% Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Advanced Materials. Themes include Advanced Battery Components, and Specialty Chemicals for Performance. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23% Expensive valuation multiplesP/SPrice/Sales ratio is 43x Stock price has recently run up significantly12M Rtn12 month market price return is 274% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -96% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% High stock price volatilityVol 12M is 131% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% Key risksUAMY key risks include [1] ongoing net losses and weak cash flow driven by poor cost management, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 163% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Advanced Materials. Themes include Advanced Battery Components, and Specialty Chemicals for Performance. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 43x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 274% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -96% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| High stock price volatilityVol 12M is 131% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksUAMY key risks include [1] ongoing net losses and weak cash flow driven by poor cost management, Show more. |
Qualitative Assessment
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1. Significant Government Contracts and Strategic Importance for Critical Minerals.
United States Antimony secured a $27 million award from the Department of War (now Department of Defense) under Title III of the Defense Production Act to expand domestic extraction, processing, and refinement of critical materials. This investment, alongside a pre-existing sole-source contract for up to $248 million from the U.S. Defense Logistics Agency, positions UAMY as a vital domestic supplier of antimony, a critical mineral for defense applications, amidst global supply chain concerns and China's export restrictions.
2. Expansion of Production Capacity and Strategic Joint Venture.
The company announced plans to modernize and expand its Montana facility, aiming to increase output capacity to approximately 400-500 tons per month of finished product by early April 2026. Additionally, UAMY formed a Joint Venture with Americas Gold and Silver Corporation to construct a new hydrometallurgical processing facility in Idaho, with UAMY holding a 49% stake and serving as the managing member. These initiatives are designed to strengthen domestic critical mineral production and improve operational efficiency.
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Stock Movement Drivers
Fundamental Drivers
The 63.8% change in UAMY stock from 1/31/2026 to 4/30/2026 was primarily driven by a 49.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.33 | 12.01 | 63.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32 | 39 | 23.2% |
| P/S Multiple | 28.4 | 42.5 | 49.8% |
| Shares Outstanding (Mil) | 123 | 139 | -11.3% |
| Cumulative Contribution | 63.8% |
Market Drivers
1/31/2026 to 4/30/2026| Return | Correlation | |
|---|---|---|
| UAMY | 63.8% | |
| Market (SPY) | 3.6% | 47.9% |
| Sector (XLB) | 4.9% | 37.1% |
Fundamental Drivers
The 48.8% change in UAMY stock from 10/31/2025 to 4/30/2026 was primarily driven by a 52.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.07 | 12.01 | 48.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 39 | 52.6% |
| P/S Multiple | 37.1 | 42.5 | 14.7% |
| Shares Outstanding (Mil) | 118 | 139 | -15.0% |
| Cumulative Contribution | 48.8% |
Market Drivers
10/31/2025 to 4/30/2026| Return | Correlation | |
|---|---|---|
| UAMY | 48.8% | |
| Market (SPY) | 5.5% | 32.2% |
| Sector (XLB) | 21.3% | 28.1% |
Fundamental Drivers
The 274.1% change in UAMY stock from 4/30/2025 to 4/30/2026 was primarily driven by a 162.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.21 | 12.01 | 274.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 39 | 162.8% |
| P/S Multiple | 23.5 | 42.5 | 80.7% |
| Shares Outstanding (Mil) | 110 | 139 | -21.2% |
| Cumulative Contribution | 274.1% |
Market Drivers
4/30/2025 to 4/30/2026| Return | Correlation | |
|---|---|---|
| UAMY | 274.1% | |
| Market (SPY) | 30.4% | 18.2% |
| Sector (XLB) | 25.1% | 15.6% |
Fundamental Drivers
The 3263.2% change in UAMY stock from 4/30/2023 to 4/30/2026 was primarily driven by a 1222.4% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.36 | 12.01 | 3263.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 39 | 232.7% |
| P/S Multiple | 3.2 | 42.5 | 1222.4% |
| Shares Outstanding (Mil) | 106 | 139 | -23.6% |
| Cumulative Contribution | 3263.2% |
Market Drivers
4/30/2023 to 4/30/2026| Return | Correlation | |
|---|---|---|
| UAMY | 3263.2% | |
| Market (SPY) | 78.7% | 22.6% |
| Sector (XLB) | 35.5% | 18.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UAMY Return | -5% | -2% | -49% | 611% | 184% | 99% | 1812% |
| Peers Return | 387% | -26% | 20% | 21% | 38% | 43% | 940% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| UAMY Win Rate | 25% | 58% | 8% | 58% | 50% | 75% | |
| Peers Win Rate | 60% | 35% | 52% | 48% | 58% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| UAMY Max Drawdown | -8% | -35% | -53% | -15% | -29% | 0% | |
| Peers Max Drawdown | -2% | -42% | -19% | -31% | -36% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PPTA, ALB, MTRN, TROX, GSM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/30/2026 (YTD)
How Low Can It Go
| Event | UAMY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.6% | -18.8% |
| % Gain to Breakeven | 38.1% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.5% | -9.5% |
| % Gain to Breakeven | 87.0% | 10.5% |
| Time to Breakeven | 247 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.5% | -24.5% |
| % Gain to Breakeven | 57.5% | 32.4% |
| Time to Breakeven | 670 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.7% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.5% | 23.7% |
| Time to Breakeven | 761 days | 105 days |
In The Past
United States Antimony's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.1% gain to breakeven.
