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Critical MaterialsPublic

United States Antimony

catalyst in 11dNo base rate yet — UAMY has 0 graded prints on the record, and the bar is 3.Website
Ticker
UAMY
Beat
critical materials
Size
Public Company
Revenue
$7.9M
as of Jun 2026
Cash
$30.5M
as of Dec 2025
Runway
~2 qtr at this rate
as of Dec 2025
Researched · Stale
7 days ago

A ~$1.1B market cap wrapped around a ~$40M-revenue, loss-making smelter — the only US vertically-integrated antimony producer, priced almost entirely on a back-end-loaded $125M federal-ramp promise from a serially-promotional CEO; own the antimony scarcity story, but the equity is a momentum/policy option, not a value asset.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Critical materials
United States Antimony
UAMY · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“- Most dangerous competitor bulls underestimate: Perpetua (PPTA) — once Stibnite produces, the US has a domestic antimony mine + mill with gold by-product economics that can subsidize the antimony, structurally undercutting a pure processo…”Perpetua Resources · RIVAL · from United States Antimony’s dossier
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Price

Weekly closes

UAMY · weekly close
2.98 USD−2.6%
Friday 30 Oct 2026 · last 52 Fridays 2.85–12.15
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 37,616,508 sh · 7.8 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 11 days, Scheduled · 11 Nov 2026, scheduled
2.98USD-2.6%critical-materials +0.7%UAMY · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
37,616,508 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
7.8
see the whole series
Financials

The reported figures

Revenue · quarterly
$7.9M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$7.9M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
United States Antimony, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$2.1M USD-17.6% share of revenue-$768K USD$142K USD$12.9M USD107.6M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$2.2M USD—-$1.1M USD$191K USD$11.9M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$3.1M USD-15.3% share of revenue$12K USD$53K USD$11.9M USD107.6M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$3.7M USD1.5% share of revenue$468K USD$98K USD$12.4M USD108.4M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.6M USD-34.6% share of revenue$339K USD$72K USD$13.0M USD108.4M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$5.6M USD-19.3% share of revenue$971K USD$208K USD$18.2M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$7.0M USD5.1% share of revenue-$2.6M USD$863K USD—114.6M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$10.5M USD0.2% share of revenue-$7.2M USD$6.5M USD—120.7M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$8.7M USD-56.5% share of revenue-$12.5M USD$8.7M USD—140.0M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$13.0M USD-30.1% share of revenue-$15.2M USD$11.7M USD$30.5M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$6.8M USD—-$24.6M USD$12.6M USD—143.4M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$7.9M USD-88.1% share of revenue-$18.9M USD$10.2M USD—149.7M sharesFiled · primarysec.gov

United States Antimony’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$7.9M-25% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $2.1M, as of Sep 2023Revenue Q4 ’23: $2.2M, as of Dec 2023Revenue Q1 ’24: $3.1M, as of Mar 2024Revenue Q2 ’24: $3.7M, as of Jun 2024Revenue Q3 ’24: $2.6M, as of Sep 2024Revenue Q4 ’24: $5.6M, as of Dec 2024Revenue Q1 ’25: $7.0M, as of Mar 2025Revenue Q2 ’25: $10.5M, as of Jun 2025Revenue Q3 ’25: $8.7M, as of Sep 2025Revenue Q4 ’25: $13.0M, as of Dec 2025Revenue Q1 ’26: $6.8M, as of Mar 2026Revenue Q2 ’26: $7.9M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-88.1%-88.3 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -17.6%, as of Sep 2023Operating margin Q1 ’24: -15.3%, as of Mar 2024Operating margin Q2 ’24: 1.5%, as of Jun 2024Operating margin Q3 ’24: -34.6%, as of Sep 2024Operating margin Q4 ’24: -19.3%, as of Dec 2024Operating margin Q1 ’25: 5.1%, as of Mar 2025Operating margin Q2 ’25: 0.2%, as of Jun 2025Operating margin Q3 ’25: -56.5%, as of Sep 2025Operating margin Q4 ’25: -30.1%, as of Dec 2025Operating margin Q2 ’26: -88.1%, as of Jun 2026

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$18.9M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$768K, as of Sep 2023Free cash flow Q4 ’23: -$1.1M, as of Dec 2023Free cash flow Q1 ’24: $12K, as of Mar 2024Free cash flow Q2 ’24: $468K, as of Jun 2024Free cash flow Q3 ’24: $339K, as of Sep 2024Free cash flow Q4 ’24: $971K, as of Dec 2024Free cash flow Q1 ’25: -$2.6M, as of Mar 2025Free cash flow Q2 ’25: -$7.2M, as of Jun 2025Free cash flow Q3 ’25: -$12.5M, as of Sep 2025Free cash flow Q4 ’25: -$15.2M, as of Dec 2025Free cash flow Q1 ’26: -$24.6M, as of Mar 2026Free cash flow Q2 ’26: -$18.9M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · annualFY21 – FY25
$30.5Mdebt $100K

