US Antimony: Integrated Growth Strategy and Government Contract Support 45% Upside Potential

William Blair analyst Neal Dingmann has maintained their bullish stance on UAMY stock, giving a Buy rating today.

Neal Dingmann has given his Buy rating due to a combination of factors tied to U.S. Antimony’s growth trajectory and improving fundamentals. He expects meaningful revenue and earnings expansion as production volumes increase, costs improve, and several projects—such as the Thompson Falls and Madero smelters along with the tungsten initiative—continue to ramp, supported by reliable feedstock from both international suppliers and future internal mining sources.

Dingmann also highlights the company’s transition toward a fully integrated domestic antimony platform, underpinned by substantial capacity expansion and a sizable, multi‑year U.S. government contract that secures a significant portion of future sales. Although there have been timing delays and a one‑time non‑cash expense that inflated reported losses, he views these as transitory, and his valuation work still indicates roughly 45% upside from the current share price, justifying the Buy recommendation.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $11.50 price target.