United States Antimony ($UAMY) Stock Hub 2026: The Only US Antimony Smelter, A $245M Defense-Stockpile Contract, And The China Supply-Chain Trade

01Executive Summary

United States Antimony Corporation ($UAMY) is a Dallas-headquartered producer of antimony, zeolite and precious metals whose central asset is intangible but powerful: it runs the only significant antimony smelter in the United States, at Thompson Falls, Montana, at exactly the moment antimony became a defense-critical mineral controlled almost entirely by China. Antimony is used in ammunition primers, flame retardants, night-vision and hardened military equipment, and China — which accounts for roughly 48% of global mined antimony — restricted and then banned exports of the metal to the United States, sending Western prices to record highs.

That geopolitical backdrop turned a long-obscure micro-cap into a policy play. The concrete evidence sits in two documents. First, a five-year, sole-source contract with the U.S. Defense Logistics Agency (DLA), signed in September 2025, with a maximum value of $245 million, to supply 99.65%-purity antimony metal ingots to the National Defense Stockpile through September 2030. Second, a $27 million federal grant (Department of War, under the Defense Production Act) to expand the Montana smelter. Revenue reflects the momentum: full-year 2025 sales reached $39.3 million, up about 163% from $14.9 million in 2024.

The counterweight is that the underlying business is still small, unprofitable and diluting. First-quarter 2026 revenue was $6.8 million (slightly below the prior year), gross margin compressed, and the company posted a net loss of $11.3 million — driven largely by a surge in salaries and stock-based costs and a $4.1 million unrealized loss on an equity investment, not by the core operation collapsing. The share count has climbed to roughly 148 million after repeated equity raises, and shareholders approved a further increase in authorized shares in June 2026. The balance sheet is nonetheless clean — essentially debt-free, with roughly $23.8 million in cash and short-term Treasuries plus a $36.4 million equity-securities portfolio.

02Company Overview And Operations

Per its own SEC filings, United States Antimony and its subsidiaries in the U.S., Mexico and Canada mine, purchase and process ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals (mainly gold and silver), and separately mine and process zeolite. The company reports two segments: antimony and zeolite. It was reincorporated from Montana to Texas on August 28, 2025, moved its head office to Dallas, and uplisted to the New York Stock Exchange on March 11, 2026 (from NYSE American). As of December 31, 2025 it employed about 100 full-time employees.

The antimony segment

The antimony business runs on two production hubs. In the Burns Mining District of Sanders County, Montana, the company’s Thompson Falls facility processes ore into antimony oxide, metal ingots and trisulfide, and also recovers gold and silver from third-party ore. In Mexico, its USAMSA subsidiary operates two facilities that process ore into antimony metal and oxide. What makes the U.S. footprint strategically important is scarcity: the United States has had no meaningful domestic primary antimony production for decades, and the U.S. Geological Survey notes that domestic primary antimony metal and oxide is produced by a single company in Montana using imported and recycled feedstock — that company is UAMY.

The end-uses explain why the government cares. Antimony oxide forms a flame-retardant system for plastics, textiles, paints and coatings. Antimony metal ingots go into bearings, storage batteries and ordnance. Antimony trisulfide is used as a primer in ammunition. In a conflict or supply shock, these are not optional inputs — which is precisely why antimony sits on the U.S. critical-minerals list and in the National Defense Stockpile.

The zeolite segment

Through its Bear River Zeolite (BRZ) operation in Idaho, the company mines and processes zeolite — an industrial mineral used in water filtration, sewage and environmental cleanup, odor control, gas separation, animal nutrition and soil amendment. Zeolite is a steadier, lower-profile revenue contributor that diversifies the company away from pure antimony-price exposure.

03The DLA Contract And The National Defense Stockpile

The centerpiece catalyst is a contract with the arm of the Pentagon that manages America’s strategic material reserves. In September 2025, UAMY secured a five-year, sole-source Indefinite Delivery / Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which runs the National Defense Stockpile (NDS). Per the company’s 10-Q, the contract carries a maximum value of $245 million and covers the sale of antimony metal ingots at 99.65% purity to replenish the stockpile through September 2030.

Mechanically, this is not a lump-sum award. Pricing is set at the time each delivery order is placed, based on prevailing market rates, and each shipment is a separate performance obligation — revenue is recognized only when ingots are delivered to the DLA depot and formally accepted. That structure means the $245 million is a ceiling, not a guarantee, and the real signal is the cadence and size of individual delivery orders.

