# UAMY earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/UAMY) · [Earnings tab](https://www.lopjlb.com/stock/UAMY?tab=earnings)

Updated: 2026-08-11T05:35:32

Quarters analyzed: 8

## Cross-quarter narrative

Across the earnings calls, UAMY demonstrated revenue growth and improving margins, driven by strong antimony demand and increasing prices. However, the company faced various challenges, including supply chain risks, regulatory hurdles, and execution risks related to its expansion projects. Despite these challenges, UAMY made progress on its milestones, such as the Thompson Falls expansion and the development of its zeolite business. The company's narrative has shifted from focusing on turnaround efforts to emphasizing growth and expansion, with a growing emphasis on securing domestic antimony sources and reducing reliance on foreign suppliers.

## Latest CallCard · Q1

UAMY posted a Q1 loss as sales slipped and costs rose, but management highlighted progress on antimony, tungsten, zeolite and grant funding, reaffirming its $125M revenue target.

**Guidance:** maintained — Management remains confident it can meet the $125M revenue guidance, citing federal antimony orders

**Tone:** mgmt 0.7 · Q&A pressure 0.5 · divergence 0.3

Gary Evans said he has never been more excited about where the company is going, reflecting upbeat prepared remarks

### Demand visibility

Strong demand from government antimony contracts and growing zeolite cattle‑nutrition market

Zeolite shipments beat targets 42% in March and 66% in April; antimony orders expected to generate $75‑95M of the $125M revenue target

### Margins / costs

Margins pressured by higher labor, freight and import costs

Gross profit fell $1.3M versus last year as labor, factory, import and freight costs rose; management expects economies of scale to improve margins

### Capital allocation

Capital directed to expansion, grants and equity raises

Received $12.8M of a $27M DoD grant, raised $48.6M equity, and is spending on Thompson Falls furnace build‑out, zeolite logistics upgrades and hydromet development

### Milestones

- **Thompson Falls expansion** [on_track]: Heat exchangers installed; OEM parts arriving late May; aim for 80% capacity by mid‑July
- **BRZ zeolite logistics upgrade** [on_track]: Infrastructure upgrades to support record zeolite shipments and anticipated demand growth
- **Fostung tungsten bulk‑sample program** [at_risk]: Permitting and road access issues after flooding; bulk sample of 20‑50k tons planned
- **Stibnite Hill antimony mining (Montana)** [on_track]: DEQ leach‑test proposal submitted; permission expected within two weeks
- **Ester Dome antimony exploration (Alaska)** [on_track]: Trenching and drilling to resume before month‑end
- **Maclaren River K‑M copper project (Alaska)** [on_track]: Drill program scheduled for late summer to test vein continuity
- **Nolan Creek antimony‑gold deposit (Alaska)** [on_track]: Ramp upgrade to meet MSHA regulations and commence ore trucking to Radersburg
- **Idaho hydromet facility (antimony)** [new]: Design phase for 1,000 t/month plant slated for 2028 completion

### Fears / risks

- **Grant funding uncertainty**: Portion of the $27M DoD grant and other federal applications depend on milestone approvals
- **Permitting and environmental approvals**: Montana DEQ leach test, Ontario road closures, Alaska red‑tape could delay mining operations
- **Commodity price volatility**: Antimony, tungsten and cobalt prices could affect revenue and project economics
- **Dependence on federal contracts**: $75‑95M of revenue tied to government antimony orders; any slowdown could impact guidance
- **Execution risk of Thompson Falls expansion**: Equipment delivery and learning curve may delay reaching full furnace capacity
- **Demand outpacing infrastructure**: Zeolite demand exceeds current logistics capacity, requiring rapid upgrades
- **Larvotto investment loss**: Unrealized $4.1M loss and lack of dialogue with Larvotto management raise write‑down risk
- **Supply‑chain disruptions from China**: Geopolitical tensions could affect critical‑mineral supply dynamics and pricing

### Key quotes

> “I have never been more excited about where this company is going.”