FY25 · as of Dec 2025

Cash FY21: $21.4M, as of Dec 2021Cash FY22: $19.1M, as of Dec 2022Cash FY23: $11.9M, as of Dec 2023Cash FY24: $18.2M, as of Dec 2024Cash FY25: $30.5M, as of Dec 2025Debt FY21: $200K, as of Dec 2021Debt FY22: $200K, as of Dec 2022Debt FY23: $0, as of Dec 2023Debt FY24: $200K, as of Dec 2024Debt FY25: $100K, as of Dec 2025

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
149.7M+39% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 107.6M, as of Sep 2023Shares outstanding Q1 ’24: 107.6M, as of Mar 2024Shares outstanding Q2 ’24: 108.4M, as of Jun 2024Shares outstanding Q3 ’24: 108.4M, as of Sep 2024Shares outstanding Q1 ’25: 114.6M, as of Mar 2025Shares outstanding Q2 ’25: 120.7M, as of Jun 2025Shares outstanding Q3 ’25: 140.0M, as of Sep 2025Shares outstanding Q1 ’26: 143.4M, as of Mar 2026Shares outstanding Q2 ’26: 149.7M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-26filing8-K: United States Antimony Nolan Creek technical report summaryMade available a Technical Report Summary on Nolan Creek Property, Alaska (amended as of 15 Sep 2026). Property acquired at public auction 30 Jan 2026.agent:company-events · SEC EDGAR 8-K
2026-10-26filing8-K: Nolan Creek (Alaska) technical report summary8-K Items 7.01/8.01: technical report summary on the Nolan Creek Property, Alaska, amended as of 15 Sep 2026; property acquired at public auction 30 Jan 2026; press release attached as Exhibit 99.2.agent:company-events · SEC EDGAR 8-K
2026-10-24editorial noteSources added: 0 → 6The dossier's cited-link count grew from 0 to 6 (deep-dive-2026-06-18.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: $35.4M → $7.9MRevenue moved from $35.4M (deep-dive-2026-06-18.md) to $7.9M (deep-dive-2026-10-24.md).dossier
2026-10-02filing8-K Item 5.02: employment agreement with CEO Gary C. Evans, three-year termOn 1 Oct 2026 United States Antimony entered an employment agreement with Gary C. Evans as CEO, effective 1 Aug 2026, three-year term, annual base salary $430,000.agent:company-events · SEC EDGAR 8-K
2026-10-02filing8-K Item 5.02: Shawn P. Winkler named permanent CFO; Richard R. Isaak terminatedEffective 30 Sep 2026 Shawn P. Winkler, interim CFO since 4 May 2026, became SVP and CFO; Richard R. Isaak ceased as CFO and was terminated without cause.agent:company-events · SEC EDGAR 8-K
dossier age
7 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 19 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 688 words, 15 filing mentions
  2. The dossier: What held, 88 words, 4 filing mentions
Research

