United States Antimony NYSE: UAMY reported nearly flat first-quarter sales but a wider loss as management said the company is absorbing higher costs tied to an expected production ramp-up and a broader push into critical minerals beyond antimony.
Senior Vice President and Chief Financial Officer Rick Isaak said first-quarter 2026 sales were $6.8 million, compared with $7 million in the prior-year quarter. Antimony segment sales declined 2%, while zeolite segment sales fell 7%.
Gross profit decreased by $1.3 million from the year-earlier period, which Isaak attributed mainly to higher labor, factory and import freight costs. He said those expenses were needed to secure talent, factory capacity and inventory ahead of expected higher production later in the year, adding that the company expects costs to improve with economies of scale as sales rise.
The company posted a net loss of $11.3 million for the quarter. Isaak said the loss was primarily driven by $4.8 million of non-cash stock compensation expense, a $4.1 million unrealized loss on the company’s investment in Larvotto equity securities and the higher cost of goods sold.
Balance Sheet and Funding
Isaak said the company ended the first quarter with $60.2 million in cash, U.S. Treasury securities and equity securities. After quarter-end, the company received $12.8 million from a U.S. government expansion grant and $48.6 million of gross proceeds from a stock sale.
Inventory increased to $22 million at the end of the quarter from $12.5 million at the end of 2025, reflecting the company’s preparation for higher production. Debt remained low at $162,000 at quarter-end.
Chairman and CEO Gary Evans said the company has raised $48.6 million of new equity at an average price of $11.57 per share. He also said United States Antimony has submitted federal grant applications totaling $274 million across hydrometallurgy, tungsten and critical minerals projects.
Production Expansion and Antimony Supply
Management said the company is continuing to build antimony supply infrastructure in both the United States and abroad. Isaak said plans are in place to mine antimony in the U.S. in 2026, with expectations higher than in 2025 for both Montana and Alaska. He also said contracts have been signed for monthly deliveries of antimony to the company’s smelters in Montana and Mexico.
Jeff Fink, vice president of the antimony division, said the Thompson Falls expansion is nearing operation and will come online in stages. He said all heat exchanger bodies are on site and in place, though some parts are still needed. Commissioning began in early May, and the company expects OEM parts to begin arriving in late May, allowing one to two additional furnaces to run each week.
Fink said the company expects all nine furnaces to be running near mid-July. The new plant has a capacity of about 230 tons per month with all nine furnaces operating, although he said he does not expect full nameplate capacity immediately and hopes to be near 80% by the end of July. The older plant, with about 75 tons per month of capacity, is expected to be shut down later for dust collector and electrical upgrades.
Aaron Tenesch, vice president of the antimony division, said the Madero smelter in Mexico is receiving an average of 225 tons of high-quality feedstock per month under supply contracts that are expected to support consistent long-term production. He said specialized methods developed at Madero have enabled production of clean antimony ingots meeting preferred customer specifications.
Tenesch also said initial shipments have begun from a Bolivian operating partner producing metallic antimony flake, and that a planned hydrometallurgical system with Americas Gold and Silver is expected to produce metallic antimony flake for final conversion at Thompson Falls.
Critical Minerals Projects
Chief Mining Engineer Joe Bardswich provided updates on multiple mining projects. At Stibnite Hill in Montana, he said the company is awaiting permission to proceed with mining plans after submitting a proposal to address potential antimony leaching concerns raised by the Montana Department of Environmental Quality. He said 800 tons of stibnite grading 10% antimony were hauled to the Radersburg mill over four weeks in late 2025.
At the Fostung tungsten project in Ontario, Canada, Bardswich said flooding delayed work, but roads have reopened and crews have resumed collecting bulk samples for metallurgical testing. He said the company is discussing processing a 20,000- to 50,000-ton bulk sample with regional flotation mills. A technical report filed with the SEC calculated an inferred resource of 14.62 million metric tons grading 0.17% tungsten trioxide, containing 53.595 million pounds of tungsten trioxide.
Evans said the company has made formal applications for federal grant funding related to the tungsten project. Bardswich said full tungsten production in 2026 is unlikely, but a bulk sample could be processed under the current permitting stage.
In Alaska, Bardswich said work is expected to resume at Ester Dome, where the company will investigate antimony soil anomalies through trenching and percussion drilling. He also said the company plans a late-summer drill program at the Maclaren River K-M copper prospect and intends to conduct an extensive exploration program at the Nolan Creek antimony-gold deposit acquired earlier this year.
Zeolite Business Gains Momentum
Melissa Pagen, president and chief operating officer of the Bear River Zeolite division, said the company’s cattle nutrition business launched in February and required front-loaded costs for logistics, inventory and staffing. She said freight has become a more significant cost factor because the company is offering delivered pricing for the first time to compete in cattle nutrition.
Pagen said zeolite shipments in March exceeded the company’s monthly target by about 42%, while April shipments were roughly 66% above target. She said both months set all-time records for total tons shipped and that demand is now outpacing existing infrastructure.
Evans said the company is focused on expanding zeolite sales in cattle nutrition while also considering other markets. During the question-and-answer session, Pagen said Bear River Zeolite is pursuing soil amendment and filtration opportunities through existing customer relationships and distribution channels, while keeping its main focus on cattle nutrition.
Revenue Guidance and Government Demand
Evans reaffirmed confidence in the company’s $125 million revenue guidance for 2026. He said he expects $75 million to $95 million of that total to come from federal government shipments of antimony ingots by year-end.
Evans said the company has received $12 million in sales orders under its Defense Logistics Agency contract for antimony ingots and has notified the federal government of its first two initial orders. He said demand is not the issue, but the company must increase processing and delivery capacity to meet the pace requested by the government.
“This is no longer just an antimony company,” Evans said, pointing to the company’s work in antimony, cobalt, gold, tungsten and zeolite. He said management remains focused on becoming a key critical minerals supplier to the U.S. government.
About United States Antimony NYSE: UAMY
United States Antimony Corporation is a specialized mining and chemical company focused primarily on the production and processing of antimony and antimony-based compounds. The company operates its own extraction and milling facilities to recover antimony metal and antimony trioxide, which serve as critical raw materials in industries such as flame retardants for plastics and textiles, catalysts for chemical processes, and additives for glass and ceramics. In addition to antimony, United States Antimony maintains smaller-scale gold and silver operations in Mexico that provide supplementary revenue streams and diversification of its mineral portfolio.
Founded in the mid-20th century, United States Antimony has evolved from a single‐mine operator into a multinational enterprise with mining and processing sites in both the United States and Mexico.
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