# UNITED STATES ANTIMONY CORP (UAMY) Informational only - not investment advice. CIK: 0000101538 SIC: 3330 Primary Smelting & Refining of Nonferrous Metals SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3330 Primary Smelting & Refining of Nonferrous Metals](/industry/3330/) Latest 10-K filed: 2026-03-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=101538 Filing source: https://www.sec.gov/Archives/edgar/data/101538/000110465926032049/uamy-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-19 · accession 0001104659-26-032049 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 39,257,708 USD | 2025 | verified | | Net income | -4,339,526 USD | 2025 | verified | | Assets | 153,925,669 USD | 2025 | verified | | Free cash flow | -37,499,478 USD | 2025 | computed | | Net margin | -11.05% | 2025 | computed | | Operating margin | -21.55% | 2025 | computed | | Revenue YoY | +162.80% | 2025 | computed | | ROE | -3.08% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | UAMY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -11.1% | 3.3% | 4 | 26 | | Operating margin | -21.5% | 5.9% | 0 | 20 | | Revenue growth | 162.8% | 9.5% | 100 | 26 | | FCF margin | -95.5% | 3.7% | 0 | 26 | | ROE | -3.1% | 9.0% | 23 | 27 | | ROA | -2.8% | 5.0% | 12 | 27 | | Liabilities / equity | 0.09 | 0.85 | 0 | 27 | | Current ratio | 5.38 | 2.30 | 96 | 27 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 33 SIC Major Group 33, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 39257708 | USD | 2025 | 2026-03-19 | | Net income | -4339526 | USD | 2025 | 2026-03-19 | | Assets | 153925669 | USD | 2025 | 2026-03-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 11,890,135 | 10,229,978 | 9,034,403 | 8,268,005 | 5,235,530 | 7,747,506 | 11,044,707 | 8,693,155 | 14,937,962 | 39,257,708 | | Net income | | | | | | -1,309,200 | -1,134,394 | 873,225 | -3,672,891 | -3,286,804 | -60,469 | 428,661 | -6,348,287 | -1,730,404 | -4,339,526 | | Operating income | | | | | | -816,522 | -959,699 | 547,036 | -3,753,677 | -3,304,742 | -660,257 | 348,205 | -7,069,001 | -2,390,812 | -8,458,865 | | Gross profit | | | | | | 536,651 | 275,460 | 1,543 | -816,251 | 205,698 | 838,605 | 1,996,190 | -3,344,784 | 3,466,918 | 9,873,512 | | Diluted EPS | -0.01 | 0.01 | 0.01 | -0.01 | -0.03 | | | | | | | | -0.06 | -0.02 | -0.04 | | Operating cash flow | | | | | | 425,837 | 716,776 | -656,631 | -11,355 | -1,305,664 | -2,431,477 | -249,277 | -4,750,026 | 2,220,303 | -9,690,993 | | Capital expenditures | | | | | | 595,839 | 365,541 | 899,119 | 792,925 | 243,091 | 648,128 | 1,726,415 | 1,528,672 | 430,596 | 27,808,485 | | Dividends paid | | | | | | | | | | | | 0.00 | 787,730 | 0.00 | | | Share buybacks | | | | | | | | | | | 0.00 | 202,980 | 0.00 | | 449,475 | | Assets | | | | | | 17,765,998 | 17,131,254 | 17,557,123 | 13,693,975 | 13,299,502 | 35,002,727 | 34,700,450 | 28,094,995 | 34,642,602 | 153,925,669 | | Liabilities | | | | | | 6,423,745 | 6,754,645 | 6,132,289 | 5,226,833 | 6,113,113 | 2,633,924 | 2,831,195 | 2,574,027 | 6,041,929 | 12,970,480 | | Stockholders' equity | | | | | | 11,342,253 | 10,376,609 | 11,424,834 | 8,467,142 | 7,186,389 | 32,368,803 | 31,869,255 | 25,520,968 | 28,600,673 | 140,955,189 | | Cash and cash equivalents | | | | | | 10,057 | 27,987 | 56,650 | 115,506 | 665,102 | 21,363,048 | 19,060,378 | 11,899,574 | 18,172,120 | 30,494,320 | | Free cash flow | | | | | | -170,002 | 351,235 | -1,555,750 | -804,280 | -1,548,755 | -3,079,605 | -1,975,692 | -6,278,698 | 1,789,707 | -37,499,478 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | -11.01% | -11.09% | 9.67% | -44.42% | -62.78% | -0.78% | 3.88% | -73.03% | -11.58% | -11.05% | | Operating margin | | | | | | -6.87% | -9.38% | 6.06% | -45.40% | -63.12% | -8.52% | 3.15% | -81.32% | -16.00% | -21.55% | | Return on equity | | | | | | -11.54% | -10.93% | 7.64% | -43.38% | -45.74% | -0.19% | 1.35% | -24.87% | -6.05% | -3.08% | | Return on assets | | | | | | -7.37% | -6.62% | 4.97% | -26.82% | -24.71% | -0.17% | 1.24% | -22.60% | -5.00% | -2.82% | | Liabilities / equity | | | | | | 0.57 | 0.65 | 0.54 | 0.62 | 0.85 | 0.08 | 0.09 | 0.10 | 0.21 | 0.09 | | Current ratio | | | | | | 0.50 | 0.40 | 0.54 | 0.32 | 0.40 | 11.38 | 9.74 | 15.68 | 5.16 | 5.38 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2019-Q1 | 2019-03-31 | | | -0.01 | reported discrete quarter | | 2019-Q2 | 2019-06-30 | | | -0.01 | reported discrete quarter | | 2019-Q3 | 2019-09-30 | | | -0.02 | reported discrete quarter | | 2020-Q2 | 2020-06-30 | | | 0.00 | reported discrete quarter | | 2021-Q2 | 2021-06-30 | | | 0.00 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | -1,646,403 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -3,562,185 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -324,643 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | 200,917 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | -729,384 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | -884,794 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | 544,649 | 0.00 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | | 179,680 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | -4,782,575 | -0.04 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -288,780 