United States Antimony Corporation Reports Second Quarter and Six Months Ended June 30, 2025 Financial and Operating Results

Rhea-AI Summary

United States Antimony Corporation (NYSE:UAMY) reported strong Q2 and H1 2025 financial results, with revenues surging 160% YOY to $17.53 million. The company's gross profit increased 183% to $5.21 million, with margins improving to 30%. Net income reached $728.1K, a dramatic turnaround from a $120.0K loss in the previous year.

Antimony sales dominated performance, reaching $15.56 million, up 203% YOY. The company maintains record inventory levels of 201 tons valued at approximately $10.4 million. USAC recently completed a $5 million Tungsten mining acquisition in Canada and successfully retrofitted four furnaces in Thompson Falls. Management reaffirmed revenue guidance of $40-50 million for fiscal year 2025.

Positive

• Revenue increased 160% YOY to $17.53 million
• Net income improved 707% YOY to $728.1K from a loss of $120.0K
• Gross margin expanded to 30% from 27% YOY
• Antimony sales grew 203% to $15.56 million
• Strong liquidity position with $15.8 million in cash and securities
• Strategic $5 million Tungsten mining acquisition completed
• Record antimony inventory valued at $10.4 million

Negative

• Operating expenses increased 114% to $4.83 million
• Cash position decreased from $18.2 million to $15.8 million
• Production issues due to suboptimum antimony ore and Chinese embargo
• Operational challenges from lack of personnel at Thompson Falls smelter

Insights

Financial Analyst

UAMY posts impressive Q2 with 160% revenue growth and 707% net income increase, driven by higher antimony prices despite operational challenges.

UAMY has delivered exceptional financial growth for the first half of 2025, with $17.53 million in revenue representing a 160% year-over-year increase. The standout performer was the antimony segment, which saw sales surge 203% to $15.56 million, primarily due to higher market prices rather than volume increases. The company's shift toward higher margins is evident with gross profit jumping 183% to $5.21 million and gross margin improving from 27% to 30%.

The transformation from a $120,000 loss last year to a $728,100 profit represents a remarkable 707% improvement in net income. This occurred despite a 114% increase in operating expenses to $4.83 million, suggesting the revenue growth more than compensated for higher costs.

The company's balance sheet shows some strategic shifts, with cash and investments totaling $15.8 million, down from $18.2 million at 2024 year-end after a $5 million tungsten mining acquisition in Canada. Meanwhile, antimony inventory has increased substantially to 201 tons valued at approximately $10.4 million, compared to just $858,000 a year ago, positioning the company to capitalize on continued strong antimony prices.

Two operational challenges tempered what could have been even stronger results: suboptimal ore from an Australian supplier, a Chinese embargo affecting their Madero smelter, and staffing shortages at their Thompson Falls facility. With these issues reportedly resolved and four retrofitted furnaces now operational, UAMY appears positioned to accelerate production in the second half of 2025. Management has maintained their full-year revenue guidance of $40-50 million, suggesting confidence in their growth trajectory despite first-half headwinds.

The strategic focus on antimony as a critical mineral for defense applications, with limited U.S. stockpiles (5% of annual consumption), aligns well with growing concerns about critical mineral supply chains. The company's efforts to secure additional international antimony shipments while developing its own mining projects in Alaska and Montana suggest a comprehensive approach to addressing this market opportunity.

Revenues Up 160% YOY

Gross Profit Up 183% YOY

Net Income Up 707% YOY

"The Critical Minerals and ZEO Company"

~ Antimony, Cobalt, Tungsten, and Zeolite ~

DALLAS, TEXAS / ACCESS Newswire / August 12, 2025 / United States Antimony Corporation ("USAC," "US Antimony Corporation," or the "Company"), (NYSE:UAMY) (NYSE Texas:UAMY) reported today its second quarter and six months ended June 30, 2025 financial and operational results.

