Business Model Breakdown
How United States Antimony Corp Makes Money
UAMY
Market Cap
$1.2B
Annual Revenue
$26M
Profit Margin
-11.1%
Employees
60
The Short Version
United States Antimony Corp (UAMY) is a mining and processing company focused on critical minerals, primarily antimony and zeolite. The company mines antimony ore, processes it into a refined product, and also mines and sells zeolite for various industrial and agricultural applications. It generates revenue by selling these processed minerals to industrial customers who use them in products ranging from flame retardants and batteries (antimony) to absorbents and soil conditioners (zeolite). The business model is reliant on successful extraction, efficient processing, and favorable commodity prices to generate profit from its sales.
Where the Revenue Comes From
Antimony products (percentage not specified, but primary focus)
Zeolite products (percentage not specified, contributes to revenue)
Who buys: Industrial customers, potentially government entities for strategic critical mineral supply, and agricultural users for zeolite.
Why It Works (Competitive Advantages)
- ✔Focus on critical minerals (antimony and zeolite) aligned with strategic national interests.
- ✔Existing mining operations and processing facilities (Radersburg mill, Thompson Falls expansion) which offer some barrier to entry for new players.
Economic Moat: None (Cost Advantages (currently eroding due to rising input costs), Intangible Assets/IP (potential, but not explicitly stated or quantified))
What Our Analysis Says
DVR Score as of May 22, 2026
United States Antimony Corp (UAMY) presents a significantly elevated risk profile and diminished 10x growth potential following its Q1 2026 earnings report. While the company reiterated its ambitious $125M revenue guidance for FY2026, Q1 revenue of $6.8M represented a 2.9% YoY decline, gross margin plummeted from 34% to 16%, and the company swung to a substantial net loss of $11.29M from a profit. Critically, cash fell to $3.4M by quarter-end, necessitating an immediate $48.6M equity raise, signaling severe cash burn and significant shareholder dilution. The capital-intensive nature of mining, combined with declining operational performance, makes the path to substantial, profitable growth highly challenging and casts significant doubt on achieving 10x returns within 3-5 years. The execution risk to meet the full-year guidance from such a weak Q1 starting point is extremely high.