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United States Antimony (UAMY)
NYSE:UAMY
US Market

United States Antimony (UAMY) AI Stock Analysis

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UAMY

United States Antimony

(NYSE:UAMY)

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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
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Neutral 53 (OpenAI - 5.2)
Rating:53Neutral
Price Target:
$8.50
▲(4.17% Upside)
Action:ReiteratedDate:03/21/26
The score is held back primarily by weak financial performance—continued losses and significant recent cash burn—despite low leverage. Offsetting positives include a generally constructive earnings outlook with large contract opportunities and supportive corporate developments (NYSE uplisting and expansion initiatives), while technicals are mixed with near-term weakness but longer-term trend support.
Positive Factors
Multi-year strategic contracts
Large multi-year supply agreements materially increase revenue visibility and lower sales volatility. These contracts create durable demand channels, support production scaling at expanded facilities, and improve the company's ability to plan capex and staffing over multiple years, strengthening long-term cash flow prospects.
Low leverage and strong cash raise
Very low debt plus recent equity-funded cash inflows provide financial flexibility to execute expansions and JV commitments without near-term borrowing. This balance-sheet strength reduces solvency risk during scale-up and gives management optionality for funding capex or smoothing operations while seeking sustained positive cash generation.
Vertical integration & capacity expansion
Expanding mining, milling and hydrometallurgical processing builds a vertically integrated North American supply chain. Control of ore-to-product flow can raise recoveries, lower per-unit costs, and improve margins long-term while differentiating USAC as a non-China/Russia integrated supplier for defense and industrial customers.
Negative Factors
Negative operating cash flow
Persistent cash burn threatens the company's runway: negative operating cash flow and deeply negative free cash flow indicate internal operations are not yet self-sustaining. Continued deficits may force further equity raises or delay projects, increasing dilution risk and placing execution pressure on management over the next several quarters.
Ongoing unprofitable operations
Despite revenue recovery, negative EBITDA and net margins show the business has not converted growth into sustainable profitability. Structural cost drivers, ramp inefficiencies, or non-cash charges could persist, meaning earnings improvements depend on successful scaling and permanent cost reductions rather than temporary revenue spikes.
Execution and commodity-price risk
Margins and timelines are exposed to antimony price swings and permitting delays. Inventory build and delayed permits can compress margins and postpone revenue from new mines. These operational and commodity risks create uncertainty around the timing and size of the company’s projected benefits from recent expansion projects.

United States Antimony (UAMY) vs. SPDR S&P 500 ETF (SPY)

United States Antimony Business Overview & Revenue Model

Company DescriptionUnited States Antimony Corporation produces and sells antimony, silver, gold, and zeolite products in the United States and Canada. The company's Antimony division offers antimony oxide that is primarily used in conjunction with a halogen to form a synergistic flame retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper. Its antimony oxide is also used as a color fastener in paints; as a catalyst for the production of polyester resins for fibers and films; as a catalyst for the production of polyethelene pthalate in plastic bottles; as a phosphorescent agent in fluorescent light bulbs; and as an opacifier for porcelains. In addition, this division offers sodium antimonite; and antimony metal for use in bearings, storage batteries, and ordnance; and precious metals. The company's Zeolite division provides zeolite deposits for soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, and animal nutrition applications. Its zeolite products also have applications in catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, and floor cleaners, as well as carriers for insecticides, pesticides, and herbicides. United States Antimony Corporation was founded in 1968 and is based in Thompson Falls, Montana.
How the Company Makes MoneyUAMY primarily makes money by selling specialty materials—most notably antimony products and zeolite—into industrial supply chains. (1) Antimony products revenue: The company generates revenue from the sale of antimony metal and antimony oxide. These products are typically sold to industrial customers and distributors for use in downstream manufacturing (for example, antimony trioxide used in flame-retardant formulations and other chemical applications, and antimony metal used in metallurgical and alloy-related applications). Revenue is generally driven by shipment volumes and realized selling prices, which are influenced by prevailing antimony market prices and product mix (metal vs. oxide) as well as customer demand. (2) Zeolite products revenue: The company also generates revenue from the sale of zeolite products. Zeolite sales depend on volumes, pricing, and end-market demand for zeolite-based products. (3) Other/ancillary sources: null. Significant partnerships or specific contractual arrangements materially contributing to earnings: null.

