United States Antimony Corporation (UAMY): Business Model Canvas [Dec-2025 Updated]

You're looking at United States Antimony Corporation (UAMY) right now because they've gone from a niche player to a domestic critical mineral linchpin, and you need to know if the story holds up financially. Honestly, seeing them land that $245 million contract with the Defense Logistics Agency while simultaneously planning a 400% processing expansion at Thompson Falls tells you they are serious about North American supply security. But with costs jumping 170% in the first nine months of 2025, the execution risk is real; so, let's cut through the noise and map out exactly how their nine building blocks-from their zeolite sales to their international ore sourcing-are structured to deliver on that promise. Dive into the full Business Model Canvas below to see the nuts and bolts of this domestic production ramp-up.

United States Antimony Corporation (UAMY) - Canvas Business Model: Key Partnerships

United States Antimony Corporation (UAMY) relies on several critical external relationships to secure its position as the only fully integrated antimony operation outside China, especially following the late 2024 Chinese export restrictions. These partnerships are central to fulfilling its domestic defense obligations and serving industrial markets.

The most significant relationship is with the U.S. Defense Logistics Agency (DLA), which awarded United States Antimony Corporation a sole-source, five-year contract to supply antimony metal ingots for the National Defense Stockpile. This agreement has a ceiling value of up to $245 million. The initial delivery order under this massive contract was $10 million.

Another key pillar is the supply agreement with a major domestic customer. United States Antimony Corporation executed a new supply agreement with an anonymous U.S. industrial fabric manufacturer for antimony trioxide, which is a key ingredient in flame retardant materials. This definitive contract runs for five (5) years, with renewal options for up to five (5) additional years, and has a total value of up to $106.7 million in the initial five-year term.

To support its smelting operations, which historically relied on imports, United States Antimony Corporation is actively broadening its ore feedstock sources globally. This diversification strategy is crucial for maintaining supply security outside of China, which controls a significant portion of global production. The company is engaged in international procurement efforts.

• Broadening ore feedstock sources globally.
• Secured a $500 million deal with Pakistan for critical minerals, including antimony, copper, gold, tungsten, and rare earth elements, aimed at establishing a poly-metallic refinery.

The company is also strengthening its upstream capabilities by partnering with technical experts to develop its domestic mineral acreage. This involves exploration programs in North America, supported by geologists and engineering teams. The company is focused on developing its own mineral assets to reduce reliance on third-party ore.

• Mining operations began on acreage in Alaska, showing initial results of high-grade deposits.
• Advancing acreage in Montana, including mechanized exploration and bulk sampling at Stibnite Hill starting October 7, 2025.
• Acquired the Fostung Tungsten Properties in Ontario, Canada, for $5 million in cash plus a 0.5% NSR royalty.

Finance: draft 13-week cash view by Friday.

United States Antimony Corporation (UAMY) - Canvas Business Model: Key Activities

You're looking at the core engine driving United States Antimony Corporation's strategy right now, which is all about securing and ramping up domestic supply chains for critical minerals.

The primary activity centers on restarting and scaling domestic antimony production, specifically at the Stibnite Hill, Montana property. The company received Montana Department of Environmental Quality (DEQ) approval to modify its operating plan on October 2, 2025, and immediately began mechanized exploration and bulk sampling on October 7, 2025. To date, United States Antimony Corporation has hauled over 250 tons of stibnite ore to a flotation mill for assay and test work, and has staked 102 federal claims covering vein extensions. Mining operations in Alaska, another key sourcing area, were anticipated to begin in September 2025 following permitting delays. This domestic sourcing is critical to fulfilling long-term government commitments.

Processing activities involve converting ore into various products at the company's facilities. The Thompson Falls, Montana, smelter is undergoing a major expansion to increase its processing capacity six-fold, targeting over 300 standard tons per month by the end of 2025, with an investment budgeted at under $15 million. This expansion, which involves new furnaces expected to be operational in January 2026, is designed to run without interrupting current operations. When combined with the output from the Madero Smelter in Mexico, the total targeted monthly production capacity for the end of 2025 is 500 tons per month. The company also recovers precious metals, primarily gold and silver, at its Montana facility from third-party ore.

