United States Antimony Corporation (USAC) reported significant financial growth in its fiscal year ending December 31, 2025, with total revenues reaching $39.3 million, a 163% increase from $14.9 million in 2024. The surge in revenue was primarily driven by a 230% rise in the average sales price of antimony, alongside an 8% increase in zeolite sales volume. Despite the revenue growth, the company incurred a net loss of $4.3 million, compared to a loss of $1.7 million in the previous year, largely due to increased operating expenses and non-cash share-based compensation.
The company’s operational strategy has evolved significantly, with a focus on vertical integration and expansion into new markets. In 2025, USAC acquired mining claims in Alaska, Montana, and Ontario, Canada, and entered into agreements for exploration rights in the southeastern United States. Notably, the company resumed mining operations in Montana, extracting 840 tons of antimony ore, marking a return to self-sourcing after decades of reliance on foreign suppliers. Additionally, USAC secured a five-year, $248 million contract with the U.S. Defense Logistics Agency for the sale of antimony metal ingots, which is expected to bolster future revenues.
Operationally, USAC has made strides in enhancing its processing capabilities. The company is nearing completion of an expansion at its Montana facility, which is projected to triple its antimony processing capacity. Furthermore, USAC has invested in a housing development in Thompson Falls, Montana, to address workforce challenges and attract skilled labor necessary for its expanding operations. As of December 31, 2025, the company employed 100 full-time and one part-time employee, with plans for further staffing increases.
The company’s financial position has strengthened, with working capital increasing to $44.6 million from $16.7 million in the prior year. This improvement is attributed to a rise in total current assets, including cash and cash equivalents, which amounted to $30.5 million. USAC also reported total assets of $153.9 million, a substantial increase from $34.6 million in 2024. However, the company continues to face challenges, including a significant accumulated deficit of $45.5 million and ongoing operational losses.
Looking ahead, USAC remains optimistic about its growth trajectory, bolstered by government contracts and strategic acquisitions. The company has been awarded $27 million by the U.S. Department of War to fund the expansion of its domestic antimony production capabilities, which is expected to further enhance its operational efficiency and market position. However, the company cautions that its future performance is subject to various risks, including market volatility, regulatory changes, and operational challenges, which could impact its financial results.
About UNITED STATES ANTIMONY CORP
United States Antimony Corporation processes and sells antimony, precious metals, and zeolite primarily in the U.S., Mexico, and Canada. It refines antimony ore into high-purity products used in flame retardants, batteries, and ammunition. The company also mines, processes, and markets zeolite for environmental, agricultural, and industrial applications. Its business model centers on mineral processing, product sales, and resource exploration in the mining and mineral supply sectors.
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