United States Antimony Earnings Call Summary

Earnings Call Date:Nov 12, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call presented a mixed but generally positive outlook. While there are some financial challenges, such as a net loss and gross margin pressure, the overall growth in sales, strong cash position, and strategic agreements highlight a positive trajectory for the company. The significant stock performance and expansion into new mining operations further indicate a strong growth potential.
Q3-2025 Updates
Positive Updates
Record Sales Growth
Sales for the first nine months of 2025 were $26.2 million, up 182% over the prior year.
Strong Cash Position
Ended the third quarter with cash and best investments of $38.5 million, an increase of $20 million this year.
Strategic Supply Agreements
Secured a three-year supply agreement with a new supplier of antimony ore and a five-year sole source sales contract with the DLA.
Successful Fundraising
Nearly $43 million of cash was generated from the exercise of preexisting warrants and stock sales.
Stock Performance
Share price climbed from $3.8 to $7.62 per share, with a market cap expanding from $200 million to more than $1 billion.
New Mining Operations
Started mining operations in Montana, acquiring mining claims in Alaska, Canada, and expanding processing facilities.
Negative Updates
Net Loss
Consolidated net loss was $4.1 million for the first nine months of 2025, although this included $5.2 million of non-cash expenses.
Gross Margin Pressure
Gross margin increased by four percentage points to 28%, but there will be pressure due to declining antimony market prices.
Delayed Permits in Alaska
Permit approval for operations in Alaska was delayed until mid-September, affecting planned operations.
Company Guidance
During the United States Antimony Corporation's third-quarter conference call, several key metrics and guidance for future operations were discussed. The company reported sales of $26.2 million for the first nine months of 2025, marking a 182% increase from the previous year, with October sales alone reaching $5.6 million. Gross margins rose by four percentage points to 28%, although there is anticipated pressure due to declining antimony prices. The company aims to counteract this with cost reductions and high-margin contracts. They reported a consolidated net loss of $4.1 million, which included $5.2 million in non-cash expenses. Inventory increased significantly, from $3 million to $9 million in value, reflecting an additional 300,000 pounds of antimony. The company also secured significant contracts, including a $245 million agreement with the Defense Logistics Agency and a $107 million commercial contract, positioning them for substantial revenue growth in 2026. The expansion of their Montana facility is 65% complete, and they plan to increase production to between 500 and 600 tons monthly. The company ended the quarter with $38.5 million in cash and investments, an increase of $20 million year-to-date, and maintained minimal long-term debt of $229,000.

United States Antimony Financial Statement Overview

Summary
Financials are constrained by weak profitability and cash flow despite improving revenue. Income statement strength is limited (loss-making with negative EBITDA and net margins), the balance sheet is conservatively levered (minimal debt), but cash generation is a major risk with negative operating cash flow and deeply negative free cash flow in the most recent year.
Income Statement
38
Negative
Revenue rebounded sharply in 2025 (up ~18.6% vs. 2024), but profitability remains weak. Gross margin improved and stayed positive in 2024–2025 (~23–25%) after a very poor 2023, yet operating results are still meaningfully negative (2025 EBITDA margin about -21.5%) and net losses persisted (2025 net margin about -11.1%). Overall, the top-line trajectory is improving, but the business has not translated that recovery into sustainable earnings.
Balance Sheet
72
Positive
Leverage is very low in the most recent year, with debt minimal relative to equity (2025 debt-to-equity ~0.001), suggesting limited balance-sheet financial risk. However, returns to shareholders have been negative in recent years (2025 return on equity about -3.1%; worse in 2023–2024), reflecting that the company is not currently generating profits despite a sizable equity base. Strong capital position, but weak returns.
Cash Flow
24
Negative
Cash generation is a key concern. Operating cash flow swung from positive in 2024 to negative in 2025 (about -$9.7M), and free cash flow was deeply negative in 2025 (about -$37.5M), indicating heavy cash burn. While some historical periods show better alignment between cash flow and reported earnings, the most recent year’s deterioration suggests funding needs and execution risk if negative cash flow persists.
BreakdownDec 2025Dec 2024Mar 2024Dec 2022Dec 2021
Income Statement
Total Revenue39.26M14.94M8.69M11.04M7.75M
Gross Profit9.87M3.47M-3.34M2.00M838.61K
EBITDA-8.46M-1.29M-5.89M1.26M825.95K
Net Income-4.34M-1.73M-6.35M428.66K-60.47K
Balance Sheet
Total Assets153.93M34.64M28.09M34.70M35.00M
Cash, Cash Equivalents and Short-Term Investments30.49M18.17M11.97M19.32M21.62M
Total Debt185.05K1.71M28.44K312.00K215.15K
Total Liabilities12.97M6.04M2.57M2.83M2.63M
Stockholders Equity140.96M28.60M25.52M31.87M32.37M
Cash Flow
Free Cash Flow-37.50M1.79M-6.28M-1.98M-3.08M
Operating Cash Flow-9.69M2.22M-4.75M-249.28K-2.43M
Investing Cash Flow-87.40M-42.07K-1.34M-1.79M-653.13K
Financing Cash Flow109.48M4.14M-1.07M-267.73K23.78M