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| Event | UAMY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.6% | -18.8% |
| % Gain to Breakeven | 38.1% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.5% | -9.5% |
| % Gain to Breakeven | 87.0% | 10.5% |
| Time to Breakeven | 247 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.5% | -24.5% |
| % Gain to Breakeven | 57.5% | 32.4% |
| Time to Breakeven | 670 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.8% | -33.7% |
| % Gain to Breakeven | 55.7% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.5% | -19.2% |
| % Gain to Breakeven | 57.5% | 23.7% |
| Time to Breakeven | 761 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -40.5% | -3.7% |
| % Gain to Breakeven | 67.9% | 3.9% |
| Time to Breakeven | 31 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -68.5% | -12.2% |
| % Gain to Breakeven | 217.6% | 13.9% |
| Time to Breakeven | 218 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -88.9% | -6.8% |
| % Gain to Breakeven | 800.0% | 7.3% |
| Time to Breakeven | 1834 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -34.2% | -0.2% |
| % Gain to Breakeven | 51.9% | 0.2% |
| Time to Breakeven | 34 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.1% | -17.9% |
| % Gain to Breakeven | 49.4% | 21.8% |
| Time to Breakeven | 173 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -46.7% | -15.4% |
| % Gain to Breakeven | 87.4% | 18.2% |
| Time to Breakeven | 52 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.9% | -53.4% |
| % Gain to Breakeven | 333.3% | 114.4% |
| Time to Breakeven | 756 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -41.6% | -8.6% |
| % Gain to Breakeven | 71.3% | 9.5% |
| Time to Breakeven | 1314 days | 47 days |
In The Past
United States Antimony's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About United States Antimony (UAMY)
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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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```html- 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, Chief Executive OfficerGary 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, SVP, Chief Financial OfficerRichard 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, P.E., EVP, Chief Mining EngineerLloyd 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, President, Antimony DivisionJohn 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, Vice President of the Mining DivisionRodney (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:
- 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.
- 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.
- 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.81 |
| Mkt Cap | 2.5 |
| Rev LTM | 1,626 |
| Op Inc LTM | -15 |
| FCF LTM | -12 |
| FCF 3Y Avg | -14 |
| CFO LTM | 60 |
| CFO 3Y Avg | 158 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.4% |
| Rev Chg 3Y Avg | -5.1% |
| Rev Chg Q | 15.9% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | -191.3% |
| Op Inc Chg 3Y Avg | -175.2% |
| Op Mgn LTM | -0.7% |
| Op Mgn 3Y Avg | 1.2% |
| QoQ Delta Op Mgn LTM | -2.9% |
| CFO/Rev LTM | 3.9% |
| CFO/Rev 3Y Avg | 6.1% |
| FCF/Rev LTM | -0.9% |
| FCF/Rev 3Y Avg | -4.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 2.0 |
| P/Op Inc | -18.2 |
| P/EBIT | -17.3 |
| P/E | -18.8 |
| P/CFO | 18.1 |
| Total Yield | -2.2% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | -3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.1% |
| 3M Rtn | 19.4% |
| 6M Rtn | 51.7% |
| 12M Rtn | 109.5% |
| 3Y Rtn | 44.8% |
| 1M Excs Rtn | 0.7% |
| 3M Excs Rtn | 15.9% |
| 6M Excs Rtn | 29.9% |
| 12M Excs Rtn | 79.7% |
| 3Y Excs Rtn | -31.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA205992 | MEDICAL AIR, USP | medical air | gas | 8312013 | 78.0% | 61.9% | 29.7% | -53.4% | 917.8% |
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Antimony | 27 | 1 | 8 | ||