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 6,784,069 | -11,296,365 | -0.08 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 7,925,601 | 108,415 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from UAMY's latest 10-K: [/company/UAMY/business/](/company/UAMY/business/). ## Risk Factors Verbatim Item 1A Risk Factors from UAMY's latest 10-K: [/company/UAMY/risk-factors/](/company/UAMY/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/101538/000110465926094035/uamy-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-11 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “believes,” “expects” or “does not expect,” “is expected,” “outlook,” “anticipates” or “does not anticipate,” “plans,” “estimates,” “forecast,” “project,” “pro forma,” or “intends,” or stating that certain actions, events or results “may” or “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks related to: [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s properties being in the exploration stage;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Macroeconomic factors;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continued operational losses;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s ability to obtain additional capital to develop the Company\u2019s resources, if any;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Concentration of customers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Increase in energy costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Mineral exploration and development activities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Mineral estimates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s insurance coverage for operating risks;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The fluctuation of prices for antimony and precious metals, such as gold and silver;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The competitive industry of mineral exploration;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The title and rights in the Company\u2019s mineral properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Environmental hazards;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The possible dilution of the Company\u2019s common stock from additional financing activities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Metallurgical and other processing problems;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Unexpected geological formations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Global economic and political conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Staffing in remote locations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Changes in product costing;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Inflation on operational costs and profitability;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Global pandemics, natural disasters, or civil unrest;"]] [[/GREPCENT_TABLE]] 25 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Mexican labor and other issues regarding safety and organized control over our properties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The positions and associated outcomes of Mexican and other taxing authorities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Cybersecurity and business disruptions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Ineffective use of cash and cash equivalents, including proceeds from stock offerings;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Potential conflicts of interest with the Company\u2019s management;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Mining exploration, development, and production not being economically viable;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Processing and selling ore from new suppliers and internal sources not being economically viable;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Mineral reserve estimates, including those prepared by \u201cQualified Persons\u201d (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Volatility in market prices related to the Company\u2019s investment in equity securities could negatively impact our financial condition and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Lack of personnel to execute the Company\u2019s strategy could delay or derail the Company\u2019s implementation of its strategy that could negatively impact our financial condition and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s ability to receive funding under its Department of War grant award is subject to the achievement of specified milestones and ongoing compliance with program requirements, and any failure to satisfy these conditions or obtain continued authorization could result in delays, reductions, or loss of funding and adversely affect the Company\u2019s financial condition and liquidity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company is exposed to credit and supply chain risks related to its $4.0 million Convertible Promissory Note and corresponding strategic relationship with a key international antimony supplier;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The Company\u2019s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Fluctuations in the price of the Company\u2019s common stock."]] [[/GREPCENT_TABLE]] This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-Q, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”). 