Business Context and Reporting Period
Company: United States Antimony Corporation (UAMY)
Filing Type: Form 10-K (Annual Report)
Reporting Period: Fiscal year ended December 31, 2025
Overview: The Company is the only vertically integrated antimony processor in the United States, operating smelters in Montana and Mexico and a zeolite mine in Idaho. In 2025, the Company reincorporated from Montana to Texas, began mining its own antimony ore in Montana (Stibnite Hill), and secured significant government contracts. The Company operates two reportable segments: Antimony and Zeolite.
Key Financial Metrics
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenues | $39,257,708 | $14,937,962 |
| Gross Profit | $9,873,512 | $3,466,918 |
| Loss from Operations | $(8,458,865) | $(2,390,812) |
| Net Loss | $(4,339,526) | $(1,730,404) |
| Operating Cash Flow | $(9,690,993) | $2,220,303 |
| Investing Cash Flow | $(87,402,914) | $(42,073) |
| Financing Cash Flow | $109,480,085 | $4,138,033 |
| Cash and Cash Equivalents (End of Period) | $30,494,320 | $18,172,120 |
| Total Assets | $153,925,669 | $34,642,602 |
| Working Capital | $44,564,846 | $16,672,180 |
Segment Performance:
- Antimony: Revenue increased 219% to $35.4 million, driven by a 230% increase in average sales price per pound ($25.12 vs $7.61). Gross profit increased 171% to $9.7 million.
- Zeolite: Revenue increased 14% to $3.4 million. The segment returned to profitability with a gross profit of $0.2 million compared to a loss of $0.6 million in 2024.
Material Changes vs. Prior Period
- Revenue Surge: Total revenue grew 163% year-over-year, primarily due to elevated antimony market prices and increased sales volume in the zeolite segment.
- Capital Expenditures: Investing cash outflows increased significantly to $87.4 million (from $42k in 2024) due to the acquisition of mining claims in Alaska and Canada, the purchase of a flotation facility in Montana, and expansion of smelting capacity.
- Financing Activity: The Company raised approximately $110 million in 2025 through "at the market" offerings, registered direct offerings, and warrant exercises to fund operations and expansion.
- Inventory Build: Antimony inventory increased to $12.0 million (from $0.7 million in 2024) as the Company stockpiled ore and finished goods to meet future contract obligations.
- Non-Cash Items: Net loss was impacted by $7.1 million in share-based compensation and a $3.3 million unrealized gain on an equity investment in Larvotto Resources Limited.
Guidance, Outlook, and Risks
Management Commentary & Outlook:
- Government Contracts: Secured a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency (DLA) with a maximum value of $248 million. Received initial orders totaling ~$12 million in late 2025/early 2026.
- Expansion: Smelting capacity expansion in Montana is nearing completion, expected to triple current capacity. A new hydrometallurgical joint venture with Americas Gold and Silver Corporation was announced in February 2026.
- Funding: Awarded $27.0 million by the U.S. Department of War under the Defense Production Act to fund domestic production expansion (announced March 2026).
- Vertical Integration: Successfully resumed mining operations at Stibnite Hill, Montana, and acquired new claims in Alaska and Canada to secure ore supply.
Risks and Contingencies:
- Internal Controls: Management concluded that internal control over financial reporting was ineffective as of December 31, 2025, due to material weaknesses including lack of segregation of duties and potential for management override.
- Customer Concentration: Three customers accounted for 80% of total revenues in 2025 (up from 43% in 2024).
- Supplier Concentration: Historically dependent on a single Canadian supplier for the majority of antimony ore, though new international suppliers were onboarded in 2025.
- Equity Investment Volatility: The Company holds a ~10% stake in Larvotto Resources Limited ($40.5 million fair value), which is subject to market price and currency fluctuations.
- Operational Risks: Risks related to mining in remote locations, geopolitical instability in Mexico, and environmental reclamation obligations ($2.7 million accrued).
Investor Verification Checklist
- Internal Control Remediation: Verify the timeline and progress of remediation efforts for the material weaknesses in internal controls disclosed in Item 9A.
- DLA Contract Execution: Monitor the actual drawdown of the $248 million DLA contract and revenue recognition timing, as no revenue was recognized in 2025.
- Capital Expenditure ROI: Assess the timeline for the Montana smelter expansion and the new Radersburg flotation facility to generate positive cash flow.
- Customer Diversification: Evaluate the stability of the top three customers representing 80% of revenue and the risk of concentration.
- Equity Investment Valuation: Monitor the fair value of the Larvotto Resources investment and its impact on net income due to mark-to-market accounting.
- Share Dilution: Review the impact of recent equity offerings and the potential for future dilution given the Company's capital-intensive growth strategy.