What United States Antimony (UAMY) Said on Its Q3 Earnings Call

Key Points

• Q3 revenue rose 16% year over year to $10.1 million, with gross margin increasing to 42% as antimony sales volume grew 68%. The company nevertheless posted a $9.5 million net loss, including exploration costs and a noncash loss on its Larvotto investment.
• UAMY replaced its $60 million–$75 million revenue forecast with 2026 sales-volume guidance of 1.68 million–1.81 million pounds of antimony, citing commodity-price uncertainty and the timing of DLA deliveries. The outlook includes 276,000–356,000 pounds for the DLA; delayed deliveries would shift to 2027.
• The company had $51 million in cash and Treasuries at September-end and invested $28.4 million in capital projects during the first nine months. Processing expansions and mining projects are progressing, though delays at Thompson Falls and a Bolivian facility have slowed operations.

United States Antimony NYSE: UAMY reported higher third-quarter revenue and a wider gross margin as increased sales volumes helped offset declining antimony prices, but the company posted a net loss amid exploration spending and a noncash investment loss.

The company also replaced its revenue guidance with sales-volume targets, citing uncertainty around commodity prices and the timing of deliveries to the Defense Logistics Agency, or DLA.

Third-quarter revenue rose 16% year over year to $10.1 million and increased 28% from the second quarter, Chief Financial Officer Shawn Winkler said on the earnings call. Gross profit more than doubled to $4.3 million, while gross margin expanded to 42% from 23%.

United States Antimony sold approximately 469,000 pounds of antimony during the quarter, up 68% from a year earlier. About 162,000 pounds went to the DLA for approximately $5.1 million, while the remaining 307,000 pounds went primarily to industrial customers, generating roughly $3.7 million, Winkler said.

The cost per pound sold fell to $10.19 from $20.89, largely reflecting the broader antimony pricing market. The company reported a net loss of $9.5 million, or 6 cents per share. Operating expenses were $10.3 million, including $3.4 million directed toward exploration, and results included a $3.8 million noncash loss on its strategic investment in Larvotto.

Volume guidance replaces revenue forecast

Management withdrew its previous revenue guidance of $60 million to $75 million and introduced full-year 2026 guidance for antimony sales of 1.68 million to 1.81 million pounds. Winkler said the midpoint represents 24% growth from the prior year. The forecast also calls for sales of 17,500 to 18,500 tons of zeolite.

The antimony outlook includes 276,000 to 356,000 pounds for the DLA. The low end assumes no further DLA deliveries this year, while the high end includes acceptance of two additional truckloads. Volumes not delivered in 2026 would move into 2027 rather than be lost, Winkler said.

Seven DLA shipments totaling approximately 276,000 pounds had been accepted and paid for, generating about $8.7 million in revenue. Winkler said the company had approximately $48.6 million of contracted DLA sales remaining through 2029.

Recent shipments have taken about 70 days from sampling through delivery, according to Winkler, who cautioned that DLA approvals affect the timeline. Four additional lots totaling about 122,000 pounds were sampled in early October, with delivery and acceptance dates still to be determined.

“We cannot control release,” Winkler said during the question-and-answer session. He described the high end of guidance as a conservative estimate because the agency evaluates samples before shipment and tests material again afterward.

Chairman and Chief Executive Officer Gary C. Evans said DLA contract prices vary and are set when purchase orders are issued. He also said the company has rejected some industrial orders and raw material offers when pricing did not support its margin goals.

Processing expansion and project updates

United States Antimony invested $28.4 million in capital projects through the first nine months of the year, mainly at its Thompson Falls expansion and Radersburg facility in Montana. That was partially offset by $12.8 million in government grant proceeds received, Winkler said.

At Radersburg, the company entered the operating phase during the third quarter to concentrate approximately 2,800 tons of ore delivered from Stibnite Hill, Vice President and Chief Procurement Officer Aaron Tenesch said. Feed belt samples assayed between 10% and 16% antimony.

Tenesch said a shipment of processed concentrate was ready for the Madero smelter, while material had also been sent to Thompson Falls for further processing toward military-specification antimony trisulfide. Radersburg was temporarily shut down for installation of additional flotation and filtration equipment and an electrical service upgrade.

Evans said the company paid just under $5 million to purchase Radersburg and had invested approximately another $2 million in the facility, laboratory and equipment. He said further capital spending there would be limited.

At Thompson Falls, Evans attributed slower-than-anticipated progress partly to delayed furnace components, staffing and training. He said the company had sued a contractor over equipment and had largely resolved the parts issue through another supplier. Processed material from Mexico is now being shipped weekly to Thompson Falls, he added.

Tenesch said a Bolivian hydrometallurgical facility was behind schedule. Evans said deliveries had fallen well short of the earlier expectation of 150 tons a month, requiring the company to obtain material from other sources.

Mining prospects and funding proposals

At the Fostung tungsten deposit in Ontario, Executive Vice President and Chief Mining Engineer Joe Bardswich said the company had drilled 32 confirmation holes and was awaiting the remaining assay results. An independent technical report estimated an inferred resource of 14.77 million metric tons grading 0.17% tungsten trioxide.

At Nolan Creek in Alaska, Managing Director and Director of Engineering Will Werner said the company was permitted to collect a 1,000-ton bulk sample from underground workings. He said the company was seeking final Mine Safety and Health Administration approval to begin collecting material and hoped to deliver it to Radersburg by year-end.

The company ended September with $51 million in cash and Treasuries, Winkler said. Inventory rose to $28.1 million as material was staged for the DLA. Through October, United States Antimony had repurchased approximately $3.1 million of stock under a program authorized for up to $100 million.

Vice President of Investor Relations Jonathan Miller said the company had submitted proposals representing approximately $124 million in potential new government funding for projects involving African critical-minerals infrastructure and domestic tungsten development. None of that funding had been awarded, he said.

About United States Antimony (NYSE:UAMY)

United States Antimony Corporation mines, processes and sells antimony and related products. Its offerings include antimony oxide, antimony metal and sodium antimonate, materials used in a range of industrial applications. The company also produces zeolite through its Bear River Zeolite operations in Idaho. Zeolite products are used in applications such as water treatment, agriculture and odor control. Founded in 1968, United States Antimony has processing operations in Montana and Mexico, as well as zeolite operations in Idaho.

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