United States Antimony Corporation (UAMY) SEC Filings & Earnings Calls

CFO transition is orderly; no disagreements on financials; low risk.

“Mr. Isaak’s termination was not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices.” · word for word

CEO retention risk mitigated by new agreement; change-in-control provisions could be costly.

“if a change in control of the Company occurs... the Company will pay to Mr. Evans an amount equal to two times the sum of Mr. Evans’ then-current base salary and target bonus”

Operational risks: mining subject to weather, geological conditions, and permitting; reliance on contractors.

“Winter weather halted 2025 campaign in November; forward-looking statements cite operational risks.”

Antimony price decline severely compressing margins; operating loss despite revenue growth in zeolite.

“Gross margin 7% vs 27% prior year; antimony ASP -52% YoY; operating loss $7M.”

Dependence on DLA contract and grant approvals for future revenue; geopolitical risks in Bolivia supply chain.

“DLA contract $57.3M cumulative; grant requests $275M pending; Bolivia fuel supply issues due to Iranian war.”

High share-based compensation inflating operating expenses.

“SBC $2.9M in Q2; operating expense $7.6M vs $2.8M prior year.”

Significant gross margin compression from 27% to 7% due to antimony price decline.

“Gross profit of $0.6 million (7% gross margin), compared to $2.8 million (27% gross margin) in the 2025 quarter.” · word for word

Operating loss of $7.0 million, offset only by unrealized gains from equity investments.

“Operating loss of $7.0 million, including $3.4 million of net non-cash expense items compared to break-even operating results in the 2025 quarter.” · word for word

Dependence on DLA contract for revenue growth; shipments deferred to Q3.

“Because these shipments were formally accepted by the DLA in July 2026, approximately $2.6 million is expected to be recognized as third-quarter 2026 revenue.” · word for word

Heavy reliance on equity issuances for funding; potential dilution.

“Generated $49.1 million of net proceeds from equity issuances during the first six months of 2026.” · word for word

Antimony price volatility

“Average sales price per pound 13.70 vs 28.32, a decline of 52%”

Operating cash burn

“Net cash used in operating activities was $20.7 million for the six months ended June 30, 2026” · word for word

Inventory build risk

“a $9.6 million increase in inventories as the Company built up its antimony inventory” · word for word

High cost inflation pressuring margins; gross margin halved to 16%.

“Gross margin 16% vs 34% prior year due to higher labor, factory, and freight costs.”

Significant non-cash losses from stock compensation and investment markdowns.

“Net loss includes $4.8M stock comp and $4.1M unrealized loss on Larvotto equity.”

Cost inflation outpacing pricing power

“Average cost per pound increased 69% while average sales price increased only 22%.”

Negative operating cash flow

“Net cash used in operating activities was $12.1 million for Q1 2026 vs $1.7 million in prior year.” · word for word

Inventory buildup

“Antimony inventory increased from $12.0M at Dec 2025 to $21.7M at Mar 2026.”

Dependence on government grants

“Additional funding subject to future authorization; no assurance of additional funding.”

High cost inflation pressuring margins; gross margin halved to 16%.

“Gross margin 16% vs 34% prior year due to higher labor, factory, and freight costs.”

Significant non-cash losses from stock compensation and investment markdowns.

“Net loss includes $4.8M stock comp and $4.1M unrealized loss on Larvotto equity.”

Uncertainty around CFO leave duration and financial reporting continuity.

“Duration of leave not determined; interim CFO appointed.”

Share dilution risk

“Proposal to increase authorized common shares from 250M to 500M could lead to significant dilution if issued.”

Continued net losses

“Net loss widened to $4.3M in 2025 from $1.7M in 2024, indicating ongoing profitability challenges.”

Early-stage exploration project with no guarantee of economic viability or production. No revenue or cash flow from this asset.

“intermediate-stage tungsten exploration asset... The TRS was completed by SRK Consulting (Canada), Inc.”

Net loss increased due to non-cash charges; operating expenses rose significantly

“Operating expenses were $18.33 million in 2025, which is an increase of $12.47 million compared to the prior year, $6.7 million of which was non-cash charges.” · word for word

Dependence on China export controls and geopolitical tensions for antimony pricing

“With the worldwide embargo of export controls caused by China in the fall of 2024, prices of antimony increased over 400%... antimony remains the 'most critical' mineral due to its requirements in so many military applications” · word for word

Construction permits not yet obtained; timeline dependent on permitting.

“all the necessary permits, with the exception of the construction permits” · word for word

JV ownership structure (51/49) may lead to governance complexities.

“ownership of the JV is 51% Americas and 49% US Antimony... All major decisions will be decided by a newly formed committee of equal representation” · word for word

Geopolitical risk from Bolivian operations; reliance on DOE/DoW funding approvals.

“project located in the country of Bolivia... request for funding for a program total of $44 million” · word for word

Technology and operational execution risk for new hydromet process at commercial scale.

“new hydrometallurgical (hydromet) processing facility for refining antimony and other critical minerals on a commercial scale” · word for word

Execution risk on smelter expansion and facility integration

“Smelter expansion on track for February completion; integration of new facility adds complexity.”

Commodity price risk

“Antimony and other critical minerals prices subject to market volatility.”

Heavy reliance on government and industrial contracts for revenue growth; contract execution risk.

“Revenue guidance of $125M for 2026 is heavily dependent on DLA and industrial contracts.”

Significant equity dilution risk: shares outstanding increased 24% in 2025.

“Outstanding shares only increased 24% from the beginning until the end of the year, after raising $106.6 million of additional equity.” · word for word

Operational execution risk: rapid expansion of mining and smelting operations in one year.

“We did this achievement in one year, which is unheard of in an industry that typically takes decades to open and operate mining assets.” · word for word

Board expansion may signal strategic shift or capital markets activity

“New director with capital markets and M&A background; formation of Finance Committee suggests focus on financial strategy.”

Declining antimony market price may pressure Q4 gross margins.

“There will be some pressure on our gross margins in the fourth quarter with a declining antimony market price.” · word for word

Net loss of $4.1M despite revenue growth; high non-cash expenses.

“Consolidated net loss was $4.1 million for the first nine months of this year.” · word for word

Customer wishes to remain anonymous; concentration risk if contract not renewed.

“Customer wishes to remain anonymous; contract has renewal option.”

Operating Losses and Negative Cash Flow

“Net loss $(4,780,700) for Q3 2025; Net cash used in operating activities $(6,220,686) for 9M 2025”

Inventory Build and Working Capital Strain

“Antimony inventory increased from $744,550 at Dec 2024 to $7,992,140 at Sep 2025, a $7.2M increase.”

Dependence on Foreign Ore Supply

“The Company continues to purchase antimony ore from foreign sources, with increasing percentage of market prices charged by suppliers.”

Share Dilution from Equity Raises

“Net proceeds of $38.4M from stock offerings in 9M 2025, plus additional $66M in October 2025.”

Net loss of $4.05M due to non-cash share-based compensation; operating expenses increased significantly.

“Net loss $4.05M vs $847K prior year; operating expenses $11.76M (+$8.19M).”

Dependence on international antimony supply; in-house mining still ramping.

“Current antimony inventory all from international third-party suppliers; in-house mining expected to impact Q1 2026.”

Operational risk from weather-dependent mining; operations to cease in winter and resume in spring

“Operations on the mountain will temporarily cease when weather conditions dictate but will resume again in the spring” · word for word

Reliance on bulk sampling program success; metallurgical test work ongoing

“Anticipating a successful outcome of the bulk sampling program; metallurgical test work to ensure material can be used in full product line is ongoing” · word for word