Antimony prices fuel UAMY revenue surge as guidance triples
China export controls drive 230% price spike, positioning US miner for $125M 2026 target
United States Antimony Corporation reported quarterly revenue of $39.3 million, more than tripling analyst estimates of $13.0 million, as the Montana-based miner capitalizes on a surge in antimony prices driven by China's export restrictions.
The 203% revenue beat, representing 163% year-over-year growth, comes despite the company reporting a per-share loss of $0.04 compared with expectations for a profit of $0.015. The miss was attributed to $7.1 million in non-cash share-based compensation as the company invests aggressively in expansion.
More significantly for investors, management reiterated revenue guidance of $125 million for 2026—approximately three times current levels—backed by $354 million in new contract bookings and a strengthened cash position of $91.3 million. The company operates the only significant antimony smelter in the United States, a position that has become increasingly valuable as Beijing tightens controls on strategic minerals.
"China implemented export controls on antimony starting September 15, 2024, requiring export licenses and proof of end-users and end-use for antimony and its products," according to industry analysis. The measures escalated in December 2024 with an effective ban on exports to U.S. military users, creating an unprecedented supply shock.
Antimony prices responded dramatically, surging from $1,400 per metric ton in July 2024 to $38,000 by September 2024 and reaching peaks of $51,500 to $60,000 by mid-2025—a more than 2,000% increase. While prices have cooled somewhat from those peaks, they remain substantially elevated compared to historical averages.
United States Antimony has positioned itself to benefit from this structural shift through strategic partnerships with the U.S. government. In September 2025, the company received the first delivery order under its sole-source IDIQ contract with the Defense Logistics Agency, valued at up to $245 million for antimony metal ingots destined for the National Defense Stockpile. The first order totaled approximately $10 million.
The company has also secured a $27 million award from the Department of Defense under the Defense Production Act to enhance domestic extraction and processing capabilities. This government backing comes as global defense spending increases amid geopolitical tensions, further driving demand for critical minerals.
Operational expansion is proceeding rapidly. The company is ramping up production at its Thompson Falls facility in Montana, where new furnaces are expected to be operational in January 2026. In February, United States Antimony announced a joint venture with Americas Gold and Silver Corporation to build a hydrometallurgical processing facility adjacent to existing mines. The company has also been funding the development of a similar facility in Bolivia, which has expanded 15 times its original size.
According to company press releases, United States Antimony reported revenue of $26.23 million for the first nine months of 2025, a 182% increase compared with the same period in 2024. The company also secured approximately $51.25 million in financing during October 2025 through securities purchase agreements with a long-only mutual fund, providing capital for its expansion initiatives.
The stock, which trades on the NYSE American under the symbol UAMY, has been approved for uplisting to the main NYSE, with trading expected to commence on or about March 11, 2026. Shares have experienced significant volatility, with a 52-week range of $1.68 to $19.71, reflecting the high-stakes nature of the company's growth strategy.
Analysts maintain a bullish outlook, with four buy ratings and no hold or sell recommendations, according to market data. The average analyst target price stands at $11.58, representing upside potential from current levels. With a market capitalization of approximately $1.54 billion and a price-to-sales ratio of 48.26 times trailing twelve-month revenue, investors are clearly pricing in significant growth.
The global antimony market is projected to expand from an estimated $2.15 billion in 2025 to approximately $3.17 billion by 2035, according to industry forecasts. As geopolitical tensions drive increased defense spending and governments prioritize domestic supply chains for critical materials, United States Antimony's position as the sole significant U.S. antimony producer provides a strategic moat.
However, risks remain. The company is operating in an investment mode that has compressed margins, and the sustainability of elevated antimony prices depends on the continuation of export restrictions from China. Additionally, scaling production rapidly while maintaining quality and meeting delivery targets poses operational challenges.
For now, investors appear focused on the opportunity rather than the risks, betting that United States Antimony can execute on its ambitious 2026 targets and secure its place in the reshaped global critical minerals supply chain.