United States Antimony Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price8.16
Price Trends
50DMA
8.84
Negative
100DMA
7.65
Positive
200DMA
6.45
Positive
Market Momentum
MACD
0.24
Positive
RSI
44.31
Neutral
STOCH
13.74
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UAMY, the sentiment is Neutral. The current price of 8.16 is below the 20-day moving average (MA) of 9.50, below the 50-day MA of 8.84, and above the 200-day MA of 6.45, indicating a neutral trend. The MACD of 0.24 indicates Positive momentum. The RSI at 44.31 is Neutral, neither overbought nor oversold. The STOCH value of 13.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UAMY.

United States Antimony Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
58
Neutral
$1.22B8.8414.19%1.14%7.92%91.83%
53
Neutral
$1.17B-143.02-6.14%240.12%0.98%
50
Neutral
$697.98M-5.12-22.22%1.17%-16.89%-403.77%
49
Neutral
$381.96M-11.63-46.98%821.40%44.70%
47
Neutral
$643.77M-248.46-44.72%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
UAMY
United States Antimony
8.16
5.93
265.92%
GSM
Ferroglobe
3.74
-0.02
-0.53%
NEXA
Nexa Resources SA
9.19
3.55
62.91%
NB
NioCorp Developments
4.43
2.27
105.09%
ABAT
American Battery Technology
2.90
1.89
187.13%
CRML
Critical Metals Corp
7.72
6.18
401.30%

United States Antimony Corporate Events

Business Operations and StrategyFinancial Disclosures
United States Antimony Sets Date for FY 2025 Results
Neutral
Mar 17, 2026

On March 16, 2026, United States Antimony Corporation announced it would release fiscal year 2025 financial and operating results after U.S. markets close on Thursday, March 19, 2026. The company said senior management would host a conference call and webcast at 4:15 p.m. Eastern time that day to discuss the results, with a replay available afterward, signaling an upcoming update on performance for investors and other stakeholders.

US Antimony, which positions itself as the only fully integrated antimony company outside China and Russia and a key supplier of critical minerals, highlighted its diversified product mix across antimony derivatives, zeolite, and precious metals. The planned disclosure of full-year results comes as the company continues efforts begun in 2024 and 2025 to secure additional mining claims in North America, aimed at reducing reliance on third-party ore and broadening its product offerings.

The most recent analyst rating on (UAMY) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and StrategyDelistings and Listing Changes
United States Antimony Announces NYSE Uplisting Approval
Positive
Mar 6, 2026

On March 6, 2026, United States Antimony Corporation announced that the New York Stock Exchange had approved the uplisting of its common stock from NYSE American to the NYSE, where it will continue to trade under the ticker UAMY. Trading on the NYSE is expected to begin on or about March 11, 2026, while the shares will remain listed on the NYSE Texas Exchange under the same symbol.

The uplisting is positioned by the company as a key step toward deepening its institutional and retail shareholder base through access to a larger exchange, a new market-making specialist, and enhanced trading characteristics. Existing shareholders are not required to take any action ahead of the move, and trading on NYSE American will cease once the NYSE listing becomes effective.

The most recent analyst rating on (UAMY) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
United States Antimony Highlights North American Supply Strategy
Positive
Feb 27, 2026

United States Antimony has furnished new investor presentation materials outlining its strategy to expand a secure North American antimony supply chain and highlight its unique position as the only fully integrated producer in the region. The materials emphasize the company’s operational platform, including permitted smelters in Montana and Mexico and growing mining and processing capabilities in North America.

The presentation also details global supply constraints driven by China and Russia’s dominance in antimony, rising prices since 2024–2025, and USAC’s efforts to leverage this backdrop through international ore supply partnerships in Chad, Peru, Australia and Bolivia and the restart of its Madero smelter. These disclosures, provided in connection with a current report filing, are explicitly characterized as informational and non‑filed, and are accompanied by extensive cautionary language regarding forward‑looking statements and associated risks for investors.

