United States Antimony Corporation (UAMY): History, Ownership, Mission, How It Works & Makes Money

As a seasoned financial analyst, I have to ask: in a world obsessed with rare earth minerals, have you truly considered the strategic importance of United States Antimony Corporation (UAMY), the only significant domestic processor of this critical mineral? This isn't a small-time play anymore; the company is projecting a full fiscal year 2025 revenue guidance of $40 million to $43 million, a massive jump fueled by new contracts, including a potential $245 million multi-year supply agreement with the U.S. Defense Logistics Agency. That kind of growth-with nine-month 2025 revenue already up 182% year-over-year to $26.23 million-shows a company pivoting from a niche player to a critical national security asset, so understanding its history, ownership, and how it makes money is defintely a must-do right now.

United States Antimony Corporation (UAMY) History

United States Antimony Corporation's Founding Timeline

You need to know where a company starts to understand its current trajectory, especially in a cyclical industry like mining. United States Antimony Corporation began as a focused, domestic mining operation before evolving into a critical minerals powerhouse.

Year established

The company started its operations in 1969, with formal incorporation in Montana in January 1970.

Original location

Initial operations were centered at the Stibnite Hill Mine near Thompson Falls, Montana, leveraging the region's antimony resources.

Founding team members

The driving force and founder was John C. Lawrence, who served as the company's CEO and Chairman for many years, keeping the operation alive through volatile commodity cycles.

Initial capital/funding

Specific initial seed funding details are proprietary, typical of early-stage ventures. The company commenced operations focused on antimony processing from available resources. However, its recent ability to raise capital shows its new strength; in October 2025 alone, United States Antimony Corporation raised a total of $69.25 million in three financing tranches from large institutional investors.

United States Antimony Corporation's Evolution Milestones

The company's history is a story of adapting to global price swings, moving from domestic mining to international sourcing and processing, and finally capitalizing on the critical minerals push. This table shows the pivotal shifts that shaped its structure.

United States Antimony Corporation's Transformative Moments

The real inflection point for United States Antimony Corporation wasn't in its first few decades; it was the geopolitical shift in late 2024 and the strategic response in 2025. This is the moment the company moved from a niche miner-smelter to a critical mineral powerhouse. You defintely need to pay attention here.

The core of this transformation is the government's push for secure, domestic critical mineral supply chains, driven by Executive Order 14017. With China controlling up to 90% of global antimony refining capacity, United States Antimony Corporation's status as the only vertically integrated North American producer became strategically indispensable.

The financial results for the first quarter of 2025 clearly show the impact of this shift:

• Revenues for Q1 2025 increased 128% year-over-year to $7 million.
• Gross Profit for Q1 2025 soared 302% to $2.4 million.
• The company reported a Net Income of $547k for the three months ended March 31, 2025.

The company's near-term revenue visibility, which was previously limited to a single fiscal year, has exploded thanks to two major contracts secured in November 2025:

• A five-year, $245 million contract with the Defense Logistics Agency (DLA) for domestically sourced metallic antimony ingots, essential for ammunition.
• A commercial contract for antimony trioxide valued at $107 million.

This combined $352 million revenue pipeline is more than 20 times the prior year's sales base of $15 million. To meet this demand, the company is executing a $22 million expansion effort at its Montana refinery, which is expected to increase output from 100 tons per month to 500 tons per month-a fivefold increase-by early 2026. The current year revenue guidance is between $40 million and $43 million, with projections rising to $125 million to $150 million next year. You can read more about the strategic alignment here: Mission Statement, Vision, & Core Values of United States Antimony Corporation (UAMY).

United States Antimony Corporation (UAMY) Ownership Structure

United States Antimony Corporation (UAMY) is a publicly traded company on the NYSE American and NYSE Texas, but its ownership structure is heavily concentrated, with insiders and institutional investors holding a significant portion of the equity. This tight control means that strategic decisions are defintely driven by a small cohort of major stakeholders, a key factor to consider given the company's approximately $1.1 billion market capitalization as of November 2025.

