United States Antimony Corporation Reports Second Quarter and Six Months Ended June 30, 2026 Financial and Operating Results
Rhea-AI Summary
United States Antimony (NYSE:UAMY) reported second quarter 2026 revenue of $7.9 million, down from $10.5 million a year earlier, with gross profit of $0.6 million (7% margin) and an operating loss of $7.0 million. Net income was $0.1 million, mainly due to a $6.8 million unrealized gain on its Larvotto Resources investment and $0.4 million of interest income.
Antimony revenue was $5.9 million as pounds sold rose 26% to 428,425, but average prices fell 52% to $13.70/lb. Zeolite revenue grew 110% to $1.9 million. Inventory increased to $21.6 million, and working capital doubled to $70.0 million. The company raised $49.1 million net from equity issuances, invested $22.8 million in capex including Thompson Falls and Radersburg, delivered initial DLA antimony shipments, and cut 2026 revenue guidance to $60–$75 million from $125 million.
Positive
- Zeolite revenue up 110% YoY to $1.9 million on 6,609 tons sold
- Antimony pounds sold increased 26% YoY to 428,425 pounds
- Working capital doubled to $70.0 million from $35.0 million at March 31, 2026
- Equity issuances generated $49.1 million net proceeds in first half 2026
- Larvotto investment fair value rose to $43.2 million with $6.8 million unrealized Q2 gain
- DLA contract first 82,000 pounds delivered; total scheduled deliveries valued at about $9.17 million
Negative
- Quarterly revenue declined to $7.9 million from $10.5 million in Q2 2025
- Gross margin compressed to 7% from 27% in the prior-year quarter
- Operating loss of $7.0 million versus near break-even a year earlier
- Antimony average selling price fell 52% to $13.70 per pound
- Operating expenses rose to $7.6 million from $2.8 million in Q2 2025
- 2026 revenue guidance cut to $60–$75 million from $125 million
News Explained
USAC has begun converting DLA deliveries into reported revenue, while additional scheduled shipments remain in transit or inspection.
USAC reports that its first two DLA shipments were delivered in
The DLA schedule separately places approximately
The
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Second Quarter 2026 Revenues of
Antimony pounds sold up
Zeolite revenues grew
Antimony Inventory up
Working Capital Doubled to
Positioned for a Stronger Second Half as DLA Shipments Continue to Increase
"The Critical Minerals and ZEO Company"
~ Antimony, Gold, Tungsten, and Zeolite ~
DALLAS, TX / ACCESS Newswire / August 11, 2026 / United States Antimony Corporation ("USAC," "US Antimony Corporation," or the "Company") (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor of antimony, zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, today reported its financial and operating results for the second quarter and six months ended June 30, 2026.
Second Quarter 2026 Highlights
Revenue of
$7.9 million , compared to revenue of$10.5 million in the 2025 quarter.Gross profit of
$0.6 million (7% gross margin), compared to$2.8 million (27% gross margin) in the 2025 quarter.Operating loss of
$7.0 million , including$3.4 million of net non-cash expense items compared to break-even operating results in the 2025 quarter.Net income of
$0.1 million , compared to net income of$0.2 million in the 2025 quarter. Operating loss in second quarter of 2026 was more than offset by$6.8 million of unrealized gain from investment in equity securities plus$0.4 million of interest income.Delivered the first two shipments of approximately 82,000 pounds of antimony metal ingots under the Company's contract with the DLA in June 2026. Because these shipments were formally accepted by the DLA in July 2026, approximately
$2.6 million is expected to be recognized as third-quarter 2026 revenue.
DLA Delivery Schedule | ||||
Shipment | Pounds | Value | ||
1 & 2 (Delivered) | ~82,000 | ~ | ||
3 & 4 (In Transit) | ~81,000 | ~ | ||
5, 6, 7 (Waiting on Inspection) | ~126,000 | ~ | ||
~ | ||||
Zeolite segment revenue grew
110% year-over-year to$1.9 million , with tons sold up114% year-over-year to 6,609 tons, driven by continued penetration into the cattle market and expanded distribution across the Company's traditional industrial markets.Invested
$22.8 million gross in capital expenditures during the first six months of 2026, primarily to substantially complete the Thompson Falls expansion, acquire the flotation facility (midstream) located in Radersburg, Montana, and fund investments including additional critical mineral rights acquisitions.The Thompson Falls expansion was partially funded by a
$12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act Title III grant award from the U.S. Department of War (the "DoW") which reduced the Company's net cash outlay for these capital expenditures.Commissioned the flotation facility (midstream) located in Radersburg, Montana and substantially completed the Thompson Falls, Montana expansion, further strengthening the Company's vertically integrated domestic antimony production platform.