What has actually been ordered

• As of the Q1 2026 10-Q (data as of March 31, 2026), the company had received sales orders under the contract totaling approximately $12 million, and had recognized no revenue under the contract in Q1 2026.
• In its July 1, 2026 update, the company said cumulative DLA orders had grown to roughly $57.3 million, and that the first two ingot shipments (about 82,000 lbs) generated approximately $2.6 million in invoices to the government in June 2026.

04The Antimony Market And China’s Export Controls

UAMY’s re-rating cannot be understood without the commodity behind it. Antimony is a textbook case of supply concentration meeting strategic demand. China accounts for roughly 48% of global mined antimony and has historically supplied the majority of U.S. imports; by contrast the United States is heavily import-dependent — the USGS put U.S. net import reliance at about 91% in 2025.

The turning point was policy. In August 2024 China announced export restrictions on antimony products (effective September 2024), and by December 2024 escalated to a ban “in principle” on exports of antimony, gallium and germanium to the United States, framed as retaliation for U.S. semiconductor controls. Following the November 2025 U.S.–China leaders’ meeting, China suspended the outright ban and moved to a licensing regime that runs to November 27, 2026, though restrictions on military end-users remained. Analysts describe this as a tactical thaw rather than a permanent fix — the controls can be tightened again.

Prices reflected the squeeze. Western antimony assessments, historically in the low-to-mid teens of thousands of dollars per tonne, spiked to a record of roughly $59,750 per tonne (Fastmarkets, July 4, 2025) before easing as the licensing regime restored some flow. By mid-2026 Chinese domestic material had cooled toward roughly $16,000 per tonne while European material still traded around $23,000, keeping a premium on non-Chinese supply. (Current spot figures are approximate and move quickly.)

On the U.S. policy side, the trend has been clearly toward reshoring critical-minerals supply. A White House fact sheet dated July 20, 2026 directed the Department of War to tighten waivers for critical materials sourced from adversarial nations and to encourage defense contractors to qualify new domestic sources — part of a broader push that also includes a separate Section 232 critical-minerals track begun in 2025. Antimony is not named individually in that particular fact sheet, so the linkage to UAMY is analytical rather than a direct government endorsement — but the direction of travel unambiguously favors a domestic antimony processor.

05Federal Funding And The Thompson Falls Expansion

Beyond the sales contract, the U.S. government is helping pay to expand UAMY’s capacity. The company disclosed a $27 million grant from the Department of War under the Defense Production Act (DPA) to support expansion of the Thompson Falls, Montana smelter. Of that total, roughly $16.2 million was obligated and about $10.8 million subject to future authorization, with a company cost-share of approximately $3.9 million and a period of performance running to January 4, 2028.

The funding is milestone-based, and the balance sheet already reflects progress: as of March 31, 2026 the company carried a $12.8 million government grant receivable, representing milestones achieved and approved to date, with a corresponding reduction to construction-in-progress on the Thompson Falls expansion. In plain terms, Washington is co-financing the buildout of the only domestic antimony smelter — a strong signal of strategic intent and a partial offset to the capital UAMY would otherwise have to raise from shareholders.

06Diversification: Zeolite, Precious Metals And Fostung Tungsten

UAMY is not purely an antimony bet. Alongside the core smelter it runs three secondary levers that broaden the story and, in the case of tungsten, extend it into a second critical mineral.

Precious metals

At the Montana facility the company recovers gold and silver from third-party ore, giving it a modest by-product exposure to precious-metals prices that has grown in relevance as gold has traded at record levels.

Bear River Zeolite

The Idaho zeolite operation is the company’s second reportable segment and a steadier industrial-minerals revenue stream serving agriculture, water treatment and environmental markets — useful diversification away from antimony-price cyclicality.

Fostung Tungsten (development-stage)

In 2025 the company acquired property in the Sudbury District of Ontario, Canada, including 50 single-cell tungsten mining claims known as Fostung Tungsten. On April 10, 2026 it filed an Initial Assessment-level Technical Report Summary (effective March 24, 2026) reporting an inferred mineral resource of about 14.77 million tonnes at 0.17% WO₃, or roughly 54.2 million pounds of contained tungsten trioxide. Tungsten, like antimony, is a critical mineral subject to Chinese export controls, so Fostung fits the same strategic theme.

