United States Antimony (NYSE:UAMY) reported lower second-quarter revenue as antimony selling prices declined sharply from a year earlier, while the company expanded volumes, built inventory for government deliveries and advanced mining and processing projects in North America.
Revenue for the quarter ended June 30 was approximately $7.9 million, down 25% from $10.5 million a year earlier, Interim Chief Financial Officer Shawn Winkler said. Revenue increased 17% sequentially from $6.8 million in the first quarter. For the first six months of 2026, revenue was $14.7 million, compared with $17.5 million in the prior-year period.
Margins Narrow as Prices Fall
Gross profit was approximately $600,000, representing a 7% gross margin, down from $2.8 million and a 27% margin a year earlier. Winkler attributed the compression almost entirely to the decline in antimony pricing.
The company recorded an operating loss of about $7 million, compared with operating expenses of $7.6 million. Expenses rose from $2.8 million a year earlier, reflecting higher share-based compensation, salaries and benefits associated with an expanded leadership team and operating infrastructure, as well as professional fees tied to growth initiatives.
Winkler said the operating loss included about $3.4 million of net non-cash items, including $2.9 million in share-based compensation and roughly $500,000 in depreciation and amortization. Reported net income was approximately $100,000, compared with $200,000 a year earlier, aided by a $6.8 million unrealized gain on the company’s investment in Larvotto Resources Limited and $400,000 in interest and investment income.
Zeolite revenue increased 110% to $1.9 million as tons sold rose 114%. Winkler cited broadened sales channels, particularly in cattle nutrition, and lower average production costs per ton.
Liquidity, Inventory and DLA Shipments
Cash and cash equivalents totaled $41.4 million at June 30, up from $3.2 million at March 31. The company also held $20.7 million in U.S. Treasuries, bringing total cash and Treasury liquidity to $62.2 million. Total assets rose to $190.6 million, while total liabilities declined to $9.6 million, according to Winkler.
Inventory reached $21.6 million at quarter-end, compared with $12.5 million at the end of 2025. Management said the increase was intentional, reflecting feedstock purchases and finished-goods inventory intended to support deliveries under its Defense Logistics Agency, or DLA, contract and other expected antimony demand.
For the first six months, the company used $20.7 million in operating cash flow, primarily due to working-capital investments, and spent $11.1 million on investing activities. Gross capital expenditures totaled $22.8 million, including investments in the Thompson Falls expansion, upgrades to the Radersburg flotation mill, mining claims in Alaska and Montana, and other projects. The company received $12.8 million in April under a milestone-based Department of War grant award.
Although the company shipped its first two DLA antimony-ingot deliveries in June, totaling approximately 82,000 pounds, final DLA acceptance occurred in July. Winkler said the related sale will be recorded in third-quarter results.
Damian Coleman, managing director of government affairs, said those June deliveries represented approximately $2.6 million in revenue. He said the company expects to deliver third and fourth truckloads the following week, which are anticipated to generate another $2.6 million in third-quarter revenue. Truckloads five through seven, totaling more than 120,000 pounds, were being tested and could contribute approximately $4 million in fourth-quarter cash flow, subject to third-party testing and acceptance.
Cumulative orders under the DLA contract totaled approximately $57.3 million, Coleman said. The company also is awaiting feedback on four grant applications submitted to the Departments of Energy and War totaling $275 million for antimony, tungsten and hydrometallurgical projects.
Mining and Processing Projects Advance
Chief Mining Engineer Joe Bardswich said mining resumed in late July at the Stibnite Hill mine in Montana after plans were approved by the Mine Safety and Health Administration. An additional 25 truckloads of material, at 16 tons each, had been mined and shipped as of the call. The company previously excavated about 800 tons of ore grading approximately 10% antimony from the property for shipment to the Radersburg mill.
At Radersburg, Vice President of Antimony Aaron Tenesch said the facility had entered its operating phase to process roughly 1,100 tons of high-grade ore received from Stibnite Hill. The laboratory installation has been completed, a lab manager has been hired, and operators are feeding ore into the system daily.
In Alaska, the company is conducting trenching and drilling at Ester Dome near Fairbanks in an effort to locate near-surface stibnite associated with soil anomalies. Evans said no antimony production was yet coming from Alaska. The company also plans a summer core-drilling program at the MK copper property.
At Nolan Creek near Wiseman, Alaska, Bardswich said the company had built a seven-mile road to claims acquired in January and hosted two mining contractors for underground site inspections. The company is seeking bids for additional underground development and mining, with operations tentatively planned to begin late in 2026. Bardswich cited a publicly available estimate from Tom Bundtzen of an inferred resource of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton.
Tenesch said the first shipment of metallic antimony from Bolivia was on the water, with the facility expected to reach a rate of roughly 150 tons per month over the coming months. He also said the company’s hydrometallurgical joint venture with Americas Gold and Silver in Idaho continued to progress, though equipment, contractor and logistics delays had affected development activities during 2026.
Outlook Revised for Antimony Pricing
Chief Executive Officer Gary C. Evans said the company lowered its 2026 revenue guidance to $60 million to $75 million because of lower antimony prices, rather than delivery timing. He said the company would seek to complete the approximately $57 million in DLA orders during 2026.
Evans said he expected antimony prices to remain around $10 per pound for the rest of 2026, while cautioning that the company cannot predict market pricing. He said management expects margins to expand in the third and fourth quarters as DLA shipments are recognized.
“The key metric should be pounds of product delivered,” Evans said, pointing to higher antimony and zeolite volumes. He also said the company continues to evaluate acquisitions but has rejected multiple opportunities that did not meet its geological, engineering, financial or timing requirements.
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.