| Zeolite | 6 | 5 | 4 | 2 | 2 |
| All other | 2 | ||||
| Antimony United States of America (USA) | 15 | 22 | |||
| Current assets held for sale | 0 | ||||
| Non-current assets held for sale | 6 | ||||
| Precious Metals | 0 | 1 | 1 | 1 | |
| Antimony - Combined United States of America (USA) and Mexico | 32 | 11 | |||
| Total | 35 | 28 | 35 | 35 | 13 |
Price Behavior
| Market Price | $12.01 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 02/24/2000 | |
| Distance from 52W High | -31.3% | |
| 50 Days | 200 Days | |
| DMA Price | $9.44 | $7.41 |
| DMA Trend | up | up |
| Distance from DMA | 27.2% | 62.1% |
| 3M | 1YR | |
| Volatility | 140.2% | 131.6% |
| Downside Capture | 2.70 | 1.16 |
| Upside Capture | 525.84 | 304.36 |
| Correlation (SPY) | 47.4% | 18.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.46 | 4.32 | 4.34 | 3.17 | 1.88 | 1.61 |
| Up Beta | 2.91 | 2.32 | 3.54 | 1.68 | 1.07 | 1.39 |
| Down Beta | 4.58 | 4.14 | 2.41 | 0.74 | 0.89 | 0.93 |
| Up Capture | 436% | 788% | 909% | 1162% | 823% | 6713% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 20 | 30 | 56 | 123 | 361 |
| Down Capture | 1020% | 400% | 353% | 261% | 161% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 23 | 34 | 66 | 124 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAMY | |
|---|---|---|---|---|
| UAMY | 245.7% | 131.6% | 1.55 | - |
| Sector ETF (XLB) | 25.9% | 16.4% | 1.22 | 15.8% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 18.6% |
| Gold (GLD) | 38.6% | 27.2% | 1.18 | 31.7% |
| Commodities (DBC) | 48.6% | 18.0% | 2.07 | 7.2% |
| Real Estate (VNQ) | 13.9% | 13.5% | 0.71 | 9.2% |
| Bitcoin (BTCUSD) | -19.3% | 42.1% | -0.39 | 22.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAMY | |
|---|---|---|---|---|
| UAMY | 66.6% | 94.2% | 0.96 | - |
| Sector ETF (XLB) | 6.5% | 18.9% | 0.24 | 16.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 20.5% |
| Gold (GLD) | 20.6% | 17.9% | 0.94 | 22.8% |
| Commodities (DBC) | 14.4% | 19.1% | 0.62 | 11.5% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 14.3% |
| Bitcoin (BTCUSD) | 8.3% | 56.2% | 0.36 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAMY | |
|---|---|---|---|---|
| UAMY | 46.4% | 100.6% | 0.82 | - |
| Sector ETF (XLB) | 10.4% | 20.6% | 0.45 | 12.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 14.5% |
| Gold (GLD) | 13.5% | 15.9% | 0.70 | 13.2% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 8.6% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.25 | 8.5% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/19/2026 | -10.4% | -2.9% | 16.8% |
| 11/12/2025 | -5.6% | -11.5% | -34.6% |
| 8/12/2025 | 5.0% | 11.5% | 20.2% |
| 3/20/2025 | -0.6% | 26.7% | 77.8% |
| 11/12/2024 | -9.4% | -16.7% | 119.2% |
| 8/9/2024 | 8.4% | 42.7% | 97.3% |
| 4/19/2024 | -9.0% | -11.8% | 1.1% |
| 10/23/2023 | -9.3% | 1.6% | -24.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 2 | 4 | 6 |
| # Negative | 7 | 5 | 3 |
| Median Positive | 6.7% | 19.1% | 49.0% |
| Median Negative | -9.0% | -11.5% | -24.4% |
| Max Positive | 8.4% | 42.7% | 119.2% |
| Max Negative | -10.4% | -16.7% | -34.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/12/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 10/17/2023 | 10-Q |
| 03/31/2023 | 10/05/2023 | 10-Q |
| 12/31/2022 | 07/18/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 125.00 Mil | 0 | Affirmed | Guidance: 125.00 Mil for 2026 | |||
| 2026 Antimony Ingots Delivery | 75.00 Mil | Higher New | |||||
Prior: Q3 2025 Earnings Reported 11/14/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Production Volume | 150 | ||||||
| 2026 Revenue | 125.00 Mil | ||||||
| 2026 Production Volume | 500 | ||||||
| 2025 Capital Expenditures | 22.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Evans, Gary C | Chairman & CEO | Direct | Buy | 9262025 | 6.13 | 100,000 | 613,200 | 14,586,912 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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