<div id="readability-page-1"><p>United States Antimony Corp. ((UAMY)) has held its Q1 earnings call. Read on for the main highlights of the call.</p><h3>Claim 55% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <p>United States Antimony Corp. delivered an upbeat yet sober earnings call, stressing that long-term strategic wins are building faster than near-term financial results suggest. Management highlighted government backing, capital strength, resource scale and operational expansion, while acknowledging cost pressures, project delays and investment volatility that could make the next few quarters uneven.</p> <h2>Stable Revenue Base, Zeolite Demand Accelerating</h2> <p>Consolidated Q1 sales of $6.8 million were essentially flat year-over-year, but headline numbers obscured meaningful traction in zeolite. March 2026 zeolite shipments ran about 60% above March 2025 levels and overshot monthly targets by roughly 42%, with April volumes approximately 66% above target, signaling rising demand and better plant utilization into Q2.</p> <h2>Balance Sheet Fortified by Cash and Equity Raises</h2> <p>The company ended Q1 with $60.2 million in cash and liquid securities and then added a $12.8 million government grant and $48.6 million of equity proceeds at roughly $11.57 per share. Management now counts about $118.9 million in cash, Treasuries and marketable securities on hand, with debt effectively negligible at roughly $162,000.</p> <h2>Federal Grants and Contracts Underpin Growth Story</h2> <p>United States Antimony secured a $27 million Department of Defense grant, with $12.8 million already received, and landed $12 million in initial orders under a federal contract. The company is also pursuing a large pipeline of additional government funding, with about $274 million of applications outstanding across hydrometallurgy, tungsten and other critical mineral projects.</p> <h2>Thompson Falls and Radersburg Drive Capacity Build-Out</h2> <p>At Thompson Falls, capacity is set to jump from about 75 tons per month to roughly 230 tons monthly as nine furnaces come online in stages, with management targeting around 80% of new capacity by mid-July. The Radersburg flotation mill, bought for $4.3 million, is being equipped with an in-house lab to accelerate assays and shorten the cycle from exploration to production decisions.</p> <h2>High-Grade Resources Highlight Long-Term Optionality</h2> <p>A new technical report on the Fostung tungsten deposit outlined an inferred resource of 14.62 million metric tons grading 0.17% WO3, or about 53.6 million pounds of contained tungsten trioxide. Using a cited tungsten price of $3,300 per MTU, management framed the theoretical in-ground value at roughly $9.3 billion, while the Nolan Creek antimony-gold deposit was pegged at over $460 million of gross metal value.</p> <h2>Hydromet JV Targets Half of U.S. Antimony Market</h2> <p>Through a joint venture with Americas Gold and Silver, the company plans a 120,000 square foot hydrometallurgical facility in Idaho aimed at producing about 1,000 tons per month of 99.9% pure antimony by 2028. Management described this as roughly half of the total U.S. antimony market and emphasized that hydromet processing should unlock lower-grade and more contaminated feedstocks.</p> <h2>NYSE Uplisting Spurs Market Re-Rating</h2> <p>The stock’s uplisting to the NYSE Classic Board and a high-profile opening bell ceremony in March coincided with a sharp market re-rating. Shares climbed from $5.93 to $8.30 during Q1, lifting market capitalization from about $830 million to roughly $1.19 billion, while average daily trading volume swelled to more than 12 million shares and institutional ownership approached 50%.</p> <h2>Sourcing and Processing Gains Support Scaling</h2> <p>In Mexico, the Madero smelter locked in consolidated supply contracts averaging roughly 225 tons of quality feedstock per month, bolstering reliability on the input side. Early metallurgical work at Radersburg has been encouraging, with initial flotation tests generating antimony concentrates grading above 60%, which could support higher-value sales over time.</p> <h2>Higher Costs Drag Q1 Profitability</h2> <p>Despite strategic progress, profitability moved in the wrong direction as gross profit fell by $1.3 million year-over-year, reflecting higher labor, factory, import and freight costs. The company posted a net loss of $11.3 million, driven largely by $4.8 million of noncash stock-based compensation and a $4.1 million unrealized loss on its Larvotto investment.</p> <h2>Segment Sales Soft Amid Front-Loaded Investments</h2> <p>Antimony segment sales slipped about 2% versus the prior year and zeolite segment sales declined around 7% for the quarter, even as volumes improved late in the period. Management tied weaker near-term margins to deliberate, front-loaded spending on inventory, staffing, logistics and automation, along with higher freight and diesel costs intended to prepare for much larger volumes.</p> <h2>Larvotto Stake Adds Volatility and Governance Risk</h2> <p>The Larvotto equity holding generated an unrealized mark-to-market loss of roughly $4.1 million in Q1 and has been a flashpoint on the call. Executives cited poor engagement with Larvotto’s leadership and openly discussed the possibility of exiting the position while noting that subsequent price swings could have flipped results by about $14 million, underscoring its volatility.</p> <h2>Delays, Weather and Regulatory Hurdles Slow Ramp</h2> <p>Supply chain issues, including delayed OEM heat exchangers and commissioning setbacks, have pushed out parts of the Thompson Falls ramp, while regional flooding and weather hindered fieldwork at Fostung. In Montana, regulators requested additional leach testing at Stibnite Hill, delaying approvals and potentially slowing the company’s planned 2026 mining ramp-up.</p> <h2>Inventory Build Boosts Readiness but Ties Up Cash</h2> <p>Inventory rose by $9.5 million to $22 million at quarter-end as the company proactively bought feedstock and prepared for higher throughput at its facilities. Management framed the inventory build as a necessary step to support upcoming federal contracts and production growth, even as it temporarily absorbs working capital and weighs on free cash flow.</p> <h2>Execution Risks and Expectation of Bumpy Quarters</h2> <p>Executives cautioned that investors should expect uneven quarterly results while new furnaces, mills and laboratories are commissioned and ramped. Several grant payments and project timelines hinge on hitting technical and permitting milestones, and some awarded funds are not expected to be accessible in 2026, adding another layer of timing risk.</p> <h2>Guidance: Big 2026 Revenue Ambition Reaffirmed</h2> <p>Despite Q1 losses and operational hiccups, management reiterated its 2026 revenue target of $125 million, up from a previously signaled $100 million. They expect $75 million to $95 million of that to stem from federal antimony ingot shipments by year-end, supported by expanded Thompson Falls capacity, stable Madero feeds, the Radersburg mill and strong zeolite demand.</p> <p>United States Antimony’s latest call presented a classic build-now, harvest-later narrative, with investors asked to look past short-term losses and operational wrinkles. With government demand, resource scale, new capacity and a strengthened balance sheet, the upside case is compelling, but the stock remains tightly tied to disciplined execution over the next several quarters.</p></div>

UAMY

<p>United States Antimony Corp. reported Q1 earnings with stable sales of $6.8 million, highlighting growth in zeolite demand and a strong cash position of $118.9 million. The company secured a $27 million Department of Defense grant and is expanding capacity at its Thompson Falls facility. Despite a net loss of $11.3 million due to rising costs, management remains optimistic about long-term growth, including a joint venture targeting half of the U.S. antimony market. The stock's uplisting to NYSE has boosted its market capitalization significantly.</p>

United States Antimony Maps Ambitious Growth Path