The most recent analyst rating on (UAMY) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and Strategy
United States Antimony Forms Idaho Hydrometallurgical Joint Venture
Positive
Feb 10, 2026

On February 10, 2026, United States Antimony Corporation announced a joint venture with Americas Gold and Silver Corporation to build and operate a state-of-the-art hydrometallurgical processing facility in Idaho, adjacent to Americas’ active silver, copper, and antimony mines. The venture, owned 51% by Americas and 49% by US Antimony with US Antimony as managing member, aims to improve control, recoveries, and costs for processing copper, silver, and antimony from Americas’ operations.

The Idaho site already holds key environmental and dam safety permits, allowing construction planning to begin immediately and positioning the project as the first commercial-scale hydromet processing center of its kind in North America, using technology exclusively licensed to US Antimony. Executives from both companies framed the deal as a “made in the USA” mine-to-finished-product antimony solution that enhances Americas’ downstream antimony exposure, accelerates U.S. critical mineral capacity, and is intended to create additional value for shareholders by capturing processing profits that previously went unrealized.

The most recent analyst rating on (UAMY) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
United States Antimony advances Bolivian hydrometallurgical expansion
Positive
Jan 29, 2026

On January 28, 2026, United States Antimony Corporation announced that since mid-2025 it has been funding and assisting the development of a commercial-scale hydrometallurgical processing facility in Bolivia to refine antimony and other critical minerals, expanding the plant’s size and output fifteenfold and securing an exclusive contract to receive its antimony flake. The first shipment of roughly 150 tons is expected to reach USAC’s newly expanded Thompson Falls, Montana smelter in February–March 2026, which management says should significantly boost throughput and enable production that meets military specifications, reinforcing the company’s position as the only fully integrated antimony producer outside China and Russia; USAC has also filed a $44 million funding request with the U.S. Department of Energy and is preparing a separate application to the Department of War to support additional state-of-the-art hydromet facilities in North America based on the Bolivian-developed hydromet process, underscoring its push to lead in critical mineral processing for industrial and U.S. government customers.

The most recent analyst rating on (UAMY) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and StrategyM&A Transactions
United States Antimony acquires Montana critical minerals mill
Positive
Jan 20, 2026

On January 20, 2026, United States Antimony Corporation announced that it had closed, on January 16, 2026, the $4.75 million cash acquisition of a fully operational critical minerals flotation facility in Radersburg, Montana, with a further $2 million budgeted for equipment upgrades, positioning the asset within 250 miles of its expanding Thompson Falls smelter. The Radersburg Mill, equipped with gravity and flotation circuits capable of concentrating antimony-bearing stibnite as well as gold, silver, copper, and other metals, is intended to process raw ore from Alaska and Montana and replace a previously cancelled lease of a similar Montana facility, strengthening USAC’s integrated supply chain, enhancing its ability to meet industrial and government demand for antimony products, and providing additional milling opportunities to support profitability and operational control.

The most recent analyst rating on (UAMY) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and Financing
United States Antimony Highlights Strong 2025 Growth and Contracts
Positive
Jan 5, 2026

In a January 5, 2026 letter reviewing performance in calendar year 2025, United States Antimony reported a 182% rise in its share price and a 250% increase in market capitalization, alongside a surge in liquidity from $18.2 million to about $90 million and record revenues and cash flow through the first three quarters. Full‑year revenues climbed from $14.9 million in 2024 to roughly $39 million in 2025, driven mainly by higher pricing on antimony and zeolite, while the company expanded its asset base with new antimony and tungsten leases, issued a long‑life zeolite reserve report, restarted its Madero smelter, and advanced expansion of its Thompson Falls smelter. US Antimony also secured two major five‑year contracts worth more than $350 million in aggregate—one with the U.S. Defense Logistics Agency to replenish the National Defense Stockpile and another with an industrial customer for fire‑retardant materials—completed $69.2 million of equity offerings, dual‑listed its shares, and broadened its investor base to about 30% institutional ownership. Management emphasized that the company has become a fully integrated antimony producer outside China and Russia and highlighted that future growth in 2026 is expected to come primarily from higher production volumes supported by increased ore procurement and mining, signaling a strengthening competitive position in the North American critical minerals sector and a deeper alignment with U.S. defense and industrial supply chain needs.

The most recent analyst rating on (UAMY) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on United States Antimony stock, see the UAMY Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Mar 21, 2026