United States Antimony Corporation (UAMY): A Strategic Powerhouse in Critical Minerals and Zeolite Markets

In a world increasingly defined by the green energy transition and industrial decarbonization, companies that control access to critical minerals and industrial materials are poised to capture outsized value. United States Antimony Corporation (UAMY) stands at the intersection of these trends, leveraging its Q2 2025 financial and operational performance to solidify its position as a key player in the antimony, zeolite, and emerging tungsten markets. With a strategic focus on asset deployment, market diversification, and equity-driven talent retention, UAMY is not just surviving in a high-demand, low-supply sector—it's thriving.

Q2 2025: A Catalyst for Long-Term Growth

UAMY's second-quarter 2025 results underscore its ability to capitalize on favorable market dynamics. Total revenues surged to $10.53 million, a 187% year-over-year increase, driven by a 203% jump in antimony sales to $10.56 million. This growth was fueled by a combination of higher average sales prices and increased production volumes, reflecting strong demand from industrial and defense sectors. Gross profit also expanded significantly, rising 127% to $2.84 million, with a gross margin of 27%—a slight dip from 34% in Q2 2024 but still impressive given the company's aggressive production scaling.

Despite a 137% increase in operating expenses to $2.82 million, UAMY posted an operating income of $20,000 and a net income of $181,555. While these figures may seem modest, they mask the company's strategic investments in infrastructure and talent. For instance, $300,000 was allocated to retrofitting four furnaces in Thompson Falls, Montana, a move expected to double production capacity. Additionally, the company spent $5 million to acquire a tungsten mining operation in Canada, diversifying its critical minerals portfolio and aligning with global demand for materials used in high-performance alloys and electronics.

Operational Resilience and Strategic Expansion

UAMY's operational challenges in early 2025—such as suboptimal antimony ore from an Australian supplier and a Chinese embargo—were swiftly resolved, demonstrating management's agility. The company also addressed staffing shortages at its Thompson Falls smelter by hiring five new furnace operators, ensuring smoother production and inventory management. As of June 30, 2025, UAMY held 201 tons of antimony inventory valued at $10.4 million, a critical asset that provides flexibility to meet surging demand.

The company's expansion plans are equally compelling. The Thompson Falls facility is on track for full-scale expansion by year-end 2025, with construction progressing alongside permit approvals for projects in Alaska and Montana. These initiatives are expected to reduce reliance on external suppliers and enhance gross margins. Meanwhile, the Bear River Zeolite (BRZ) facility in Idaho continues to produce zeolite for industrial and environmental applications, further diversifying UAMY's revenue streams.

Equity Incentives: Fueling Talent and Long-Term Value

A key driver of UAMY's growth is its 2025 equity incentive plan, which allocates a balanced mix of performance-based restricted stock units (PSUs) and time-based RSUs. For the first six months of 2025, share-based compensation expenses rose to $832,297, reflecting the company's commitment to retaining skilled personnel in a competitive labor market. The PSUs are tied to metrics like relative total shareholder return (TSR) and net deleveraging, aligning executive and shareholder interests. Meanwhile, RSUs vest over three years, ensuring long-term retention and stability.

This approach is critical for UAMY's expansion into new markets. The acquisition of the Canadian tungsten mine, for example, requires specialized expertise in mining operations and regulatory compliance—areas where equity incentives can attract top-tier talent. By linking compensation to strategic milestones, UAMY ensures that its workforce is incentivized to drive innovation and operational efficiency.

Market Tailwinds and Investment Case

The critical minerals sector is experiencing a structural shift. Antimony, a key component in flame retardants, batteries, and semiconductors, is in short supply, with the U.S. National Defense Stockpile holding only 1,212 tons as of April 2025—enough for just 42 days of critical defense applications. UAMY's strategic inventory and production capabilities position it as a vital supplier in this constrained market.

Meanwhile, the global push for green energy is boosting demand for zeolite, which is used in catalytic converters and carbon capture technologies. UAMY's BRZ facility is well-positioned to capitalize on this trend, with zeolite sales already up 24% year-over-year. The company's recent foray into tungsten—a material essential for wind turbines and electric vehicle components—adds another layer of diversification.

Why UAMY is a Compelling Buy

For investors seeking exposure to the critical minerals boom, UAMY offers a unique combination of financial discipline, operational momentum, and strategic foresight. Its Q2 2025 results demonstrate the ability to scale production while maintaining profitability, even amid rising costs. The company's $15.8 million cash balance and $10.4 million in antimony inventory provide a strong liquidity buffer, enabling further acquisitions or R&D investments.

Moreover, UAMY's equity incentive plan and focus on talent retention ensure that it can execute its growth strategy without being hampered by labor shortages. As the U.S. government continues to prioritize domestic supply chains for critical minerals, UAMY's alignment with national security and green energy goals could unlock additional contracts and subsidies.

Conclusion

United States Antimony Corporation is not just a beneficiary of the critical minerals boom—it's a strategic architect of its own success. With a robust balance sheet, a diversified product portfolio, and a management team that prioritizes both operational excellence and shareholder value, UAMY is well-positioned to outperform in a sector defined by scarcity and demand. For investors with a medium- to long-term horizon, UAMY represents a compelling opportunity to capitalize on the industrial materials revolution.