The United States Antimony dossier

The verdict

A ~$1.1B market cap wrapped around a ~$40M-revenue, loss-making smelter — the only US vertically-integrated antimony producer, priced almost entirely on a back-end-loaded $125M federal-ramp promise from a serially-promotional CEO; own the antimony scarcity story, but the equity is a momentum/policy option, not a value asset.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2 results. Revenue $7.9M against $10.5M in Q2 2025. Gross profit $0.6M (7% margin) against $2.8M (27%). Operating loss $7.0M (including $3.4M of net non-cash items) against break-even. Net income $0.1M against $0.2M, because a $6.8M unrealised gain on the Larvotto equity stake and $0.4M of interest income offset the operating loss. Operating expenses $7.6M against $2.8M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-11, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/101538/000110465926094130/tm2622899d1_ex99-1.htm; quarter ended 2026-06-30]
  2. Antimony pricing and volume. Antimony segment revenue $5.9M against $9.6M. Pounds sold rose about 26% to 428,425 from 340,305, while the average selling price fell about 52% to $13.70 a pound from $28.32; average cost a pound fell about 33% to $13.34 from $19.85. [sec.gov: 8-K filed 2026-08-11, exhibit 99.1, same URL]
  3. DLA revenue did not land in Q2. The first two Defense Logistics Agency shipments, about 82,000 pounds of antimony metal ingots, were delivered in June 2026 but formally accepted by the DLA in July 2026, so no Q2 revenue was recognised; about $2.6M is expected in Q3. The release's schedule shows shipments 3 and 4 (about 81,000 pounds, about $2.60M) in transit and shipments 5 to 7 (about 126,000 pounds, about $3.97M) waiting on inspection, about $9.17M in total. [sec.gov: 8-K filed 2026-08-11, exhibit 99.1, same URL]
  4. Zeolite. Revenue $1.9M against $0.9M (+110%); tons sold 6,609 against 3,084. [sec.gov: 8-K filed 2026-08-11, exhibit 99.1, same URL]
  5. Balance sheet and cash. Cash and cash equivalents $41.4M and held-to-maturity U.S. Treasury securities $20.7M at 2026-06-30 (2025-12-31: $30.5M and $20.4M). Working capital $70.0M (2026-03-31: $35.0M). Inventory $21.6M (2025-12-31: $12.5M). The Larvotto stake was marked at $43.2M at 2026-06-30 ($46.7M at the 2026-08-10 close, per the release). [sec.gov: 8-K filed 2026-08-11, exhibit 99.1, same URL]
  6. Equity issuance. In the six months to 2026-06-30 the company sold 4,326,433 shares at the market for gross proceeds of $50,033,307 (weighted average $11.56) and net proceeds of $49,070,838. It also borrowed $5.0M and $10.0M under a $19.0M margin credit line secured by its Treasury Strips in the first and second quarters. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-11, https://www.sec.gov/Archives/edgar/data/101538/000110465926094035/uamy-20260630x10q.htm]
  7. Cash flow and capital spending. Net cash used in operating activities $20.7M for the six months (prior year $2.4M), driven by a $9.6M inventory build. Gross Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $22.8M for the six months. A $12.8M milestone payment under the Defense Production Act Title III grant was received in April 2026. [sec.gov: 10-Q filed 2026-08-11, same URL; 8-K filed 2026-08-11, exhibit 99.1]
  8. Buy-back. On 2026-08-19 the board authorised a repurchase programme of up to $100 million of common stock. [sec.gov: 8-K filed 2026-08-19, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/101538/000110465926098593/tm2623553d1_ex99-1.htm]
  9. Stibnite Hill. To date in 2026 the company has hauled 42 truckloads, about 576 tons of stibnite ore at about 10% antimony, and is running about three truckloads a day (about 42 tons a day), against about 800 tons over 45 days in the 2025 campaign. [sec.gov: 8-K filed 2026-08-25, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/101538/000110465926100539/tm2623553d2_ex99-1.htm]
  10. Controls. The 10-Q concludes disclosure controls were not effective at 2026-06-30 because of the material weakness reported in the FY2025 Form 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes., and describes remediation hires; it reports no change in internal control during the quarter beyond remediation. [sec.gov: 10-Q filed 2026-08-11, same URL, Part I Item 4]
  11. Officers. Effective 2026-09-30 Shawn P. Winkler (interim CFO since 2026-05-04) became permanent Chief Financial Officer and Richard R. Isaak's employment was terminated without cause, which the filing says was unrelated to financial results or reporting. On 2026-10-01 the company signed a three-year employment agreement with CEO Gary C. Evans effective 2026-08-01 at a $430,000 base salary. [sec.gov: 8-K filed 2026-10-02, https://www.sec.gov/Archives/edgar/data/101538/000110465926113034/tm2626607d2_8k.htm; 8-K filed 2026-10-02, https://www.sec.gov/Archives/edgar/data/101538/000110465926113036/tm2626607d1_8k.htm]
  12. Where the new filings meet the carried view (stated as fact, no line changes). The carried FY2026 base case assumes "$95M actual" revenue and says Q1 booked "$6.8M and zero DLA"; Q2 revenue was $7.9M with zero DLA revenue recognised (items 1 and 3), so six-month revenue is about $14.7M. The carried seed catalyst calls the Q2 2026 print "the single most important data point for the thesis"; items 1 to 3 give its facts. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • The company still describes itself as the only fully integrated antimony company outside China and Russia, and it commissioned the Radersburg flotation facility and substantially completed the Thompson Falls expansion. [sec.gov: 8-K filed 2026-08-11, exhibit 99.1]
  • The DLA contract is delivering: shipments are moving through acceptance, with the first accepted in July 2026. [sec.gov: 8-K filed 2026-08-11, exhibit 99.1]
  • The Larvotto stake is still held (marked at $43.2M at 2026-06-30). [sec.gov: 10-Q filed 2026-08-11]
  • The controls material weakness remains reported. [sec.gov: 10-Q filed 2026-08-11]

How our view changed

2 dossiers

Every dossier we have written on United States Antimony, newest first.

  1. current

    A ~$1.1B market cap wrapped around a ~$40M-revenue, loss-making smelter

  2. A ~$1.1B market cap wrapped around a ~$40M-revenue, loss-making smelter

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit United States Antimony

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Where United States Antimony sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.