United States Antimony (NYSE: UAMY), the only antimony smelter operator in the US, reported its third quarter on Thursday. The short version: it is selling a lot more antimony, it is getting a lot less for each pound, and it no longer wants to promise a revenue number.
The numbers
Revenue was US$10.1 million, up about 16% on a year earlier. The company sold 468,842 pounds of antimony, up 68%. But the average price fell 34% to US$18.83 a pound. The net loss widened to US$9.5 million from US$4.8 million, partly because of a US$3.8 million paper loss on its stake in Larvotto Resources.
One bright spot: gross margin rose to 42% from 23%. The government business is doing the heavy lifting there. Sales to the Defense Logistics Agency for the national stockpile earned around US$31.50 a pound, against roughly US$12.16 for industrial customers.
The guidance change
UAMY withdrew its 2026 revenue forecast of US$60 to 75 million and now guides on volume instead: 1.68 to 1.81 million pounds of antimony this year, about 24% more than 2025 at the midpoint. Chief executive Gary Evans said every step of the stockpile process, from sampling to inspection and acceptance, took longer than expected, and that pounds better reflect what the company can control.
We'd read that plainly. When a company stops guiding on dollars, it is usually because it can't predict the price. With antimony that is fair: the price has swung hard as China changes its export rules. But it does mean investors lose a yardstick.
Why it matters beyond one company
UAMY is the benchmark for the whole US antimony story. Its shares jumped 19% on Monday ahead of the results, according to 24/7 Wall St, riding Washington's push for domestic critical minerals. The same day, Reuters reported that China had extended its rare earth export-control waivers by two months. Every small antimony explorer in North America is valued, one way or another, against what UAMY shows is possible.
What we're watching
Whether stockpile deliveries keep their October pace, what antimony prices do as China's waivers run down, and how much cash the company burns while it waits. Evans said keeping liquidity high is "paramount", which is the right instinct and also a reminder that the business is not yet paying for itself.
Sources
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