United States Antimony Corporation also operates its non-antimony segment, the Bear River Zeolite (BRZ) mine and processing facility in Preston, Idaho. The inaugural mineral reserve technical report confirmed substantial reserves of 5.127 million short tons of high-grade zeolite, with an average grade of 146.2 CEC meq/100g. At current production rates, these proven and probable reserves could support operations for over 400 years. Between 2021-2024, the company invested over $3.5 million in facility improvements at BRZ. For the first half of 2025, the Zeolite business saw revenues increase by $400,000, representing a 24% increase year-over-year.

Executing on major supply agreements is a central activity, especially securing the $245 million sole-source contract with the U.S. Defense Logistics Agency (DLA) for antimony metal ingots, an Indefinite Delivery Indefinite Quantity (IDIQ) agreement spanning five years. First deliveries under this DLA contract were anticipated to commence in late September 2025. Furthermore, the company finalized new sales contracts totaling $352 million in the third quarter of 2025, which helps de-risk revenue reliance on spot pricing. The company reaffirmed its 2025 fiscal year revenue guidance to be between $40 million to $50 million, though Q3 revenue was reported at $8.7 million, leading to an anticipated 2025 revenue range of $40M to $43M. Management subsequently raised the Fiscal Year 2026 revenue guidance by $25 million to $125 million.

The expansion of the Thompson Falls facility is a key capital deployment activity. The project is budgeted at under $15 million, though total capital expenditures for smelter expansion stood at approximately $23 million, with another $10 million expected in Q4 of 2025. This effort is set to increase throughput by a factor of six, moving from current levels to over 300 tons per month. The company also completed the refurbishment of four furnaces in Thompson Falls, specifically aiming to double production output.

Here's a snapshot of the key operational metrics and targets:

The company's activities also include securing new ore supply streams, evidenced by the following:

• Antimony procurement contracts signed with five international locations, including Bolivia, Chad, Mexico, and Peru, with the first shipment expected in late August 2025.
• Mechanized exploration and bulk sampling began at Stibnite Hill on October 7, 2025.
• 102 federal mining claims staked to cover vein extensions near Stibnite Hill.

For the Bear River Zeolite segment, the key operational data is:

• Proven and Probable Reserves: 5.127 million short tons.
• Facility Improvement Investment (2021-2024): Over $3.5 million.
• H1 2025 Zeolite Revenue Growth: 24%.
• Drilling Program (June 2024): 80 successful holes totaling 6,713 feet.

United States Antimony Corporation (UAMY) - Canvas Business Model: Key Resources

You're looking at the core assets United States Antimony Corporation (UAMY) relies on to execute its strategy, especially as a domestic source for critical minerals. These aren't just paper claims; they are tangible operational components.

The company's primary physical and financial anchors as of late 2025 are quite specific, reflecting a focus on both existing production and strategic expansion into new critical minerals.

The financial foundation, as reported for the nine months ending September 30, 2025, shows significant liquidity growth:

• Cash position, including investment in securities (federal bonds), as of September 30, 2025: $38.5 million.
• Cash position at year-end 2024 (cash only): $18.2 million.
• Subsequent cash receipts in October 2025 from offerings: approximately $66 million in total.
• Net cash used in operating activities for the first nine months of 2025: $6.22 million.

United States Antimony Corporation positions itself as the only fully integrated antimony company in the world outside of China and Russia, controlling both midstream and downstream operations.

The operational footprint supporting this integration includes facilities and mineral properties across North America:

• Processing facilities are located in Montana and Mexico, where third-party ore is processed into antimony oxide, metal, and trisulfide, and precious metals (gold and silver) are recovered.
• The company began reacquiring mining claims adjacent to its smelter operations in Sanders County, Thompson Falls, Montana, owning approximately 24 acres of surface fee simple land and non-patented mining rights on approximately 1,200 acres.
• As of late November 2025, approximately 800 tons of antimony ore had been removed from Stibnite Hill in Montana.
• The company has mining claims and leases in Alaska, with the antimony-prospective land position in the Fairbanks area expanded to 8,998 acres.