> “Net loss for the first quarter of 2026 was $11.3 million, which was primarily due to noncash stock compensation expense of $4.8 million and an unrealized loss on our investment in our Larvotto equity securities of $4.1 million”

> “In March, we achieved a record number of tons of zeolite shipped, exceeding our monthly target by approximately 42% and that momentum continued into April, where shipments increased further to roughly 66% above target.”

> “We should have all these parts and they'll run all 9 furnaces near mid-July.”

> “$75 million to $95 million of the $125 million will be federal government shipments of antimony ingots by the end of the year.”

## Quarter one-liners

- **2026 Q1:** UAMY posted a Q1 loss as sales slipped and costs rose, but management highlighted progress on antimony, tungsten, zeolite and grant funding, reaffirming its $125M revenue target.
- **2025 Q4:** U.S. Antimony reports record revenue growth, new government contracts and acquisitions, but warns of equipment delays and Alaska permitting risks that could push its Thompson Falls expansion to May 2026.
- **2025 Q3:** UAMY reported a 182% sales jump, improved margins, strong antimony demand, but faces weather, permit and material quality risks as it pushes toward full internal ore supply.
- **2025 Q2:** U.S. Antimony reports 160% revenue growth and on‑track capacity expansion, but faces Alaska permitting delays, foreign material quality issues, and uncertainty over a DoD contract.
- **2024 Q4:** US Antimony posted record $14.9 M revenue and a $3.5 M gross profit turnaround, while outlining aggressive antimony expansion, zeolite improvements and pending Alaska mining, amid grant and tariff uncertainties.
- **2024 Q3:** UAMY Q3 2024 saw sales and gross profit rise, but higher expenses and tolling limited margin gains, while management highlighted aggressive capex, new claims and supply sourcing to drive future growth.
- **2024 Q2:** UAMY reports Q2 revenue up 26% and gross profit up 122% as antimony sales surge, zeolite run time hits 94%, new CattleMax launch and lobbying efforts, but antimony supply and a pending acquisition remain uncertain.
- **2024 Q1:** U.S. Antimony posted a turnaround Q1 with revenue up 28%, gross profit more than doubled and cash improving, while antimony prices surge, zeolite costs remain a challenge and new U.S. leasing, drilling and shelf‑filing projects are underway.

## Theme arcs

- **Revenue growth** (improving): Driven by strong antimony demand and increasing prices
- **Margin expansion** (improving): Due to higher prices and improved operational efficiency
- **Supply chain risks** (deteriorating): Reliance on foreign suppliers and potential geopolitical disruptions
- **Regulatory hurdles** (deteriorating): Delays in Alaska permitting and environmental approvals
- **Execution risks** (deteriorating): Equipment delays and contractor issues affecting expansion projects
- **Domestic antimony sources** (new): Growing emphasis on reducing reliance on foreign suppliers
- **Zeolite business development** (improving): Increasing demand and expanding logistics capabilities

## Fear persistence

- **Supply risk** [recurring]: Reliance on foreign suppliers and potential geopolitical disruptions
- **Regulatory risk** [recurring]: Delays in Alaska permitting and environmental approvals
- **Acquisition risk** [resolved]: Zeolite acquisition completed with positive results
- **Market adoption risk** [resolved]: CattleMax product launch successful with growing demand
- **Capital constraint risk** [recurring]: Dependence on government funding and off-take agreements
- **Price risk** [recurring]: Antimony price volatility affecting revenue and margin expectations
- **Weather risk** [new]: Winter weather shutting down Montana and Alaska mining activities
- **Feedstock quality risk** [recurring]: Inconsistent quality of imported antimony material affecting smelting efficiency
- **Execution risk** [recurring]: Equipment delays and contractor issues affecting expansion projects
- **Grant funding uncertainty** [recurring]: Portion of the $27M DoD grant and other federal applications depend on milestone approvals

## Guidance path

2024 Q1:vague → 2024 Q2:maintained → 2024 Q3:vague → 2024 Q4:vague → 2025 Q2:maintained → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:maintained

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