United States Antimony Corporation
United States Antimony Corp. produces and sells antimony products, precious metals, and zeolite through operations in the United States and Mexico, with additional mining claims and development properties in Alaska, Montana, and Ontario. The company is organized around two reportable segments: antimony and zeolite.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProcessed antimony forms including metal ingots, oxide, and trisulfide for industrial and defense uses.
Gold and silver recovered alongside antimony processing and sold as by-products.
Mined and processed zeolite used in filtration, absorbents, and industrial applications.
Products
Reported · share of revenue- Antimony90.1 %
- Zeolite8.6 %
- Precious Metals1.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells antimony products to industrial customers and to government-related buyers that need material for strategic stockpiles and defense supply chains. Its zeolite products are sold to customers using zeolite in filtration, environmental, and industrial applications. Customer demand is tied to end-market needs for specialty minerals, supply security, and product purity.
Buys antimony metal ingots for the National Defense Stockpile and related strategic needs.
Buys antimony oxide, ingots, and trisulfide for manufacturing and specialty applications.
Buys zeolite for filtration, absorbent, and industrial uses.
Buys gold and silver recovered as by-products from processing operations.
Strategy
The company is focused on expanding antimony supply capacity, securing long-duration customer contracts, and improving cash generation from its mineral processing assets. It is also pursuing acquisitions, mining claims, and partnerships that could broaden its ore sources and product mix over time.
Long-duration supply contracts can stabilize demand and support scale in a niche mineral market.
Additional claims and facilities can broaden ore access and reduce reliance on third-party supply.
Working capital and capital access are important in a commodity-processing business with inventory and delivery timing needs.
Geography
Operations are centered in the United States and Mexico, with antimony processing facilities in Montana and Mexico and zeolite operations in Idaho. The company also holds mining claims and leases in Alaska, Montana, and Ontario, Canada, which expand its geographic footprint but are not yet active operating centers. Geography matters because the business depends on cross-border ore sourcing, processing logistics, and access to U.S. government supply programs.
Risks
The business is exposed to commodity price volatility, supply-chain disruption, and execution risk in sourcing compliant ore and delivering product under contract. It also faces geopolitical, trade-policy, and government-procurement risk because a meaningful part of the opportunity set depends on cross-border materials and strategic supply relationships.
- Commodity price volatility in antimonyImpact: HighLikelihood: Medium
Antimony pricing affects sales values and can pressure economics under long-term or fixed-price arrangements.
Exposure: Antimony segment
- Non-domestic ore supply disruptionImpact: HighLikelihood: Medium
The company relies on foreign ore purchases that can be delayed, misgraded, or fail to arrive after payment.
Exposure: Ore sourcing and processing
- Government contract performance and policy riskImpact: HighLikelihood: Medium
The DLA contract depends on delivery timing, compliance, and procurement policy continuity.
Exposure: U.S. Defense Logistics Agency contract
- Trade policy and tariff exposureImpact: MediumLikelihood: Medium
Tariffs or retaliatory tariffs can increase import costs and reduce demand for imported ore or finished product.
Exposure: Cross-border supply chain
Accounting
Judgemental itemsRevenue is recognized when delivery orders are satisfied, not when contracts are signed.
Impact: The DLA contract had no revenue recognized during the period despite being awarded.
Ore purchases and delivery timing can shift revenue and gross profit between quarters.
Impact: Quarterly comparability can be distorted by shipment timing and stockpile builds.
Gold and silver sales are included in the antimony segment but disclosed separately in notes.
Impact: Segment economics can look different depending on whether by-products are included.
New claims, leases, and facilities may not generate cash flows if development stalls.
Impact: Carrying values of mining properties and facilities may be at risk of write-downs.
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Last updated: 24/09/2026