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United States Antimony Corporation (NYSE American: UAMY) is a diversified mining, transportation, milling, smelting, and sales company with a primary focus on antimony, silver, gold, and zeolite products in the United States and Canada. The company operates through four key segments: United States Antimony, Mexican Antimony, Zeolite, and Precious Metals.
The company’s Antimony Division offers a range of products, including antimony oxide, used extensively as a flame retardant component in plastics, rubber, fiberglass, textiles, paints, coatings, and paper. Antimony oxide also serves as a color fastener in paints, a catalyst for polyester resins and polyethylene terephthalate production, a phosphorescent agent in fluorescent bulbs, and an opacifier for porcelains. Additional products include sodium antimonite for glass fining and flame retardants, antimony metal for bearings, storage batteries, and ordnance, and other precious metals.
The Zeolite Division focuses on the mining and processing of zeolite, an industrial mineral with applications in soil amendment, fertilizer, water filtration, sewage treatment, nuclear waste cleanup, odor control, gas separation, and animal nutrition. Zeolite is mined from the company’s deposits in southeastern Idaho.
Recently, United States Antimony Corporation has made significant strategic moves, including the planned discontinuation of all Latin America operations. This includes the closure of its Madero smelter facility and Puerto Blanco mining facility in Mexico. The decision was driven by consistent negative cash flow and operational challenges, such as stringent new mining laws, safety concerns, and uncollectible tax amounts from the Mexican government.
The company continues its profitable antimony operations at its Thompson Falls, Montana facility, sourcing raw material from Canada. USAC is also exploring new antimony deposits in Alaska and Canada and collaborating with U.S. governmental departments for potential grants and loans.
USAC's financial performance has seen positive trends, with a 28% increase in revenue in the first quarter of 2024 compared to the same period in 2023. The company's gross profit increased by 108% due to improved operational efficiencies and strategic closures. Despite increased operating expenses, the company reported net income of $86k for Q1 2024 and maintains a robust cash position of $11.94 million as of March 31, 2024.
United States Antimony Corporation is dedicated to maintaining its strong market position and continues to explore new opportunities to expand its product offerings and improve operational efficiencies.
United States Antimony (NYSE:UAMY) has provided an operational update on its 100% owned Madero Smelter in Coahuila, Mexico. A five-member management team conducted an operational review to assess improvements needed to restart operations. The facility aims to process approximately 100 tons of antimony ore per month, with the first international supply expected to arrive in March 2025.
The smelter houses 17 furnaces (3 large, 14 small), with plans to repair and refurbish at least six furnaces over the next 30 days. The capital expenditure program, estimated at less than $1 Million, includes improvements to air compressors, construction of air control plenum systems, and furnace tilting. These upgrades aim to streamline operations and reduce human interaction.
According to John C. Gustavsen, President of the Antimony Division, the company has rehired important field personnel and notes that worldwide antimony prices have reached all-time highs, exceeding $20.00 per pound.
United States Antimony (NYSE:UAMY) has entered into an exclusive option agreement to acquire 100% ownership of 120 state mining claims in Alaska, covering approximately 17,900 acres with significant Stibnite antimony mineral potential. The agreement includes staged payments of $3 million and exploration commitments of $2.25 million over a five-and-a-half-year period, along with a Net Smelter Royalty.
The claims have shown promising results from historic exploration programs, particularly through soil sampling that revealed areas with high antimony values near the surface. The location offers excellent road access, and USAC plans to immediately begin preparing a field program to assess the resource potential, focusing on accessible, near-surface antimony deposits while maintaining environmental compliance.
United States Antimony (NYSE:UAMY) has announced its participation in the 2025 Mining Conference: Mining & Supplying Critical Minerals & Precious Metals, hosted by Maxim Group on January 16th, 2025. Jonathan Miller, Vice President of Investor Relations, will engage in a 25-minute fireside Q&A session at 11:30 am EST, discussing USAC's strategic initiatives for domestic antimony supply chains and providing updates on antimony and zeolite operations.
The conference will feature virtual discussions focusing on future trends in mining and supplying critical minerals and precious metals. According to Maxim Group's Senior Research Analyst Tate Sullivan, the upcoming U.S. presidential inauguration may influence how mining companies supply critical minerals to various countries, including China and the U.S. The event will be accessible via live webcast on M-Vest, with a replay available on the Company's website.