The Bear River Zeolite (BRZ) facility in Idaho is a key resource for non-antimony industrial minerals:

For future critical mineral expansion, United States Antimony Corporation made a strategic acquisition in Canada:

The Fostung Tungsten Property in Ontario, Canada, was acquired for $5 Million in cash plus a 0.5% Net Smelter Return (NSR) royalty. This property covers fifty (50) single-cell mining claims or 1,114 hectares. The inferred resource estimate for the property is 12.4 million tonnes grading 0.213% tungsten trioxide.

The company also noted that new furnaces at Thompson Falls are expected to be operational in January 2026.

United States Antimony Corporation (UAMY) - Canvas Business Model: Value Propositions

You're looking at the core value United States Antimony Corporation (UAMY) delivers to its customers, which is heavily anchored in national security and critical mineral supply chain de-risking. This isn't just about selling a commodity; it's about providing a secure, domestic source when global supply is constrained.

Secure, domestic supply of antimony, a U.S. critical mineral.

The primary value is offering a reliable domestic pipeline for antimony, a mineral officially labeled critical to U.S. economic and national security. This shields customers from geopolitical risks, especially given that China and Russia control over 60% of the global supply, with China having cut exports in 2024. United States Antimony Corporation (UAMY) is positioned as the only U.S. producer capable of supplying military-grade products. The company is actively increasing its domestic processing capacity, aiming to expand its Montana refinery output fivefold, from 100 to 500 tons per month within months. Furthermore, the Mexican facility is projected to produce 200 tons per month by year-end. The company reaffirmed its fiscal 2025 revenue guidance to be between $40 million and $50 million.

Antimony trisulfide for military-spec ammunition primers.

A significant portion of this domestic supply strategy is tied to defense needs. United States Antimony Corporation (UAMY) secured a US$245 million sole-source contract from the U.S. Defense Logistics Agency (DLA) for antimony ingots over five years, intended to replenish the National Defense Stockpile. While the DLA contract is for ingots, the company's expertise supports supplying military-grade products, including antimony trisulfide. Separately, there is mention of a $104 million contract for antimony trioxide. Antimony sales were the core growth driver, generating $23.57 million in sales for the first nine months of 2025, a 235% year-over-year increase.

Antimony oxide for flame retardant systems in plastics and textiles.

The value proposition extends to industrial applications where fire safety is paramount. United States Antimony Corporation (UAMY) locked in a substantial, long-term agreement for antimony oxide, which is key for flame retardants. Specifically, the company signed a deal valued at around $107 million over five years with a U.S. industrial fabric manufacturer for antimony trioxide production. This demonstrates a commitment to providing critical materials for domestic manufacturing sectors.

Zeolite products for environmental cleanup and agricultural soil amendment.

Beyond antimony, the company offers value through its zeolite segment, which serves environmental and agricultural markets. Zeolite business revenues for the first nine months of 2025 reached $2.65 million, marking an increase of $375k, or 16%, over the same period last year. This growth is on top of a 24% revenue increase for the zeolite business in H1 2025.

Diversified product offering including antimony, zeolite, gold, and silver.

The overall value is enhanced by a portfolio that mitigates reliance on a single mineral stream, positioning United States Antimony Corporation (UAMY) as 'The Critical Minerals and ZEO Company'. The offering now explicitly includes antimony, zeolite, cobalt, and tungsten. This diversification was bolstered by a $5 million acquisition of a tungsten mining operation in Canada in June 2025, and the company holds significant claims for cobalt in Ontario, Canada. The company's gross profit for the first nine months of 2025 was $7.22 million, with a gross margin of 28%.

Here's a quick look at the revenue contribution from the key segments for the first nine months of 2025:

The company's cash position, including securities, totaled $38.5 million as of September 30, 2025.