07Financials

The multi-year trend is one of rapid top-line growth against widening losses as the company scales up. Full-year 2025 revenue reached $39.3 million, up roughly 163% from $14.9 million in 2024, while the FY2025 net loss was $4.3 million. The first quarter of 2026 then showed the tension between growth and cost: revenue of $6.8 million was slightly below the $7.0 million of Q1 2025, gross profit fell to $1.1 million (a ~16% margin, down from ~34%), and operating expenses more than quadrupled — pushing the company to a sizeable quarterly loss.

The composition of the Q1 loss matters. It was driven principally by a $5.9 million surge in salaries and benefits (versus $1.0 million a year earlier, reflecting hiring and stock-based compensation as the company staffs up) and a $4.1 million non-cash unrealized loss on an equity-securities investment marked to market — not by a collapse in the antimony operation, which still produced positive gross profit. Notably, essentially none of the DLA stockpile revenue had yet been recognized in these figures, since deliveries only began in June 2026.

08Balance Sheet And Capital Structure

For all the operating losses, UAMY’s balance sheet is unusually clean for a micro-cap. At March 31, 2026 it held $3.2 million of cash plus $20.5 million of held-to-maturity debt securities (Treasuries, split $4.6M current and $15.9M non-current) — roughly $23.8 million of cash and Treasuries — alongside a separate $36.4 million portfolio of equity securities (the item that generated the Q1 mark-to-market loss). It also carried $22.0 million of inventory (a deliberate antimony build-up), a $12.8 million grant receivable, and near-zero debt (long-term debt of about $0.16 million). Working capital was $35.0 million and total stockholders’ equity was $131.9 million.

Dilution

The cost of that clean balance sheet has been shareholder dilution. Shares outstanding rose from roughly 120.7 million (August 2025) to about 140.0 million (year-end 2025), 143.7 million (March 31, 2026), and 148.2 million as of May 11, 2026. In Q1 2026 the company sold about 126,000 shares for cash and issued roughly 1.56 million shares on warrant exercises; after quarter-end it raised approximately $48.6 million by selling about 4.2 million shares at an average of roughly $11.57. At the June 12, 2026 annual meeting, shareholders also approved an increase in authorized shares, expanding the company’s capacity for future issuance.

09Management And Governance

UAMY is led by Gary C. Evans as Chairman and Chief Executive Officer, a role he has held since December 2024 after joining the board in 2022; Evans is a veteran energy and resources executive who has driven the company’s expansion and repositioning. Lloyd Joseph Bardswich serves as Executive Vice President and Chief Mining Engineer. The seven-member board (all re-elected at the June 12, 2026 annual meeting) includes Evans, Blaise Aguirre, Bardswich, Joseph A. Carrabba, John M. Keane, Jon R. Marinelli and Michael A. McManus.

Two governance items from 2026 are worth noting for transparency. First, longtime CFO Richard R. Isaak began a personal leave of absence effective May 4, 2026, and Shawn Winkler was appointed interim CFO and principal financial officer. Second, the company changed auditors in June 2026: Assure CPA, LLC was dismissed and Sadler, Gibb & Associates, LLC engaged — a change that resulted from Assure being acquired by Sadler Gibb, with the SEC filing stating there were no disagreements and no reportable events. The new auditor was ratified by shareholders at the annual meeting. Neither item is a red flag in itself, but both are the kind of change worth tracking.

10Analyst Coverage And Market Data

Coverage is light but real for a company this size. Per aggregated data, roughly six analysts have published on UAMY in the past year, with a consensus in the “Moderate Buy” range and an average price target around $9.25 (individual targets spanning roughly $5.00 to $11.75). Recent named actions include H.C. Wainwright (target raised to $11.75, May 18, 2026), B. Riley ($11.00, February 24, 2026), Alliance Global Partners (Buy reiterated, February 2026) and William Blair (initiated Outperform, October 2025); a quantitative Weiss Ratings model carried a “Sell” (June 2026). These are third-party opinions, presented for information only.

On market data, UAMY last traded around $5.36 (July 20, 2026 close), for a market capitalization of roughly $790 million on about 147.5 million shares. The 52-week range is wide — roughly $2.80 to $19.71 — a vivid reminder of how volatile the stock is and how much of its 2024–2025 run has since retraced.

