UNITED STATES ANTIMONY CORP
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 11, 2026
UAMY$2.82+8.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001104659-26-061193
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001104659-26-094035
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 55 previous paragraphs and 65 current paragraphs.
40 unchanged; 10 reworded; 10 added; 5 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 68 previous and 72 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Antimony revenue decreased $3.8 million, or 39%, and $4.1 million, or 27%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These decreases were primarily attributable to lower market prices for antimony, which resulted in average sales prices per pound declining 52% and 27% during the three and six-month periods, respectively. The impact of lower selling prices was partially offset by a 26% increase in pounds of antimony sold during the three-month period, while sales volumes for the six-month period remained relatively consistent with the prior year.
Current report
Antimony gross profit decreased $2.7 million, or 95%, and $4.1 million, or 78%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These decreases were primarily attributable to lower average selling prices for antimony, which reduced average gross profit per pound by 96% and 78% during the three and six-month periods, respectively. Average cost per pound declined 33% during the three-month period and remained relatively consistent with the prior year during the six-month period. Gross margin during the first six months of 2026 did not benefit from any processing of the Company’s in-house antimony mined in Montana or from any antimony deliveries under the Company’s contract with the DLA.
Current report
During June 2026, the Company fulfilled its first two shipments under the contract with the DLA. These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026. Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred. As a result, the Company recognized the $2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.
Current report
Zeolite revenue increased $972,683, or 110%, and $893,900, or 45%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These increases were primarily attributable to tons of zeolite sold increasing 114% and 49% during the three and six-month periods, respectively, which reflected the Company’s expanded sales efforts, including additional penetration into the cattle market, as well as continued growth in its traditional industrial markets. The impact of increased sales volumes was partially offset by decreases in the average sales price per ton of 2% and 3% during the three and six-month periods, respectively.
Current report
Gross profit increased $231,156, or 189%, for the three months ended June 30, 2026, and decreased $48,026, or 16%, for the six months ended June 30, 2026, as compared to the corresponding prior-year periods. The increase in gross profit during the second quarter of 2026 was primarily attributable to the significant increase in sales volume combined with lower average production costs, which more than offset the impact of the modest decrease in the average sales price per ton. The decrease in gross profit for the six-month period was primarily attributable to higher freight costs associated with the Company’s expanded geographic distribution.
Current report
Consolidated Financial Performance:
Current report
Operating Expenses
Current report
Operating expenses increased $4.7 million and $11.4 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding prior-year periods. These increases were primarily attributable to higher non-cash share-based compensation resulting from equity awards granted following shareholder approval of the Amended and Restated 2023 Equity Incentive Plan in 2025, increased salaries and employee benefits to support the Company’s expanded operations and growth initiatives, and higher professional fees associated with various strategic initiatives.
Current report
Other Income, Net
Current report
Other income, net increased $7.0 million and $3.0 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding prior-year periods. These increases were primarily attributable to unrealized gains on the Company’s investment in Larvotto of $6.8 million during the second quarter of 2026 and $2.7 million for the six-month period. The remaining increases were primarily due to higher investment income resulting from increased cash balances invested in interest-bearing accounts and securities.
Removed paragraphs (5)
Previous report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
Previous report
Antimony revenue decreased $370,905, or 6%, for the three months ended March 31, 2026, as compared to the prior year period, primarily due to lower sales volume which was mostly offset by an increase in the average sales price per pound. The decrease in sales volume was primarily attributable to the timing of shipments and order fulfillment between periods.
Previous report
Gross profit decreased $1,407,178, or 58%, for the three months ended March 31, 2026, as compared to the prior year period. This decrease was primarily due to lower sales volumes coupled with an increase in the average cost per pound. The increase in cost per pound was driven in part by the recognition of higher-cost ore inventory through cost of sales, which outpaced the increase in the average sales price.
Previous report
Zeolite revenue decreased $78,783, or 7%, for the three months ended March 31, 2026, as compared to the prior year period, primarily due to a 4% decrease in the average sales price per ton coupled with a modest decline in sales volumes.
Previous report
Gross profit decreased $279,182 for the three months ended March 31, 2026, as compared to the prior year period, primarily due to decreases in sales volumes and average sales prices coupled with higher freight costs.
