Recent developments include expansion of processing facilities, acquisition of mining claims, securing government contracts and funding, and stock market listing.

• Completed acquisition of a flotation and concentration facility in Radersburg, Montana in 2026 and entered a joint venture to build a hydrometallurgical processing facility [S1].
• Acquired additional mining claims in Thompson Falls, Montana and Koyukuk Mining District, Alaska in 2025 and early 2026 [S1].
• Awarded $27 million by the U.S. Department of War under the Defense Production Act to fund expansion and modernization of domestic antimony production capabilities [S1].
• Received gross proceeds of $1.4 million from sales of common stock and $1.0 million from exercise of warrants in 2026 [S1].
• Company’s common stock began trading on the NYSE on March 11, 2026, after prior listings on NYSE American and NYSE Texas [S1].
• Secured a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency for antimony metal ingots with a maximum value of $248 million through 2030 [S1].
• Executed a five-year sales agreement with an industrial customer for antimony trioxide with monthly delivery schedules through December 2026 [S1].
• Expanded commercial presence in the animal nutrition industry for zeolite products through third-party relationships in 2026 [S1].
• Antimony sales increased significantly in 2025, with revenues rising to $35.4 million from $11.5 million in 2024 [S1].
• Reported net loss of $4.3 million for 2025 compared to $1.7 million in 2024, with increased operating expenses due to share-based compensation and expanded operations [S1].
• Working capital increased to $44.6 million at December 31, 2025, supported by capital raises totaling approximately $110 million in 2025 [S1].
• Antimony inventory increased to $12 million at year-end 2025, reflecting higher volumes and costs [S1].
• Top three customers accounted for 80% of total revenues in 2025, indicating customer concentration [S1].
• Stock price movement and market interest noted in recent news coverage highlighting the company’s strategic position in critical minerals [N1].

The company’s expansion of mining claims and processing capacity, combined with secured multi-year contracts including a significant U.S. government contract, support growth in production and sales volumes. Its unique position as the only domestic U.S. antimony processor and its large Mexico smelter provide operational scale and market access. Government funding and strategic partnerships enhance its ability to modernize and expand operations. Increasing demand for critical minerals and antimony in industrial and defense applications could support the company’s commercial development and market share expansion.

The company faces risks related to reliance on international ore suppliers, which can be subject to supply interruptions and price volatility. Mining and processing expansions are subject to regulatory approvals, environmental compliance, and operational challenges. The company has reported net losses and increased operating expenses, including significant non-cash share-based compensation. Customer concentration risk exists with a few customers accounting for a large portion of revenues. Market price fluctuations for antimony and precious metals can impact financial results. Access to capital is important for ongoing operations and growth, and inability to raise funds could constrain activities.

United States Antimony Corp’s competitive advantages include being the only U.S.-based domestic processor of antimony products with a vertically integrated and permitted smelter in Montana. It has a long-standing reputation for quality and timely delivery, and its Mexico smelter is the largest operating antimony processing facility in that country. The company’s multi-year contracts with the U.S. government and industrial customers provide stable demand. Its expanding mining claims and diversified ore supply reduce dependence on any single source. These factors contribute to a defensible position in the critical minerals market, particularly for antimony products.

• Supply Chain and Price Volatility: The company relies on international suppliers for antimony ore, exposing it to risks of supply interruptions and volatile market prices beyond its control.
• Regulatory and Environmental Risks: Mining and processing operations require permits and compliance with environmental regulations, which can delay or restrict operations.
• Financial Performance and Capital Access: The company has reported net losses and increased operating expenses. Continued access to capital markets is critical to fund operations and growth initiatives.
• Customer Concentration: A small number of customers account for a large portion of revenues, creating dependency risks if contracts are not renewed or volumes decline.
• Market Price Fluctuations: Antimony and precious metals prices fluctuate widely, impacting revenue and profitability.

• United States Antimony Corp is engaged in mining, procuring, processing, and selling antimony and precious metals (gold and silver) primarily in Montana and Mexico, and mining, processing, and selling zeolite in Idaho.
• The company operates two reportable segments: antimony and zeolite.
• Antimony products include antimony oxide, antimony metal ingots, and antimony trisulfide.
• Zeolite products include coarse and fine crushed zeolite in various sizes.
• Precious metals include refined and unrefined gold and silver, processed mainly at the Montana facility.
• The company has mining claims and leases in Alaska, Montana, Ontario (Canada), and exploration rights in the southeastern United States, with no active revenue-producing operations at these claims yet.
• In 2025, the company mined 840 tons of antimony ore from its Montana claims, marking a return to vertically integrated mining and processing.
• The company procures antimony ore from multiple international suppliers to reduce dependence on any single source.
• The Montana facility processes ore containing antimony, gold, and silver; gold and silver are generally sold back to the ore supplier.
• The company has a five-year sole-source IDIQ contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials for antimony metal ingots, with a maximum value of $248 million through 2030.
• The company also has a five-year sales agreement with an industrial customer for antimony trioxide with monthly delivery schedules through December 2026.
• The company is expanding its antimony processing capacity in Montana to more than triple current capacity to fulfill new contracts.
• The company completed acquisition of a flotation and concentration facility in Montana and entered a joint venture to build a hydrometallurgical processing facility.
• The company acquired additional mining claims in Montana and Alaska in 2025 and early 2026.
• The company received $27 million from the U.S. Department of War under the Defense Production Act to fund expansion and modernization of domestic antimony production.
• The company’s common stock began trading on the NYSE on March 11, 2026, after prior listings on NYSE American and NYSE Texas.
• The company’s antimony products serve industrial, commercial, and governmental customers primarily in the U.S. and Canada.
• Antimony trioxide is used as a flame retardant in plastics, rubber, textiles, paints, coatings, and paper; antimony metal ingots are used in bearings, batteries, and ordnance; antimony trisulfide is used as ammunition primer.
• The company’s Montana facility is the only operating, vertically integrated, and permitted antimony smelter in the U.S.
• The company’s Mexico smelter is the largest operating antimony processing smelter in Mexico.
• The company’s estimated market share for antimony trioxide products is about 4% domestically and less than 1% internationally.
• In 2025, the company’s revenues were $39.3 million, up from $14.9 million in 2024, with antimony sales accounting for $35.4 million.
• The company reported a net loss of $4.3 million in 2025 compared to a net loss of $1.7 million in 2024.
• Operating expenses increased significantly in 2025 due to higher share-based compensation, salaries, and professional fees related to growth initiatives.
• The company had cash and cash equivalents of approximately $30.5 million as of December 31, 2025, with a strong current ratio of 5.38 and cash ratio of 3.0.
• Working capital increased to $44.6 million at December 31, 2025, driven by higher current assets and liabilities.
• The company raised approximately $110 million in 2025 through common stock offerings and warrant exercises.
• The company has a $19 million margin credit line secured by U.S. Treasury Strips but had no borrowings as of December 31, 2025.
• The company is expanding its commercial presence in the animal nutrition industry for zeolite products through third-party relationships.
• The company’s antimony inventory increased significantly in 2025 to $12 million from $0.7 million in 2024, reflecting higher volumes and costs.
• Top customers accounted for a large portion of revenues, with three customers representing 80% of total revenues in 2025.
• The company’s operations and financials are disclosed in detail in its 10-K filed March 19, 2026.