Revenues for the first six months of 2025 increased to $17.53 million or a 160% increase of $10.79 million, compared to the first six months of 2024 of $6.74 million. During the same period, cost of revenues increased 152% or $7.42 million. This in-turn allowed the Company's gross profit to almost double and increase 183%, or $3.37 million to $5.21 million as compared to $1.84 million during the same six-month period in 2024. Gross margin increased to 30% during the first six months of 2025 from a 27% margin experienced during the same period of last year. Operating expenses increased $2.58 million, or 114%, for the first six months of 2025 to $4.83 million.

The Company reported net income of $728.1K for the six months ended June 30, 2025, as compared to a loss of $120.0K for the similar six-month period last year.

Our antimony sales were $15.56 million for the first six months of 2025, which is up $10.43 million, or 203%, over last year. This improvement was predominately due to the increase in the average sales price per pound over the two six-month reporting periods.

Our zeolite sales were $1.98 million for the first six months of 2025, which is up $386k, or 24%, over the same period last year.

The combination of the Company's cash position, along with its investment in securities (federal bonds) totaled $15.8 million at June 30, 2025 compared to $18.2 million of cash only at year-end 2024. USAC spent $5 million of its cash in the second quarter on a Tungsten mining acquisition located in Canada completed on June 26, 2025 (See Press Release dated June 27, 2025).

USAC's current antimony inventory that has been acquired from international third-party suppliers is at record levels. As of June 30, 2025, inventory totaled 201 tons of antimony (both processed and unprocessed). The value of this inventory at today's Rotterdam market price is approximately $10.4 million at June 30, 2025, compared to $858K last year at this time, and $4.0 million at year end of 2024. With the recent completion of the refurbishment of four furnaces located in Thompson Falls, Montana, and the hiring of five new furnace operator employees, our goal is to work this inventory down significantly over the remainder of the year in order to create additional sales. This is a top priority for management. Management maintains its previous revenue guidance for fiscal year 2025 of $40 to $50 million.

According to the U.S. Geological Survey, the National Defense Stockpile currently holds 1,100 metric tons (1,212 tons) of antimony, a reserve of only about 5% of annual U.S. consumption. More importantly, as of April 2025, the US National Defense Stockpile maintains antimony reserves sufficient for only ~42 days of critical defense applications (Zadeh, J., 2025: https://discoveryalert.com.au/news/antimony-exemption-us-tariffs-strategic-implications-2025/?utm source-chatgpt.com)

Commenting on the Second Quarter and Six Months Ended June 30, 2025 financial and operational results, Mr. Gary C. Evans, Chairman and CEO of US Antimony Corporation stated, "While we reported today another record quarter and first six months financial results, it could have been a lot better. Two issues plagued us during this reporting period. First, suboptimum antimony ore from an Australian supplier along with Chinese embargo of our product, all destined for our Madero antimony smelter. Second, a lack of operating personnel at our Thompson Falls antimony smelter. Fortunately, those events are behind us and have been resolved. We should see further improvements in overall operating and financial results during the second half of this year. Our current antimony international inventories are at record levels as can be seen on our balance sheet. We successfully retrofitted four existing furnaces in Thompson Falls at a cost of approximately $300K over the last few months. This will enable us to begin doubling production output of antimony products now that we have the necessary plant personnel in place. Construction is on schedule for us to complete our expansion efforts underway at Thompson Falls by year-end. We continue our efforts in procuring additional international antimony shipments from foreign sources (See Press Release dated July 14, 2025). These new supplies are destined for both of our smelters located in the US and Mexico. Additionally, once final mining permits are approved by the appropriate agencies in both Alaska and Montana at our company owned mining projects, our control over future antimony supplies greatly improves along with our gross margins.

In an effort to provide a comparison to the value of antimony versus gold, 6.5% of antimony bearing rock has approximately the same value as one ounce per ton of gold at 2025 metal prices. In its geological environment of ore deposition, a ton of antimony rock can be mined and processed to product $3,250, whereas at the Fort Knox gold mine located near Fairbanks, Alaska (the largest operating gold mine in Alaska), it requires between 117 and 210 tons of rock, depending on current operations. Antimony is truly the "New Gold!"