Reworded paragraphs (10)
Previous wording
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing operations. The award is milestone-based, with $16.2 million currently obligated and additional funding subject to future authorization. As of March 31, 2026, the Company achieved and received approval for initial milestones representing $12.8 million, which was recorded as a grant receivable, with a corresponding reduction to construction in progress related to the Thompson Falls, Montana facility expansion.
Current wording
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing facilities and to fund a portion of the Company’s Alaskan antimony mining operations. The award is milestone-based, with $16.2 million currently obligated and an additional $10.8 million subject to future authorization by the U.S. government. On March 25, 2026, the Company received approval for three project milestones representing $12.8 million of committed funding for the Thompson Falls, Montana facility expansion. Based on the achievement and approval of the related milestones, the Company recognized the grant as a reduction of property, plant and equipment during the first quarter of 2026. The related cash proceeds were received in April 2026. Additional funding under the award is contingent upon the achievement and approval of future project milestones.
Previous wording
In 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (more commonly referred to as Fostung Tungsten). On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung Tungsten project. This Initial Assessment-level Technical Report Summary, dated January 31, 2026 (the “Fostung TRS”), was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K. The full text of the Fostung TRS is an exhibit to the Form 8-K filed by the Company on April 10, 2026.
Current wording
On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung tungsten project. This Initial Assessment-level Technical Report Summary, dated January 31, 2026 (the “Fostung TRS”), was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K and filed as an exhibit to the Form 8-K filed by the Company on April 10, 2026. The Fostung project was acquired by the Company in 2025 and includes 50 single-cell tungsten mining claims located in the Sudbury District of Ontario. As noted, the Fostung TRS is an Initial Assessment-level report and, accordingly, does not establish any Mineral Reserves. The report does, however, estimate 14.8 million tons of inferred mineral resources containing approximately 54.2 million pounds of tungsten. Exploration of the deposit indicates potential to expand the resource further, and preliminary test work has demonstrated the ability to improve the grade of the tungsten-bearing material through sorting.
Previous wording
Antimony is used in many products as a fire-retardant and primer and is on the Critical Minerals List of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. 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 ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
Current wording
Antimony is used in many products as a fire-retardant and primer and is on the Critical Minerals List of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. 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 ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility
Previous wording
Net cash used in operating activities was $12.1 million for the three months ended March 31, 2026, compared to $1.7 million in the prior year period. The increased use of operating cash was primarily driven by higher working capital requirements, including a $9.7 million increase in inventories reflecting the buildup of antimony inventory. Accounts payable increased by $2.8 million during the quarter; however, excluding $5.0 million of property and equipment additions included in accounts payable at period end, accounts payable decreased by $2.2 million. These two uses of cash were partially offset by a $1.7 million decrease in accounts receivable. Operating cash flow was further impacted by a net loss of $11.3 million in the current period, partially offset by non-cash items, including share-based compensation expense of $4.8 million and the unrealized loss on our investment in equity securities of $4.1 million.
Current wording
Net cash used in operating activities was $20.7 million for the six months ended June 30, 2026, compared to $2.4 million in the prior year period. The increased use of operating cash was primarily driven by higher working capital requirements, including a $9.6 million increase in inventories as the Company built up its antimony inventory and a $4.5 million decrease in accounts payable, after giving effect to $1.5 million of property and equipment additions included in accounts payable at period end. Operating cash flows were also affected by a net loss of $11.2 million, partially offset by non-cash charges, including $7.7 million of share-based compensation expense and $0.9 million of depreciation and amortization expense.
Previous wording
Net cash used in investing activities was $12.6 million for the three months ended March 31, 2026, compared to $0.9 million in the prior year period. Investing activities in the current period was driven by $12.6 million of capital expenditures, which included $4.8 million for the purchase of the Radersburg floatation mill, $4.6 million of construction in progress cash expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana that will largely be reimbursed with proceeds from the approved $27.0 million award from the U.S. Department of War, and $3.2 million of other additions, which primarily related to additional mining claim investments.
Current wording
Net cash used in investing activities was $11.1 million for the six months ended June 30, 2026, compared to $17.4 million in the prior year comparative period. Investing activities in the current period were primarily driven by $22.8 million of capital expenditures and $1.1 million of additional advances made to a strategic supplier under a new convertible note receivable. Capital expenditures were primarily attributable to ongoing construction associated with the expansion of the Company’s existing smelting operations in Thompson Falls, Montana, the acquisition of the Radersburg flotation mill, and other capital investments, including the acquisition of additional mining claims and machinery and equipment. These cash outflows were partially offset by $12.8 million of government grant proceeds received during the period as reimbursement for qualifying capital expenditures.