United States Antimony Corporation's Current Status

The company is a publicly listed entity, trading under the ticker UAMY, which gives it access to capital markets for funding its critical mineral expansion. This public status is vital, especially as the company navigates its strategic transformation, securing a $245 million contract with the Defense Logistics Agency. It maintains strong liquidity, reporting approximately $100 million in cash and equivalents, with minimal debt of only about $229,000, which is a very healthy balance sheet for a growth-focused miner.

You can see the impact of this financial strength on the company's investor profile, which we explore further in Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

United States Antimony Corporation's Ownership Breakdown

The company's float is distributed across three main groups, with retail investors holding the largest percentage of the outstanding shares as of late 2025, though institutional holdings are growing rapidly. The total number of institutional shares (long positions, excluding 13D/G filings) is around 54,345,744.

United States Antimony Corporation's Leadership

The leadership team is a mix of seasoned mining professionals and corporate finance veterans, reflecting the company's dual focus on operational expansion and strategic capital management. Gary C. Evans, a serial entrepreneur who has taken three energy companies public on the NYSE, is the key figure.

• Gary C. Evans: Chairman of the Board and Chief Executive Officer (CEO), a role he took in December 2024. He is a major shareholder, aligning his interests directly with the company's performance.
• Lloyd Joseph Bardswich: Executive Vice President (EVP) and Chief Mining Officer, a registered professional mining engineer with extensive experience in metallurgy and plant design.
• Rick Isaak: Senior Vice President (SVP) and Chief Financial Officer (CFO), responsible for the financial strategy and reporting.
• John C. Gustavsen: President of the Antimony Division, focusing on the core business operations.
• Rodney (Rod) Blakestad: Vice President of the Mining Division, an economic geologist with over 45 years of hard rock mining experience.

This team is actively steering the company's growth, projecting a revenue guidance of $40 million to $43 million for the current fiscal year, a significant jump from previous periods. They are focused on expanding the Montana refinery output fivefold and capitalizing on the shift in critical mineral supply chains.

United States Antimony Corporation (UAMY) Mission and Values

United States Antimony Corporation centers its purpose on securing the domestic supply chain for critical minerals, primarily antimony, which is essential for U.S. industrial and national defense applications. This focus on domestic security and high-quality production is the core cultural DNA that drives its strategy beyond simple profit motives.

United States Antimony Corporation's Core Purpose

The company's operational focus is on resource development and domestic supply chain security, reflecting a commitment to strategic national interests. This means every operational decision, from mining to processing, is filtered through the lens of providing a reliable, non-Chinese source of a critical material.

Here's the quick math on their strategic importance: The company is the sole North American supplier of antimony trisulfide approved by the U.S. Defense Logistics Agency, a key component in ammunition primers.

Official Mission Statement

While United States Antimony Corporation does not publish a single, cliched mission statement, its core mission is clearly defined by its strategic market position and government alignment.

• Responsibly extract and process antimony and other valuable minerals, like zeolite and precious metals.
• Provide high-quality products to meet the growing demands of various industrial and defense sectors.
• Establish a secure, domestic antimony supply chain aligned with U.S. national security initiatives.
• Support government directives, including the Defense Production Act, to reduce reliance on foreign adversaries for critical minerals.

If you're looking at the big picture, you defintely need to understand the drivers behind this unique market position. Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

Vision Statement

The company's long-term vision is a bold, globally competitive one: to be the first fully integrated antimony producer outside of China. This means controlling the entire process-from mine to market-to ensure supply reliability and quality control, a significant undertaking for a company with minimal debt, around $229,000, as of November 2025.

• Control the entire mining, processing, and sales operations for antimony.
• Leverage domestic supply chain initiatives to secure a competitive advantage.
• Diversify the critical minerals portfolio, as seen with the 2025 June acquisition of a tungsten mining operation for $5 million.

This vision is backed by aggressive growth targets; management reaffirmed full-year 2025 revenue guidance of $40 million to $50 million, a massive jump from prior years.

United States Antimony Corporation slogan/tagline

The company uses a simple, direct tagline that succinctly captures its dual focus in the critical materials sector.

• The Critical Minerals and ZEO Company.