United States Antimony Corporation (UAMY) - Canvas Business Model: Customer Relationships

You're looking at how United States Antimony Corporation (UAMY) manages the crucial ties with the entities buying its specialized materials. This isn't a broad consumer play; it's about securing long-term, high-value government and industrial commitments, which is the bedrock of their current valuation story.

Direct, long-term supply agreements with government and industrial clients

The relationship structure here is defined by massive, multi-year contracts that lock in demand for UAMY's domestically produced antimony products. This directly addresses national security concerns regarding critical mineral supply chains, making the relationship with the U.S. government particularly strategic.

The company has secured two major, multi-year supply agreements that total $352 million in potential sales value. These agreements have delivery terms extending as far out as five years. One of these is a massive, sole-source supply deal with the U.S. government.

Here's a breakdown of the key long-term commitments as of late 2025:

• $245 million contract with the U.S. Defense Logistics Agency (DLA) for antimony ingots to replenish the National Defense Stockpile.
• $106.7 million supply agreement with a U.S. industrial fabric manufacturer for antimony trioxide.
• The DLA contract is a five-year commitment, spanning over half a decade.
• The National Defense Stockpile inventory was recently reported to be only about 5% of annual supply requirements, underscoring the urgency of this relationship.

The company's ability to secure these deals rests on its unique operational status. United States Antimony Corporation operates the only antimony smelter in the country and the only two in the continent, which is a powerful negotiating lever. The antimony segment alone generated $23.57 million in sales for the first nine months of 2025, representing a 235% year-over-year increase for that period. Also, management noted they have executed over 15 supply contracts spanning 10 countries in total. That's real relationship depth.

Dedicated investor relations for institutional and retail shareholders

For the financial community, United States Antimony Corporation has executed a rapid and successful pivot to attract institutional capital, which is a key relationship to manage for scaling operations. This wasn't accidental; management explicitly stated they executed a focused, data-driven investor relations strategy.

The results of this focused outreach are clear in the ownership structure change:

This capital infusion, often through registered direct offerings priced at or above market, shows a strong relationship with sophisticated investors. For instance, one recent registered direct offering secured $26.25 million at $7.50 per share. The company's cash and investments position stood at $38.5 million as of September 30, 2025, giving them the liquidity to service those big contracts. Honestly, bringing in large institutional fundamental investors with minimal discounts to market is a sign of a healthy, managed shareholder relationship.

High-touch, direct sales model for specialized industrial and defense products

The nature of the products-critical minerals like antimony ingots and antimony trioxide-necessitates a direct, high-touch approach rather than relying on distributors. You're dealing with the Department of Defense and major manufacturers, so the sales process is inherently direct and relationship-driven.

This direct model is evident in the product specialization and fulfillment:

• The DLA contract is specifically for antimony metal ingots, a defense-critical material.
• The industrial contract targets antimony trioxide, essential for flame retardants.
• United States Antimony Corporation remains the only domestic producer of products like military-spec antimony trisulfide.
• The company stated it was ready for immediate fulfillment on the DLA contract, with the first delivery order being approximately $10 million worth of antimony metal ingots.

The sales growth reflects this direct engagement. Antimony sales for the first nine months of 2025 reached $23.57 million, a 235% increase, largely driven by higher average sales prices, but underpinned by the secured direct sales channels. The CEO emphasized that securing the source material and the sales contracts of significant proportions were the two most difficult parts of the business accomplished. That's a direct acknowledgment of the sales relationship success.

Finance: draft 13-week cash view by Friday.

United States Antimony Corporation (UAMY) - Canvas Business Model: Channels

You're looking at how United States Antimony Corporation (UAMY) gets its products-antimony, zeolite, and precious metals-to the end-users, which is a mix of government and industrial clients. This is definitely a channel strategy leaning heavily on direct relationships, especially given the critical nature of their primary product.

The core of their distribution relies on direct sales and logistics channels established for both U.S. and Canadian industrial customers. This includes selling processed antimony oxide for flame retardants, antimony metal for batteries, and zeolite products. The company has developed and executed over 15 separate supply contracts for antimony materials sourced from 10 different countries to ensure supply chain diversification.