Generated
$49.1 million of net proceeds from equity issuances during the first six months of 2026, strengthening the Company's balance sheet and ending June 30, 2026, with$62.2 million of (cash plus U.S. Treasury securities held to maturity, plus a$43.2 million strategic equity investment in Larvotto Resources Limited.Working capital doubled to
$70.0 million on June 30, 2026 from$35.0 million at March 31, 2026, primarily driven by the equity issuances, providing meaningful operating and capital runway to support the Company's growth investments.Continued expansion of the Company's domestic critical minerals platform through strategic mining claim acquisitions located in Alaska (Nolan Creek and Fairbanks District) and Montana, and advanced the Company's Tungsten evaluation through the filing in April 2026 of a Technical Report Summary on the Fostung tungsten project in Ontario, Canada.
Mark-to-market value of the Company's strategic investment in Larvotto Resources Limited increased to USD
$43.2 million at June 30, 2026 (USD$46.7 million based on the closing market price on August 10, 2026), reflecting continued appreciation of the Company's critical minerals investment portfolio.
Strategic Overview
During the second quarter of 2026, the Company continued to advance its strategic focus of building a fully integrated critical minerals operation supporting U.S. national security and supply chain resiliency. Key accomplishments during the quarter included delivering the first two shipments under the Company's contract with the DLA, receiving
Second Quarter 2026 Financial Results
Second quarter 2026 revenues were
Cost of revenues decreased to
Zeolite revenue increased to
The Company's inventory has grown to
Operating expenses were
The Company reported an operating loss of
Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of
The Company also holds an investment in Larvotto Resources Limited with a fair value of USD
2026 Outlook
Updates Fiscal Year 2026 Revenue Guidance to a Range of
The Company is updating its full-year 2026 gross revenue guidance to a range of
Management Commentary
Commenting on the second quarter and six months ended June 30, 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony Corporation, stated: "While our overall operations are continuing to improve markedly each month, those successes are only slowly trickling into our financial performance. While we made our first deliveries to the government during the second quarter, none of that achievement was reflected during this financial reporting period. We currently anticipate the third quarter should see a minimum of
Conference Call Details
US Antimony management will host a conference call on Tuesday, August 11, 2026 at 4:15 p.m. Eastern time to discuss its second quarter 2026 financial and operating results, followed by a question-and-answer period.
Date: Tuesday, August 11, 2026
Time: 4:15 p.m. Eastern time
Toll-free dial-in: 888-506-0062
International dial-in: 973-528-0011
Participant access code: 308365
Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/54382
A replay of the conference call and the transcript will be available in the Investors section of the Company's website at https://www.usantimony.com/investors.
About United States Antimony Corporation
United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third-party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. From 2024 through 2026, the Company has acquired mining claims, real properties (patented claims), and leases located in Alaska, Montana, and Ontario, Canada - including the Radersburg flotation mill acquired in the first quarter of 2026 - to reduce the cost of third-party antimony ore purchases and to expand its product offerings.
Learn more about United States Antimony Corporation at www.usantimony.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's full-year 2026 revenue guidance, the expected commissioning of the Thompson Falls smelter expansion, the expected timing, volume and contribution of shipments under the DLA contract, the expected impact of in-house ore processing on margins, the recognition and continuation of funding under the DoW grant program, the value of and expected returns on the Company's investment in Larvotto Resources Limited, the expected contribution of the Company's mining claims and of the Fostung tungsten project, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; the Company's dependence on the DLA contract and the U.S. government's ability to modify, delay, reduce, or terminate orders, including for convenience, under that indefinite-delivery, indefinite-quantity contract, which does not guarantee any minimum purchase volume; the risk that the assumptions underlying the Company's full-year 2026 revenue guidance prove incorrect; the Company's ability to complete the Thompson Falls expansion and other capital projects on the anticipated timeline and budget and to achieve expected production rates; the availability, quality, and cost of third-party antimony feedstock, including deliveries from the Company's partner in Bolivia; volatility in the market value of, and currency exposure relating to, the Company's investment in Larvotto Resources Limited; dilution and other effects of the Company's equity issuances; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Contacts