This tagline highlights both the antimony business-a critical metal-and its zeolite operations (ZEO), which contribute to revenue through industrial mineral sales. For example, the first half of 2025 saw the company swing to a net income of $728.1K, with both divisions contributing to the H1 2025 revenue of $17.53 million.

United States Antimony Corporation (UAMY) How It Works

United States Antimony Corporation operates as a vertically integrated critical minerals producer, extracting, processing, and selling antimony, zeolite, and precious metals to secure a domestic supply chain for industrial and defense applications. The company makes money by mining and smelting antimony ore into high-purity products like antimony oxide and antimony metal, capitalizing on its unique position as the only fully integrated North American producer outside of China and Russia.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational framework centers on controlling the entire supply chain, from raw material extraction to final product delivery, mitigating the geopolitical risks associated with foreign sourcing. This vertical integration (mining, milling, smelting, and sales) is crucial for their strategic positioning, especially for defense-related contracts.

• Smelting Capacity: Operates the Thompson Falls, Montana smelter, the only significant antimony smelter in the U.S., and restarted the Madero Antimony Smelter in Mexico in April 2025.
• Production Scale-up: Completed the refurbishment of four furnaces in Montana, aiming to double production output and increase throughput capacity sixfold by the end of 2025 to meet rising demand.
• Domestic Mining: Resumed mining at the Stibnite Hill property in Montana, moving approximately 800 tons of raw antimony ore in less than 45 days as of November 2025, which will feed the Montana smelter.
• Financial Trajectory: Total revenue for the first nine months of 2025 reached $26.23 million, a 182% increase year-over-year, with management maintaining a full-year revenue guidance of $40 million to $50 million.

To be fair, operational challenges like permitting delays in Alaska and the need for more operating personnel still exist, but the focus is defintely on increasing production and securing more international ore supplies. You can get a deeper look at the numbers here: Breaking Down United States Antimony Corporation (UAMY) Financial Health: Key Insights for Investors

Given Company's Strategic Advantages

United States Antimony Corporation's market success is rooted in its strategic role within the U.S. critical minerals landscape, allowing it to command a premium for supply security over being the cheapest global source. This domestic reliability is the key value proposition.

• Geopolitical Shield: Holds the unique position as the only fully integrated antimony company outside of China and Russia, which control the vast majority of global refining capacity.
• Defense Monopoly: Is the sole North American supplier of antimony trisulphide approved by the U.S. Defense Logistics Agency (DLA) for military primers, making it a critical national security asset.
• Long-Term Revenue Visibility: The recent DLA and commercial contracts, totaling $352 million over five years, provide unprecedented long-term revenue stability and funding for expansion.
• Critical Mineral Status: Directly benefits from U.S. government mandates like Executive Order 14017, which prioritizes secure, U.S.-aligned supply chains for critical minerals.

United States Antimony Corporation (UAMY) How It Makes Money

United States Antimony Corporation (UAMY) primarily makes money by mining, processing, and selling critical minerals, specifically Antimony products, and a specialized industrial mineral called Zeolite. The core of their revenue engine is the sale of Antimony, which is vital for flame retardants, batteries, and military applications, capitalizing on its position as the sole significant US-based antimony processor and the current geopolitical supply crunch.

United States Antimony Corporation's Revenue Breakdown

For the first nine months of the 2025 fiscal year, United States Antimony Corporation reported total revenue of $26.23 million, an increase of 182% year-over-year. This growth is heavily concentrated in the Antimony segment, driven almost entirely by a massive increase in the realized average sales price, not volume.

Business Economics

The company's economic model is built on two key pillars: the strategic value of antimony and the high-margin potential of its vertically integrated operations. The significant revenue surge in 2025 is a direct result of market dynamics, not just operational scaling.