A significant channel is direct contractual fulfillment to the U.S. Defense Logistics Agency (DLA). This relationship was cemented with a sole-source, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract valued at up to $245 Million for the purchase of antimony metal ingots to replenish the National Defense Stockpile (NDS). Fulfillment under this strategic channel began immediately following the award, with the first Delivery Order (DO) received in September 2025 for approximately $10 Million, representing the purchase of 315,000 lbs. of antimony metal ingots. This DO is anticipated to be one of two for fiscal year 2025.

For commercial industrial customers, the company secured a five-year supply agreement with a U.S. industrial fabric manufacturer for antimony trioxide valued at approximately $107 million. The sales performance through these channels for the first nine months of 2025 shows significant traction:

The company also uses engagement at key industry events as a channel to connect with investors and potential partners, which supports capital access and market visibility. Management participated in Mines and Money Miami 2025, held on February 20th and 21st, 2025, where the Chairman and CEO delivered a corporate presentation on February 20, 2025. This event was expected to host over 900 industry participants, including around 400 investors.

Capital access is facilitated through its public market presence, which is now dual-listed. United States Antimony Corporation maintains its primary listing on the NYSE American under the ticker UAMY, and effective July 1, 2025, it added a listing on the NYSE Texas Exchange, trading under the same ticker UAMY. This move followed the company's relocation of its corporate headquarters to Dallas, Texas, in January 2025.

• Primary Listing: NYSE American (Ticker: UAMY)
• Secondary Listing: NYSE Texas Exchange (Effective: July 1, 2025, Ticker: UAMY)
• Corporate Headquarters Location: Dallas, Texas (Since January 2025)

The company's Q3 2025 consolidated sales reached $8.70 million, with October 2025 sales alone at $5.6 million, signaling a rapid ramp-up as the new large contracts begin to be fulfilled. Finance: review the cash flow impact of the $10 million DLA delivery order against the $5.2 million in non-cash expenses reported for the first nine months of 2025.

United States Antimony Corporation (UAMY) - Canvas Business Model: Customer Segments

The customer segments for United States Antimony Corporation (UAMY) are heavily weighted toward strategic government needs and industrial applications for its core antimony products, supplemented by the zeolite division.

U.S. Government and Defense Sector (e.g., DLA for National Defense Stockpile)

This segment is anchored by a significant, multi-year commitment from the U.S. Department of Defense.

• Five-year antimony ingot supply contract with the Defense Logistics Agency (DLA) valued at up to $245 million.
• The initial delivery order under this sole-source agreement was $10 million.
• This first order covered 315,000 pounds of metallic antimony ingots.
• The purpose is to replenish the National Defense Stockpile, which was reportedly only about 5% of annual supply requirements recently.

Industrial Manufacturers (plastics, rubber, textiles) needing flame retardants

This segment is served by antimony trioxide, a key input for flame retardants, solar glass, and industrial systems.

• United States Antimony Corporation secured a commercial contract for antimony trioxide valued at $107 million.
• Antimony sales for the first nine months of 2025 reached $23.57 million.
• The average sales price per pound for antimony in Q2 2025 was $28.32, up from $6.96 in the prior year's Q2.

Battery and Ordnance Manufacturers requiring antimony metal and trisulfide

This segment is directly addressed by the DLA contract for metallic antimony ingots, essential for defense technologies like ammunition and sensors, and by the general antimony trioxide sales.

Agricultural and Environmental Remediation companies using zeolite

This segment relates to the company's zeolite business.

• Zeolite business revenues increased by $400,000, or 24%, in the first six months of 2025.
• Zeolite sales for the first nine months of 2025 totaled $2.65 million, a 16% increase year-over-year.

The following table summarizes the key financial figures related to the customer-driven revenue pipeline as of late 2025.

The average price per pound for antimony rose from approximately $6 per pound to about $22 per pound in the first half of 2025.