Previous wording
Net cash used in financing activities was $2.6 million for the three months ended March 31, 2026, compared to $3.2 million of net cash provided by financing activities in the prior year. Significant financing activities in the first quarter of 2026 included $4.9 million of treasury stock purchases, offset in part by $1.3 million of net proceeds received from the sale of common stock in “at the market offerings” and $1.0 million of proceeds received from the exercise of pre-existing common stock warrants.
Current wording
Net cash provided by financing activities was $43.4 million during the first six months of 2026 as compared to $7.3 million of net cash provided by financing activities for the prior year six-month period. Significant financing activities in 2026 have included $49.1 million of net proceeds received from the sale of common stock in “at the market offerings” and $2.0 million of proceeds received from the exercise of pre-existing common stock warrants, offset in part by $7.8 million of treasury stock purchases.
Previous wording
In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. Borrowings under the facility are secured by the Company’s investment securities held to maturity, specifically its U.S. Treasury Strips, which are pledged as collateral. Availability under the margin credit line is subject to customary margin requirements based on the value of the pledged securities. As of March 31, 2026, the Company had no outstanding borrowings under the facility.
Current wording
In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. Borrowings under the facility are secured by the Company’s investment in U.S. Treasury Strips, which are pledged as collateral. During the first and second quarters of 2026, the Company borrowed $5.0 million and $10.0 million, respectively, under the margin credit line, with each borrowing repaid prior to the end of the respective quarter. The Company had no outstanding borrowings
Previous wording
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing operations. The award is milestone-based, with $16.2 million currently obligated and additional funding subject to future authorization. As of March 31, 2026, the Company achieved and received approval for initial milestones representing $12.8 million, which was recorded as a grant receivable, with a corresponding reduction to construction in progress related to the Thompson Falls, Montana facility expansion.
Current wording
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing facilities and to fund a portion of the Company’s Alaskan antimony mining operations. The award is milestone-based, with $16.2 million currently obligated and an additional $10.8 million subject to future authorization by the U.S. government. On March 25, 2026, the Company received approval for three project milestones representing $12.8 million of committed funding for the Thompson Falls, Montana facility expansion. Based on the achievement and approval of the related milestones, the Company recognized the grant as a reduction of property, plant and equipment during the first quarter of 2026. The related cash proceeds were received in April 2026. Additional funding under the award is contingent upon the achievement and approval of future project milestones.
Previous wording
The Company could also receive additional funding from the U.S. Government for initiatives related to facility expansion and mining exploration and development. The Company has made formal applications in 2026 to several governmental agencies of $274 million. However, there is no assurance that additional U.S. Government funding will be accessible to the Company.
Current wording
The Company could also receive additional funding from the U.S. Government for initiatives related to facility expansion and critical exploration and development mining. The Company has made formal applications in 2026 to several governmental agencies for a total of $274 million. However, there is no assurance that additional U.S. Government funding will be accessible to the Company.
Previous wording
As of March 31, 2026, the Company had cash and cash equivalents of $3.2 million and investments in debt securities of $20.5 million as available liquidity. We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months. We intend to continue to invest in our employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably. We may also use our available cash to acquire businesses or additional properties. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such future cash requirements.
Current wording
As of June 30, 2026, the Company had cash and cash equivalents of $41.4 million and investments in debt securities of $20.7 million as available liquidity. We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months. We intend to continue to invest in our employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably. We may also use our available cash to acquire businesses or additional properties. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such future cash requirements.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Current report — wording carried from elsewhere
processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
Current report — wording carried from elsewhere
Financial and operational performance of our antimony business for the six months ended June 30, 2026 and 2025 was as follows:
Current report — wording carried from elsewhere
Financial and operational performance of our zeolite business for the six months ended June 30, 2026 and 2025 was as follows:
Current report — wording carried from elsewhere
under the margin credit line as of June 30, 2026 or December 31, 2025. Availability under the margin credit line is subject to customary margin requirements based on a percentage of the value of the pledged securities.