US Antimony Shifts 2026 Guidance to Antimony Volume

The Tip Desk · November 13, 2026 · 4 min read

Third-quarter revenue was $10.1 million as DLA ingot acceptances added about $5.1 million and gross margin reached 42%.

United States Antimony Corporation (UAMY), a producer of antimony, zeolite and other critical minerals, reported third-quarter 2026 revenue of $10.1 million, up 16% from $8.7 million a year earlier, and withdrew its prior 2026 revenue guidance of $60 million to $75 million in favor of a volume target of 1.68 million to 1.81 million pounds of antimony.

The company said it is now providing full-year guidance on a sales-volume basis because revenue has diverged from production and delivery activity amid lower antimony market prices, the timing of Defense Logistics Agency acceptances, and a slower-than-planned ramp in metal-ingot production at the expanded Thompson Falls smelter. At the midpoint, the 2026 volume outlook is about 24% above 1.41 million pounds sold in 2025.

The quarter’s defining operating turn was the first recognition of DLA metal-ingot revenue. The DLA formally accepted four shipments totaling about 162,000 pounds of antimony metal ingots, producing about $5.1 million of revenue at a realized price of about $31.50 a pound. Antimony segment revenue was $8.8 million. Antimony pounds sold rose 68% year over year to 468,842 pounds.

Excluding DLA shipments, industrial antimony pounds, primarily antimony trioxide, were about 306,500, up 10% from a year earlier. Industrial realized prices fell to about $12.16 a pound from $28.72 a year earlier, consistent with the decline in worldwide antimony market prices. Average cost per pound declined 51% to $10.19 from $20.89, reflecting lower feedstock prices.

Gross profit increased 113% to $4.3 million from $2.0 million a year earlier, and gross margin expanded to about 42% from 23%. Antimony gross profit rose 85% to $4.0 million, with antimony gross margin at about 46%. The company attributed the antimony-margin improvement primarily to higher DLA contract prices and lower average feedstock costs.

Zeolite revenue was $1.0 million, with 3,824 tons sold, up 54% from a year earlier. Zeolite swung to about $7,000 of gross profit from a gross loss of about $26,000 a year earlier; the company said higher volumes were largely offset by increased freight and production costs.

The company reported a net loss of $9.5 million, compared with $4.8 million a year earlier. The 2026 loss included $2.1 million of non-cash stock-based compensation, $0.8 million of depreciation and amortization, and a $3.8 million unrealized loss on its equity investment in Larvotto Resources Limited. Operating loss was $6.0 million. Operating expenses were $10.3 million, with mineral exploration up about $3.4 million, general and administrative expenses up about $1.0 million, and professional fees up about $0.3 million, partly offset by a $1.7 million decrease in salaries and benefits.

Inventory was $28.1 million as of September 30, 2026, compared with $8.4 million a year earlier, which the company said reflected strategic investment in antimony feedstock and finished products. Cash and U.S. Treasury securities were $51.0 million, with working capital of about $56.2 million and no borrowings on its $19.0 million margin credit line.

The Department of War increased the amount authorized for payment under the company’s $27.0 million Defense Production Act award to $20.3 million from $16.2 million; the company had received $12.8 million, with an additional $7.5 million authorized upon specified milestones. The Radersburg processing plant commenced start-up in the third quarter.

In October 2026 the company sold about 310,000 pounds of antimony, its highest monthly volume of the year, compared with a third-quarter monthly average of about 156,000 pounds. The DLA accepted three additional shipments totaling about 113,000 pounds, producing about $3.6 million of revenue for which payment was received. Through October, the DLA had accepted seven shipments totaling about 275,000 pounds, or about $8.7 million, all collected. Cycle time from sampling to payment shortened to about 70 days for shipments five through seven from as long as 124 days for earlier shipments.

The company expects to sell about 17,500 to 18,500 tons of zeolite in 2026. The 2026 antimony volume range includes about 276,000 to 356,000 pounds of DLA ingots and about 1.40 million to 1.45 million pounds of industrial products. The low end assumes no further DLA acceptances in 2026; the high end assumes acceptance of lots TF-8 and TF-9, totaling 79,927 pounds, before year-end. Lots sampled after early November would be expected to be accepted and recognized as revenue in early 2027.