11Retail Sentiment

UAMY is an active retail name and periodically trends near the top of StockTwits. The retail conversation clusters around the critical-minerals and defense supply-chain theme — the DLA contract, the China export controls, and speculation that the U.S. government could deepen its involvement in domestic antimony. Around July 21, 2026 the ticker trended prominently on a broad premarket move across critical-minerals stocks (alongside names like MP, USAR and TMC) tied to renewed U.S. supply-chain policy headlines, rather than a fresh company-specific announcement.

The tone is mixed. Bulls point to drying-up selling volume and the possibility of a squeeze; skeptics note that the stock has repeatedly faded intraday after green premarkets and that some of the “trending” energy references catalysts that are already weeks old. As always, this reflects the opinions of non-professional traders on social platforms, not institutional research, and should be read as a gauge of crowd mood — not as analysis or a signal.

12What Bulls See

The constructive view is that UAMY sits at a rare intersection of strategic necessity and government support. Antimony is defense-critical, the U.S. is ~91% import-reliant, and China controls the supply — so a domestic processor with a live DLA contract and a DPA-funded expansion is exactly what the policy environment is trying to create. The evidence is tangible rather than promotional: cumulative DLA orders grew from ~$12 million to ~$57.3 million between March and July 2026, FY2025 revenue jumped ~163%, and the balance sheet is essentially debt-free with cash, Treasuries and an equity portfolio to fund the buildout. Layer in optionality from tungsten (Fostung), precious-metals by-products and zeolite, plus antimony prices that remain far above their pre-2024 levels, and bulls argue UAMY is early in transforming from a micro-cap curiosity into a nationally important supplier.

13What Bears See

The skeptical view starts with the gap between narrative and numbers. UAMY generates only single-digit millions of revenue per quarter, posted an $11.3 million loss in Q1 2026, and — despite the $245 million contract ceiling — had recognized very little actual stockpile revenue (about $2.6 million invoiced through June 2026). Meanwhile the share count keeps climbing (from ~121M to ~148M in under a year) and shareholders just authorized more, so per-share value is a moving target. The whole thesis is leveraged to the antimony price and to Chinese policy: if Beijing normalizes exports and prices keep sliding from their 2025 peak, both the urgency and UAMY’s pricing power erode. Add ordinary small-cap risks — a wide, volatile 52-week range ($2.80–$19.71), thin analyst coverage, a mid-2026 CFO leave and auditor change, and heavy reliance on execution — and bears argue the market cap already prices in years of flawless delivery.

Key red flags to monitor

• Orders vs. revenue: DLA orders (~$57.3M) are not yet delivered revenue (~$2.6M invoiced through June 2026); the conversion pace is the swing factor.
• Dilution: share count up from ~121M to ~148M in under a year, with newly authorized shares enabling more issuance.
• Antimony-price / China dependence: the thesis weakens materially if China fully reopens exports and prices keep falling.
• Profitability: Q1 2026 gross margin compressed and operating costs surged; the business is not yet profitable.
• Valuation: ~$790M market cap on single-digit-million quarterly revenue leaves little room for disappointment.
• Governance changes: interim CFO and a 2026 auditor change (disclosed as routine) are worth continued tracking.

14Scenario Framework

The following are descriptive ways to think about how the story could evolve. They are not price targets, forecasts or recommendations.

15Bottom Line

United States Antimony is one of the purest listed ways to play the reshoring of a defense-critical mineral. The strengths are concrete and verifiable: the only significant U.S. antimony smelter, a five-year $245 million DLA stockpile contract whose orders have climbed to roughly $57.3 million, a $27 million DPA grant co-funding the Montana expansion, FY2025 revenue up ~163%, and a debt-free balance sheet. The caveats are just as concrete: the operation is still small and unprofitable, Q1 2026 lost $11.3 million, the share count keeps rising, and the entire thesis leans on antimony prices and Chinese policy that can move either way.

For a stock hub, the honest framing is a scorecard, not a verdict. The three things that decide the outcome are the conversion of DLA orders into delivered, recognized revenue, the path of antimony prices and Chinese export policy, and the pace of dilution as the company funds its growth. Everything else — the strategic status, the federal funding, the tungsten and zeolite optionality — is context around those. This report is a framework for tracking them, not a recommendation to buy or sell.