Conference Call Details

US Antimony management will host a conference call on Tuesday, August 12, 2025, at 4:15 p.m. Eastern time to discuss its full financial results for the Second Quarter and Six Months Ended June 30, 2025, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, August 12, 2025
Time: 4:15 p.m. Eastern time
Toll-free dial-in Number: 888-506-0062
International dial-in number: 973-528-0011
Participant Access Code: 429367
Webcast URL: https://www.webcaster4.com/Webcast/Page/2604/52829

The conference call will also be available for replay in the Investors section of the Company's website, along with the transcript, at https://www.usantimony.com/investors.

About USAC:

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. and Canada. The Company processes third party 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. During 2024 and 2025, the Company leased a metals concentration facility located in Montana and began acquiring mining claims and leases located in Montana, Alaska and Ontario, Canada in an effort to expand its operations as well as its product offerings.

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 future operations, production levels, financial performance, business strategy, market conditions, demand for antimony, zeolite, other critical minerals, and precious metals, expected costs, 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; 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 the most recent Annual Report on Form 10-K and subsequent 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.

Contact:

United States Antimony Corp.
4438 W. Lovers Lane, Unit 100
Dallas, TX 75209
Jonathan Miller, VP, Investor Relations
E-Mail: Jmiller@usantimony.com
Phone: 406-606-4117

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
Revenues		$	10,525,123			$	3,662,977			$	17,525,128			$	6,735,044
Cost of revenues			7,687,578				2,412,754				12,315,853				4,895,336
Gross profit			2,837,545				1,250,223				5,209,275				1,839,708
Operating expenses:
General and administrative			842,951				502,874				1,393,546				1,003,160
Salaries and benefits			1,364,506				285,359				2,365,061				526,964
Professional fees			536,869				240,708				918,905				453,016
(Gain) loss on sale or disposal of property, plant and equipment, net			-				-				(500	)			17,494
Other operating expenses			73,212				165,274				154,264				253,520
Total operating expenses			2,817,538				1,194,215				4,831,276				2,254,154
Income (loss) from operations			20,007				56,008				377,999				(414,446	)
Other income (expense), net:
Interest and investment income			154,770				151,921				322,156				302,772
Trademark and licensing income			6,627				8,360				17,470				14,728
Other miscellaneous income (expense)			151				(13,497	)			10,454				(23,030	)
Total other income, net			161,548				146,784				350,080				294,470
Income (loss) before income taxes			181,555				202,792				728,079				(119,976	)
Income tax expense			-				-				-				-
Net income (loss)			181,555				202,792				728,079				(119,976	)
Preferred dividends			(1,875	)			(1,875	)			(3,750	)			(3,750	)
Net income (loss) available to common shareholders		$	179,680			$	200,917			$	724,329			$	(123,726	)
Net income (loss) per share:
Basic		$nil				$nil				$	0.01			$nil
Diluted		$nil				$nil				$	0.01			$nil
Weighted average shares outstanding:
Basic			118,261,366				108,438,984				115,994,982				108,173,645
Diluted			127,223,435				108,943,126				124,343,635				108,173,645

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED

		June 30, 2025				December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	5,708,660			$	18,172,120
Investment securities held to maturity			1,258,665				-
Accounts receivable, net			2,543,413				1,156,564
Inventories			6,812,527				1,245,724
Prepaid expenses and other current assets			1,353,208				104,161
Total current assets			17,676,473				20,678,569
Property, plant and equipment, net			19,725,995				12,891,447
Operating lease right-of-use assets			275,627				565,289
Investment securities held to maturity - noncurrent			8,828,584				-
Restricted cash for reclamation bonds			99,764				98,778
IVA receivable and other assets, net			891,879				408,519
Total assets		$	47,498,322			$	34,642,602
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	5,746,709			$	1,545,708
Accrued liabilities			1,251,778				1,427,146
Accrued liabilities - directors			88,750				141,287
Royalties payable			182,523				133,434
Current portion of operating lease liabilities			592,695				626,562
Current portion of long-term debt			134,577				132,252
Total current liabilities			7,997,032				4,006,389
Operating lease liabilities, net of current portion			117,722				129,007
Long-term debt, net of current portion			127,550				195,425
Asset retirement obligations			1,750,075				1,711,108
Total liabilities			9,992,379				6,041,929
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS' EQUITY
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Series A - no shares issued and outstanding			-				-
Series B - 750,000 shares issued and outstanding (liquidation preference $978,750 and $975,000, respectively)			7,500				7,500
Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)			1,779				1,779
Series D - no shares issued and outstanding			-				-
Common stock, $0.01 par value, 250,000,000 shares authorized;
119,200,980 and 112,951,317 shares issued and outstanding, respectively			1,192,010				1,129,512
Additional paid-in capital			76,725,598				68,610,905
Accumulated deficit			(40,420,944	)			(41,149,023	)
Total stockholders' equity			37,505,943				28,600,673
Total liabilities and stockholders' equity		$	47,498,322			$	34,642,602