Investor Relations Contact: Jonathan Miller, VP, Investor Relations United States Antimony Corporation 4438 W. Lovers Lane, Unit 100 Dallas, Texas 75209 Email: Jmiller@usantimony.com Phone: 406-606-4117 | Media Relations Contact: Anthony D. Andora Edge Consulting, Inc. 1560 Market Street, Suite 701 Denver, Colorado 80202 Email: Anthony@EdgeConsultingSolutions.com Phone: 720-317-8927 |
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues | $ | 7,925,601 | $ | 10,525,123 | $ | 14,709,670 | $ | 17,525,128 | ||||||||
Cost of revenues | 7,342,304 | 7,687,578 | 13,016,906 | 12,315,853 | ||||||||||||
Gross profit | 583,297 | 2,837,545 | 1,692,764 | 5,209,275 | ||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 1,610,257 | 842,951 | 2,942,226 | 1,393,546 | ||||||||||||
Salaries and benefits | 4,224,359 | 1,364,506 | 10,104,153 | 2,365,061 | ||||||||||||
Professional fees | 1,089,554 | 536,869 | 2,370,685 | 918,905 | ||||||||||||
Gain on sale or disposal of property, plant and equipment, net | - | - | (1,900 | ) | (500 | ) | ||||||||||
Other operating expenses | 640,027 | 73,212 | 775,695 | 154,264 | ||||||||||||
Total operating expenses | 7,564,197 | 2,817,538 | 16,190,859 | 4,831,276 | ||||||||||||
Income (loss) from operations | (6,980,900 | ) | 20,007 | (14,498,095 | ) | 377,999 | ||||||||||
Other income (expense), net: | ||||||||||||||||
Interest and investment income | 425,612 | 154,770 | 753,900 | 322,156 | ||||||||||||
Unrealized gain on investment in equity securities | 6,786,253 | - | 2,724,823 | - | ||||||||||||
Other miscellaneous income (expense), net | (64,161 | ) | 6,778 | (92,188 | ) | 27,924 | ||||||||||
Total other income (expense), net | 7,147,704 | 161,548 | 3,386,535 | 350,080 | ||||||||||||
Income (loss) before income taxes and equity in loss of joint venture | 166,804 | 181,555 | (11,111,560 | ) | 728,079 | |||||||||||
Income tax expense | - | - | - | - | ||||||||||||
Income (loss) before equity in losses of joint venture | 166,804 | 181,555 | (11,111,560 | ) | 728,079 | |||||||||||
Equity in losses of joint venture | (56,514 | ) | - | (72,640 | ) | - | ||||||||||
Net income (loss) | 110,290 | 181,555 | (11,184,200 | ) | 728,079 | |||||||||||
Preferred dividends | (1,875 | ) | (1,875 | ) | (3,750 | ) | (3,750 | ) | ||||||||
Net income (loss) available to common shareholders | $ | 108,415 | $ | 179,680 | $ | (11,187,950 | ) | $ | 724,329 | |||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $nil | $nil | $ | (0.08 | ) | $ | 0.01 | |||||||||
Diluted | $nil | $nil | $ | (0.08 | ) | $ | 0.01 | |||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 146,607,277 | 118,261,366 | 144,123,564 | 115,994,982 | ||||||||||||
Diluted | 151,754,172 | 127,223,435 | 144,123,564 | 124,343,635 | ||||||||||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2026 | December 31, 2025 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | 41,434,379 | $ | 30,494,320 | |||||
Investment in debt securities held to maturity | 4,665,947 | 4,577,706 | ||||||
Accounts receivable, net | 2,607,687 | 4,213,305 | ||||||
Inventories | 21,605,870 | 12,522,009 | ||||||
Prepaid expenses and other current assets | 2,312,590 | 434,842 | ||||||
Note receivable | 4,000,000 | 2,500,000 | ||||||
Total current assets | 76,626,473 | 54,742,182 | ||||||
Property, plant and equipment, net | 53,449,214 | 42,374,839 | ||||||
Operating lease right-of-use assets | 29,306 | 48,106 | ||||||
Investment in debt securities held to maturity - noncurrent | 16,065,384 | 15,773,251 | ||||||
Investment in equity securities | 43,219,151 | 40,494,328 | ||||||
Investment in joint venture | 76,360 | - | ||||||
Restricted cash | 820,619 | 162,756 | ||||||
Other assets, net | 330,207 | 330,207 | ||||||
Total assets | $ | 190,616,714 | $ | 153,925,669 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | 3,938,384 | $ | 6,924,518 | |||||
Accrued liabilities | 2,377,849 | 2,937,842 | ||||||
Accrued liabilities - directors | 128,875 | 143,931 | ||||||
Current portion of operating lease liabilities | 19,937 | 34,103 | ||||||
Current portion of long-term debt | 175,913 | 136,942 | ||||||