United States Antimony (NYSE American:UAMY) has secured a second international antimony supply contract from Thailand, comprising 50 wet metric tons (two full containers) expected to arrive at Mexico's Manzanillo port in March 2025 for processing at the Company's Madero Smelter.
Additionally, UAMY filed a new $100 million universal shelf registration statement on Form S-3 with the SEC, replacing its existing $25 million shelf registration expiring in January 2025. This filing aims to provide flexibility for future capital market access, though no immediate plans for securities issuance exist.
This development, combined with the previously announced Australian antimony supply agreement on December 20, 2024, positions UAMY for what management expects to be an exceptional fiscal 2025.
United States Antimony (NYSE:UAMY) has secured a new international contract for antimony shipments from Australia and plans to restart its Madero, Mexico smelter. The facility, which was shut down in March 2024 due to lack of economic antimony material, will undergo capital improvements estimated at less than $1 Million, including refractory relining of rotary furnaces and maintenance work.
The Madero smelter has an engineered capacity of 200 tons per month. Initial shipments are expected to arrive at Mexico's Manzanillo port in March 2025 after a 75-day ocean voyage. The company anticipates potential increases in antimony ore quantities up to 300 tons per month as they optimize processing operations for the new material.
United States Antimony (NYSE AMERICAN:UAMY) announced the relocation of its corporate headquarters from Thompson Falls, Montana, to Dallas, Texas, with no associated transition costs. The company also revealed key management changes effective December 9, 2024: Gary C. Evans has assumed the Chief Executive role while continuing as Chairman, and Joe Bardswich becomes Executive Vice President and Chief Mining Engineer, while remaining a board member and President of new mining subsidiaries.
The restructuring aims to better align roles and responsibilities, with Evans focusing on corporate leadership and Bardswich concentrating on mining operations and production. The company emphasizes its transformation over the past year and plans to expedite mining prospect development from the typical 25-year timeline to less than one year, focusing on previously discovered ore deposits on private and State/Provincial properties.
United States Antimony (NYSE AMERICAN:UAMY) has announced its participation in The Benchmark Company's 13th Annual Discovery One-on-One Investor Conference. The event is scheduled for December 11, 2024, at the New York Athletic Club in New York City. During the conference, USAC management will engage in one-on-one meetings with investors and analysts, providing an opportunity for direct interaction with institutional and individual investors.
Perpetua Resources (Nasdaq: PPTA) has announced a collaboration with U.S. Antimony (NYSE: UAMY) to conduct metallurgical testing of antimony concentrate samples from the Stibnite Gold Project. The project contains an antimony reserve of 148 million pounds, representing the only U.S. domestic reserve and one of the largest reserves outside Chinese influence.
The Stibnite Gold Project is projected to supply approximately 35% of total U.S. antimony demand during its first six years of operations, according to the 2023 USGS antimony commodity summary. USAC's Montana-based facility has potential capabilities to process certain quantities of antimony concentrate from the project, supporting efforts to establish a fully domestic antimony supply chain.
United States Antimony (NYSE: UAMY) has signed a Metallurgical Testing Agreement with Perpetua Resources to evaluate antimony-rich material from Perpetua's Stibnite Gold Project in Idaho. The agreement involves testing antimony ore samples at USAC's Montana facility to assess potential commercial production specifications.
The announcement comes amid record-high antimony prices, which have increased 230% since the beginning of the year to over $39,000 per metric ton in Rotterdam. This surge is attributed to depleting domestic resources in China and recent Chinese export restrictions to the United States. The collaboration aims to advance domestic antimony supply chain capabilities, addressing needs in defense, solar panels, semiconductors, fire retardants, and roofing materials industries.
United States Antimony (NYSE American:UAMY) announces its participation in NobleCon20, Noble Capital Markets' Twentieth Annual Emerging Growth Equity Conference at Florida Atlantic University. Gary C. Evans, Chairman and Co-CEO, will present on December 3, 2024, at 10:00 am EST, followed by Q&A and one-on-one investor meetings. A video webcast will be available on the company's website, Noble Capital Markets' Conference website, and Channelchek, remaining archived for 90 days.
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