• Pricing Power from Scarcity: The average sales price for antimony has seen an explosive increase, rising from approximately $6 per pound in the first half of 2024 to a realized price of around $22 per pound in the first half of 2025. That's a huge jump.
• Strategic Supply Premium: As the only fully integrated antimony company outside of China and Russia, United States Antimony Corporation commands a premium for being a secure, domestic source of a critical mineral. This geopolitical risk mitigation is a core part of its value proposition to industrial and defense customers.
• Government Contracts: The company has secured a major contract with the Defense Logistics Agency (DLA) valued at $245 million, which will be a significant revenue driver in the near-term future, validating its strategic importance.
• Zeolite's Role: The Zeolite division, which mines and processes the mineral for industrial and agricultural uses, provides a stable, lower-volatility revenue stream that helps diversify the company's reliance on the cyclical antimony market.

What this estimate hides is the inherent volatility of commodity prices; the high price realization is the main driver, so any price correction in the antimony market would defintely impact the top line. For a deeper look at who is betting on this model, check out Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

United States Antimony Corporation's Financial Performance

The company is in a significant turnaround phase, moving from historical losses to a period of aggressive revenue growth and operational improvement, though it is still absorbing high non-cash expenses related to its expansion.

• Revenue Guidance: Management has narrowed its full-year 2025 revenue guidance to a range of $40 million to $43 million, a substantial increase from the $14.94 million reported in 2024.
• Gross Profit and Margin: Gross profit for the first nine months of 2025 more than tripled to $7.22 million, increasing the gross margin to 28%, up from 24% in the prior-year period. That's a clear sign of operating leverage at higher prices.
• Net Loss vs. Non-Cash Charges: The company reported a net loss of $4.05 million for the first nine months of 2025. Crucially, this loss included $5.18 million in non-cash expenses, primarily share-based compensation, meaning the core operations were profitable before these non-cash charges.
• Liquidity: The balance sheet shows strong liquidity, with cash and investments (including U.S. Treasury STRIPS) totaling $38.5 million as of September 30, 2025. They have the capital to fund their planned capacity expansion.
• Expansion: The Thompson Falls, Montana, smelter upgrades are aimed at doubling production output, and a recent $5 million acquisition of a tungsten mining operation in Canada diversifies their critical minerals portfolio.

Next Step: Finance should model the impact of the $245 million DLA contract on the 2026 revenue forecast, assuming the new $40 million to $43 million 2025 guidance as the base case.

United States Antimony Corporation (UAMY) Market Position & Future Outlook

United States Antimony Corporation (UAMY) is positioned at a critical inflection point, shifting from a micro-cap miner to a strategic, government-aligned critical minerals supplier, underpinned by a massive, multi-year contract pipeline. The company's future trajectory hinges on its ability to execute its fivefold domestic production ramp-up and capitalize on the geopolitical drive for secure, non-Chinese antimony supply chains.

Competitive Landscape

The global antimony market is highly concentrated, but UAMY holds a unique, protected position in North America. Here's the quick math: with a projected 2025 revenue of approximately $40 million to $43 million in a global market estimated at $2.15 billion, UAMY's global market share is only about 1.9%. Still, that number is misleading, as it is the only vertically integrated North American player.

Opportunities & Challenges

You need to see UAMY's situation not just as a commodity play, but as a strategic asset in a geopolitically sensitive sector. The opportunities are clear, but the historical execution risks are defintely real.

Industry Position

United States Antimony Corporation is the only active, fully integrated antimony producer in North America, a position that gives it an essential monopoly in the U.S. defense and industrial markets, especially after China's September 2024 export controls tightened the global supply. The company is not competing on price with the massive Chinese producers; it's competing on security and reliability.

The recent contract wins, totaling $352 million, provide a clear revenue runway for the next five years, which is a significant departure from its historical volatility. This visibility is crucial for financing the necessary operational scale-up. The market is now pricing in the 2026 revenue guidance of $125 million, a massive jump from the 2025 guidance of up to $43 million.

• Secured $245 million DLA contract for domestically sourced metallic antimony, a defense-critical material.
• Antimony inventory reached a record 201 tons, valued at $10.4 million, as of Q2 2025, showing production is ramping.
• The acquisition of a Canadian tungsten mining operation in June 2025 diversifies the critical minerals portfolio for future growth.
• Future domestic competition from Perpetua Resources' Stibnite Gold Project is on the horizon, but not an active threat until 2027 or later.

If you want to understand the institutional drivers behind this shift, you should be Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?