Total current liabilities | 6,640,958 | 10,177,336 | ||||||
Operating lease liabilities, net of current portion | 9,369 | 14,003 | ||||||
Long-term debt, net of current portion | 158,862 | 58,483 | ||||||
Asset retirement obligations | 2,785,687 | 2,720,658 | ||||||
Total liabilities | 9,594,876 | 12,970,480 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 16) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock | ||||||||
Series A - no shares issued and outstanding | - | - | ||||||
Series B - 750,000 shares issued and outstanding (liquidation preference | 7,500 | 7,500 | ||||||
Series C - 177,904 shares issued and outstanding (liquidation preference | 1,779 | 1,779 | ||||||
Series D - no shares issued and outstanding | - | - | ||||||
Common stock, | 1,505,216 | 1,400,423 | ||||||
Treasury stock (1,050,186 and 149,639 shares of common stock at cost, respectively) | (9,418,009 | ) | (574,153 | ) | ||||
Additional paid-in capital | 245,598,101 | 185,608,189 | ||||||
Accumulated deficit | (56,672,749 | ) | (45,488,549 | ) | ||||
Total stockholders' equity | 181,021,838 | 140,955,189 | ||||||
Total liabilities and stockholders' equity | $ | 190,616,714 | $ | 153,925,669 | ||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30, | ||||||||
2026 | 2025 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income (loss) | $ | (11,184,200 | ) | $ | 728,079 | |||
Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities: | ||||||||
Depreciation and amortization | 925,824 | 559,525 | ||||||
Accretion of asset retirement obligation | 65,029 | 38,967 | ||||||
Noncash operating lease expense | - | 244,510 | ||||||
Share-based compensation | 7,738,892 | 832,297 | ||||||
Accretion income from investment securities held to maturity | (386,648 | ) | (95,990 | ) | ||||
Paid-in-kind interest from notes receivable | (127,276 | ) | - | |||||
Gain on sale or disposal of property, plant and equipment, net | (1,900 | ) | (500 | ) | ||||
Equity in losses of joint venture | 72,640 | - | ||||||
Write-down of inventory to net realizable value | 161,456 | - | ||||||
Change in allowance for credit losses | 436 | 884 | ||||||
Unrealized gain on investment in equity securities | (2,724,823 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 1,605,182 | (1,387,733 | ) | |||||
Inventories | (9,601,887 | ) | (5,566,803 | ) | ||||
Prepaid expenses and other current assets | (1,877,748 | ) | (1,249,047 | ) | ||||
IVA receivable and other assets | - | (483,360 | ) | |||||
Accounts payable | (4,473,542 | ) | 4,201,001 | |||||
Accrued liabilities | (896,562 | ) | (126,279 | ) | ||||
Accrued liabilities - directors | (15,056 | ) | (52,537 | ) | ||||
Net cash used in operating activities | (20,720,183 | ) | (2,356,986 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from maturity of debt securities held to maturity | 1,301,000 | - | ||||||
Purchases of debt securities held to maturity | (1,294,726 | ) | (9,991,259 | ) | ||||
Proceeds from note receivable principal payment | 100,000 | - | ||||||
Additional advance under convertible note receivable | (1,116,154 | ) | - | |||||
Proceeds from sales of property, plant and equipment | 1,900 | 500 | ||||||
Investment in joint venture | (149,000 | ) | - | |||||
Proceeds from government grant related to capital expenditures | 12,848,246 | - | ||||||
Purchases of property, plant and equipment | (22,813,341 | ) | (7,394,073 | ) | ||||
Net cash used in investing activities | (11,122,075 | ) | (17,384,832 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Principal payments on long-term debt | (71,777 | ) | (65,550 | ) | ||||
Proceeds from exercises of stock options | 259,501 | 55,000 | ||||||
Treasury stock acquired | (7,782,194 | ) | - | |||||
Proceeds from issuance of common stock, net of issuance costs | 49,070,838 | 5,064,483 | ||||||
Proceeds from exercise of warrants | 1,963,812 | 2,225,411 | ||||||
Net cash (used in) provided by financing activities | 43,440,180 | 7,279,344 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 11,597,922 | (12,462,474 | ) | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 30,657,076 | 18,270,898 | ||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 42,254,998 | $ | 5,808,424 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Interest paid in cash | $ | 64,357 | $ | 5,243 | ||||
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||||||||
Recognition of operating lease liability and right-of-use asset | $ | - | $ | 63,416 | ||||
Equipment purchased with note payable | $ | 211,127 | $ | - | ||||
Property and equipment included in accounts payable / accrued liabilities | $ | 1,823,977 | $ | - | ||||
SOURCE: United States Antimony Corp.
View the original press release on ACCESS Newswire