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		For the six months ended June 30,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	728,079			$	(119,976	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			559,525				220,633
Accretion of asset retirement obligation			38,967				36,541
Noncash operating lease expense			244,510				-
Share-based compensation			832,297				300,847
(Gain) loss on sale or disposal of property, plant and equipment, net			(500	)			17,494
Accretion of income from investment securities held to maturity			(95,990	)			-
Write-down of inventory to net realizable value			-				10,501
Change in allowance for credit losses			884				(14,258	)
Other noncash items			-				(16,106	)
Changes in operating assets and liabilities:
Accounts receivable			(1,387,733	)			(800,182	)
Inventories			(5,566,803	)			913,254
Prepaid expenses and other current assets			(1,249,047	)			(203,722	)
IVA receivable and other assets, net			(483,360	)			32,758
Accounts payable			4,201,001				217,972
Accrued liabilities			(175,368	)			38,283
Accrued liabilities - directors			(52,537	)			36,439
Royalties payable			49,089				(39,512	)
Net cash (used in) provided by operating activities			(2,356,986	)			630,966
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from redemption of certificates of deposit			-				50,682
Purchases of investment securities held to maturity			(9,991,259	)			-
Proceeds from sales of property, plant and equipment			500				-
Purchases of property, plant and equipment			(7,394,073	)			(150,721	)
Net cash used in investing activities			(17,384,832	)			(100,039	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt			(65,550	)			(39,071	)
Proceeds from exercises of stock options			55,000				-
Proceeds from issuance of common stock, net of issuance costs			5,064,483				-
Proceeds from exercise of warrants			2,225,411				-
Net cash provided by (used in) financing activities			7,279,344				(39,071	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH			(12,462,474	)			491,856
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD			18,270,898				11,954,635
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		$	5,808,424			$	12,446,491
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid in cash		$	5,243			$	2,092
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Recognition of operating lease liability and right-of-use asset		$	63,416			$	-
Equipment purchased with note payable		$	-			$	402,722

SOURCE: United States Antimony Corp.

View the original press release on ACCESS Newswire

FAQ

What were UAMY's Q2 2025 financial highlights?

UAMY reported a 160% revenue increase to $17.53 million, with gross profit up 183% to $5.21 million and net income of $728.1K, representing a 707% improvement YOY.

How much antimony inventory does UAMY currently hold?

As of June 30, 2025, UAMY holds 201 tons of antimony inventory valued at approximately $10.4 million, compared to $858K last year.

What is UAMY's revenue guidance for fiscal year 2025?

Management maintains its revenue guidance of $40 to $50 million for fiscal year 2025.

What major acquisition did UAMY complete in Q2 2025?

UAMY completed a $5 million acquisition of a Tungsten mining operation in Canada on June 26, 2025.

How does UAMY's antimony inventory value compare to previous periods?

UAMY's antimony inventory value increased to $10.4 million as of June 30, 2025, up from $858K last year and $4.0 million at the end of 2024.

What operational challenges did UAMY face in Q2 2025?

UAMY faced challenges with suboptimum antimony ore from an Australian supplier, a Chinese embargo on products, and lack of operating personnel at the Thompson Falls antimony smelter.