Cash and investments, including federal bonds, totaled $38.5 million as of September 30, 2025.

Antimony inventory value at the Rotterdam market price on September 30, 2025, was approximately $9.2 million.

The company reported net income of $728,079 for the first six months of 2025.

Institutional ownership represented 24% of the public float, held by 121 distinct accounts as of the Q2 2025 report.

United States Antimony Corporation (UAMY) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving United States Antimony Corporation (UAMY) operations as of late 2025. The cost structure is heavily influenced by scaling production and securing raw materials, which is evident in the recent financial filings.

The Cost of Revenues saw a massive jump, increasing by a staggering 170%, which translates to an absolute increase of $11.96 million for the first nine months of 2025 compared to the same period in 2024. This sharp rise in the cost to generate sales outpaced revenue growth in terms of percentage, though revenue growth was also substantial at 182%.

Operating Expenses were significant, totaling $11.76 million for the nine months ended September 30, 2025. This represented an increase of $8.19 million over the corresponding nine-month period last year. A large portion of this increase was concentrated in personnel costs, with salaries and benefits ballooning from under half a million to nearly $5 million in the third quarter alone.

The company is clearly investing heavily in future capacity, as seen in the Capital Expenditures. For the first nine months of 2025, United States Antimony Corporation dispersed $16.07 million on capital expenditure additions, a huge leap from only $223k in the prior year period.

You must account for the non-cash drag on the bottom line. Non-cash expenses included primarily $4.69 million in non-cash share-based compensation expense related to management and directors' stock grants, which were expensed after shareholder approval on July 31, 2025. Total non-cash expenses for the period were $5.18 million, which also contained $839k in non-cash depreciation and amortization.

Here's a quick look at the key cost metrics for the nine months ended September 30, 2025:

The focus on vertical integration means managing the entire supply chain, which includes Costs for International Ore Procurement and Logistics. While the company invested in its own mining claims to reduce reliance on third-party purchases, operational hiccups still impact costs. For instance, out-of-spec arsenic in returned shipments from the Australian Mandalay feed required management to diversify supply sources, adding complexity and potential logistical cost overhead.

The capital deployment for expansion is clearly itemized:

• $9.16 million for engineering, machinery, and construction services to expand the Thompson Falls, Montana, smelter capacity.
• $5.77 million for mineral rights purchases.
• Total capital additions reached $16.07 million in the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

United States Antimony Corporation (UAMY) - Canvas Business Model: Revenue Streams

You're looking at the core ways United States Antimony Corporation (UAMY) brings in cash right now. The revenue streams are heavily weighted toward their primary commodity, but they are clearly building out a significant backlog of contracted future sales, which is a major shift in their model.

For the first nine months of fiscal year 2025, the total consolidated sales reached $26.2 million. This top line is built from two main product segments, which you can see broken down here:

The antimony segment is the engine, showing massive growth, primarily fueled by higher average sales prices per pound, even with some volume constraints earlier in the year. The zeolite business, while much smaller, provides a steady, less volatile component to the revenue mix.

Beyond the immediate sales, a key part of the UAMY revenue story in late 2025 is the secured, long-term contract pipeline. This de-risks the near-term commodity price volatility you might otherwise worry about. Here are the major contract values management has cited:

• Recovery and sale of precious metals, specifically gold and silver, is listed as a product/service, though specific 9M 2025 revenue for this stream isn't explicitly detailed in the segment breakdown.
• Revenue from the industrial deal with a U.S. fabric manufacturer, valued at up to $106.7 million for the initial five-year term.
• The existing sole-source contract with the Defense Logistics Agency (DLA), valued up to $245 million.
• These two major deals together bring the total contracted pipeline to more than $351 million.

Looking forward, management has provided a clear expectation for the full fiscal year 2025. The guidance suggests they anticipate the full-year revenue to fall between $40 million and $43 million. Honestly, this guidance seems conservative when you look at the 9-month run rate of $26.2 million, but it reflects the company's cautious approach given market dynamics.

Finance: draft 13-week cash view by Friday.