26 Table of Contents You should read this report with the understanding that [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/101538/000110465926032049/uamy-20251231x10k.htm Complete FY 2025 MD&A: /company/UAMY/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-19 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto which are included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual Report. Overview United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. In 2025, the Company purchased the surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore. In the early 2000’s, the Company expanded its footprint with antimony and precious metals operations located in Mexico and zeolite operations located in Idaho. Our zeolite operations are vertically integrated from mining to selling zeolite, which is the Company’s goal for its businesses. Management has made significant changes to the Company and its operations over the past couple years to vertically integrate and expand overall operations in new areas and to grow sales. Operations Beginning in 2024 and continuing in 2025, the Company began acquiring mining claims and leases located in Alaska, Montana, and Ontario, Canada. The Company has also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. We invested in these mining properties to further our strategy of vertical integration and to lower our ore cost compared to third-party antimony ore purchases. No active, revenue-producing operations were conducted in 2025 from the Company’s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana. Also, no mineral reserves or resources have been established yet for these mining claims. However, the Company performed exploration activities and limited surface mining at several locations. In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska that it purchased in 2025 and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints. In October 2025, the Company produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program at its Montana Stibnite Hill mining claim it purchased in 2025. While Stibnite Hill represents a potential long-term source of feedstock for the Company’s smelting operations, mining remains seasonal due to weather and ceased in November 2025. Mining is expected to resume in the spring of 2026. Future development remains subject to ongoing assay results, further permitting, and prevailing market conditions. In June 2025, the Company paid $5.0 million to acquire property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (the Fostung Properties). We have completed fieldwork but have not yet extracted any minerals from the Fostung Properties. On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources; however, the report has not yet been filed with the SEC. In October 2025, the Company completed the purchase of additional property in Fairbanks, Alaska that will be used for field operating activities, including ore separation and storage, as well as an office for its staff. In addition, the Company addressed logistical constraints related to its workforce by purchasing an existing housing development in Thompson Falls, Montana. This investment provides a dedicated housing solution to attract and retain the skilled labor to support increased staffing levels for our growing operations and smelting expansion. 50 Table of Contents In November 2025, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. There were no mining activities on this property in 2025. In January 2026, the Company completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana for total cash consideration of $4.8 million. The Radersburg property is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain. Management has budgeted approximately $2.0 million in capital expenditures to modernize equipment and add a new laboratory with the goal of optimizing operational efficiencies and mineral recovery rates. In February 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member. Sales In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030. Pricing is determined at the time each delivery order is placed. The Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million. No revenue was recognized under this contract in fiscal 2025. In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. The agreement specifies a monthly delivery schedule through December 2026. Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months. In 2026, the Company began expanding its commercial presence in the animal nutrition industry through a third party with extensive relationships in that sector, where zeolite products are used as feed amendments. Through this relationship, the Company has received introductions to several animal nutrition customers and has begun supplying zeolite products to select customers introduced through this relationship. The Company is in the process of formalizing a definitive agreement with this third party to support further development of these relationships. We review our strategic initiatives to ensure an adequate return on our investments. We also review the performance of our reportable segments and the performance of our Company with a focus on generating positive cash flow. A cornerstone of our strategy is the well-being of our employees as they are our most valuable asset. Our mission is to serve our employees, customers, and vendors with excellence while growing the business profitably through both organic growth and strategic acquisitions and partnerships to increase shareholder value. Beginning in 2024 and continuing into 2025, we have strengthened our organization through the addition of key personnel in the areas of customer service, sales, operations, finance, and plant management, as well as the appointment of new board members and the formation of new business partnerships. The Company also continues to expand its mining claim portfolio. These strategic additions enhance our operational capabilities and position the Company to advance its mission of disciplined execution, attentive service, and profitable growth in the critical minerals space. Following is selected consolidated financial information: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Consolidated statement of operations information","\u200b","\u200b"],["\u200b","","Years Ended December 31,"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["Revenues","\u200b","$","39,257,708","\u200b","$","14,937,962"],["Costs of revenues","\u200b","","29,384,196","\u200b","","11,471,044"],["Gross profit","\u200b","","9,873,512","\u200b","","3,466,918"],["Total operating expenses","\u200b","","18,332,377","\u200b","","5,857,730"],["Loss from operations","\u200b","","(8,458,865)","\u200b","","(2,390,812)"],["Total other income","\u200b","","4,119,339","\u200b","","660,408"],["Income tax expense","\u200b","","\u2014","\u200b","","\u2014"],["Net loss","\u200b","$","(4,339,526)","\u200b","$","(1,730,404)"]] [[/GREPCENT_TABLE]] ​ 51 Table of Contents [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Consolidated balance sheet information","\u200b","\u200b"],["\u200b","","As of December 31,"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["Working capital","\u200b","$","44,564,846","\u200b","$","16,672,180"],["Total assets","\u200b","","153,925,669","\u200b","","34,642,602"],["Accumulated deficit","\u200b","","(45,488,549)","\u200b","","(41,149,023)"],["Total stockholders\u2019 equity","\u200b","","140,955,189","\u200b","","28,600,673"]] [[/GREPCENT_TABLE]] ​ Revenues Revenues increased by $24.3 million, or 163%, in fiscal year 2025 compared to fiscal year 2024 primarily due to: [[GREPCENT_TABLE]] [["","\u25cf","Antimony revenue:"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","230% increase in average sales price per pound."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Zeolite revenue:"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","8% increase in tons sold, and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","o","6% increase in average sales price per ton."]] [[/GREPCENT_TABLE]] The increase in antimony revenue was primarily driven by continued elevated market demand and reduced supply, which resulted in higher realized pricing during 2025. The average sales price per pound increased approximately 230% compared to the prior year. The increase in zeolite revenues was primarily attributable to higher sales volume, driven by strengthened customer relationships, improved supply reliability, and expanded market reach, along with an improvement in realized pricing. Gross Profit Gross profit was $9.9 million in fiscal year 2025 compared to $3.5 million in fiscal year 2024. The 185% increase between the years was primarily due to the following: [[GREPCENT_TABLE]] [["","\u25cf","Higher realized pricing on antimony sales driven by sustained market demand that significantly increased margins per pound sold,"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Favorable ore input costs on antimony inventory purchased in the first half of 2025 which improved spreads but were partially offset by suppliers charging a higher percentage of prevailing market prices later in the year, and"]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/UAMY/mda/fy2025/ All MD&A years: /company/UAMY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/UAMY/mda/fy2024/): filed 2025-03-20; accession 0001654954-25-003048 (https://www.sec.gov/Archives/edgar/data/101538/000165495425003048/uamy_10k.htm) - [FY 2023 MD&A](/company/UAMY/mda/fy2023/): filed 2024-04-12; accession 0001654954-24-004576 (https://www.sec.gov/Archives/edgar/data/101538/000165495424004576/uamy_10k.htm) - [FY 2022 MD&A](/company/UAMY/mda/fy2022/): filed 2023-07-18; accession 0001654954-23-009305 (https://www.sec.gov/Archives/edgar/data/101538/000165495423009305/uamy_10k.htm) - [FY 2021 MD&A](/company/UAMY/mda/fy2021/): filed 2022-03-31; accession 0001654954-22-004348 (https://www.sec.gov/Archives/edgar/data/101538/000165495422004348/uamy_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3330 Primary Smelting & Refining of Nonferrous Metals) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/UAMY.md · JSON record: /company/UAMY.json · verified financials: /company/UAMY/financials.json / /company/UAMY/financials.csv · machine TOC for the whole site: /llms.txt